WorldWideScience

Sample records for royalties fund participacoes

  1. Governmental participation and its importance in the information of the royalties fund; Participacoes governamentais e sua importancia na formacao de fundo de 'royalties'

    Energy Technology Data Exchange (ETDEWEB)

    Silva, Jose Otavio; Chaves, Hernani; Dourado, Francisco de Assis; Serrao, Marcio [Centro de Informacoes sobre Petroleo e Gas Natural do Estado do Rio de Janeiro (CIPEG), Rio de Janeiro (Brazil)

    2008-07-01

    This work has the objective of presenting the governmental participation and its importance in the formation of the main royalty funds. In the present work only royalties and the special participation will be considered, which together add up to about R$ 14,7 billion in 2007. The Brazilian experience is already appearing, with some states and cities having taken the initiative to implement funds with royalty based resources. In Rio de Janeiro we have the case of the FECAM - the State Environmental Conservation and Urban Development Fund, and in Campos de Goytacazes, the FUNDECAM. In Espirito Santo, there is the Fund for the Reduction of Regional Inequalities. The international experience includes the state of Alaska, which approved, in 1976, a constitutional amendment creating a permanent fund (Permanent Fund Dividends), and in Norway, the Petroleum Fund was established in 1990 and is managed by the Central Bank, currently with assets of US$ 312 billion. In Brazil, we call attention to the fact that there is no strategy or planning on the part of the government view, since these resources are limited in time, due to the exhaustion of the petroleum basin reserves, as in the case of the Campos Basin, since the oil is a finite mineral asset. (author)

  2. 76 FR 55122 - Distribution of the 2009 Cable Royalty Funds

    Science.gov (United States)

    2011-09-06

    ... such royalty fees has a reasonable objection to the proposed distribution. Consequently, this Notice... LIBRARY OF CONGRESS Copyright Royalty Board [Docket No. 2011-7 CRB CD 2009] Distribution of the 2009 Cable Royalty Funds AGENCY: Copyright Royalty Board, Library of Congress. ACTION: Notice...

  3. 76 FR 56483 - Distribution of 2010 DART Sound Recordings Fund Royalties

    Science.gov (United States)

    2011-09-13

    ... responses to the motion to ascertain whether any claimant entitled to receive such royalty fees has a... LIBRARY OF CONGRESS Copyright Royalty Board [Docket No. 2011-6 CRB DD 2010] Distribution of 2010 DART Sound Recordings Fund Royalties AGENCY: Copyright Royalty Board, Library of Congress. ACTION...

  4. 77 FR 47120 - Distribution of 2011 DART Sound Recordings Fund Royalties

    Science.gov (United States)

    2012-08-07

    ... the motion to ascertain whether any claimant entitled to receive such royalty fees has a reasonable... LIBRARY OF CONGRESS Copyright Royalty Board [Docket No. 2012-3 CRB DD 2011] Distribution of 2011 DART Sound Recordings Fund Royalties AGENCY: Copyright Royalty Board, Library of Congress. ACTION...

  5. 77 FR 46526 - Distribution of 2010 Satellite Royalty Funds

    Science.gov (United States)

    2012-08-03

    ... brought to the Library of Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue SE... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101... Claimants'' are Program Suppliers, Joint Sports Claimants, Broadcaster Claimants Group, Music Claimants...

  6. 77 FR 46527 - Distribution of the 2010 Cable Royalty Funds

    Science.gov (United States)

    2012-08-03

    ... brought to the Library of Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue SE... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101... (represented by National Association of Broadcasters), Music Claimants (represented by American Society of...

  7. 78 FR 4169 - Distribution of 2011 Satellite Royalty Funds

    Science.gov (United States)

    2013-01-18

    ... brought to the Library of Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue SE... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101..., Music Claimants (represented by American Society of Composers, Authors and Publishers, Broadcast Music...

  8. 75 FR 66798 - Distribution of the 2008 Cable Royalty Funds

    Science.gov (United States)

    2010-10-29

    ... brought to the Library of Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue, SE... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101... Association of Broadcasters), Music Claimants (represented by American Society of Composers, Authors and...

  9. 76 FR 55123 - Distribution of the 2009 Satellite Royalty Funds

    Science.gov (United States)

    2011-09-06

    ... brought to the Library of Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue, SE... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101..., Joint Sports Claimants, Broadcaster Claimants Group, Music Claimants (American Society of Composers...

  10. 75 FR 66799 - Distribution of the 2008 Satellite Royalty Funds

    Science.gov (United States)

    2010-10-29

    ... brought to the Library of Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue, SE... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101..., Joint Sports Claimants, Broadcaster Claimants Group, Music Claimants (American Society of Composers...

  11. 78 FR 4169 - Distribution of the 2011 Cable Royalty Funds

    Science.gov (United States)

    2013-01-18

    ... brought to the Library of Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue SE... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101... Claimants (represented by National Association of Broadcasters), Music Claimants (represented by American...

  12. 78 FR 64984 - Distribution of the 2000, 2001, 2002 and 2003 Cable Royalty Funds

    Science.gov (United States)

    2013-10-30

    ..., pursuant to Chapter 8 of [title 17], conduct a proceeding to determine the distribution of royalty fees... evidentiary value of directly negotiated licenses in setting rates and terms for royalty fees and in... LIBRARY OF CONGRESS Copyright Royalty Board [Docket No. 2008-2 CRB CD 2000-2003 (Phase II...

  13. 78 FR 50113 - Distribution of 2004, 2005, 2006, 2007, 2008, and 2009 Cable Royalty Funds

    Science.gov (United States)

    2013-08-16

    ... Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue, SE., Washington, DC 20559- 6000... addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial Building, LM-403, 101... categories of copyrightable content (movies, sports programming, music, etc.). For broadcast years 2006...

  14. 76 FR 11287 - Distribution of 2005 Through 2008 DART Musical Works Funds Royalties

    Science.gov (United States)

    2011-03-01

    ..., comments must be brought to the Library of Congress, James Madison Memorial Building, LM-401, 101... envelope must be addressed to: Copyright Royalty Board, Library of Congress, James Madison Memorial... e- mail at [email protected] . SUPPLEMENTARY INFORMATION: On April 8, 2010, Broadcast Music, Inc., the...

  15. Overview of royalty trusts

    International Nuclear Information System (INIS)

    Panarites, P.

    1996-01-01

    The nature of royalty trusts as a means of financing exploration, development, production, and refining of oil sand and heavy oil to produce competitively marketable petroleum products, was reviewed. Attributes of the two distinct classes of royalty trusts - reflexive class and the fundamental class royalty trusts - and the considerations underlying each one, were summarized. The overall conclusion was that the future performance of conventional oil and gas royalty trusts (reflexive class) will depend heavily on interest rate levels and management's ability to complete acquisitions financed with new trust unit issues. Fundamental class royalty trusts also offer long term pure exposure to the underlying business, in addition to yield

  16. The Copyright Royalty Tribunal.

    Science.gov (United States)

    Brylawski, E. Fulton

    1977-01-01

    The regulatory and adjudicative structure of the newly-created Copyright Royalty Tribunal is described and guidelines for its functioning are examined. Problems in data reporting and in the determination of ownership of copyrights of works used by compulsory licensees are among the issues addressed. (LBH)

  17. Federal and Indian oil and gas royalty valuation and management

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This book covers: Royalty management-an M.M.S. overview; Payor/operator/lessee royalty liability; Royalty issues for OCS lessees; Royalty valuation procedures; Gas marketing royalty issues - industry perspective; Gas marketing royalty issues - M.M.S. perspective; Settlements of gas contract disputes Royalty reporting issues; Production reporting issues; Indian royalty issues; Litigation/regulatory updates; Over/under production on federal leases, units, and communitized areas; Audit program; and M.M.S. Reference Handbook

  18. Alberta royalty structure changes seen lacking

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that Canadian petroleum companies have welcomed a revamp of Alberta's royalty structure but say it falls short of what is needed to revitalize activity in the province. The changes will give producers a cut in royalties of at least $170 million (Canadian)/year, offer incentives for new drilling, and index royalty levels to prices. The new royalty plan also will reward companies that funnel more capital into increased exploration programs. The industry association the new royalty rates tied to prices could increase royalties if prices rise above $26 (Canadian)/bbl for oil and $1.70 (Canadian)/Mcf for natural gas. Royalty take would decline below these prices. Oil prices currently are near the $26/bbl level. CAPP the it is difficult to assess the effects of the royalty changes in reactivating shut-in wells and increasing production from marginal wells

  19. Alberta oil sands royalty regime

    International Nuclear Information System (INIS)

    Asgarpour, S.

    2004-01-01

    The long term objective of the Oil Sands Business Unit of Alberta Energy is to pave the way for Alberta's bitumen production to reach 3 million barrels per day by 2020. This presentation described the national government's role in resource development. It was emphasized that since the Crown is the owner of the oil sands resource, it would benefit by providing strategic leadership and by generating a larger royalty base. The oil sands fiscal regime was described with reference to generic royalty, risk sharing, investment, and project economics. Business rule principles were also outlined along with criteria for project expansions. Both upstream and downstream challenges and opportunities were listed. 4 figs

  20. The case of royalties in utilizations contracts; O caso dos royalties nos contratos de utilizacao

    Energy Technology Data Exchange (ETDEWEB)

    Manoel, Cacio Oliveira; Santos, Edmilson Moutinho dos [Universidade de Sao Paulo (USP), SP (Brazil). Escola Politecnica. Programa Interunidades de Pos-Graduacao em Energia

    2004-07-01

    This paper aims to discuss issues related to royalties payment in cases of oil and natural gas fields unitization. Those case were already registered in Brazil although the generic legislation regulating royalties payment does not contemplating them specifically. The contractual concepts of fields unitization are initially presented, highlighting the difficulties of implementing those contractual models and including the discussion regarding royalties payment. The doctrinal understanding of royalty is considered to demonstrate the possible difficulties that unitizations contracts impose for those royalties payment in the Brazilian legislation. In the end, the authors suggest exploring ideas for solving the issues raised by paper. (author)

  1. 30 CFR 281.30 - Minimum royalty.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Minimum royalty. 281.30 Section 281.30 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR OFFSHORE LEASING OF MINERALS OTHER THAN OIL, GAS, AND SULPHUR IN THE OUTER CONTINENTAL SHELF Financial Considerations § 281.30 Minimum royalty...

  2. 30 CFR 281.28 - Royalty.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Royalty. 281.28 Section 281.28 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR OFFSHORE LEASING OF MINERALS OTHER THAN OIL, GAS, AND SULPHUR IN THE OUTER CONTINENTAL SHELF Financial Considerations § 281.28 Royalty. (a...

  3. 48 CFR 52.227-6 - Royalty Information.

    Science.gov (United States)

    2010-10-01

    ... the response relating to each separate item of royalty or license fee: (1) Name and address of... 48 Federal Acquisition Regulations System 2 2010-10-01 2010-10-01 false Royalty Information. 52....227-6 Royalty Information. As prescribed in 27.202-5(a)(1), insert the following provision: Royalty...

  4. 37 CFR 384.3 - Royalty fees for ephemeral recordings.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for ephemeral... BUSINESS ESTABLISHMENT SERVICES § 384.3 Royalty fees for ephemeral recordings. (a) Basic royalty rate. For... minimum fees shall be nonrefundable, but shall be fully creditable to royalty payments due under paragraph...

  5. 76 FR 41075 - Copyright Arbitration Royalty Panel Rules and Procedures

    Science.gov (United States)

    2011-07-13

    ... Royalty and Distribution Reform Act of 2004 was signed into law creating the Copyright Royalty Judges, Public Law 108-419, 118 Stat. 2341. The Act replaced the royalty panels with three Copyright Royalty... LIBRARY OF CONGRESS Copyright Office 37 CFR Part 251 [Docket No. 2011-5] Copyright Arbitration...

  6. Royalty Rate Structure in Case of Franchising

    OpenAIRE

    Ivan Kotliarov

    2011-01-01

    The present article contains an analysis of differences between licensing and franchising. It is demonstrated that models of royalty rate calculation developed for licensing should not be applied to franchising as benefits received by licensee and franchisee are different. It is proposed to include in the model of royalty calculation the risk reduction generated by franchisor¡¯s effective technologies and managerial support that are given to franchisee. It is demonstrated that franchisee may ...

  7. British Columbia's new coalbed methane royalty regime

    International Nuclear Information System (INIS)

    Molinski, D.

    2002-01-01

    The British Columbia Ministry of Energy and Mines is promoting the development of the coalbed methane (CBM) industry in the province in order to make CBM a viable and competitive investment option for industry. It is establishing a regulatory and fiscal regime for CBM development. Issues of concern regarding CBM development include water production, gas production rates, well numbers, and marginal economics. The features of the CBM royalty regime include a new producer cost of service allowance, the creation of a CBM royalty tax bank to collect excess PCOS allowances, and a royalty tax credit for wells drilled by the end of February, 2004. The marginal well adjustment factor threshold has been raised from 180 mcf per day to 600 mcf per day for CBM only. It was noted that royalties will probably not be payable for several years following the first commercial well because royalties are very depending on capital and operating costs, local infrastructure and price. Royalty regimes cannot save CBM from low gas prices, poor resources or economics. 2 figs

  8. 78 FR 49079 - Lease Modifications, Lease and Logical Mining Unit Diligence, Advance Royalty, Royalty Rates, and...

    Science.gov (United States)

    2013-08-12

    ... Management 43 CFR Parts 3000, 3400, 3430, et al. Lease Modifications, Lease and Logical Mining Unit Diligence... Lease Modifications, Lease and Logical Mining Unit Diligence, Advance Royalty, Royalty Rates, and Bonds... producing coal and has achieved diligence; (3) the value of any unpaid bonus payments; and (4) 100 percent...

  9. 26 CFR 1.61-8 - Rents and royalties.

    Science.gov (United States)

    2010-04-01

    ... royalties. Royalties may be received from books, stories, plays, copyrights, trademarks, formulas, patents... to the lessor in a particular case depends upon the intention of the parties, which may be indicated...

  10. 75 FR 455 - Adjustment of Cable Statutory License Royalty Rates

    Science.gov (United States)

    2010-01-05

    ... Petition to Participate, along with the $150 filing fee, may be delivered to the Copyright Royalty Board by... payments in accordance with the statutory formula described in 17 U.S.C. 111(d). Royalty fees are based... broadcast stations, there is a minimum royalty fee which must be paid. This minimum fee is not applied...

  11. Royalty Fees Part I: The Copyright Clearance Center and Publishers.

    Science.gov (United States)

    Eiblum, Paula; Ardito, Stephanie C.

    1998-01-01

    Discussion of copyrights, royalty fees, and intellectual property focuses on the Copyright Clearance Center and publishers. Topics include results of a survey of library and information science journal publishers; how users verify royalty fees; how publishers determine fees; royalty fee reporting; and terms and conditions imposed on electronic…

  12. 37 CFR 260.6 - Verification of royalty payments.

    Science.gov (United States)

    2010-07-01

    ... verification of the payment of royalty fees to those parties entitled to receive such fees, according to terms... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Verification of royalty... COPYRIGHT ARBITRATION ROYALTY PANEL RULES AND PROCEDURES RATES AND TERMS FOR PREEXISTING SUBSCRIPTION...

  13. 48 CFR 970.5227-7 - Royalty information.

    Science.gov (United States)

    2010-10-01

    ... item of royalty or license fee: (1) Name and address of licensor; (2) Date of license agreement; (3... 48 Federal Acquisition Regulations System 5 2010-10-01 2010-10-01 false Royalty information. 970... for Management and Operating Contracts 970.5227-7 Royalty information. Insert the following provision...

  14. 37 CFR 382.6 - Verification of royalty payments.

    Science.gov (United States)

    2010-07-01

    ... of royalty fees to those parties entitled to receive such fees, according to terms promulgated by the... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Verification of royalty payments. 382.6 Section 382.6 Patents, Trademarks, and Copyrights COPYRIGHT ROYALTY BOARD, LIBRARY OF...

  15. 30 CFR 202.100 - Royalty on oil.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Royalty on oil. 202.100 Section 202.100 Mineral... Federal and Indian Oil § 202.100 Royalty on oil. (a) Royalties due on oil production from leases subject...) All oil (except oil unavoidably lost or used on, or for the benefit of, the lease, including that oil...

  16. Tax effort and oil royalties in the Brazilian municipalities

    Directory of Open Access Journals (Sweden)

    Fernando Antonio Slaibe Postali

    2015-09-01

    Full Text Available This paper estimates a stochastic production frontier, to investigate whether municipalities covered by oil royalties in the last decade have reduced their tax effort in Brazil. The issue is relevant to the prospect of a substantial increase in these revenues and the new rules for distribution of the funds, established by Law No. 12.734/2012. The inputs were provided by personnel and capital expenditures, whereas the product was defined as the municipal tax collection. With the purpose of overcoming the endogeneity problems due to reverse causality of output on inputs, we used the lagged independent variable as instruments in the inefficiency equation. The data set is composed of a panel of Brazilian municipalities from 2002 to 2011. The results indicate that oil revenues have a negative impact on the estimated efficiencies, signaling reduced fiscal effort by the benefiting municipalities.

  17. 37 CFR 382.3 - Terms for making payment of royalty fees.

    Science.gov (United States)

    2010-07-01

    ... royalty fees. 382.3 Section 382.3 Patents, Trademarks, and Copyrights COPYRIGHT ROYALTY BOARD, LIBRARY OF... royalty fees. (a) Payment to the Collective. All royalty payments shall be made to the Collective... month for that month, commencing with the month succeeding the month in which the royalty fees are set...

  18. 25 CFR 214.10 - Royalty rates.

    Science.gov (United States)

    2010-04-01

    ... and allied substances, the lessee shall pay quarterly a royalty of 10 cents per ton of 2,000 pounds on crude material, and 60 cents per ton on refined substances. (d) For substances other than gold, silver... in the selling price per ton thereof over and above the following, which shall be the agreed base or...

  19. 30 CFR 281.29 - Royalty valuation.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Royalty valuation. 281.29 Section 281.29 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR OFFSHORE LEASING OF MINERALS OTHER THAN OIL, GAS, AND SULPHUR IN THE OUTER CONTINENTAL SHELF Financial Considerations § 281.29...

  20. 30 CFR 281.31 - Overriding royalties.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Overriding royalties. 281.31 Section 281.31 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR OFFSHORE LEASING OF MINERALS OTHER THAN OIL, GAS, AND SULPHUR IN THE OUTER CONTINENTAL SHELF Financial Considerations § 281.31...

  1. 77 FR 58175 - Resale Royalty Right

    Science.gov (United States)

    2012-09-19

    ... special instructions. FOR FURTHER INFORMATION CONTACT: Jason Okai, Counsel, Office of Policy and... copyright policy justification for enacting resale royalty right or droit de suite legislation in the United... and Montenegro, Tunisia, Turkey, Uruguay and Venezuela.\\8\\ \\6\\ See id. at 8; see also The Artist's...

  2. Double-sided Moral Hazard and Margin-based Royalty

    OpenAIRE

    NARIU, Tatsuhiko; UEDA, Kaoru; LEE, DongJoon

    2009-01-01

    This paper analyzes royalty modes in the franchise arrangements of convenience stores under double-sided moral hazard. In Japan, the majority of franchisors charge margin-based royalties based on net margins rather than sales-based royalties based on sales. We show that the franchisor can attain the first-best outcome by adopting margin-based royalties under double-sided moral hazard. We consider a case where a franchisee sells two kinds of goods; one is shipped from its franchisor and the ot...

  3. License Auctions with Royalty Contracts for (Winners and) Losers

    OpenAIRE

    Wolfstetter, Elmar; Giebe, Thomas

    2007-01-01

    This paper revisits the licensing of a non–drastic process innovation by an outside innovator to a Cournot oligopoly. We propose a new mechanism that combines a restrictive license auction with royalty licensing. This mechanism is more profitable than standard license auctions, auctioning royalty contracts, fixed–fee licensing, pure royalty licensing, and two-part tariffs. The key features are that royalty contracts are auctioned and that losers of the auction are granted the option to si...

  4. Tax neutrality and the Saskatchewan Uranium Royalty

    International Nuclear Information System (INIS)

    Campbell, H.F.; Wrean, D.L.

    1984-01-01

    The effect of the Saskatchewan Uranium Royalty (SUR) on the extraction plans of uranium mining companies operating in Saskatchewan are discussed. The SUR consists of a basic royalty on the value of production and a graduated rate of return tax. Companies are also subject to federal and provincial income taxes. A model, based on the Key Lake mine in Australia, is used to determine whether the tax regime operating in Saskatchewan has the property of neutrality and effects the optimal extraction rate. Results show that SUR is a relatively low-cost means of collecting an economic rent from uranium mining and results in a lower extraction rate contributing to environmental protection in the province. (U.K.)

  5. Optimal Licensing Strategy: Royalty or Fixed Fee?

    OpenAIRE

    Andrea Fosfuri; Esther Roca

    2004-01-01

    Licensing a cost-reducing innovation through a royalty has been shown to be superior to licensing by means of a fixed fee for an incumbent licensor. This note shows that this result relies crucially on the assumption that the incumbent licensor can sell its cost-reducing inno-vation to all industry players. If, for any reason, only some competitors could be reached through a licensing contract, then a fixed fee might be optimally chosen.

  6. The royalties application on President Kennedy city, Espirito Santo, Brazil; A aplicacao dos royalties em Presidente Kennedy, ES

    Energy Technology Data Exchange (ETDEWEB)

    Knaak, Fabricio Jose Bassetto; Cardia, Tarik Hajab [Centro Universitario Vila Velha (UVV), ES (Brazil). Curso de Relacoes Internacionais

    2008-07-01

    This work aims to assemble a study of implementation of royalty in the municipality of President Kennedy - the state of Espirito Santo, showing the disparity between the collection of royalties on oil and quality of infrastructure that the city offers. Based on data the prefecture of the municipality, PNUD and competent bodies, we will show how the money is being used comes from royalties on oil, and what policies the city council's adopting this to apply this feature. (author)

  7. Endogenous royalty factor in a licensing contract

    Directory of Open Access Journals (Sweden)

    Buratto Alessandra

    2016-01-01

    Full Text Available The owner of a well known fashion brand grants a manufacturer the rights to produce and sell a second-line brand against a percentage of the sales called royalty. To this end, the brand owner and the manufacturer sign a licensing contract which assigns the owner, who has already determined his advertising campaign, the right of determining the royalty factor. The manufacturer will plan her advertising campaign for the licenced product in order to maximize her profit. The brand owner’s objective is twofold: on the one hand, he wants to maximize the profit coming from the contract, on the other hand, he wants to improve the value of the brand at the end of a given planning period. We model this interaction between the two agents using a Stackelberg game, where the brand owner is the leader and the manufacturer is the follower. We characterise the royalty percentage and the licensee’s advertising effort which constitute the unique Stackelberg equilibrium of the game.

  8. A Primer on Alberta’s Oil sands Royalties

    Directory of Open Access Journals (Sweden)

    Sarah Dobson

    2015-12-01

    Full Text Available Fulfilling its campaign promise, the new NDP government announced a review of Alberta’s royalty framework in June 2015. The province receives royalty revenue from three main sources – natural gas, crude oil, and oil sands. Since the 2009-10 fiscal year the largest contributor to Alberta’s royalty revenues has been the oil sands. If you want a sense of how important oil sands royalties have been for Alberta’s finances, consider this: In the 2014–15 fiscal year, the government collected just over $5 billion from oil sands royalties. These royalties covered over 10 per cent of the province’s operational expenses of $48.6 billion in the same fiscal year. Over the last six fiscal years the oil sands have contributed an average of 10 per cent of revenues to provincial coffers. This makes oil sands royalties the fourth largest contributor behind personal income taxes (23 per cent, federal transfers (13 per cent and corporate income taxes (11 per cent. But how many Albertans really understand how the royalty system works? What do we mean when we say “royalty”? How does the Alberta Government calculate royalties on oil sands producers? If the system is going to change, it’s important that Albertans understand how the current system works. That is what this paper is designed to do. For Albertans to properly judge the impact of new policy, they need a solid understanding of the current policy environment. We all know that oil prices have dropped and oil sands producers are losing profitability. As such, changes to the royalty system could have a deep and profound impact on the sector. Here are some of the issues this primer will study: • Pre-payout projects vs. post-payout projects, in other words, the classification of projects for royalty purposes based on whether the cumulative costs of a project exceed its cumulative revenues • Monthly payment of royalties vs. annual payment • Understanding the unit price of bitumen and how that

  9. 10 CFR 626.7 - Royalty transfer and exchange.

    Science.gov (United States)

    2010-01-01

    ... 10 Energy 4 2010-01-01 2010-01-01 false Royalty transfer and exchange. 626.7 Section 626.7 Energy DEPARTMENT OF ENERGY (CONTINUED) SALES REGULATION PROCEDURES FOR ACQUISITION OF PETROLEUM FOR THE STRATEGIC... pursuant to an agreement between DOE and DOI for the transfer of royalty oil. (b) Acquisition strategy. (1...

  10. Aspects of royalty clauses inside freehold oil and gas leases

    International Nuclear Information System (INIS)

    Hughes, N.T.

    1998-01-01

    Some of the most common royalty clauses currently used are discussed with particular emphasis on the CAPL 88 and the CAPL 91 petroleum and natural gas lease forms and the provisions regarding lessors and lessees. The problems regarding their practical applications are described. The legal status of a royalty inside a freehold oil and gas lease is also examined. 4 refs

  11. 10 CFR 780.53 - Criteria for decisions for royalties, awards and compensation.

    Science.gov (United States)

    2010-01-01

    ... Criteria for decisions for royalties, awards and compensation. (a) In deciding a reasonable royalty fee for... 10 Energy 4 2010-01-01 2010-01-01 false Criteria for decisions for royalties, awards and... Application for Royalties and Awards Under Section 157 of the Atomic Energy Act of 1954 and Compensation Under...

  12. 37 CFR 261.4 - Terms for making payment of royalty fees and statements of account.

    Science.gov (United States)

    2010-07-01

    ... royalty fees and statements of account. 261.4 Section 261.4 Patents, Trademarks, and Copyrights COPYRIGHT OFFICE, LIBRARY OF CONGRESS COPYRIGHT ARBITRATION ROYALTY PANEL RULES AND PROCEDURES RATES AND TERMS FOR... payment of royalty fees and statements of account. (a) A Licensee shall make the royalty payments due...

  13. 37 CFR 256.2 - Royalty fee for compulsory license for secondary transmission by cable systems.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fee for compulsory... ADJUSTMENT OF ROYALTY FEE FOR CABLE COMPULSORY LICENSE § 256.2 Royalty fee for compulsory license for... receipts be reduced to less than $10,400. The royalty fee payable under this paragraph shall be 0.5 of 1...

  14. 37 CFR 251.2 - Purpose of Copyright Arbitration Royalty Panels.

    Science.gov (United States)

    2010-07-01

    ... carrier royalty fees and digital audio recording devices and media payments deposited with the Register of... Arbitration Royalty Panels. 251.2 Section 251.2 Patents, Trademarks, and Copyrights COPYRIGHT OFFICE, LIBRARY OF CONGRESS COPYRIGHT ARBITRATION ROYALTY PANEL RULES AND PROCEDURES COPYRIGHT ARBITRATION ROYALTY...

  15. 37 CFR 260.3 - Terms for making payment of royalty fees.

    Science.gov (United States)

    2010-07-01

    ... royalty fees. 260.3 Section 260.3 Patents, Trademarks, and Copyrights COPYRIGHT OFFICE, LIBRARY OF... Terms for making payment of royalty fees. (a) All royalty payments shall be made to a designated agent(s... the month succeeding the month in which the royalty fees are set. (c) The agent designated to receive...

  16. 37 CFR 384.4 - Terms for making payment of royalty fees and statements of account.

    Science.gov (United States)

    2010-07-01

    ... royalty fees and statements of account. 384.4 Section 384.4 Patents, Trademarks, and Copyrights COPYRIGHT ROYALTY BOARD, LIBRARY OF CONGRESS RATES AND TERMS FOR STATUTORY LICENSES RATES AND TERMS FOR THE MAKING... royalty fees and statements of account. (a) Payment to Collective. A Licensee shall make the royalty...

  17. 37 CFR 383.4 - Terms for making payment of royalty fees.

    Science.gov (United States)

    2010-07-01

    ... royalty fees. 383.4 Section 383.4 Patents, Trademarks, and Copyrights COPYRIGHT ROYALTY BOARD, LIBRARY OF... fees. (a) Subject to the provisions of this section, terms governing timing and due dates of royalty payments, late fees, statements of account, audit and verification of royalty payments and distributions...

  18. Uranium royalties and Aboriginal economic development

    International Nuclear Information System (INIS)

    O'Faircheallaigh, C.

    1988-01-01

    In 1978 and 1979 agreements were negotiated under the Land Rights Act for development of the Ranger and Nabarlek uranium deposits, both located in the Alligator River Region. Over the period between March 1979 and June 1986, some $70 million have been paid to Aboriginal communities by these two projects. This paper is concerned with expenditure of uranium revenues by Aboriginal associations which have been established to receive up front and rental payments provided for in these agreements as well as the 30% of statutory royalties payable to Aboriginal communities affected by mining operations

  19. Royalty financing for the oil and gas industry

    International Nuclear Information System (INIS)

    Read, F. M. D.

    1998-01-01

    Key concepts in royalty financing for the oil and gas industry are described. The basic significance of royalty financing for a public company is that financing is 'off balance sheet', and can be used to achieve objectives that neither debt, equity, nor outright sale of assets or farm-outs can accomplish. Royalty financing can provide increased available capital or debt reduction while maintaining the full gross share of reserve and production volumes on the books. This paper provides an overview of the field of royalty financing, with an appreciation of the benefits, reviews each of the financial alternatives (debt, equity, farmout and or sale of assets to reduce capital requirements), and provides examples of specific application of royalty financing. It is claimed that this type of financing, which has been available to the mining sector for some time, is a useful alternative to other financing instruments to acquire new oil and gas assets, to develop new areas, to implement enhanced recovery projects or to carry out mergers and acquisitions. Used judiciously, royalty financing can provide significant benefits to both the working interest owner and his shareholders, as well as the royalty company

  20. A critique of the Saskatchewan uranium royalty

    International Nuclear Information System (INIS)

    Kwon, O.Y.

    1982-01-01

    The Saskatchewan uranium royalty system has been in operation since 1976. The objectives of the system are: 1) to ensure a minimum return to the province from extraction of uranium; 2) to capture a fair share of the 'excess' profits; 3) to provide the producers with an adequate rate of return on investment; and 4) to leave marginal production decisions unaffected. The last three objectives are intended to capture pure profits or economic rents without distorting uranium developments. Taxation as an instrument for effecting such an objective is referred to as neutral taxation. This paper evaluates the Saskatchewan system first in the light of neutral taxation, and second in light of the objective of ensuring a minimum return to the province

  1. British Columbia's new coalbed methane royalty regime

    Energy Technology Data Exchange (ETDEWEB)

    Molinski, D. [British Columbia Ministry of Energy and Mines, Victoria, BC (Canada). Energy and Minerals Div.

    2002-07-01

    The British Columbia Ministry of Energy and Mines is promoting the development of the coalbed methane (CBM) industry in the province in order to make CBM a viable and competitive investment option for industry. It is establishing a regulatory and fiscal regime for CBM development. Issues of concern regarding CBM development include water production, gas production rates, well numbers, and marginal economics. The features of the CBM royalty regime include a new producer cost of service allowance, the creation of a CBM royalty tax bank to collect excess PCOS allowances, and a royalty tax credit for wells drilled by the end of February, 2004. The marginal well adjustment factor threshold has been raised from 180 mcf per day to 600 mcf per day for CBM only. It was noted that royalties will probably not be payable for several years following the first commercial well because royalties are very depending on capital and operating costs, local infrastructure and price. Royalty regimes cannot save CBM from low gas prices, poor resources or economics. 2 figs.

  2. Our fair share : report of the Alberta Royalty Review Panel

    International Nuclear Information System (INIS)

    Hunter, W.M.; Chrapko, E.; Dwarkin, J.; McKenzie, K.; Plourde, A.; Spanglet, S.

    2007-01-01

    This final report conducted by the Alberta Royalty Review Panel determined that Albertans are not currently receiving their fair share from energy developments within the province. Royalty rates have not kept pace with recent changes in resource development in the province or with changes in world energy markets. It was argued that since Albertans own their resources, the government of Alberta must alter the royalty and tax system in order to ensure that appropriate royalties are paid. An equitable and flexible administrative framework should be developed to maintain the province's competitive edge in the global energy market. It was recommended that total shares for Albertans from oil sands developments be increased from 47 per cent to 64 per cent; conventional oil shares should be increased from 44 per cent to 49 per cent; and shares for natural gas should be increased from 58 per cent to 63 per cent. Target rates were designed to close tax gaps between economic sectors. Simplified royalty frameworks were presented for natural gas and conventional oil categories, as well as for oil sands developments. Increases of $1.9 billion in provincial revenue are anticipated as a result of the increased royalties. 5 tabs., 31 figs

  3. Oil royalties payment impact on socio-economic beneficiary countries development; O impacto do pagamento de royalties do petroleo no desenvolvimento socio-economico dos municipios beneficiarios

    Energy Technology Data Exchange (ETDEWEB)

    Lucchesi, Cesar Augusto M.; Anuatti Neto, Francisco [Universidade de Sao Paulo (USP), Ribeirao Preto, SP (Brazil). Faculdade de Economia, Administracao e Contabilidade

    2004-07-01

    This research proposes to evaluate oil royalties payment impact on socio-economic beneficiary counties indicators. In the first step, it has been made royalties payments distribution among beneficiary counties (942), what showed a meaningful paid resources concentration between 1993 and 1999, when 20% of the beneficiaries apportioned of 98,5% from this period paid royalties. For these 188 greatest exaction counties the royalties impact analyses on County Human Development Index (IDH-M) evolution showed the received royalties amount positively influenced the 2000 IDH-M additional comparing to 1991. It indicates the petroleum industry contribution to municipal development of those counties which receive these resources. (author)

  4. Selling the family silver : oil and gas royalties, corporate profits, and the disregarded public

    International Nuclear Information System (INIS)

    Warnock, J.W.

    2006-11-01

    This broad study of the oil and gas industry focused on Saskatchewan in particular. It covered the history and geopolitics of the oil industry, rising prices and super profits. It described Canada's unique position as a wealthy country whose oil and gas industry is dominated by US companies. In response to public opinion about foreign control in this sector, Alberta and Saskatchewan governments raised royalties in the 1970s. The proceeds of the royalties were placed in Heritage Funds. Saskatchewan created Sask Oil and Sask Power, while the federal government created Petro-Canada. Recently, governments have undone these reforms and privatized publicly-owned energy companies, thereby re-establishing the era of foreign, private-sector domination. The outcome has been rapid depletion of non-renewable resources and increased greenhouse gas emissions. This study also addressed the issue of peak oil and gas, and the environmental impact of greenhouse gas emissions resulting from the burning of fossil fuels. It was cautioned that the increasing exploitation of unconventional replacements such as tar sands and coalbed methane, bears a heavy social, economic and environmental cost. Special attention was given to the integration of the oil and gas industry on a North American basis and the implications for future Canadian needs. The study revealed that royalties and taxes on the oil and gas industry in Canada are among the lowest in the world. As a result, the high profit from the extraction of these non-renewable resources is going almost exclusively to the owners of the oil corporations, most of whom do not even live in Canada. It was noted that peak production of conventional oil and natural gas has come to the Canadian prairies. Saskatchewan is facing a shortage of supply and will face much higher prices within a few years. It was argued that federal and provincial governments have failed to produce a viable energy plan. refs., tabs., figs

  5. Petróleo, Royalties e Pobreza

    Directory of Open Access Journals (Sweden)

    Gicélia Mendes da Silva

    2009-08-01

    Full Text Available A exploração do petróleo se constitui num elemento significativo para a economia sergipana. A contradição existente entre o subsolo rico e a população pobre levanta indagações a respeito da gestão destes recursos e as condições de vida da população. Tais condições, aliadas à entrada de novos atores na exploração do petróleo em Sergipe e à gestão dos recursos advindos da exploração, vêm incutindo relações peculiares à política neoliberal na região e em Sergipe. O estudo foi desenvolvido a partir da análise e cruzamento de informações disponíveis na Agência Nacional do Petróleo (ANP, Instituto Brasileiro de Geografia e Estatística (IBGE, Tribunal de Contas da União (TCU e PETROBRAS, dentre outros setores. A carência de políticas sociais que ofereçam às populações condições de inserção nas questões política, econômica e social da região produtora de petróleo tem impedido o desenvolvimento efetivo e mudança no padrão de vida das populações, evidenciando a incoerência entre os altos valores depositados nos cofres públicos municipais decorrentes dos royalties e os elevados índices de pobreza apresentados na região. Tal constatação reforça a ideia de que as políticas públicas devem primar pela redução da desigualdade a partir da gestão responsável dos recursos públicos. Abstract OIL, ROYALTIES AND POVERTY The exploitation of oil has significant element for the Sergipe´s economy. However, the contradiction between the subsoils rich and poor people raises key questions about the management of these resources and the living conditions of the population. Such conditions, the entry of new actors in the scenery for the exploration of oil in Sergipe and the management of resources of exploration, instilling relations peculiar to neo-liberal policy in the region and in Sergipe. The study was developed from the analysis and crossing of information available in the national agency oil (ANP

  6. Urban politics and the oil and gas royalties; Politica urbana e os 'royalties' do petroleo

    Energy Technology Data Exchange (ETDEWEB)

    Silva, Agata Ariana Correia da [Universidade do Estado do Rio de Janeiro (UERJ), RJ (Brazil)

    2008-07-01

    The present study aims to outline the connection between the new guidelines of urban politics established by the Statute of the City and the financial aspect of the relationship between local authorities and the Oil and Gas Industry, as well as to reflect upon the fact that the oil and gas royalties are not everlasting resources and the need of the local administrative units to maintain their functions after the decay of the local Oil and Gas Industry irrespectively of federal and state support. (author)

  7. The Impact of Royalty Contract Revision in a Multistage Strategic R&D Alliance

    OpenAIRE

    Wenqiang Xiao; Yi Xu

    2012-01-01

    This paper investigates the impact of royalty revision on incentives and profits in a two-stage (research and development (R&D) stage and marketing stage) alliance with a marketer and an innovator. The marketer offers royalty contracts to the innovator. We find that the potential for royalty revision leads to more severe distortions in the optimal initial royalty contracts offered by the marketer. We show that if the innovator plays a significant role in the marketing stage, the marketer shou...

  8. Natural resource trust funds : a comparison of Alberta and Alaska resource funds

    Energy Technology Data Exchange (ETDEWEB)

    Warrack, A.A.; Keddie, R.R. [Alberta Univ., Edmonton, AB (Canada)

    2002-09-01

    Alberta and Alaska both have an economy based largely on natural resources. The cyclical nature of their economies poses a challenge to stability and sustained prosperity. During the oil crisis of 1973-1974, Alberta and Alaska began receiving oil and gas royalties. The idea of an endowment-type fund began taking shape. This fund would assist in the gradual transition from dependence on non-renewable resources to the responsible management of these resources. Both the Alberta Heritage Savings Trust Fund and the Alaska Permanent Fund were created in 1976. The governments of both jurisdictions set aside revenues from natural resource royalties to provide economic stability. Both jurisdictions followed different policies in terms of management, structure, governance, and objectives. In this paper, the authors compared both funds, examining the policy options which had an impact on their growth and successes. The results showed that in Alaska, monies are paid directly to eligible persons, while allocation decisions in Alberta have been made by the government. The government manages the fund in Alberta, while in Alaska, the fund is managed by a separate entity. The Alaskan fund continues to grow, while the the size of the Alberta fund has remained unchanged for a number of years and is not growing. 21 refs., 5 figs.

  9. 30 CFR 202.353 - Measurement standards for reporting and paying royalties and direct use fees.

    Science.gov (United States)

    2010-07-01

    ... royalties and direct use fees. 202.353 Section 202.353 Mineral Resources MINERALS MANAGEMENT SERVICE... standards for reporting and paying royalties and direct use fees. (a) For geothermal resources used to... a royalty or direct use fee is due on Form MMS-2014 in: (1) Millions of Btu to the nearest whole...

  10. 76 FR 74703 - Cost of Living Adjustment to Satellite Carrier Compulsory License Royalty Rates

    Science.gov (United States)

    2011-12-01

    ... Federal Regulations is amended as follows: PART 386--ADJUSTMENT OF ROYALTY FEES FOR SECONDARY... (b)(2)(iii) to read as follows: Sec. 386.2 Royalty fee for secondary transmission by satellite... LIBRARY OF CONGRESS Copyright Royalty Board 37 CFR Part 386 [Docket No. 2011-10 CRB Satellite COLA...

  11. 30 CFR 203.3 - Do I have to pay a fee to request royalty relief?

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Do I have to pay a fee to request royalty... MINERALS REVENUE MANAGEMENT RELIEF OR REDUCTION IN ROYALTY RATES General Provisions § 203.3 Do I have to pay a fee to request royalty relief? When you submit an application or ask for a preview assessment...

  12. 37 CFR 382.13 - Terms for making payment of royalty fees and statements of account.

    Science.gov (United States)

    2010-07-01

    ... royalty fees and statements of account. 382.13 Section 382.13 Patents, Trademarks, and Copyrights COPYRIGHT ROYALTY BOARD, LIBRARY OF CONGRESS RATES AND TERMS FOR STATUTORY LICENSES RATES AND TERMS FOR... Audio Radio Services § 382.13 Terms for making payment of royalty fees and statements of account. (a...

  13. 25 CFR 213.44 - Division of royalty to separate fee owners.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Division of royalty to separate fee owners. 213.44... Division of royalty to separate fee owners. Should the removal of restrictions affect only part of the acreage covered by a lease containing provisions to the effect that the royalties accruing under the lease...

  14. 75 FR 75624 - Cost of Living Adjustment to Satellite Carrier Compulsory License Royalty Rates

    Science.gov (United States)

    2010-12-06

    ... ROYALTY FEES FOR SECONDARY TRANSMISSIONS BY SATELLITE CARRIERS 0 1. The authority citation for part 386... revising paragraphs (b)(1)(ii) and (b)(2)(ii) as follows: Sec. 386.2 Royalty fee for secondary transmission... LIBRARY OF CONGRESS Copyright Royalty Board 37 CFR Part 386 [Docket No. 2010-10 CRB Satellite COLA...

  15. 37 CFR 262.4 - Terms for making payment of royalty fees and statements of account.

    Science.gov (United States)

    2010-07-01

    ... royalty fees and statements of account. 262.4 Section 262.4 Patents, Trademarks, and Copyrights COPYRIGHT OFFICE, LIBRARY OF CONGRESS COPYRIGHT ARBITRATION ROYALTY PANEL RULES AND PROCEDURES RATES AND TERMS FOR... REPRODUCTIONS § 262.4 Terms for making payment of royalty fees and statements of account. (a) Payment to...

  16. 78 FR 71501 - Cost of Living Adjustment to Satellite Carrier Compulsory License Royalty Rates

    Science.gov (United States)

    2013-11-29

    ... follows: PART 386--ADJUSTMENT OF ROYALTY FEES FOR SECONDARY TRANSMISSIONS BY SATELLITE CARRIERS 0 1. The.... Section 386.2 is amended by revising paragraphs (b)(1)(v) and (b)(2)(v) as follows: Sec. 386.2 Royalty fee... LIBRARY OF CONGRESS Copyright Royalty Board 37 CFR Part 386 [Docket No. 2013-8 CRB Satellite COLA...

  17. 37 CFR 380.4 - Terms for making payment of royalty fees and statements of account.

    Science.gov (United States)

    2010-07-01

    ... royalty fees and statements of account. 380.4 Section 380.4 Patents, Trademarks, and Copyrights COPYRIGHT ROYALTY BOARD, LIBRARY OF CONGRESS RATES AND TERMS FOR STATUTORY LICENSES RATES AND TERMS FOR CERTAIN... § 380.4 Terms for making payment of royalty fees and statements of account. (a) Payment to the...

  18. 77 FR 70373 - Cost of Living Adjustment to Satellite Carrier Compulsory License Royalty Rates

    Science.gov (United States)

    2012-11-26

    ... ROYALTY FEES FOR SECONDARY TRANSMISSIONS BY SATELLITE CARRIERS 0 1. The authority citation for part 386... revising paragraphs (b)(1)(iv) and (b)(2)(iv) as follows: Sec. 386.2 Royalty fee for secondary transmission... LIBRARY OF CONGRESS Copyright Royalty Board 37 CFR Part 386 [Docket No. 2012-8 CRB Satellite COLA...

  19. 30 CFR 208.4 - Royalty oil sales to eligible refiners.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Royalty oil sales to eligible refiners. 208.4... MANAGEMENT SALE OF FEDERAL ROYALTY OIL General Provisions § 208.4 Royalty oil sales to eligible refiners. (a... and defense. The Secretary will review these items and will determine whether eligible refiners have...

  20. 26 CFR 514.5 - Patent and copyright royalties and film rentals.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Patent and copyright royalties and film rentals...) REGULATIONS UNDER TAX CONVENTIONS FRANCE Withholding of Tax § 514.5 Patent and copyright royalties and film rentals. (a) Exemption from tax. Royalties for the right to use copyrights, patents, designs, secret...

  1. 30 CFR 218.101 - Royalty and rental remittance (naval petroleum reserves).

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Royalty and rental remittance (naval petroleum... INCENTIVES Oil and Gas, Onshore § 218.101 Royalty and rental remittance (naval petroleum reserves). Remittance covering payments of royalty or rental on naval petroleum reserves must be accomplished by...

  2. Royalty rules : Alberta producers are now beholden to formal regulations for reporting royalty payments to government levy collectors

    International Nuclear Information System (INIS)

    Cook, D.

    2006-01-01

    The Petroleum Marketing Regulation was established by the Alberta Department of Energy in July 2005 in order to clarify the rules governing conventional crude oil royalties. The regulation provides an incentive for industry to comply with the long-existing oil royalty reporting requirements through the addition of non-compliance penalties. An initial shadow billing system has been implemented to give industry the opportunity to understand their responsibilities and implement procedures to correct reporting and delivery inaccuracies. Battery operators in Alberta must now submit a royalty report to the Alberta Petroleum Marketing Commission on a monthly basis. The regulation provides provisions for interest charges on outstanding invoiced amounts, and formalizes existing eligibility requirements for the reimbursement of trucking costs associated with transporting the Crown's share. Penalties will be incurred if royalty reports contain erroneous information, or if the actual deliveries made are less than the prescribed royalty quantity. All penalties levied by the commission will now be sent to the battery operator in a monthly statement. Battery operators who wish to appeal their penalties may do so within 2 months after the date of the monthly statement. It was concluded that industry is not expected to experience any significant problems when the regulation comes into effect, as the 6 month shadow billing period will allow companies to make a smooth transition to the requirements of the new regulation. Details of information sessions for the new regulation were provided, as well as details of various non-compliance penalties. 1 fig

  3. 37 CFR 262.3 - Royalty fees for public performances of sound recordings and for ephemeral recordings.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for public... MAKING OF EPHEMERAL REPRODUCTIONS § 262.3 Royalty fees for public performances of sound recordings and for ephemeral recordings. (a) Basic royalty rate. Royalty rates and fees for eligible nonsubscription...

  4. 37 CFR 381.8 - Terms and rates of royalty payments for the use of published pictorial, graphic, and sculptural...

    Science.gov (United States)

    2010-07-01

    ...) Payment of royalty rate. PBS or other public broadcasting entity shall pay the required royalty fees to... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Terms and rates of royalty..., Trademarks, and Copyrights COPYRIGHT ROYALTY BOARD, LIBRARY OF CONGRESS RATES AND TERMS FOR STATUTORY...

  5. The criteria for setting the natural gas reference price for purposes of government take calculation; Os criterios para fixacao do preco de referencia do gas natural para fins de calculo das participacoes governamentais

    Energy Technology Data Exchange (ETDEWEB)

    Lima, Flavio Augusto Pimentel de; Rosa, Renata Gualberto Cordeiro [PETROBRAS, Rio de Janeiro, RJ (Brazil)

    2008-07-01

    The Petroleum Law states that the concession contract will also have provisions regarding the government takes established by the bid tender. However, the criteria for calculating the value of Royalties are set forth in the Decree 2.705/98, enacted to set such criteria, taking into account the volumes of production and the reference prices for oil and natural gas. The following aspects are analyzed in this paper: the method for calculating the volumes subject to the impact of Royalties; definition of the reference price for natural gas, the general rule for setting up the reference price in case the sale was made at market price; the special rule in case the sale was not made on a market basis, in case there is no sale or in case of breach of the conditions set in that Decree; and the settlement of the reference price in situations where only part of the volumes produced are sold on contracts that meet the requirements of the Decree. In conclusion the problems caused by gaps in legislation will be highlighted, particularly with regard to concessions granted to consortia as well as the inconsistencies between the applicable legislation, which may provide different analysis, including by the ANP, according to the features of each case. (author)

  6. 25 CFR 227.17 - Rates of rents and royalties.

    Science.gov (United States)

    2010-04-01

    ... Indians BUREAU OF INDIAN AFFAIRS, DEPARTMENT OF THE INTERIOR ENERGY AND MINERALS LEASING OF CERTAIN LANDS... same gravity, and gas, and/or natural gasoline, and/or all other hydrocarbon substances produced and... be required by the lessor. The lessee shall not be required to hold such royalty oil in storage...

  7. 37 CFR 262.7 - Verification of royalty payments.

    Science.gov (United States)

    2010-07-01

    ... Designated Agent have agreed as to proper verification methods. (b) Frequency of verification. A Copyright Owner or a Performer may conduct a single audit of the Designated Agent upon reasonable notice and... COPYRIGHT ARBITRATION ROYALTY PANEL RULES AND PROCEDURES RATES AND TERMS FOR CERTAIN ELIGIBLE...

  8. 48 CFR 252.227-7008 - Computation of royalties.

    Science.gov (United States)

    2010-10-01

    ... performing under a cost-reimbursement contract. With respect to such articles or materials made by the... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false Computation of royalties... REGULATIONS SYSTEM, DEPARTMENT OF DEFENSE CLAUSES AND FORMS SOLICITATION PROVISIONS AND CONTRACT CLAUSES Text...

  9. 75 FR 16499 - Royalty Policy Committee (RPC) Notice of Renewal

    Science.gov (United States)

    2010-04-01

    ..., Minerals Management Service; Denver, Colorado 80225-0165; telephone number (303) 231-3392. Certification I... DEPARTMENT OF THE INTERIOR Royalty Policy Committee (RPC) Notice of Renewal AGENCY: Minerals... Secretary of the Interior on the management of Federal and Indian mineral leases and revenues under the laws...

  10. Selling Albertans short : Alberta's royalty review panel fails the public interest

    International Nuclear Information System (INIS)

    Gibson, D.

    2007-10-01

    This document commented on the release of Alberta's 2007 Royalty Review Panel regarding the province's royalty system for petroleum and oil sands development. It argued that the report does not fulfill the spirit of Alberta's royalty system, which is to expect nothing less than 100 per cent of the rent collection. This document provided an analysis of the set of recommendations made by the panel. It began with a general discussion of the problems in which the royalties review was structured and flaws in the base assumptions made by the panel. It also provided an analysis of the specific recommendations within the panel's report. Last, the report proposed a set of recommendations on how a royalties reform should proceed. The authors found specific recommendations Alberta's 2007 Royalty Review Panel report to be problematic. These included the 1 per cent royalty holiday on tar sands oil; higher net royalty rate; windfall profits tax; coal bed methane and cuts in royalties for low producing wells; and value added incentives. It was concluded that the panel's report was a compromise between the public interest and those of the oil and gas sector and that the panel's goal of ensuring that Alberta remained one of the lowest tax and royalty jurisdictions in the world was fundamentally flawed. 32 refs., 4 figs

  11. Planning for maturity: Royalty changes for Alberta's conventional oil and gas production

    International Nuclear Information System (INIS)

    Ekelund, M.W.

    1993-01-01

    An overview is presented of the royalty regime in the Alberta petroleum industry. Current oil and natural gas policy reviews, royalty regime response to fluctuating prices and expectations, maturing of the oil basin, and the economic state of the industry are discussed. With low or negative returns, there is little incentive to invest in the industry. A reduction of royalty on existing pools would provide cash flow for new activity and would raise current return on equity and capital. The province of Alberta has reduced royalties on oil and gas discovered after 1973, with an expected value of reduction of $85 million of gross royalties for each. The net cost to the Crown will be $85 million for oil and ca 25% less for gas due to a drop in processing costs. The royalty collection system will also be simplified. These changes are expected to result in increased levels of oil well drilling and reactivation. 6 figs., 2 tabs

  12. Critique of the Saskatchewan Uranium Royalty in the light of neutral taxation

    International Nuclear Information System (INIS)

    Kwon, O.Y.

    1982-01-01

    The Saskatchewan Uranium Royalty System, in operation since 1976, is the provincial government's prime policy vehicle towards the uranium industry. The enunciated objectives of the royalty system are (Sask., 1977): (a) to ensure a minimum return to the province from the extraction of uranium; (b) to capture a fair share of the ''excess'' profits; (c) to provide the producers with an adequate rate of return on investment; and (d) to leave marginal production decisions unaffected. The purpose of this paper is to evaluate the royalty system in light of these objectives. This article evaluates neutral taxation and how it effects the Saskatchwan Royalty System

  13. Lifting the Hood on Alberta’s Royalty Review

    Directory of Open Access Journals (Sweden)

    Blake Shaffer

    2016-02-01

    Full Text Available After some delay and significant trepidation in the energy sector, the Government of Alberta has released the panel report on the structure of a new royalty regime. While panel members, government officials and energy sector analysts understand the intricacies of the changes that have been made, there is need for an analysis that makes the changes understandable to Albertans. This report attempts to do that. At first glance it would seem that the report calls for very little change to Alberta’s royalty structure. The oil sands framework remains virtually unchanged. Existing crude oil and natural gas wells are grandfathered under the current system for 10 years. And the “modernized royalty framework” (MRF for new wells will initially provide the same industry returns and same government take as the current system would achieve. These similarities, however, fail to reflect important underlying changes that greatly improve the structure of Alberta’s royalty framework. Albertans will be pleased to learn that the new structure better represents the costs and revenues from oil and gas extraction. Why does this matter? Albertans, as owners of the resource, can lay claim to the resource rent: the revenue from the sale of oil and gas less all the costs to develop and produce it. By poorly reflecting costs, the old system led to distorted outcomes. It both discouraged investment in otherwise profitable projects, and overly encouraged bad ones. The new framework better targets the rent while reducing distortions and inefficient behaviour. This leads to greater value for resource owners and industry alike. The most important feature of the MRF is its new drilling and completion cost allowance (DCCA. The DCCA essentially creates a cost formula used for every well in the province. Rather than a plethora of drilling incentive programs, the MRF offers a low royalty rate until cumulative revenues equal the DCCA. In essence, the new framework aligns with

  14. Formulas for fair, reasonable and non-discriminatory royalty determination

    OpenAIRE

    Salant, David J

    2007-01-01

    This paper takes an axiomatic approach to determining “Fair, Reasonable, and Non-Discriminatory” (“FRAND”) royalties for intellectual property (“IP”) rights. Drawing on the extensive game theory literature on “surplus sharing/cost sharing” problems, I describe specific formulas for determining license fees that can be derived from basic fairness principles. In particular, I describe the Shapley Value, the Proportional Sharing Rule and the Nucleolus. The Proportional Sharing Rule has the ad...

  15. The impact of taxes on bilateral royalty flows

    OpenAIRE

    Dudar, Olena; Spengel, Christoph; Voget, Johannes

    2015-01-01

    In 2013 the OECD introduced its Action Plan on base erosion and profit shifting (BEPS). One of the major concerns of this Plan is a strategic use of intangible assets as an instrument for profit shifting. The main purpose of this paper is to test whether multinational enterprises use intangibles as an important BEPS channel by empirically analysing the relationship between taxation and bilateral royalty flows. We employ the OECD data on 3,660 country-pairs for the time period o...

  16. Atlantic petroleum royalties : fair deal or raw deal

    International Nuclear Information System (INIS)

    Watkins, G.C.; Crowley, B.L.

    2001-01-01

    A study was conducted to address the controversy regarding the Newfoundland and Nova Scotia offshore royalty regimes and associated agreements. This study compared the regimes in Atlantic Canada with the best practices elsewhere and laid important groundwork for understanding the Atlantic offshore oil and gas industry. The main concern by the public is whether the distribution of returns from resource exploitation is fair. The report is divided into 6 sections which examine the nature of economic rent in the context of natural resources, and look at various instruments used to lay claim to it. A review of the resource rent royalty (RRR) instrument, dealing with a tax on net cash flow before outlining its approximation by the RRR was included along with a set of examples of such regimes in Australia, Canadian Frontier Lands, and the United Kingdom. An evaluation criteria was developed for the royalty regime and this criteria was applied to the current generic Nova Scotia and Newfoundland offshore petroleum tax regimes. It was concluded that there is room for improvement, but in general, the regimes stand up to rigorous experimentation and they provide a fair return to the provinces and citizens. The present regimes do not discourage further development of the industry. 17 refs., 1 tab., 2 figs

  17. 48 CFR 227.7009-4 - Additional clauses-contracts providing for payment of a running royalty.

    Science.gov (United States)

    2010-10-01

    ...-contracts providing for payment of a running royalty. 227.7009-4 Section 227.7009-4 Federal Acquisition... clauses—contracts providing for payment of a running royalty. The clauses set forth below are examples... desired to cover the subject matter thereof and the contract provides for payment of a running royalty. (a...

  18. 37 CFR 258.3 - Royalty fee for secondary transmission of analog signals of broadcast stations by satellite...

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fee for secondary... AND PROCEDURES ADJUSTMENT OF ROYALTY FEE FOR SECONDARY TRANSMISSIONS BY SATELLITE CARRIERS § 258.3 Royalty fee for secondary transmission of analog signals of broadcast stations by satellite carriers. (a...

  19. 37 CFR 261.3 - Royalty fees for public performances of sound recordings and for ephemeral recordings.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for public... § 261.3 Royalty fees for public performances of sound recordings and for ephemeral recordings. (a) For the period October 28, 1998, through December 31, 2002, royalty rates and fees for eligible digital...

  20. 37 CFR 383.3 - Royalty fees for public performances of sound recordings and the making of ephemeral recordings.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for public... SUBSCRIPTION SERVICES § 383.3 Royalty fees for public performances of sound recordings and the making of... regulations for all years 2007 and earlier. Such fee shall be recoupable and credited against royalties due in...

  1. 37 CFR 382.2 - Royalty fees for the digital performance of sound recordings and the making of ephemeral...

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for the digital... SATELLITE DIGITAL AUDIO RADIO SERVICES Preexisting Subscription Services § 382.2 Royalty fees for the... monthly royalty fee for the public performance of sound recordings pursuant to 17 U.S.C. 114(d)(2) and the...

  2. 37 CFR 253.8 - Terms and rates of royalty payments for the use of published pictorial, graphic, and sculptural...

    Science.gov (United States)

    2010-07-01

    ... royalty fees to each copyright owner not later than July 31 of each calendar year for uses during the... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Terms and rates of royalty..., Trademarks, and Copyrights COPYRIGHT OFFICE, LIBRARY OF CONGRESS COPYRIGHT ARBITRATION ROYALTY PANEL RULES...

  3. 37 CFR 380.3 - Royalty fees for the public performance of sound recordings and for ephemeral recordings.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for the public... EPHEMERAL REPRODUCTIONS § 380.3 Royalty fees for the public performance of sound recordings and for ephemeral recordings. (a) Royalty rates and fees for eligible digital transmissions of sound recordings made...

  4. 37 CFR 258.4 - Royalty fee for secondary transmission of digital signals of broadcast stations by satellite...

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fee for secondary... AND PROCEDURES ADJUSTMENT OF ROYALTY FEE FOR SECONDARY TRANSMISSIONS BY SATELLITE CARRIERS § 258.4 Royalty fee for secondary transmission of digital signals of broadcast stations by satellite carriers. (a...

  5. 37 CFR 260.2 - Royalty fees for the digital performance of sound recordings and the making of ephemeral...

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for the digital... Licensee's monthly royalty fee for the public performance of sound recordings pursuant to 17 U.S.C. 114(d..., 2007, a Licensee's monthly royalty fee for the public performance of sound recordings pursuant to 17 U...

  6. 37 CFR 382.12 - Royalty fees for the public performance of sound recordings and the making of ephemeral recordings.

    Science.gov (United States)

    2010-07-01

    ... 37 Patents, Trademarks, and Copyrights 1 2010-07-01 2010-07-01 false Royalty fees for the public... Preexisting Satellite Digital Audio Radio Services § 382.12 Royalty fees for the public performance of sound recordings and the making of ephemeral recordings. (a) In general. The monthly royalty fee to be paid by a...

  7. 48 CFR 227.7009-3 - Additional clauses-contracts except running royalty contracts.

    Science.gov (United States)

    2010-10-01

    ...-contracts except running royalty contracts. 227.7009-3 Section 227.7009-3 Federal Acquisition Regulations...—contracts except running royalty contracts. The following clauses are examples for use in patent release and settlement agreements, and license agreements not providing for payment by the Government of a running...

  8. 48 CFR 252.227-7006 - License grant-running royalty.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false License grant-running... of Provisions And Clauses 252.227-7006 License grant—running royalty. As prescribed at 227.7009-4(a...—Running Royalty (AUG 1984) (a) The Contractor hereby grants to the Government, as represented by the...

  9. 30 CFR 227.101 - What royalty management functions may MMS delegate to a State?

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false What royalty management functions may MMS delegate to a State? 227.101 Section 227.101 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF... § 227.101 What royalty management functions may MMS delegate to a State? (a) If there are oil and gas...

  10. 26 CFR 513.4 - Patent and copyright royalties and film rentals.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Patent and copyright royalties and film rentals. 513.4 Section 513.4 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) REGULATIONS UNDER TAX CONVENTIONS IRELAND Withholding of Tax § 513.4 Patent and copyright royalties and film...

  11. Federal Oil Valuation: Efforts to Revise Regulations and an Analysis of Royalties in Kind

    National Research Council Canada - National Science Library

    1998-01-01

    ... about $4.1 billion in royalties from oil and gas leases on federal lands. By law, the states in which these leases are located receive a share of the royalties, which are calculated as a percentage of the value of the oil or gas that is produced...

  12. Municipal development indexes and petroleum royalties: a multivariable comparison approach of profiles among municipalities that receive or do not receive royalties for the petroleum they produce

    Directory of Open Access Journals (Sweden)

    Danilo Alessandro Lüdke Pereira

    2017-09-01

    Full Text Available The Brazilian oil industry has achieved high growth rates and in 2006, the country’s self-sufficiency in oil was announced. From 1991 to 2011, Petrobras’ reserves grew by 164%. In the same period, Brazil passed the oil law (Law No. 9478, establishing new criteria for the transfer of oil royalties to Brazilian municipalities. Thus, this study aims to determine whether royalty payments to municipalities have improved their social indicators in perceptible ways. Therefore, a comparison between municipalities of similar population size that receive royalties and municipalities that do not receive them, was carried out. For the comparison, certain variables were used such as: IDHM, IFDM, IDEB and the incidence of poverty. We have used the techniques of Profile Analysis, Cluster Analysis and Factor Analysis in order to verify the difference between the matrices of data, both in the municipalities cities that receive royalties and in the ones that do not receive them.

  13. Capturing Economic Rents From Resources Through Royalties and Taxes

    Directory of Open Access Journals (Sweden)

    Jack M. Mintz

    2012-10-01

    Full Text Available Oil price fluctuations, concerns over the division of resource revenues, and unconventional oil and gas developments are forcing governments to confront the same issue: how to design optimal royalty and corporate tax systems that bring in a publicly acceptable share of revenues without discouraging private investment. This paper surveys tax and royalty systems across six countries, as well as four US states and five Canadian provinces, offering concise analyses of their strengths and shortcomings to describe the best and simplest approaches to both. As in a public-private partnership, government owns the resources and allows private agents to maximize the rents resources generate. An optimal royalty system will thus be rent-based, ensuring that both owner and agent obtain maximally competitive returns so that each has incentives to continue the partnership. Such a system will also be simple, making compliance easy, manipulation difficult, and risks affordable. And it will be stable, instilling in the private sector the confidence needed to invest for the long term. As for corporate income taxes, they should be neutral across business activities, and applied at equal effective rates on economic income, to avoid distorting market forces through subsidies or needless complexity. A clean rent-based tax that allows all costs incurred by producers to be expensed or carried over, along with a corporate income tax system shorn of many of the preferences that negatively affect business activity, should be the way forward for any government looking to update their fiscal regimes for the 21st century.

  14. Urban politics and the oil and gas royalties; Politica urbana e os 'royalties' do petroleo

    Energy Technology Data Exchange (ETDEWEB)

    Silva, Agata Ariana Correia da [Universidade do Estado do Rio de Janeiro (UERJ), RJ (Brazil)

    2008-07-01

    The present study aims to outline the connection between the new guidelines of urban politics established by the Statute of the City and the financial aspect of the relationship between local authorities and the Oil and Gas Industry, as well as to reflect upon the fact that the oil and gas royalties are not everlasting resources and the need of the local administrative units to maintain their functions after the decay of the local Oil and Gas Industry irrespectively of federal and state support. (author)

  15. Fixing Saskatchewan’s Potash Royalty Mess: A New Approach for Economic Efficiency and Simplicity

    Directory of Open Access Journals (Sweden)

    Duanjie Chen

    2013-02-01

    Full Text Available For a government’s fiscal program to best serve the public interest, while also ensuring sufficient public revenue collection, it has to meet three criteria: efficiency, simplicity and fairness. Unfortunately, the royalty and tax system currently in place for Saskatchewan’s robust potash-mining industry is none of these three things; it has actually reached the point of incoherence and absurdity, or a mess. Under the current royalty and tax regime for potash producers, the tangled thicket of royalties, taxes and credits can differ between commencement dates for production, projects of different sizes, or even projects of similar size but with different profitability; it also has potash producers generally enjoying a much lighter tax burden on marginal investments than that borne by the oil and gas industry and most other non-resource industries. The result is distortions and inefficiencies, resulting in subpar investment activity, which can only stand in the way of Saskatchewan reaching its full economic potential. That needs to change. The Saskatchewan government can implement a simpler and properly structured rent-based tax and a revenue-based royalty as minimum payment (where the royalty can be credited against the rent tax, each with a single rate and an identical tax base for all tax and royalty payers. Such a properly structured royalty and tax system can deliver improved productivity, without reducing investment incentives, resulting in a better partnership for both Saskatchewan’s industry and government in the long run.

  16. Spatial Distribution of Estimated Wind-Power Royalties in West Texas

    Directory of Open Access Journals (Sweden)

    Christian Brannstrom

    2015-12-01

    Full Text Available Wind-power development in the U.S. occurs primarily on private land, producing royalties for landowners through private contracts with wind-farm operators. Texas, the U.S. leader in wind-power production with well-documented support for wind power, has virtually all of its ~12 GW of wind capacity sited on private lands. Determining the spatial distribution of royalty payments from wind energy is a crucial first step to understanding how renewable power may alter land-based livelihoods of some landowners, and, as a result, possibly encourage land-use changes. We located ~1700 wind turbines (~2.7 GW on 241 landholdings in Nolan and Taylor counties, Texas, a major wind-development region. We estimated total royalties to be ~$11.5 million per year, with mean annual royalty received per landowner per year of $47,879 but with significant differences among quintiles and between two sub-regions. Unequal distribution of royalties results from land-tenure patterns established before wind-power development because of a “property advantage,” defined as the pre-existing land-tenure patterns that benefit the fraction of rural landowners who receive wind turbines. A “royalty paradox” describes the observation that royalties flow to a small fraction of landowners even though support for wind power exceeds 70 percent.

  17. Mining royalties and the implications of the Northern Territory Green Paper for the Australian mining industry

    International Nuclear Information System (INIS)

    Garnaut, R.

    1982-01-01

    The 1981 Green Paper on Mining Royalty Policy for the Northern Territory is a significant landmark in the evolution of fiscal policy in relation to mining in Australia. However, as with mining on Aboriginal land, the Green Paper and the new Royalties Bill have not settled fiscal policy in relation to uranium mining. The Commonwealth still, although presumably temporarily, retains the power to set and to collect royalties on uranium mining. The coincidence that places the most valuable known uranium deposits on Aboriginal land further increases uncertainty about fiscal policy

  18. Geological uncertainties in the estimates of royalties; As incertezas geologicas na previsao de receitas de 'royalties'

    Energy Technology Data Exchange (ETDEWEB)

    Silva, Jose Otavio; Chaves, Hernani A. Fernandes [Universidade do Estado do Rio de Janeiro (UERJ), RJ (Brazil). Dept. de Estratigrafia e Paleontologia. Geologia do Petroleo, Gas Natural e Carvao; Fundacao Carlos Chagas Filho de Amparo a Pesquisa do Estado do Rio de Janeiro (FAPERJ), Rio de Janeiro, RJ (Brazil); Centro de Informacoes de Petroleo e Gas Natural (CIPEG), Rio de Janeiro, RJ (Brazil)

    2008-07-01

    In the economic analysis of oil basins, several variables are involved, such as: reserves, exploration risk, technology, production, price, among others. In the present we will focus on the variables reserves, production and prices. The geologic uncertainties in the analysis of petroleum basins start with the quantification of the reserves, which present diverse classifications and varied concepts. Within the geologic uncertainties, the production is one of the variables which influence the payment of royalties, due to the fluctuations that occur in the production cycle during the useful life of a producing field. To arrive at the production phase, the production chain indicates exploration, evaluation and development, stages which must be overcome so the final objective can be reached, which is the extraction of oil. The peculiar characteristics of the industry and the production chain, composed of several phases, besides the political and financial risk inherent to the petroleum activity, mean that high investments are necessary in order to maintain increasing production to meet the consumption requirements. First the reserves, then the development, exploration and, finally, the production are evaluated. The price is one of the components in the calculation of oil royalties, being influenced by diverse internal and external factors, which will be shown during the course of this work. (author)

  19. 75 FR 26798 - Distribution of the 2000-2003 Cable Royalty Funds

    Science.gov (United States)

    2010-05-12

    ... radio broadcast programming; and music contained on all broadcast programming. In Phase II, the... FCC regulated the cable industry in 1976. The FCC restricted the number of distant signals that cable... stance towards the cable industry and eliminated these sets of rules. See, Malrite T.V. v. FCC, 652 F.2d...

  20. 75 FR 57063 - Distribution of the 2004 and 2005 Cable Royalty Funds

    Science.gov (United States)

    2010-09-17

    ..., Huron Consulting Group, Tr. at 36-37; John F. Wilson, Senior Vice President & Chief TV Programming... 1529; Jonda K. Martin, id. at 1529-30; Dr. Martin R. Frankel, Professor of Statistics and Computer...\\ regarding certain programming on Station WGN-TV (Chicago, Illinois) during the years 1998-99 and 2004-05...

  1. 76 FR 7590 - Distribution of 2000, 2001, 2002, and 2003 Cable Royalty Funds

    Science.gov (United States)

    2011-02-10

    ... Madison Memorial Building, LM-401, 101 Independence Avenue, SE., Washington, DC 20559-6000. If delivered... Madison Memorial Building, LM-403, 101 Independence Avenue, SE., Washington, DC 20559-6000. FOR FURTHER... of the major categories of copyrightable content (movies, sports programming, music, etc.) requesting...

  2. 75 FR 4423 - Distribution of the 2004 Through 2007 Satellite Royalty Funds

    Science.gov (United States)

    2010-01-27

    ... Madison Memorial Building, LM-401, 101 Independence Avenue, SE, Washington, DC 20559-6000. If delivered by... Board, Library of Congress, James Madison Memorial Building, LM-403, 101 Independence Avenue, SE... Claimants Group, Music Claimants (American Society of Composers, Authors and Publishers, Broadcast Music...

  3. 76 FR 80969 - Distribution of the 2004-2009 Cable and Satellite Royalty Funds

    Science.gov (United States)

    2011-12-27

    ... private party, comments and objections must be brought to the Library of Congress, James Madison Memorial..., Library of Congress, James Madison Memorial Building, LM-403, 101 Independence Avenue SE., Washington, DC... the major categories of copyrightable content (movies, sports programming, music, etc.) requesting the...

  4. 78 FR 64023 - Distribution of 2009 through 2011 DART Musical Works Funds Royalties

    Science.gov (United States)

    2013-10-25

    ... delivery, parties shall direct delivery of comments to the Library of Congress, James Madison Memorial... Madison Memorial Building, LM-403, 101 Independence Avenue SE., Washington, DC 20559-6000. FOR FURTHER... Music, Inc., the American Society of Composers, Authors and Publishers, SESAC, Inc., and The Harry Fox...

  5. Eco-Technology Licensing under Emission Tax: Royalty vs. Fixed-Fee

    OpenAIRE

    Seung-Leul Kim; Sang-Ho Lee

    2014-01-01

    This article considers the licensing strategies of eco-technology when an innovator provides pollution abatement goods to oligopolistic polluting firms that produce consumption goods and emit environmental pollutants. In the presence of emission tax, two types of licensing contracts, royalty and fixed-fee, are examined to analyze market equilibrium and to compare their welfare consequences. We show that an eco-innovator provides a non-exclusive license under a royalty contract while it might ...

  6. Vertical integration and the licensing of innovation with a fixed fee or a royalty

    OpenAIRE

    Lemarié, S.

    2005-01-01

    In this paper, we analyse a situation where a patent holder is considered as an upstream firm that can license its innovation to some downstream companies that compete on a final market with differentiated products. Licensing contract may be based either on a royalty or a fixed fee. The patent holder can either be independant or vertically integrated with one of the downstream companies. We show that a licence based on a royalty works better with vertical integration, and that consequently, t...

  7. Analisis Perhitungan Royalty Fee Franchise Menurut Konsep Musyarakah: Studi pada Jarimatika Darussalam

    OpenAIRE

    MR, Nurjannah; Wahid, Nazaruddin A

    2013-01-01

    This study aims to analyze the calculation of royalty fee at a franchise of Jarimatika in Darussalam Banda Aceh from musyarakah perspective and analyze the strategy employed in solving the dispute. Data was gathered through an in-depth interview and documentation study. The results indicated that in general the calculation of royalty fee was based on profit sharing system, where the total revenue minus 15% operating expenses for the franchisor, and the rest is shared 40% for the franchisor an...

  8. Mining Royalties and Incentives for Security Operations: Evidence from India's Red Corridor

    OpenAIRE

    Vanden Eynde , Oliver

    2015-01-01

    Can tax regimes shape the incentives of governments to engage in or support counterinsurgency operations? India’s Maoist belt contains a large share of the country’s most valuable mineral deposits. Indian mining royalties benefit the States, but they are set by the central government. States are largely responsible for counter-insurgency operations within their territory. Therefore, the royalty regime could shape the incentive of states to support counter-insurgency efforts ien mining areas. ...

  9. Petroleum royalties: influence in the municipalities of Espirito Santo, Brazil; Royalties do petroleo: influencia nos municipios capixabas

    Energy Technology Data Exchange (ETDEWEB)

    Campos, Adriana Fiorotti; Carolino, Jaqueline; Zanete, Roberta Rasseli

    2008-07-01

    The article has for objective to demonstrate the positive and negative impacts of the exploration of petroleum in the Municipal districts, giving emphasis to the destination of the resources obtained by the referred royalties in those federal entities. It is known that the economical activities linked directly to the industry of the petroleum are temporary. The announcement of the perspective of current economical activities of the implantation of that industry creates the expectation of generation of offer of abundant labor. The phenomenon raises migratory demographic pressure uncontrollable on the production areas and neighbors. The migration generates overloads of public services and lack of community equipment, already insufficient to assist to the existent demands. Besides, it happens environmental degradation and the consequent reduction of the tourist activities in the municipal districts that stand out for their natural beauties. The Municipal districts assume an obligation the new, urgent and unexpected investments, stopping destining resources to the productive diversification for warranty of the future generations. (author)

  10. Honoraripoliitikast Eestis stalinismi perioodil. The Politics of Royalties in Estonia During the Stalinist Era

    Directory of Open Access Journals (Sweden)

    Eve Annuk

    2012-04-01

    Full Text Available The article treats the topic of royalty politics within the field of Estonian literature during the Stalinist era. This is an introductory treatment of the topic with the aim of opening up a discussion and to introduce corresponding sources. The topic of royalties has avoided the attention of researchers; up until now, no studies have been made. Despite this, it is an important topic, since the role of royalties in Soviet cultural politics shouldn’t be underestimated. Even though the cultural politics of the Soviet system are usually treated as repressive pressure, the politics of royalties bring out a different aspect by revealing a bonus system with which authors were incited to create conformist texts. Several different kinds of sources relating to royalties can be found , the most important of them being the laws on author royalties. The first of these was the Author Royalties Act passed by the People’s Commissariat of the Estonian SSR and in force already in 1944. Laws passed in 1948 and 1952 regulated the payment of royalities for both fictional works as well as all other kinds of works, such as scientific and technical publications, popular science, dictionaries, school text books, various kinds of collections, translations, etc. The laws were passed according to the boundaries of the work, such as artistic value or ideological level. Larger royalties were paid for works which were ’better’ in an ideological sense. Fiction and literary studies paid the best, which shows just how important literature as ideological education was to the Soviet system. The laws were in-depth and detailed and saw regular additions, such as in 1960 when several regulations were issued. Archival sources and honorary copies of Estonian newspapers and authorpublisher agreements consitute other important sources in addition to the legislation. From the honorary copies , the size of the royalties paid becomes clear. The source value of these documents is

  11. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions concerning the new governance of the Pension Fund taken by the Council in June and September 2007, amendments to Section 2 "Structure and Functions" of the Rules of the Fund (Article I 2.08 – Composition of the Investment Committee and Article I 2.08b – Chairman of the Investment Committee) entered into force on 1st January 2009. These articles replace the provisions of the existing Regulations of the Investment Committee of the Pension Fund relating to the composition and chairman of the Investment Committee. Amendment No. 27 (PDF document) may be downloaded directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 7672742, mailto:Barbara.Bordjah@cern.ch).

  12. ARGICULTURAL LAND PROTECTION FUND AND FOREST FUND AS ECOLOGICAL FUNDS

    OpenAIRE

    Bartosz Bartniczak

    2009-01-01

    Funds for environmental protection and water management, Agricultural Land Protection Fund and Forest Fund make up the Polish system of special fund in environment protection. The main aim of this article is to analyze the activity of two latest funds. The article tries to answer the question whether that funds could be considered as ecological funds. The author described incomes and outlays of that funds and showed which reform should be done in Polish special funds system.

  13. Pension Fund

    CERN Multimedia

    2005-01-01

    Amendment No 21 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 17.03.2005, concerns Article I 2.05 (Composition of the Governing Board) and Article I 2.06 (Chairman and Vice-Chairmen of the Governing Board) of the Rules of the Pension Fund.

  14. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  15. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Rules and Regulations of the Pension Fund have been updated, following Council's decision of December 2006 concerning the adjustment of pensions, fixed amounts and allowances by 1.16% with effect from 1.1.2007 (Annex B, page 31). The updated version can be downloaded directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030), or by e-mail (Sophia.Revol@cern.ch).

  16. Peering into Alberta’s Darkening Future: How Oil Prices Impact Alberta’s Royalty Revenues

    Directory of Open Access Journals (Sweden)

    Sarah Dobson

    2015-03-01

    Full Text Available The price of oil just keeps collapsing — and the fate of Alberta’s revenues is buckling with it. Going into March 2015, it seemed as if prices might have finally found a bottom, somewhere between US$48 and US$52. By the second week of March, they began falling again, to the low forties. These are prices the Alberta government had not even ventured to fathom when first putting together its forecasts for the impact of falling oil prices on the province’s finances. Come the fourth quarter of the Alberta government’s 2014/15 fiscal year, the province’s finances will begin to really feel the blow from the plunge in oil, as royalty payments dry up significantly. Come the 2015/16 fiscal year, the situation becomes even bleaker. In fact, the current fiscal year will seem pleasant compared to the next one. Due to a stronger than expected first half of the year, actual bitumen and crude oil royalties collected in Alberta from April to September 2014 exceeded estimates by $1.3 billion. That will mitigate some of the damage that the continuing slide in prices will cause by the year’s end, with the government’s third quarter update showing expected year-end crude oil and bitumen royalty revenues falling short of the budget target by $549 million. So severe has the fall in oil prices been that, in March 2015, the number of barrels of conventional oil that the government collects in royalties could plummet by up to 53,000 barrels from the 2014/15 budget forecast, declining to just 4,100 barrels per day. This suggests that prices may be nearing a point where royalty collection from conventional crude oil production is at risk of being virtually eliminated. Bitumen royalties are not faring much better. Relative to July 2014, per barrel royalties in February 2015 have potentially declined by 60 to 90 per cent. All told, the combined effect of the changing exchange rate, lower prices, and the lower royalty rates that take effect in this low

  17. 30 CFR 206.356 - How do I calculate royalty or fees due on geothermal resources I use for direct use purposes?

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false How do I calculate royalty or fees due on... Resources § 206.356 How do I calculate royalty or fees due on geothermal resources I use for direct use... revised fees schedules using the following formulas: ER02MY07.004 Where: RV = Royalty due as a function of...

  18. 30 CFR 206.360 - What records must I keep to support my calculations of royalty or fees under this subpart?

    Science.gov (United States)

    2010-07-01

    ... calculations of royalty or fees under this subpart? 206.360 Section 206.360 Mineral Resources MINERALS... Resources § 206.360 What records must I keep to support my calculations of royalty or fees under this subpart? If you determine royalties or direct use fees for your geothermal resource under this subpart...

  19. 30 CFR 203.60 - Who may apply for royalty relief on a case-by-case basis in deep water in the Gulf of Mexico or...

    Science.gov (United States)

    2010-07-01

    ...-case basis in deep water in the Gulf of Mexico or offshore of Alaska? 203.60 Section 203.60 Mineral... basis in deep water in the Gulf of Mexico or offshore of Alaska? You may apply for royalty relief under... REDUCTION IN ROYALTY RATES OCS Oil, Gas, and Sulfur General Royalty Relief for Pre-Act Deep Water Leases and...

  20. Pension Fund

    CERN Multimedia

    2006-01-01

    As announced in the Bulletin during the summer, the Pension Fund has published a complete new version of the Fund's Rules and Regulations incorporating all amendments up to 1 November 2006, following the decisions of the CERN Council. This new version of the Rules and Regulations can be downloaded in A4 format (pdf document) directly from the Pension Fund's website (http://pensions.web.cern.ch/Pensions/statuts___rules.htm for the Rules and http://pensions.web.cern.ch/Pensions/règlements___regulations.htm for the Regulations) or obtained from the Fund Administration (Tel. 022 767 27 42, Building 5, 1-030, or by e-mail Sophia.Revol@cern.ch).

  1. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    In line with the decisions taken by the Council in June and September 2007 concerning the new governance of the Pension Fund, amendments to Section 2 «Structure and Functions» of the Rules of the Fund entered into force on 1st January 2009 (Article I 2.08 – Composition of the Investment Committee and Article I 2.08bis – Chairman of the Investment Committee). Amendment n°27 may be downloaded (PDF document) directly from the Pension Fund website: http://pensions.web.cern.ch/Pensions/statuts___rules.htm or obtained from the Administration of the Fund (Tel. 022 767 2742, mailto:Barbara.Bordjah@cern.ch).

  2. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

    For the first time, six knowledge and technology transfer activities are set to benefit from a dedicated fund made available by the Knowledge Transfer group. This initiative cements CERN’s commitment to sharing its technological knowledge and expertise with society.   GEM detectors for flame detection and early earthquake prediction, radio-frequency absorbers for energy recovery, and exotic radioisotopes for medical applications are among the projects funded by the recently introduced KT Fund. “CERN’s scientific programme generates a considerable amount of intellectual property, a natural driver for innovation,” explains Giovanni Anelli, Head of the Knowledge Transfer Group. “Very often, though, financial support is needed to bring the newly-born technologies a step further and make them ready for transfer to other research institutes or to companies.” This is where the KT fund comes into play. It provides vital support in the early sta...

  3. Pension Fund

    CERN Multimedia

    2004-01-01

    Amendment No 20 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2004, concerns the fixed sums and allowances adjusted at same date (Annex B).

  4. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The 2007 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 20 June 2008, is now available from the Departmental secretariats. Pension beneficiaries who wish to obtain this document should contact Emilie Clerc (Tel. + 41 22 767 87 98), building 5-5/017. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/

  5. 30 CFR 204.5 - What statutory requirements must I meet to obtain royalty prepayment or accounting and auditing...

    Science.gov (United States)

    2010-07-01

    ... obtain royalty prepayment or accounting and auditing relief? 204.5 Section 204.5 Mineral Resources... prepayment or accounting and auditing relief? (a) MMS and the State may allow royalty prepayment or accounting and auditing relief for your marginal property production if MMS and the State jointly determine...

  6. 77 FR 14041 - Major Portion Prices and Due Date for Additional Royalty Payments on Indian Gas Production in...

    Science.gov (United States)

    2012-03-08

    ... index zone pricing. We approved the Ute Indian Tribe's request; therefore, you must value production... due date for industry to pay additional royalties based on the major portion prices. This notice... additional royalties based on the major portion prices is May 7, 2012. FOR FURTHER INFORMATION CONTACT: John...

  7. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The Pension Fund Governing Board (PFGB) held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, responsi...

  8. Pension fund

    CERN Multimedia

    2006-01-01

    At its June 2006 meeting, the Finance Committee approved the following amendment to Article 6a of the Regulations for elections to the Governing Board of the Pension Fund, which will enter into force on 1.7.2006: Current text New text ... 6a. The Administrator of the Fund shall be responsible for holding the elections and for issuing all relevant information. ... ... 6a. The Administrator of the Fund shall be responsible for holding the elections by electronic voting or, if this method cannot be used, following the procedure outlined in Articles 6i., 6j. and 6k. below. He shall issue to the members of the Pension Fund all relevant information concerning the elections. The deadlines mentioned in paragraphs 6i. and 6j. below shall apply mutatis mutandis to electronic voting. ... The amendment will allow the Pension Fund to use an electronic voting procedure for the election of elected members to the Governing Board of the Fund. It will be included in a complete new edition of the Rules and Regulatio...

  9. Taxing Canada’s Cash Cow: Tax and Royalty Burdens on Oil and Gas Investments

    Directory of Open Access Journals (Sweden)

    Jack M. Mintz

    2010-02-01

    Full Text Available This paper addresses in depth the impact of both corporate taxes and royalties on the decision to invest in the oil and gas sector for British Columbia, Alberta, Saskatchewan, Nova Scotia and Newfoundland & Labrador and in comparison to Texas. Similar to Chen and Mintz (2009, we estimate the marginal effective tax rate on capital for the oil and gas sector, comparable to other sectors in the economy. In our assessment, we include federal and provincial corporate income taxes, sales taxes on capital purchases and other capital-related taxes in our assessment such as severance taxes and royalties. Except for oil and gas investments in Nova Scotia and Newfoundland & Labrador offshore developments, oil and gas investments bear a higher tax burden compared to other industries in Canada. In other words, oil and gas investments are generally not “subsidized” but bear a higher level of taxes and royalties on investment compared to other industries.

  10. PENSION FUND

    CERN Multimedia

    1999-01-01

    The Governing Board of the Pension Fund held its first three meetings of the year on 2 February, 2 March and 13 April.At the first of these meetings the Board first heard a presentation by Mrs H. Richmond of JP Morgan on the results of the currency overlay programme applied to the Fund's assets. Thanks to the policy pursued by this company, volatility, i.e. portfolio risk for assets denominated in currencies other than the Swiss franc, has been reduced. However, despite the fact that JP Morgan has considerable expertise in this field, no gain has been achieved over the past year. The Governing Board heard a report by the Investment Committee Chairman G. Maurin on the meetings of 21-22 and 28 January at which the Pension Fund's various fund managers had been interviewed on their results. Decisions were taken on benchmarks aimed at optimising management and on the terms of reference of the Internal Management Unit. It was also decided to place two fund managers on a watching list and to request them to make eve...

  11. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    The PFGB held two meetings over the summer, the first on 9 June and the second on 1st September. The agendas of the two meetings had several items in common, including progress reports on the work of the four working groups. Group 1, which is responsible for the revision of Chapter I, Section 2 of the Rules of the Fund, has made good progress but will need more time to complete its terms of reference in view of the number and complexity of the articles to be amended. In parallel, the Group has approved a code of conduct for the Pension Fund, which is based, in particular, on the new charter introduced for Swiss pension funds by the Swiss Association of Provident Institutions (ASIP) and the CFA (Chartered Financial Analyst) code of ethics applicable to members of pension fund bodies. The PFGB took note that the Group had also been working on the rules relating to the status of the personnel of the Fund and the composition of the Investment Committee. The work of Group 2, resp...

  12. Pension Fund

    CERN Multimedia

    2003-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 8 October 2003 at 14.30 hrs The Agenda comprises: 1. Opening RemarksJ. Bezemer 2. Annual Report 2002: Presentation and results Copies of the Report are available from divisional secretariats. C. Cuénoud 3. Overview of the present situation with regard to pension funds C. Cuénoud 4. Performance of the Fund since the year 2000 and aspects of the ongoing asset/liability modelling exercise G. Maurin 5. Questions from members and beneficiariesPersons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. 6. Conclusions J. Bezemer As usual, participants are invited to drinks after the assembly. NB The minutes of the 2002 General Assembly are available from the Administration of the Fund tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

  13. ANALISIS PERHITUNGAN ROYALTY FEE FRANCHISE MENURUT KONSEP MUSYARAKAH: STUDI PADA JARIMATIKA DARUSSALAM

    Directory of Open Access Journals (Sweden)

    Nurjannah MR

    2013-12-01

    Full Text Available This study aims to analyze the calculation of royalty fee at a franchise of Jarimatika in Darussalam Banda Aceh from musyarakah perspective and analyze the strategy employed in solving the dispute. Data was gathered through an in-depth interview and documentation study. The results indicated that in general the calculation of royalty fee was based on profit sharing system, where the total revenue minus 15% operating expenses for the franchisor, and the rest is shared 40% for the franchisor and 60% for the franchisee. Although the system seems normal, the determination 15% of operating cost, however, created a problem for the franchisee as the total income received was not cover the regular operational costs. Consequently, the franchisee unable to fulfill its obligation of paying the royalty fees on time. To solve this problem, the franchisor provide an extension for the franchisee to pay the royalty fee. However, during the grace period, the franchisee was not allowed to order the equipment needed to run the operation. As a result, it created another problem for the franchisee as it would not be able to run the operation due to insufficient equipment. =========================================== Penelitian ini bertujuan untuk menganalisis perhitungan royalty fee pada franchise Jarimatika Darussalam dalam perpektif musyarakah, dan strategi yang digunakan dalam penyelesaian masalah profit sharing di Jarimatika tersebut. Data penelitian dikumpulkan melalui wawancara mendalam dan studi dokumentasi. Data yang terkumpul kemudian dianalisis dengan metode deskriptif analisis. Hasil dari penelitian ini menunjukkan bahwa mekanisme perhitungan royalty fee pada Jarimatika Darussalam menggunakan sistem profit sharing, dimana total pendapatan dikurangi beban operasional sebesar 15%, dan sisanya dibagi dua bagian, franchisor 40% dan franchisee 60%. Dalam kenyataannya, penetapan biaya beban operasional yang fix sebesar 15 % ini yang menyebabkan franchisee

  14. Licensing Uncertain Patents: Per-Unit Royalty vs Up-Front Fee

    OpenAIRE

    Encaoua , David; Lefouili , Yassine

    2008-01-01

    ED EPS; In this paper we examine the implications of uncertainty over patent validity on patentholders' licensing strategies. Two licensing mechanisms are examined: per-unit royalty and up-front fee.We provide conditions under which uncertain patents are licensed in order to avoid patent litigation. It is shown that while it is possible for the patentholder to reap som e "extra profit" by selling an uncertain patent under the pure per-unit royalty regime, the opportunity to do so does not exi...

  15. Negative royalty in duopoly and definition of license fee: general demand and cost functions

    OpenAIRE

    Hattori, Masahiko; Tanaka, Yasuhito

    2017-01-01

    We examine the relationship between the definition of license fee and a possibility of negative royalty in a duopoly with an outside innovator which has an option to enter the market and imposes a combination of a royalty per output and a fixed fee under general demand and cost functions. We consider two scenarios about determination of license fee. One is a scenario which does not assume entry of the innovator, and the other is a scenario which takes a possibility of entry of the innovator i...

  16. Pension Fund

    CERN Multimedia

    2003-01-01

    Amendment No 19 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2003, concerns 1) the fixed sums and allowances adjusted at same date (Annex B) and 2) the articles which have been amended, in accordance with the Finance Committee's decision, regarding voting rules of the Governing Board and the role and composition of the Investment Committee.

  17. Ethical aspects of the oil exploration: the royalties and the intergenerational issue; Aspectos eticos da exploracao do petroleo: os royalties e a questao intergeracional

    Energy Technology Data Exchange (ETDEWEB)

    Carvalho, Flavia Cahete Lopes

    2008-03-15

    This work has as purpose to discuss the ethical aspects of the petroleum exploration mainly that ones which are referred to the intergenerational question. In this context, it is intended to discourse on the payment of royalties in reason of the exploration of oil, as a tool that guarantees the intergenerational fairness. Conceptually, the goal of the payment of royalties for the exploration of an exhaustible is exactly to guarantee that the future generations are compensated by the absence of the explored natural resources. Moreover, the work intends to verify whether the current Brazilian model of distribution and application of the referring resources that derives of the oil production corroborates for the sustainability of the future generations, which will not be able to count on the cited finite natural resources. (author)

  18. PENSION FUND

    CERN Multimedia

    2002-01-01

    The Governing Board of the Pension Fund held its 104th and 105th meetings on 8th November and 4th December 2001, respectively. The agenda of the 8th November meeting was devoted to a single item, namely the outcome of the Finance Committee's meeting the previous day. The Governing Board noted with satisfaction that both its proposed amendments to the Rules and Regulations of the Fund - allowing, in particular, the award of a deferred retirement pension after five years of service - and its proposal for the adjustment of pensions on 1.1.2002 had been approved for recommendation to the Council in December. At its meeting on 4th December, the Governing Board dealt mainly with the items examined at the latest meeting of the Investment Committee. The Committee's chairman, G. Maurin, stated that the 2001 return on the Fund's overall investments was likely to be between -2% and -3%. He also noted that a new study of the Fund's cash flows (incomings and outgoings) had been performed. He underlined that, while the flo...

  19. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats.In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text): Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: The reference salary of a member with a contract for part-time work shall b...

  20. Pension Fund

    CERN Multimedia

    2006-01-01

    Following the approval by the CERN Council, at its Session in March 2006, of the amendments to Administrative Circular No. 14 (Protection of the members of the personnel against the financial consequences of illness, accident and disability) and the resulting amendments to the Rules and Regulations of the Pension Fund, which entered into force on 1st July 2006, the Administration of the Fund has decided to publish a complete new edition of the Rules and Regulations incorporating all amendments up to 1st July 2006. Members of the Fund will be informed once the new edition of the Rules and Regulations is available from Departmental secretariats. In the meantime, the amendments to the text of the Pension Fund Rules and Regulations, which entered into force on 1st July 2006, are presented below (Previous text/Amended text) : Chapter II - Section 1: Contributions and benefits Article II 1.04 - Reference Salary - Part-time Work OLD TEXT: the reference salary of a member with a contract for part-time work shall be e...

  1. 25 CFR 213.26 - Rate of royalty on casing-head gas.

    Science.gov (United States)

    2010-04-01

    ... gasoline the minimum rate of royalty shall be 121/2 percent of the value of the casing-head gas, which... operating regulations of the Department. (b) In cases where gas produced and sold has a value for drip gasoline, casing-head gasoline content, and as dry gas from which the casing-head gasoline has been...

  2. 26 CFR 1.1502-44 - Percentage depletion for independent producers and royalty owners.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 12 2010-04-01 2010-04-01 false Percentage depletion for independent producers...-44 Percentage depletion for independent producers and royalty owners. (a) In general. The sum of the percentage depletion deductions for the taxable year for all oil or gas property owned by all members, plus...

  3. 48 CFR 252.227-7007 - License term-running royalty.

    Science.gov (United States)

    2010-10-01

    ... 48 Federal Acquisition Regulations System 3 2010-10-01 2010-10-01 false License term-running... of Provisions And Clauses 252.227-7007 License term—running royalty. As prescribed at 227.7009-4(b), insert the following clause in patent releases, license agreements, and assignments: License Term—Running...

  4. 75 FR 32857 - Adjustment of Royalty Fee for Cable Compulsory License

    Science.gov (United States)

    2010-06-10

    ... LIBRARY OF CONGRESS Copyright Office 37 CFR Part 256 Adjustment of Royalty Fee for Cable Compulsory License CFR Correction In Title 37 of the Code of Federal Regulations, revised as of July 1, 2009, on page 666, in Sec. 256.2, make the following changes: a. In paragraph (b)(2)(i), remove ``$189,800...

  5. 30 CFR 227.102 - What royalty management functions will MMS not delegate?

    Science.gov (United States)

    2010-07-01

    ... payments shown on royalty reports or other documents, such as bills, to reconcile payor accounts. MMS also... actions other than issuing demands, subpoenas and orders to perform restructured accounting. MMS or the appropriate Federal agency will issue notices of non-compliance and civil penalties, collect debts, write off...

  6. 75 FR 26278 - The Register of Copyrights’ and the Copyright Royalty Judges’ authority to determine the...

    Science.gov (United States)

    2010-05-11

    ... law were referred to the Register of Copyrights concerning the authority of the Register of Copyrights... questions of substantive law for her consideration: Does the Register of Copyrights have the authority under... law. That motion was denied by the Copyright Royalty Judges on March 30, 2010. Order Denying Motion...

  7. 30 CFR 204.202 - What is the cumulative royalty reports and payments relief option?

    Science.gov (United States)

    2010-07-01

    ... Auditing Relief § 204.202 What is the cumulative royalty reports and payments relief option? (a) The... information on Form MMS-2014 for the calendar year, the same as if it were a monthly report; and (5) Report... section until the date MMS receives it. (d) If you take relief you are not qualified for, you may be...

  8. 26 CFR 509.110 - Patent and copyright royalties and film rentals.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 19 2010-04-01 2010-04-01 false Patent and copyright royalties and film rentals... (CONTINUED) REGULATIONS UNDER TAX CONVENTIONS SWITZERLAND General Income Tax § 509.110 Patent and copyright... copyrights, artistic and scientific works, patents, designs, plans, secret processes and formulae, trademarks...

  9. 30 CFR 206.452 - Coal subject to royalties-general provisions.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Coal subject to royalties-general provisions... MINERALS REVENUE MANAGEMENT PRODUCT VALUATION Indian Coal § 206.452 Coal subject to royalties—general provisions. (a) All coal (except coal unavoidably lost as determined by BLM pursuant to 43 CFR group 3400...

  10. 30 CFR 206.253 - Coal subject to royalties-general provisions.

    Science.gov (United States)

    2010-07-01

    ... 30 Mineral Resources 2 2010-07-01 2010-07-01 false Coal subject to royalties-general provisions... MINERALS REVENUE MANAGEMENT PRODUCT VALUATION Federal Coal § 206.253 Coal subject to royalties—general provisions. (a) All coal (except coal unavoidably lost as determined by BLM under 43 CFR part 3400) from a...

  11. 30 CFR 210.55 - May I submit this royalty report manually?

    Science.gov (United States)

    2010-07-01

    ... to Minerals Management Service, P.O. Box 5810, Denver, Colorado 80217-5810; or (2) Special courier or... 30 Mineral Resources 2 2010-07-01 2010-07-01 false May I submit this royalty report manually? 210.55 Section 210.55 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR MINERALS...

  12. PENSION FUND

    CERN Multimedia

    2002-01-01

    Amendment No 18 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Divisional secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force on 1.1.2002, concerns the articles which have been amended, in accordance with the Council's decision, to allow the award of a deferred retirement pension after five years of service (instead of ten previously) and the fixed sums and allowances adjusted at the same date (Annex B). It also contains a revised version of the table of contents of the Rules, as well as pages where the contents have not changed but where the page layout has had to be adjusted for technical reasons.

  13. Pension Fund

    CERN Multimedia

    Pension Fund

    2006-01-01

    Amendment No. 22 to the Rules and Regulations of the Pension Fund has just been published and can be obtained from Department/Unit secretariats or, in the case of pensioners, directly from the Administration of the Fund (tel. 767-91 94/27 38), bldg 5, 1-030. This Amendment, which entered into force following the CERN Council's decisions of 16 December 2005, includes the following new articles: Art. II 5.08 : Non-entitlement to Pension for Surviving Spouse Art. II 5.09 : Procurement of an entitlement to Pension for Surviving Spouse Art. II 6.09 : Non-entitlement to Pension for Orphans Art. II 7.01 c) : Entitlement to Allowances Art. III 1.07 : Extension of the contract beyond the age limit of 65 as well as the following amended articles : Article II 1.07 - Contributions Annex B - Fixed sums and allowances

  14. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

    The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or by writing to the Administration of the Fund. For those wishing to apply, the documents to be...

  15. Pension Fund

    CERN Multimedia

    2004-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-twenty-second meeting on 3 February 2004. Opening the meeting, the Chairman, J. Bezemer, welcomed W. Zapf's alternate T. Lagrange, A. Naudi's alternate P. Geeraert, and M. Goossens' alternate M. Vitasse, who were attending the Governing Board for the first time. The Governing Board heard a report from its Chairman on the meeting of the CERN Council on 19 December 2003, at which, under Pension Fund matters, the Council had approved a pensions adjustment of 0.7%. The Governing Board then heard a report on the main elements of the Investment Committee's meeting on 3 December 2003. During a presentation, Expert Timing System (Madrid) and the Compagnie de Trésorerie Benjamin de Rothschild (Geneva) had proposed a bond portfolio investment following the same quantitative investment principles as the equities portfolio they already managed for the Fund. After some deliberation, the Investment Committee had decided, on that basis, to award t...

  16. Pension Fund

    CERN Multimedia

    2003-01-01

    The Governing Board of the Pension Fund held its hundred and seventeenth meeting on 3 June 2003. On that occasion, it examined the recommendations made by the External Auditors in their report on their audit of the 2002 annual accounts and the replies by the Pension Fund's Administration. The Governing Board was gratified by the small number of remarks by the External Auditors. It also confirmed its agreement to the procedure followed by the Administration of the Pension Fund in the handling of transfer values. Under other items on the agenda, the Board once again examined ESO's request relating to the terms and conditions of membership by its staff members. In this regard, the Board wishes to receive from ESO a definitive request (following the necessary consultation procedures with the representatives of the personnel and discussions within ESO's governing bodies) so that the working group can continue its work on a clear basis and so that the Governing Board is in a position to take up a position in the m...

  17. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

    The Administration of the Fund has just signed a contract with the 'La Suisse' insurance company, making life insurance available to persons leaving CERN under very similar conditions to those offered to the members of the CERN personnel. From now on, persons retiring from the Organization will be able to take out this new insurance at the moment of retirement, provided that they have been members of CERN's collective life insurance scheme for the last five years of service. Exceptionally, until the end of 2001, 'La Suisse' has agreed to allow persons who are already retired to take out this insurance, provided that they are less than 70 years old and subject to their state of health (health questionnaire to be completed) and with a maximum insured amount set at 150,000 CHF. We therefore invite any retired persons interested in this insurance to consult the detailed terms and conditions, either on the Pension Fund's Web site (http://pensions.web.cern.ch/pensions) or contacting to the Administration of the Fun...

  18. Alberta’s New Royalty Regime is a Step Towards Competitiveness: A 2016 Update

    Directory of Open Access Journals (Sweden)

    Daria Crisan

    2016-10-01

    Full Text Available Alberta’s new royalty regime has made the province a more rewarding place for anyone looking to invest in conventional non-renewable resources. After Alberta’s NDP government commissioned a review of the royalty regime to ensure the province was receiving its “fair share,” it ended up determining that revenue-neutral changes were warranted to the royalty system for conventional oil, with oilsands largely left untouched. However, the few changes that were made have had a substantial impact on incentives for new investment. Those changes have, in fact, only made it more lucrative for investors in Alberta’s conventional oil and gas. This paper focuses on oil and the fiscal regime (it does not consider other regulatory and carbon policies that affect competitiveness. The changes for conventional oil are significant enough that the new regime entirely overcomes the competitive disadvantages for non-oil sands producers created by the NDP government’s increase in provincial corporate income taxes last year. Under the current regime, Alberta conventional oil bears a marginal effective tax and royalty rate (METRR of 35.0 per cent (the METRR is relevant for new investment decisions. The changes have sharply reduced that to 26.7 per cent. This year, when compared against its peers in the U.S., Europe and Australia, Alberta has one of the highest METRRs for conventional oil. When the new royalty regime takes fully effect in 2017, it will have one of the lowest, bested only by Australia, the United Kingdom, Pennsylvania and, in Canada, Nova Scotia and Newfoundland & Labrador. Most notably, Alberta is more competitive now than its immediate neighbours, British Columbia and Saskatchewan, for conventional oil investment. It is also less distorting across different types of wells, which is an important quality in a well-designed royalty system. Alberta continues to implement a system of price-sensitive royalty rates with the government’s take

  19. Deepwater royalty relief product of 3 1/2 year U.S. political effort

    International Nuclear Information System (INIS)

    Davis, R.E.; Neff, S.

    1996-01-01

    Against the backdrop of more than 20 years of increasingly stringent environmental regulation, ever-expanding exploration and development moratoria on the Outer Continental Shelf (OCS), and reductions in producer tax incentives, oil and natural gas exploration companies active in deep waters of the Gulf of Mexico recently won a significant legislative victory. On Nov. 28, 1995, President Clinton signed into law S.395, the Alaska Power Administration Sale Act. Title 3 of S.395 embodies the Outer Continental Shelf Deep Water Royalty Relief Act. This landmark legislation provides substantial incentives for oil and natural gas production in the gulf of Mexico by temporarily eliminating royalties on certain deepwater leases. It is the first direct incentive for oil and gas production enacted at the federal level in many years. This paper reviews the elements used to arrive at this successful legislation including the congressional leadership. It describes debates, cabinet level discussions, and use of parlimentary procedures

  20. On properties of royalty and tax regimes in Alberta's oil sands

    International Nuclear Information System (INIS)

    Plourde, Andre

    2010-01-01

    Simulation models that include royalty and tax provisions are used to examine the distribution between developers and governments of net returns from the development of Alberta's oil sands deposits. A specific focus is to assess the effects on the level and distribution of net revenues associated with a number of changes in assumed revenue and expenditure conditions. Developers typically bear a greater share of the consequences of variations in capital expenditures than they do of changes in operating expenditures, prices, and exchange rates. A comparison across royalty and tax regimes suggest that there is a positive relationship between the level of net revenues estimated to accrue to either developers or governments and the share of the consequences of changes in conditions borne by that party. Some differences across production technologies are noted. The role of the federal government as a fiscal player in oil sands development has shrunk over time. In contrast, under the current regime, the Government of Alberta captures a higher share of net returns and typically bears a greater proportion of the consequences of changes in conditions than at any time since the introduction of an explicit royalty and tax regime in 1997.

  1. Pension fund

    CERN Multimedia

    Staff Association

    2014-01-01

    Letter sent on Monday 8 December 2014 to the delegates of the Member States to CERN Council An item on the agenda of the CERN Council of Thursday 11 December concerned the CERN Pension Fund, namely a discussion of a document that proposes how to respond to the many questions concerning pensions that had been submitted by thirteen Member State delegations. That document lists all these questions and proposes, as a first step, to consider the legal feasibility and the actuarial cost to transform our current defined-benefit pension scheme into a defined-contribution scheme. Once again, several delegates show their determination to worsen our pension conditions. The Staff Association’s Pension Commission, in a special meeting on Thursday, 4 December, has decided to send an open letter to the delegates of the CERN Council. In this letter (shown below) the Staff Association and CERN-ESO Pensions’ Association express their opposition to these intentions. We underline, once more, that the 2010...

  2. 77 FR 42764 - Distribution of the 2005, 2006, 2007 and 2008 Digital Audio Recording Technology Royalty Funds...

    Science.gov (United States)

    2012-07-20

    ... Congress, James Madison Memorial Building, LM-401, 101 Independence Avenue SE., Washington, DC 20559-6000... Madison Memorial Building, LM-403, 101 Independence Avenue SE., Washington, DC 20559-6000. FOR FURTHER... certain claimants' (i.e., Broadcast Music, Inc., the American Society of Composers, Authors and Publishers...

  3. An empirical analysis of the impacts of taxes and royalties on the supply of conventional crude oil in Alberta

    International Nuclear Information System (INIS)

    Amoah, B.

    1998-01-01

    The economic impact of taxes, royalties and government fiscal policy tools on conventional crude oil supply in Alberta was examined. A dynamic economic model of Alberta's conventional petroleum industry was developed and used to evaluate the quantitative impacts of government fiscal policies on exploration and extraction of conventional crude oil in the province. It was determined that taxes and royalties can shorten the life of the industry, reduce activity level, reduce ultimate recovery of conventional crude oil, render more of the established reserves sub-economic and create social welfare loss. It was also revealed that compared to provincial corporate income tax and crown royalties, federal corporate income tax has a larger adverse effect on the performance of the industry in terms of creating higher dead-weight loss and shortening the life of the industry

  4. Plucking the Golden Goose: Higher Royalty Rates on the Oil Sands Generate Significant Increases in Government Revenue

    Directory of Open Access Journals (Sweden)

    Kenneth J. McKenzie

    2011-09-01

    Full Text Available The Alberta government’s 2009 New Royalty Framework elicited resistance on the part of the energy industry, leading to subsequent reductions in the royalties imposed on natural gas and conventional oil. However, the oil sands sector, subject to different terms, quickly accepted the new arrangement with little complaint, recognizing it as win-win situation for industry and the government. Under the framework, Alberta recoups much more money in royalties — about $1 billion over the two year period of 2009 and 2010 — without impinging significantly on investment in the oil sands. This brief paper demonstrates that by spreading the financial risks and benefits to everyone involved, the new framework proves it’s possible to generate increased revenue without frightening off future investment. The same model could conceivably be applied to the conventional oil and natural gas sectors.

  5. Danish mutual fund performance

    DEFF Research Database (Denmark)

    Christensen, Michael

    2013-01-01

    This article provides the first independent performance analysis of Danish mutual funds. We analyse selectivity and market timing abilities for 71 mutual funds that have been in operation from 2001 to 2010. The results show great fund performance diversity. Half the funds have performed neutrally......, whereas 42% of the funds have shown significantly negative performance and only 7% of the funds have over-performed their benchmark. Furthermore, 14% of the funds analysed possess market timing abilities, but for 8 out of 10 funds, their market timing ability has been unsuccessful....

  6. Rating mutual funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

    2007-01-01

    We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund's peers. Within each investment category, the rating assigns...... the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

  7. License and entry strategies for an outside innovator under duopoly with combination of royalty and fixed fee

    OpenAIRE

    Hattori, Masahiko; Tanaka, Yasuhito

    2017-01-01

    We consider a choice of options for an innovating firm to enter the market with or without licensing its new cost-reducing technology to the incumbent firm using a combination of a royalty per output and a fixed license fee, or to license its technology without entry. With general demand and cost functions we show the following results. When the innovating firm licenses its technology to the incumbent firm without entry, the optimal royalty rate per output for the innovating firm is zero with...

  8. Analysis of the distribution of government take arising from the oil and gas industry between the government spheres and its impact over the economy of Rio de Janeiro; Analise da reparticao das participacoes governamentais advindas da industria do petroleo entre as esferas de governo e seu impacto sobre a economia do Rio de Janeiro

    Energy Technology Data Exchange (ETDEWEB)

    Nunes, Juliana Barbosa; Szklo, Alexandre Salem

    2012-07-01

    Royalties and the windfall profits tax derived from petroleum exploration and production in Brazil are government take with huge impacts on the financial health of the state and cities of Rio de Janeiro. Considering the relevance of oil revenue, this study evaluates the significance of the amount transferred between government levels, comparing the current allocation system with international cases. The implemented methodology to reach the result has been the evaluation and data analysis, based on the finances of the state of Rio de Janeiro and the cities that have common borders with the Campos Basin. Furthermore, international cases have been analyzed. Findings indicate that, on one hand, the centralization of the oil revenue at federal level guarantees a better capacity to absorb uncertainties and the variation on the amount received; on the other hand, under a local level, it's possible to identify and better supply the local necessities and scarcities, not to mention, realize a more effective control. In the Brazilian case, this point is even more relevant, as far as debate concerning the distribution of government take cannot be done without considering a broader tax reform, especially in the case of petroleum, which should be associated with the incidence of ICMS on the destination.(author)

  9. Picking Funds with Confidence

    DEFF Research Database (Denmark)

    Grønborg, Niels Strange; Lunde, Asger; Timmermann, Allan

    We present a new approach to selecting active mutual funds that uses both holdings and return information to eliminate funds with predicted inferior performance through a sequence of pair-wise comparisons. Our methodology determines both the number of skilled funds and their identity, funds...... identified ex-ante as being superior earn substantially higher risk-adjusted returns than top funds identified by conventional alpha ranking methods. Importantly, we find strong evidence of variation in the breadth of the set of funds identified as superior, as well as fluctuations in the style and industry...... exposures of such funds over time and across different volatility states....

  10. Rating Mutual Funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

    We develop a new rating of mutual funds: the atpRating. The atpRating assigns crowns to each individual mutual fund based upon the costs an investor pays when investing in the fund in relation to what it would cost to invest in the fund’s peers. Within each investment category, the rating assigns......, whereas the return of a fund in a certain year generally contains only little information about the future return that the fund will generate. Finally, we have information on the investments in different mutual funds made by a small subgroup of investors known to have been exposed to both the atp...... five crowns to funds with the lowest costs and one crown to funds with the highest costs. We investigate the ability of the atpRating to predict the future performance of a fund. We find that an investor who has invested in the funds with the lowest costs within an investment category would have...

  11. The financial reward for the utilization of hydric resources, the Itaipu royalties and the new water Brazilian policy; A compensacao financeira pela utilizacao de recursos hidricos, os 'royalties' de Itaipu e a nova politica nacional de aguas

    Energy Technology Data Exchange (ETDEWEB)

    Vieira Filho, Xisto; Sales, Paulo Roberto de Holanda [Ministerio das Minas e Energia, Brasilia, DF (Brazil); Ventura Filho, Altino; Barbosa, Claudio Simoes [Itaipu Binacional, Foz do Iguacu, PR (Brazil); Spagnol, Marcos [ELETROBRAS, Rio de Janeiro, RJ (brazil)

    2000-07-01

    This paper presents the chronology of the legislation referring the financial compensation and the royalties paid by the Itaipu Bi nacional, from the origin to the important moment defined by the law introducing the new Water National Policy. Besides the aspects related to the legislation and the new Water National Policy, the ELETROBRAS participation in the process dynamic of the financial compensation is reported.

  12. A new methodology for royalties distribution of the Itaipu hydroelectric plant: The hydrographic basin as the unit of analysis.

    Science.gov (United States)

    Lorenzon, Alexandre Simões; Ribeiro, Carlos Antonio Alvares Soares; Dos Santos, Alexandre Rosa; de Castro, Nero Lemos Martins; Marcatti, Gustavo Eduardo; Domingues, Getulio Fonseca; Teixeira, Thaisa Ribeiro; Silva, Elias; Soares, Vicente Paulo; Menezes, Sady Júnior Martins da Costa de; de Almeida Telles, Lucas Arthur; Mota, Pedro Henrique Santos

    2018-07-01

    Over the past few years, many sectors such as energy generation, industry, domestic supply, and agriculture have encountered serious environmental problems due to the lack of rainfall. Thus, the purpose of this paper is to review the current methodology of royalties distribution from Itaipu hydroelectric plant. In the proposed approach, two criteria were considered to establish the division of Itaipu royalties: (1) the relative percentage of the water flow in the generation of electricity and, (2) the relative percentage of the drop in the height of water. 62 hydroelectric plants were evaluated in this study. In 52 plants the water flow was the factor that most contributed to the generation of electricity. In 2013, 346 municipalities benefited the Itaipu royalties. With the proposed methodology, 1,327 municipalities will receive the resource, what would increase the revenue of each of these municipalities by, on average, US$ 87,436.91 per year. The methodology presented herein proposes a reduction in the environmental disparity that now exists in Brazil, through improvement to Government instruments and environmental policies. The distribution of royalties throughout the watershed can provide additional resources to support payment programs for environmental services at the state and municipality levels. Copyright © 2018 Elsevier Ltd. All rights reserved.

  13. 30 CFR 227.401 - What are a State's responsibilities if it processes production reports or royalty reports?

    Science.gov (United States)

    2010-07-01

    ... and Reports, the MMS Minerals Production Reporter Handbook, any interagency memorandum of... processes production reports or royalty reports? 227.401 Section 227.401 Mineral Resources MINERALS MANAGEMENT SERVICE, DEPARTMENT OF THE INTERIOR MINERALS REVENUE MANAGEMENT DELEGATION TO STATES States...

  14. 30 CFR 206.361 - How will MMS determine whether my royalty or direct use fee payments are correct?

    Science.gov (United States)

    2010-07-01

    ... electricity or the sale of a geothermal resource, in conducting reviews and audits MMS will examine whether... SERVICE, DEPARTMENT OF THE INTERIOR MINERALS REVENUE MANAGEMENT PRODUCT VALUATION Geothermal Resources... royalties or direct use fees that you report are subject to monitoring, review, and audit. The MMS may...

  15. 37 CFR 201.19 - Royalties and statements of account under compulsory license for making and distributing...

    Science.gov (United States)

    2010-07-01

    ... for failure to pay royalties for the reproduction of copyrighted music on phonorecords, or within such... corporation, by the title or official position held in the partnership or corporation by the person signing... corporation, by the title or official position held in the partnership or corporation by the person signing...

  16. 75 FR 61624 - Promotion of Development, Reduction of Royalty Rates for Stripper Well and Heavy Oil Properties

    Science.gov (United States)

    2010-10-06

    ...-241A.00] RIN 1004-AE04 Promotion of Development, Reduction of Royalty Rates for Stripper Well and Heavy... economy, productivity, competition, jobs, the environment, public health or safety, or State, local, or..., investment, productivity, innovation, or the ability of U.S.-based enterprises to compete with foreign-based...

  17. 30 CFR 210.201 - How do I submit Form MMS-4430, Solid Minerals Production and Royalty Report?

    Science.gov (United States)

    2010-07-01

    ..., Colorado 80217-5810; or (ii) For courier service or overnight mail (excluding Express Mail): Minerals... 30 Mineral Resources 2 2010-07-01 2010-07-01 false How do I submit Form MMS-4430, Solid Minerals Production and Royalty Report? 210.201 Section 210.201 Mineral Resources MINERALS MANAGEMENT SERVICE...

  18. The funding black hole

    CERN Multimedia

    2008-01-01

    Two physics students at the University of Bristol have organised a petition against the recently-announced funding cut of 80 million by the body that funds physics research in the UK, the Science and Technology Facilities Council (STFC).

  19. Fanconi Anemia Research Fund

    Science.gov (United States)

    ... Support Publications Fundraising News What is the Fanconi Anemia Research Fund? Fanconi anemia is an inherited disease that can lead to ... population. Lynn and Dave Frohnmayer started the Fanconi Anemia Research Fund, in 1989 to find effective treatments ...

  20. A Model of Aggressive Tax Optimization with the Use of Royalties

    Directory of Open Access Journals (Sweden)

    Małgorzata Kutera

    2017-10-01

    Full Text Available Aim/purpose - Today, international capital flows play a leading role in shaping global economic relations and directly impact the budgets of many states. What is of major importance in this process are the differences and legal loopholes in tax systems of individual states, which allow profits to be taxed at the minimum percentage rate. Tax avoidance is particularly popular among corporations operating in global markets, which use various mechanisms for this purpose. The main aim of this article is to present a model of aggressive tax optimization based on the flow of royalties in supranational groups. Design/methodology/approach - The description of the model was preceded by a detailed analysis of transactions concluded between companies in connection with the current tax regulations effective in particular countries. The key tool was an analysis of case studies of tax optimization mechanisms used by the largest multinational corporations, mainly Google, Apple, Facebook and Microsoft. The main source of data consisted in the reports of OECD on this topic, the annual 10-K financial statements filed with the SEC by Google Inc. (Alphabet Inc. and detailed legal regulations on taxing international transactions. Findings - The popular mechanisms of tax avoidance include the skillful use of transfer pricing, fees for intangible services, royalty transfers, establishing offshore companies, the flow of loans and dividends. The most important of them are royalty transfers, which have been used by every company analyzed. The most effective model in this regard was established by Google. It is based on a network of subsidiaries registered mainly in Ireland and the Netherlands which apply preferential rules to tax such transactions. Research implications/limitations - The exact identification of tax avoidance mechanisms used in practice allows gaps in tax law to be identified and hence charts the directions of the necessary legislation changes. It also

  1. Pension funds' herding

    NARCIS (Netherlands)

    Broeders, D.; Chen, D.; Minderhoud, P.; Schudel, W.

    2016-01-01

    This paper uses unique and detailed transaction data to analyse herding behavior among pension funds. We distinguish between weak, semi strong and strong herding behaviour. Weak herding occurs if pension funds have similar rebalancing strategies. Semi strong herding arises when pension funds react

  2. Are fund of hedge fund returns asymmetric?

    OpenAIRE

    Lynch, Margaret; Hutson, Elaine; Stevenson, Max

    2004-01-01

    We examine the return distributions of 332 funds of hedge funds and associated indices. Over half of the sample is significantly skewed according to the skewness statistic, and these are split 50/50 positive and negative. However, we argue that the skewness statistic can lead to erroneous inferences regarding the nature of the return distribution, because the test statistic is based on the normal distribution. Using a series of tests that make minimal assumptions about the shape of the ...

  3. Bank of Montreal v. Dynex Petroleum Ltd.: the priority of overriding royalties and net profit interests

    International Nuclear Information System (INIS)

    Dearlove, F.R.

    1996-01-01

    The practice by the petroleum industry of granting overriding royalties (ORRs) and net profit interests (NPIs), was discussed. Some of the reasons for granting ORRs or NPIs included: (1) securing a lease, (2) obtaining geological information, (3) a condition of employment, or (4) acceptance of risk in exploration. In the recent case of Bank of Montreal versus Dynex Petroleum Ltd., it was held that in Alberta, ORRs and NPIs issuing out of a lessee's interest in an oil and gas lease cannot be a grant of interest in land. The effect of this decision is that it will make it difficult to create an ORR or NPI that is not merely a contract. An appeal is expected

  4. Fund management plan

    International Nuclear Information System (INIS)

    1984-08-01

    This revision of the Fund Management Plan updates the original plan published in May 1983. It is derived from and supplements the Mission Plan of the Office of Civilian Radioactive Waste Management. A major purpose in preparing this Plan is to inform the public about management of the Nuclear Waste Fund and the Interim Storage Fund. The purpose of the Interim Storage Fund is to finance the provision of the Federal interim storage capacity of up to 1900 metric tons of spent nuclear fuel. The Nuclear Waste Fund is a separate account for all revenues and expenditures related to the geological disposal and monitored retrieval storage of civilian radioactive waste

  5. Offshore Investment Funds

    Directory of Open Access Journals (Sweden)

    Shang-Jin Wei

    1999-12-01

    Full Text Available Offshore investment funds are alleged to have engaged in trading behavior that is different from their onshore counterparts because they may be subject to less supervision and regulation. In particular, they may trade more intensely. They could also pursue more aggressively certain trading strategies such as positive feedback trading or herding that could contribute to a greater volatility in the market. Using a unique data set, this chapter compares the trading behavior in the Korean stock market between offshore investment funds with their onshore counterparts registered in the US and UK. There are a number of interesting findings. First, there is indeed evidence suggesting that the offshore funds trade more intensely than their onshore counterparts. Second, however, there is no evidence that the offshore funds engage in positive feedback trading. In contrast, there is strong evidence that the funds from the U.S. and U.K. do. Third, while offshore funds do herd, they do so far less than onshore funds in the U.S. or UK. Fourth, offshore funds hold less glamour stocks (e.g. stocks with high P/E in their portfolio than funds in the U.S. or U.K. do. Moreover, flight to glamour stocks during the in-crisis period is less evident in the case of offshore funds. In sum, offshore funds are no especially worrisome monsters.

  6. Mining royalties

    Directory of Open Access Journals (Sweden)

    Jelenković Rade J.

    2014-01-01

    Full Text Available Mineral resources are finite and nonrenewable in the sense that their extraction permanently depletes a country's resource inventory. The role of governments should be to manage the exploitation of these resources to maximize the economic benefits to their community, consistent with the need to attract and retain the exploration and development capital necessary to continue to realize these benefits for as long as possible. In designing mineral sector taxation systems, policy makers must carefully seek to balance tax types, rates, and incentives that satisfy the needs of both the nation and the mining investor.

  7. The investment of royalties on municipality of Presidente Kennedy and the diversification of production; A aplicacao dos recursos advindos dos 'royalties' do petroleo no municipio de Presidente Kennedy e a diversificacao da producao

    Energy Technology Data Exchange (ETDEWEB)

    Zardo, Alessandro; Zardo, Bruno [Universidade de Vila Velha, MG (Brazil). Relacoes Internacionais

    2008-07-01

    After the promulgation of the Law number 9.478/97 and the magnifying of oil extraction on Field Jubarte, a significant increase of the Royalties and Special Participations could be noticed on the municipality of Presidente Kennedy. The aim of the present article is to to carry through a study about the importance of such resource on the municipality's economy and to analyse how does the shares were reinvested with the objective of minimizing the local economy's dependence from oil activities. The method adopted involved data research and analysis referent to the royalties and special participations values, as well as information regarding work market's diversification. What is persuited is to show that the amounts proceeding from the oil activities ends up responsible for financing government's machine, what disables inter-generation's justice and sector's diversification. (author)

  8. Equality inter generation and petroleum royalties at the debate on climate changes: considerations on a state policy on climate changes at the state or Rio de Janeiro, Brazil; Equidade intergeracional e royalties do petroleo no debate sobre mudancas climaticas: consideracoes sobre uma politica estadual sobre mudanca do clima no estado do Rio de Janeiro

    Energy Technology Data Exchange (ETDEWEB)

    Carvalho, Flavia Cahete Lopes; Araujo, Maria Silvia Muylaert de; Rosa, Luiz Pinguelli [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Coordenacao dos Programas de Pos-graduacao de Engenharia (COPPE). Programa de Planejamento Energetico

    2008-07-01

    This paper presents a basis for reflection on the petrol exploitation and the royalty concept for a state policy of facing the climate changes at the state of Rio de Janeiro, Brazil. Conceptually, objective of the payment of royalties for exploitation of a exaustable natural resource is to guarantee that thr next human generations be compensated by the absence of the explored natural resource. The paper intends to verify if the present Brazilian model of distribution and application of the resources referring to the payment of royalties coming from the petroleum production provides for the future generations which can not to count with the finite natural resource.

  9. A Fund of Wisdom

    DEFF Research Database (Denmark)

    Seabrooke, Leonard; Broome, André

    2006-01-01

    The International Monetary Fund spends most of its time monitoring its member states' economic performance and advising on institutional change. While much of the literature sees the Fund as a policy enforcer in "emerging market" and "frontier" economies, little attention has been paid to exploring...... for change on the basis of like-characteristics among economies. Many Western states, particularly small open economies, consider the Fund's advice as important not only for technical know-how, but because Fund assessments are significant to international and domestic political audiences. This article traces...... the Fund's advice on taxation and monetary reform to two coordinated market economies, Denmark and Sweden, and two liberal market economies, Australia and New Zealand from 1975 to 2004. It maps how the Fund advocated "policy revolutions" and "policy recombinations" during this period, advice that coincided...

  10. Economic governance of property rights: comparative analysis on the collection of royalties in genetically modified soybean seeds

    Directory of Open Access Journals (Sweden)

    Guilherme Fowler de Avila Monteiro

    2013-03-01

    Full Text Available This paper examines the governance of property rights on genetically modified (GM soybean seeds. Specifically, the article undertakes a comparative analysis on the collection of royalties in GM soybean seeds in the U.S. and Brazil. For each country, the authors describe the regulatory framework governing the protection of biotechnology innovations in agriculture and investigate the mechanisms of royalty collection in GM soybean seeds. The paper also offers econometric evidence linking the capture of value on biotech innovations and the protection mechanisms deployed by biotech firms. The results suggest that, subject to the institutional environment, firms may choose to transact a GM attribute separated from the seed, building specialized governance structures framed around the genetic attribute and not around the seed as a whole.

  11. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

    The CERN Pension Fund has moved to new offices on the 5th floor of Building 5. The Benefits Service of the Fund is now located in Offices 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the relocation.

  12. Regulating hedge funds.

    OpenAIRE

    Daníelsson, J.; Zigrand, JP.

    2007-01-01

    Due to the ever-increasing amounts under management and their unregulated and opaque nature, hedge funds have emerged as a key concern for policymakers. While until now, hedge funds have been left essentially unregulated, we are seeing increasing calls for regulation for both microprudential and macroprudential reasons. In our view, most calls for the regulation of hedge funds are based on a misperception of the effectiveness of financial regulations, perhaps coupled with a lack of understand...

  13. Insider patent holder licensing in an oligopoly market with different cost structures: Fixed-fee, royalty, and auction

    OpenAIRE

    Ming-Chung Chang

    2010-01-01

    The issue of the optimal licensing contract in firms having different cost structures is studied when the innovator is a producing patent holder who has three alternative licensing strategies, namely, the fixed-fee, royalty rate, and auction strategies. We conclude that the auction licensing strategy is not the best strategy when the innovator is a producing patent holder. This finding differs from that of Kabiraj (2004) where the auction licensing method is the optimal licensing strategy whe...

  14. License and entry strategies for an outside innovator in duopoly with combination of royalty and fixed fee under vertical differentiation

    OpenAIRE

    Hattori, Masahiko; Tanaka, Yasuhito

    2017-01-01

    We consider a choice of options for an innovating firm in duopoly under vertical differentiation to enter the market with or without licensing its technology for producing a higher quality good to the incumbent firm using a combination of a royalty per output and a fixed license fee, or to license its technology without entry. With general distribution function of consumers' taste parameter and cost function we will show that when the innovating firm licenses its technology to the incumbent f...

  15. Economic governance of property rights: comparative analysis on the collection of royalties in genetically modified soybean seeds

    Directory of Open Access Journals (Sweden)

    Guilherme Fowler de Avila Monteiro

    2013-03-01

    Full Text Available This paper examines the governance of property rights on genetically modified (GM soybean seeds. Specifically, the article undertakes a comparative analysis on the collection of royalties in GM soybean seeds in the U.S. and Brazil. For each country, the authors describe the regulatory framework governing the protection of biotechnology innovations in agriculture and investigate the mechanisms of royalty collection in GM soybean seeds. The paper also offers econometric evidence linking the capture of value on biotech innovations and the protection mechanisms deployed by biotech firms. The results suggest that, subject to the institutional environment, firms may choose to transact a GM attribute separated from the seed, building specialized governance structures framed around the genetic attribute and not around the seed as a whole.Este artigo examina a governança de direitos de propriedade em sementes transgênicas de soja. Especificamente, o estudo empreende uma análise comparativa sobre a cobrança de royalties em sementes transgênicas de soja nos EUA e no Brasil. Para cada país, os autores descrevem a estrutura regulatória que rege a proteção de inovações biotecnológicas na agricultura e investigam os mecanismos de cobrança de royalties em sementes transgênicas de soja. O artigo também examina evidências econométricas que relacionam a captura de valor sobre inovações biotecnológicas e os mecanismos de proteção utilizados por firmas de biotecnologia. Os resultados sugerem que, com base no ambiente institucional, uma firma pode optar por transacionar um atributo transgênico separado da semente, estabelecendo estruturas especializadas de governança que se emolduram em torno do atributo e não da semente em si.

  16. INDEXING AND INDEX FUNDS

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-06-01

    Full Text Available Proponents of the efficient market hypothesis believe that active portfolio management is largely wasted effort and unlikely to justify the expenses incurred. Therefore, they advocate a passive investment strategy that makes no attempt to outsmart the market. One common strategy for passive management is indexing where a fund is designed to replicate the performance of a broad-based index of stocks and bonds. Traditionally, indexing was used by institutional investors, but today, the use of index funds proliferated among individual investors. Over the years, both international and domestic index funds have disproportionately outperformed the market more than the actively managed funds have.

  17. Estimating the impact of royalty relief on oil and gas production on marginal state leases in the US

    International Nuclear Information System (INIS)

    Dismukes, David E.; Burke, Jeffrey M.; Mesyanzhinov, Dmitry V.

    2006-01-01

    An emerging challenge for several energy-producing states will be the development of policies that encourage the continued economic development of maturing oil and gas properties. Production rates naturally decline as wells age. This is particularly true for properties approaching 'marginal' status in many energy-producing states where continued operation under expected economic conditions becomes questionable. Premature shut-in of these wells may entail loss of production, economic output, employment, and state revenues. This paper examines the potential impact of royalty relief on state leases and economic production using Louisiana as a case study. Two production related measures for state leases are estimated: (1) current production position relative to the age of the property and (2) the current costs of production for the given property at a given or anticipated level of output. Those wells/leases that are estimated as having negative profitability (i.e., losses) or operating at break-even levels are candidates for 'marginal' classification. The number of wells and production associated with these marginal leases will then be estimated. The economic impacts of offering royalty relief at the 25% level are considered. Under the royalty relief scenario, a minimal amount of increased revenues is realized by the state and the discount provides only incremental production from marginal wells relative to total state production

  18. Industry-funded dermatologic research within academia in the United States: fiscal and ethical considerations.

    Science.gov (United States)

    Blank, I H

    1992-03-01

    Private-sector funding of biomedical research within academia may come from industry, foundations, the dermatologists themselves, and the public at large. Industry-funding is of benefit to both academia and industry. Industry may fund clinical and basic research and product testing. Industry is more willing to fund product testing and clinical research than basic research. Funds for dermatologic research may be obtained from manufacturers of drugs, medical devices, cosmetics, soaps, and detergents. Questions of academic freedom arise when research is funded by industry. The results of academic research are in the public domain; the results of intramural industry research are often proprietary, i.e., "trade secrets." When there is industry funding within academia, any restraints on publication should be held to a minimum and be temporary. Publication should occur in a timely fashion, although recognizing the need for delayed publication if the results concern patentable material. When there is a consultantship, pre-arranged terms of agreement may restrict communication. Patents usually are held by the investigator's institution. The funding company may be granted world-wide, royalty-bearing licenses. Conflicts of interest may arise during any research endeavor; this warrants close attention when the research is industry funded. Stock ownership, speaker fees, blind contracts, etc., should be avoided. In any communication, funding agreements should be stated. Indirect costs are a "necessary evil." There are non-research expenditures associated with all research projects for which the institution is justified in requesting compensation. Indirect costs must have definite connections to a project. As industrial funding of research within academia increases, various facets of the academia-industry relationship are receiving increasing attention. Several aspects of conflicts of interest and indirect costs must yet be resolved. When faced openly and directly, all of these

  19. NREL Funding Reductions

    Science.gov (United States)

    Energy Laboratory (NREL) announced today that it will further reduce its work force as a result of million. Recent indications, however, are that NREL's funding will be lowered by an additional $27 million employees. NREL Director Charles F. Gay said the additional funding cuts are a result of lower than expected

  20. The Phony Funding Crisis

    Science.gov (United States)

    Guthrie, James W.; Peng, Arthur

    2010-01-01

    If one relies on newspaper headlines for education funding information, one might conclude that America's schools suffer from a perpetual fiscal crisis, every year perched precariously on the brink of financial ruin, never knowing whether there will be sufficient funding to continue operating. Budgetary shortfalls, school district bankruptcies,…

  1. Fund management plan

    International Nuclear Information System (INIS)

    1983-05-01

    The Nuclear Waste Policy Act of 1982, P.L. 97-425 (the Act), provides for establishment of two separate special funds in the US Treasury, the Interim Storage Fund and the Nuclear Waste Fund (the Funds). The Interim Storage Fund (Sec. 136) is the financing mechanism for the provision of federal interim storage capacity, not to exceed 1900 metric tons, for spent nuclear fuel (SNF) from civilian reactors. Basically, interim storage of SNF is the responsibility of the owners and generators of nuclear wastes. Storage at government facilities will be provided only if the utilities do not have adequate storage capacity. The Nuclear Waste Fund (Sec. 302) is the statutory financing approach for the Department's radioactive waste disposal program. P.L. 97-425 directs utilities to pay a mandatory fee to cover DOE's expected costs for nuclear waste disposal. The Funds are administered by the Department of Energy. This Plan identifies how DOE will implement and manage the Nuclear Waste and Interim Storage Funds

  2. Educational Technology Funding Models

    Science.gov (United States)

    Mark, Amy E.

    2008-01-01

    Library and cross-disciplinary literature all stress the increasing importance of instructional technology in higher education. However, there is a dearth of articles detailing funding for library instructional technology. The bulk of library literature on funding for these projects focuses on one-time grant opportunities and on the architecture…

  3. Activity Fund Accounting.

    Science.gov (United States)

    Cool, David W.

    1983-01-01

    Addresses the need of school districts in many states to decide on an appropriate mingling of centralization and decentralization in the operation of activity funds. Argues for analysis of activity fund operation through a breakdown into such major components as policy, the accounting system, and reporting and auditing. (JBM)

  4. Nuclear Waste Fund management

    International Nuclear Information System (INIS)

    Rosselli, R.

    1984-01-01

    The Nuclear Waste Policy Act of 1982 (NWPA) established two separate special bank accounts: the Nuclear Waste Fund (NWF) was established to finance all of the Federal Government activities associated with the disposal of High-Level Waste (HLW) or Spent Nuclear Fuel (SNF). The Interim Storage Fund (ISF) is the financial mechanism for the provision of Federal Interim Storage capacity, not to exceed 1900 metric tons of SNF at civilian power reactors. The management of these funds is discussed. Since the two funds are identical in features and the ISF has not yet been activated, the author's remarks are confined to the Nuclear Waste Fund. Three points discussed include legislative features, current status, and planned activities

  5. An Analysis of the Mutual Fund Industry: Mutual Fund Investors, Mutual Fund Managers and Mutual Fund Companies

    OpenAIRE

    Fang, Jieyan

    2012-01-01

    In this dissertation I investigate the mutual fund industry, especially the three most important participants within this industry: mutual fund investors, mutual fund companies and mutual fund managers. The main research questions of this dissertation are: 1. Does rapid trading exist among German equity mutual fund investors? What are the determinants of rapid trading? Does rapid trading have a negative impact on mutual fund performance? 2. Do mutual fund investors, as a whole, have...

  6. Ultrametricity in Fund of Funds Diversification

    OpenAIRE

    Susinno, Gabriele; Miceli, Maria Augusta

    2003-01-01

    Minimum market transparency requirements impose Hedge Fund (HF) managers to use the statement declared strategy in practice. However each declared strategy may actually origin a multiplicity of implemented management decisions. Is then the "actual "strategy the same as the "announced" strategy? Can the actual strategy be monitored or compared to the actual strategy of HF belonging to the same "announced" class? Can the announced or actual strategy be used as a quantitative argument in the fun...

  7. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

    Full Text Available I chose this topic because my goal was to capture in detail all aspects of the evolution of investment funds under the influence of factors leading to globalization of the banking financial market. Main motivation was that I proposed to present in an original manner the concept of investment in mutual funds by the thoroughness of the following points: the different types of investment funds from Romania, the advantages, the risks and the specific costs of the investment in mutual funds and the effects of the financial crisis on the industry of the investment funds on the national level. The financial crisis and the risk of infecting the global economy affected the taste of risk of the investors and their request for the investment fund, determining the orientation of the investors to the funds with a lower risk – the diversified funds, the funds of bonds and the monetary funds. I considered important the theoretical approach of the concept of investments in investment funds because they are a barometer of the macro economical stability, in case the economical increase is positive on the macro economical level the investments in investments funds are increasing too. In Romania the market of the mutual funds is at an incipient level, but with potential and perspectives of development. Due to the bankruptcy of FNI in the beginning of the years 2000 and due to the absence of a clear legislation regarding the calculation of the unitary value of the net asset and the control of the activity developed by the investment funds, the development of the industry of the investment funds had to fight against the crisis of credibility generated by these events. The convergence of the Romanian economy to the European standards will attract also a modification of the structure of the financial investments of the individuals, by an increase of the investments in funds. In the world the investment funds are preferred by the investors for their advantages

  8. Understaning the "funding effect"

    Science.gov (United States)

    Oreskes, N.

    2016-12-01

    There is a long history of industry funding of scientific and engineering research in the USA. Much of this work has been of high quality. Research demonstrates, however, that corporate funding can represent a threat to scientific independence and integrity. Studies show that sponsors' interests can affect research results, particularly when sponsors have a strong interest in a particular research outcome. The effects may occur through the impact of subconscious bias on sampling, study design, data interpretation, and/or reporting of results. Corporate funding can also skew research toward investigating certain questions at the expense of others, downplaying the significance of adverse findings, and/or failing to report adverse results. Gifts can affect behavior, even when they are unrelated to research activities. These impacts that are so substantial that they have a name: "the funding effect."[i] Evidence shows that scientists who strive to be objective and fair-minded may nonetheless fall prey to the funding effect. In many cases, the challenges of corporate gifts and funding can be addressed through education and improved self-awareness, agreements that protect researchers' freedom to publish without sponsor approval, sensible disclosure policies, and reasonable sanctions for failures of disclosure. However, in some cases, it may be appropriate for researchers and scientific societies to decline funding.

  9. Os efeitos da aplicação dos royalties petrolíferos sobre os investimentos públicos nos municípios brasileiros

    Directory of Open Access Journals (Sweden)

    Diego Araujo Reis

    2015-02-01

    Full Text Available A promulgação da Lei no 9.478, de 1997, proporcionou um maior ingresso de royalties provenientes da exploração de petróleo e gás natural em alguns municípios brasileiros. Por ser uma receita transitória, é relevante investigar a aplicação desses recursos, da perspectiva das finanças públicas. Este artigo tem como objetivo analisar os efeitos da aplicação dos royalties petrolíferos sobre os investimentos públicos nos municípios brasileiros, no período de 1999 a 2011. A estratégia metodológica envolveu o uso do modelo econométrico de painel, a partir da utilização das variáveis receitas orçamentárias, royalties e despesas de capital dos respectivos municípios, obtidas a partir de fontes secundárias. Os resultados mostram que os municípios mais dependentes dos royalties elevaram as despesas de capital com o aumento dos royalties, tanto pela ótica per capita como pela proporção fiscal.

  10. Stalkers and harassers of royalty: the role of mental illness and motivation.

    Science.gov (United States)

    James, D V; Mullen, P E; Pathé, M T; Meloy, J R; Preston, L F; Darnley, B; Farnham, F R

    2009-09-01

    Public figures are at increased risk of attracting unwanted attention in the form of intrusions, stalking and, occasionally, attack. Whereas the potential threat to the British Royal Family from terrorists and organized groups is clearly defined, there is a dearth of knowledge about that from individual harassers and stalkers. This paper reports findings from the first systematic study of this group. A retrospective study was conducted of a randomly selected stratified sample (n=275) of 8001 files compiled by the Metropolitan Police Service's Royalty Protection Unit over 15 years on inappropriate communications or approaches to members of the British Royal Family. Cases were split into behavioural types. Evidence of major mental illness was recorded from the files. Cases were classified according to a motivational typology. An analysis was undertaken of associations between motivation, type of behaviour and mental illness. Of the study sample, 83.6% were suffering from serious mental illness. Different forms of behaviour were associated with different patterns of symptomatology. Cases could be separated into eight motivational groups, which also showed significant differences in mental state. Marked differences in the intrusiveness of behaviour were found between motivational groups. The high prevalence of mental illness indicates the relevance of psychiatric intervention. This would serve the health interests of psychotic individuals and alleviate protection concerns without the necessity of attempting large numbers of individual risk predictions. The finding that some motivations are more likely to drive intrusive behaviours than others may help focus both health and protection interventions.

  11. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

    The CERN Pension Fund has moved to new offices at the 5th floor of Building 5. The Benefits Service of the Fund will henceforth receive you in the offices: 5-5-017 - 5-5-021 - 5-5-023. We remind you that the office hours are: Tuesday/Wednesday/Thursday from 10 am to 12 am and from 3 pm to 5 pm. The Fund would like to take this opportunity to warmly thank all the persons involved in the Removal.

  12. A PERFORMANCE COMPARISON OF HEDGE FUNDS, HEDGED MUTUAL FUNDS AND HEDGE FUND ETFS

    OpenAIRE

    Shenyan Gu; Tina Zhang

    2015-01-01

    Hedged mutual funds and hedge fund ETFs are new entrants to the market thatallow individual investors to invest in funds using hedge fund strategies.   In this paper, we study the performance of these two funds relative to the traditional hedge funds to see if the three asset classes are comparable investments. We use four performance measurement models, including CAPM, Fama French three factor model, Carhart four factor model and Fung and Hsieh eight factor model, to test the fund...

  13. General IDRC Funding Guidelines

    International Development Research Centre (IDRC) Digital Library (Canada)

    Loretta Rocca

    Financial and Administrative Assessment ... the organization has independent legal status (or 'legal personality') and is capable of contracting ... Books and journal articles generated from IDRC-funded projects will be made accessible free of.

  14. Mutual aid fund commission

    CERN Multimedia

    Staff Association

    2011-01-01

    The composition of the Board of the Mutual Aid Fund for 2011 is as follows: President: Pascal Droux Vice-president: Connie Potter Treasurer: Louis Pereira Deputy treasurer: Barbara Brugger Secretary: Sonia Casenove Deputy secretary: Isabelle Mardirossian Members: Christopher David Thomas   Jean-Claude Vialis (GAC member)   Marie-Luce Falipou   Gunilla Santiard (Jean-Claude Vialis’s alternate) The role of the Fund is to provide financial help to members of personnel and beneficiaries of the Pension Fund who are in need of exceptional financial assistance. All requests are treated in the strictest confidence. Should you wish to apply for aid from the Fund, kindly contact any member of the Board as given above or Social Services, tel.74479 – 73867.

  15. Funding begets biodiversity

    DEFF Research Database (Denmark)

    Ahrends, Antje; Burgess, Neil David; Gereau, Roy E.

    2011-01-01

    Aim Effective conservation of biodiversity relies on an unbiased knowledge of its distribution. Conservation priority assessments are typically based on the levels of species richness, endemism and threat. Areas identified as important receive the majority of conservation investments, often...... facilitating further research that results in more species discoveries. Here, we test whether there is circularity between funding and perceived biodiversity, which may reinforce the conservation status of areas already perceived to be important while other areas with less initial funding may remain overlooked......, and variances decomposed in partial regressions. Cross-correlations are used to assess whether perceived biodiversity drives funding or vice versa. Results Funding explained 65% of variation in perceived biodiversity patterns – six times more variation than accounted for by 34 candidate environmental factors...

  16. Annual Pension Fund Update

    CERN Multimedia

    Pension Fund

    2011-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual Pension Fund Update to be held in the CERN Council Chamber on Tuesday 20 September 2011 from 10-00 to 12-00 a.m. Copies of the 2010 Financial Statements are available from departmental secretariats. Coffee and croissants will be served prior to the meeting as of 9-30 a.m.

  17. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

    The purpose of this paper is to survey what is known about the investment policy of pension funds. Pension fund investment policy depends critically on the type of plan: defined contribution versus defined benefit. For defined contribution plans investment policy is not much different than it is for an individual deciding how to invest the money in an Individual Retirement Account (IRA). The guiding principle is efficient diversification, that is, achieving the maximum expected return for any...

  18. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: RANJARD First Name: Florence Having been a member of the Governing Board of the Pension Fund since 1983 as Guy Maurin’s alternate, I am standing for a further 3-year term of office. Over the past few years work has concentrated essentially on following items: Monitoring of the work of the fund managers and their performances. The three-yearly study of the Fund’s actuarial situation. The pension guarantees ­ second phase. The Fund is approaching its maturity: the level of benefits exceeds contributions. In this context it has to strike a suitable balance between management of the risk from a dynamic investment policy, while by a prudent policy avoiding any significant loss of its capital. These will be my concerns within the Governing Board of the Pension Fund if you give me your support.

  19. ANÁLISE DO IMPACTO DOS ROYALTIES DO PETRÓLEO NO DESENVOLVIMENTO LOCAL DOS MUNICÍPIOS POTIGUARES

    Directory of Open Access Journals (Sweden)

    Ridalvo Medeiros Alves de Oliveira

    2009-12-01

    Full Text Available Os royalties do petróleo são compensações financeiras consequentes da exploração de petróleo ou gás natural. Devido à relevância da receita dos royalties do petróleo para a política fiscal e de desenvolvimento econômico do Rio Grande do Norte, e em particular, para os municípios que compõem a Área de Petróleo Potiguar, se fez necessário estabelecer um estudo sobre as suas influências na dinâmica socioeconômica dessa região. O objetivo geral desse artigo é investigar as contribuições das receitas extraordinárias, originadas da atividade industrial de petróleo no território potiguar, para a melhoria da qualidade de vida destes municípios. Assim, através da evolução dos índices de IDH-M vislumbrou-se observar se os royalties têm contribuído para o desenvolvimento humano nos municípios em estudo. Os dados para a pesquisa foram obtidos junto ao IBGE, ANP e FERMURN, e para analisar aevolução das duas variáveis – royalties e IDH-M – foi utilizada a metodologia descritiva. Ao final do artigo conclui-se que um dos fatores que ocasionaram na melhoria da dinâmica de desenvolvimento dos municípios da região foi o incremento dessa receita extraordinária nosorçamentos municipais, permitindo investimentos em programas que possibilitaram melhoria nas variáveis: renda, longevidade e educação. O resultado do coeficiente de Pearson (0,689apresentou que existe uma correlação positiva entre as variáveis no período de 1995 a 2000.

  20. Funding Decommissioning - UK Experience

    International Nuclear Information System (INIS)

    MacKerron, Gordon

    2006-01-01

    'Funding' started with CEGB and SSEB (state-owned electric utilities) in 1976 using the internal un-segregated fund route (i.e unfunded). This continued until privatisation of electricity industry (excluding nuclear) in 1990. Assets bought with the internal un-segregated fund were mostly transferred into non-nuclear private utilities. New state-owned Nuclear Electric (England and Wales) was given a 'Fossil Fuel Levy', a consumer charge of 10% on retail bills, amounting to c. BP 1 bn. annually. This allowed Nuclear Electric to trade legally (A reserve of BP 2.5 bn. was available from Government if company ran out of money). By 1996 the newer nuclear stations (AGRS plus PWR) were privatised as British Energy. British Energy started an external segregated fund, the Nuclear Decommissioning Fund, with a starting endowment of c. BP 225 m. - and BE made annual contributions of British Pound 16 m. into the Fund. Assumptions were that BE had 70 to accumulate cash and could get a 3.5% average annual real return. Older stations (Magnox) were left in private sector and went to BNFL in 1997. Magnox inherited the surplus cash in BE - mostly unspent Fossil Fuel Levy receipts - of c. BP 2.6 bn. Government gave an 'Undertaking' to pay BP 3.8 bn. (escalating at 4.5% real annually) for Magnox liabilities, should Magnox Electric run out of cash. BNFL inherited the BP 2.6 bn. and by 2000 had a 'Nuclear Liabilities Investment Portfolio' of c. BP 4 bn. This was a quasi-segregated internal fund for liabilities in general. [Note: overall UK nuclear liabilities in civilian sector were running at c. BP 48 bn. by now]. BE started profitable and paid BP 100 m. annually in dividends to private investors for several years. BE ran into severe financial problems after 2001 and Government organised restructuring aid, now approved by European Commission. Terms include: - BE now to contribute BP 20 m. a year into an expanded Nuclear Liabilities Fund; - A bond issue of BP 275 m. to go to Fund; - 65

  1. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staf...

  2. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact with staff...

  3. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: First name: Michel Name: Goossens The CERN/ESO Pension Fund represents, for most staff, the sole source of income when they retire. The health of our Pension Fund is thus of the utmost importance to ensure the payment of pensions up to the death of the last beneficiary. The 2003 actuarial review showed a large deficit and several corrective measures have already been taken. The next months will see the results of the 2006 actuarial review. We hope they will show that the measures taken last year are going in the right direction. However, we must remain proactive since further measures will no doubt be necessary. New and imaginative proposals must be prepared and discussed in the widest possible forum, by regular direct contact ...

  4. ELECTIONS PENSION FUND

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : CHIAVERI First Name : Enrico I have been a CERN staff member since 1973 and have always been interested in our working conditions. As a member of the Executive Committee of the Staff Association I participated from 1980 to 1984 in the Working Group on Pensions mandated by the CERN Council. This commitment led to my becoming a member of the Governing Board of the Pension Fund in 1983, since when I have taken an active part in various commissions and working groups (Real Estate Asset Management Committee, Working Group on Actuarial Matters etc.); in so doing I have gained a thorough knowledge of different areas of the Pension Fund. Since ...

  5. Efecto de tres preservadores de la longevidad sobre la vida postcosecha de Rosa cv. Royalty

    Directory of Open Access Journals (Sweden)

    G. H. De la Cruz-Guzmán

    2007-01-01

    Full Text Available Se evaluó el efecto de tres tratamientos: a sulfato de aluminio 0.6 g·l-1; b 400 ppm de sulfato de 8-hidroxiquinoleina (8-HQS; c pulso con tiosulfato de plata (STS, 0.025 mM durante 20 minutos y agua destilada como testigo sobre consumo hídrico, peso fresco, diámetro floral, concentración de azúcares solubles totales en pétalos y longevidad en Rosa cv. Royalty. En el testigo el consumo de agua descendió significativamente al noveno día, no así en los otros tratamientos que se mantuvieron por arriba del testigo hasta el final del experimento. La menor tasa de pérdida de peso fresco se observó en el tratamiento con sulfato de aluminio (Al, seguido por STS, HQS y testigo respectivamente, sugiriendo una probable asociación inversa con la vida postcosecha. Las flores tratadas con sulfato de aluminio, resultaron estadísticamente diferentes en cuanto a su estado ornamental óptimo en los días 9, 10, 11, 12 y 14 de vida postcosecha, evaluados mediante la prueba de Kruskall-Wallis El diámetro floral fue mayor en las flores tratadas con STS (9 cm, seguido por sulfato de aluminio (7.6 cm; éste último mantuvo la apertura dos días más que STS. En cuanto a la concentración de azúcares solubles totales en estado de botón y flor abierta, no se registraron diferencias significativas (P>0.05 ni entre tratamientos ni estados florales.

  6. International Petroleum Fiscal Regimes: Trends in Tax-Royalty Worldwide and in Romania

    Directory of Open Access Journals (Sweden)

    MARIANA PAPATULICĂ

    2014-05-01

    Full Text Available “Resource nationalism” is a cyclical phenomenon whereby governments assert varying degrees of control over natural resources located within their territories, in an attempt to maximise revenue generation from their national resources. Resource nationalism often depends on the price of hydrocarbons and the ability of national governments to extract them. International oil companies are attractive partners for the development of concessions as they have advanced extractive technology, superior project management skills, flexible logistical chains and access to capital from global financial markets. However, these advantages will erode as National Oil Companies (NOCs improve their expertise over the mid- to long-term and new forms of resource nationalism may restrict their room for manoeuvre.The recent trends in most of oil producing countries’ policies are focusing on highly increasing the fiscal levies imposed to resources exploited under the concession agreements and also on imposing minimum labor taxes. At the end of 2014, The Romanian Government will have to reappraise the fiscal systems for the companies operating in the national oil and gas upstream sector, because the 10-year "freezing" of royalties on oil and gas, at a very low level compared with other producing countries will come to an end. This article tries to present the trends in the international petroleum fiscal regimes worldwide, to make a comparative analysis between Romania and other countries from this point of view and finally to make some recommendations as regards the main guidelines that the negociators could follow in order to obtain better conditions for the new fiscal regime and implicitly a better turning into account of our natural resources to the benefit of the consumers.

  7. Innovative funding solution for special projects: Crowd funding

    Directory of Open Access Journals (Sweden)

    Sentot Imam Wahjono

    2015-06-01

    Full Text Available The aim of this paper is to examine the influence of crowd funding knowledge, applica-tion, platform, and project initiator toward successful crowd funding. This study conducted by quantitative approach, data have been collected with web-based ques-tionnaires via Kickstarter.com direct message and e-mail to 200 successful crowd funding project initiators as a sample and as much 152 sets questionnaire returned by a complete answer and should be analyzed further. Deployment and data collection take 3 month from October to December 2013. This study found evidence that crowd funding knowledge, crowd funding application, crowd funding platform, and project initiator has positive and significant relationship toward the success of crowd funding. The implication from this research is crowd funding can be a source of capital to finance the projects, not just rely on traditional sources of financing just like banking and capital markets. Crowd funding can be innovative funding solution.

  8. Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2008-01-01

    Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching, Germany (near Munich) on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in...

  9. Pension Fund governing board

    CERN Multimedia

    HR Department

    2008-01-01

    On 16 March and 7 May, the Pension Fund Governing Board (PFGB) held its fourth and fifth meetings The first of these meetings was primarily dedicated to the examination of the strategic asset allocation. The PFGB reaffirmed the main goal of the new strategic asset allocation: to improve the Pension Fund’s position with regard to risk by lowering overall portfolio volatility through suitable investments in less volatile asset classes such as real estate and absolute return strategies, where the return does not depend on market trends and negative growth is extremely unlikely. The finalised document will be presented to the Finance Committee and the Council at their June meetings for approval, in accordance with the provisions of the Levaux report. The PFGB also took note of the Internal Audit’s report on Pension Fund operations and decided to refer it to Working Group I as a working document for establishing a control and internal monitoring system for Pension Fund oper...

  10. Casemix funding in Australia.

    Science.gov (United States)

    Braithwaite, J; Hindle, D; Phelan, P D; Hanson, R

    1998-06-01

    Casemix funding for hospitals with the use of diagnosis-related groups (DRGs), which organise patients' conditions into similar clinical categories with similar costs, was introduced in Australia five years ago. It has been applied in different ways and to a greater or lesser extent in different Australian States. Only Victoria and South Australia have implemented casemix funding across all healthcare services. Attempts have been made to formally evaluate its impact, but they have not met the required scientific standards in controlling for confounding factors. Casemix funding remains a much-discussed issue. In this Debate, Braithwaite and Hindle take a contrary position, largely to stimulate policy debate; Phelan defends the casemix concept and advocates retaining its best features; and Hanson adds a plea for consumer input.

  11. Funding strategies for wilderness management

    Science.gov (United States)

    Carolyn Alkire

    2000-01-01

    Funding wilderness protection will continue to be a challenge for public land managers. With continuing competition for federal funds and balanced budget goals, other sources of funds may be necessary to supplement annual federal appropriations. This paper identifies and evaluates five potential funding strategies and provides examples of each that are currently in use...

  12. Hedge Fund Contagion and Liquidity

    OpenAIRE

    Nicole M. Boyson; Christof W. Stahel; Rene M. Stulz

    2008-01-01

    Using hedge fund indices representing eight different styles, we find strong evidence of contagion within the hedge fund sector: controlling for a number of risk factors, the average probability that a hedge fund style index has extreme poor performance (lower 10% tail) increases from 2% to 21% as the number of other hedge fund style indices with extreme poor performance increases from zero to seven. We investigate how changes in funding and asset liquidity intensify this contagion, and find ...

  13. Funding Ammunition Ports

    Science.gov (United States)

    2012-01-01

    a pure version of either approach, but MOTSU has a greater relative emphasis on working capital funding than MOTCO does. Figure 1.1 depicts how...midnight on September 30, the government’s coach turns into a pumpkin . That is the moment—at the end of the fiscal year—at which every agency, with a few

  14. Trading fund opportunities

    International Nuclear Information System (INIS)

    Anon.

    1986-01-01

    The paper concerns the operation of the United Kingdom Atomic Energy Authority (UKAEA) as a trading fund. The changes and anticipated effects of this role are discussed, including the financial arrangements, UKAEA skills, customers, Department of Energy sponsorship and new business opportunities. (U.K.)

  15. Higher Education Funding Formulas.

    Science.gov (United States)

    McKeown-Moak, Mary P.

    1999-01-01

    One of the most critical components of the college or university chief financial officer's job is budget planning, especially using formulas. A discussion of funding formulas looks at advantages, disadvantages, and types of formulas used by states in budgeting for higher education, and examines how chief financial officers can position the campus…

  16. Colombian oil fund

    International Nuclear Information System (INIS)

    Tellez, Mauricio

    2005-01-01

    The first venture capital fund in Colombia to boost exploration and production in minor fields was launched in July. The superintendence of securities says that it is paramount for corporate development and requests duplication of the scheme in other economic sectors

  17. Funding in Spain

    International Nuclear Information System (INIS)

    Santiago, Juan Luis

    2006-01-01

    Decommissioning strategies currently considered are: Immediate dismantling (for all LWR), Deferred dismantling (only for Vandellos-I). Dismantling is assumed to commence 3 years after shutdown. End point: Release the site for industrial uses without radiological restrictions. Considerations for Planning and Funding: 40 years of lifetime for the nuclear power plants currently in operation (7.6 GWe installed). Decommissioning of NPPs: Vandellos I (Partial dismantling (Level 2) in 2003, Total dismantling (Level 3) after a 30 years period); Rest of NPPs: Total dismantling (Level 3), as regards calculation and planning 3 years after final reactor shutdown. Distribution of Responsibilities: Decommissioning is planned to start about 3 years after plant shutdown. During this period the Utility is still responsible for the plant and should remove the spent fuel and condition all the operational wastes, prior to the transfer of responsibility to Enresa. After transfer, Enresa is fully responsible for decommissioning. Decommissioning Funding and Management Rules: The cost of the decommissioning of nuclear installations are financed by the producers of such wastes. The financing of these responsibilities is by way of a Fund set up for this purpose. The costs are calculated by Enresa by means of an annual study, which reviews the status of the techniques and assesses the associated costs, this study being submitted in the General Radioactive Waste Plan to the Ministry of Economy for its approval. The Fund, managed by Enresa, is raised by a charge on the electricity price. The accumulated fund is administrated by Enresa under the supervision of the competent governmental authorities. Rules are established by a Fund Control Committee reporting to the Ministry of Economy. Financing via electricity Billing: The costs of activities arising as a result of radioactive waste management are to be financed by the producers. For NPPs, Establishment of a percentage quota on electricity

  18. Program development fund

    International Nuclear Information System (INIS)

    1989-03-01

    It is the objective of the Fund to encourage innovative research to maintain the Laboratory's position at the forefront of science. Funds are used to explore new ideas and concepts that may potentially develop into new directions of research for the Laboratory and that are consistent with the major needs, overall goals, and mission of the Laboratory and the DOE. The types of projects eligible for support from PDF include: work in forefront areas of science and technology for the primary purpose of enriching Laboratory research and development capabilities; advanced study of new hypotheses, new experimental concepts, or innovative approaches to energy problems; experiments directed toward ''proof of principle'' or early determination of the utility of a new concept; and conception, design analyses, and development of experimental devices, instruments, or components. This report is a review of these research programs

  19. Pension Fund award

    CERN Multimedia

    Antonella Del Rosso

    2013-01-01

    The CERN Pension Fund won the Investments & Pensions Europe (IPE) 2013 Gold Award in the Medium Real-Estate Investor category. IPE is the leading European publication on the subject of pensions. The awards were judged by a panel of 22 members, which included leading European investment consultants and pension fund executives.     Théodore Economou (left), the CERN Pension Fund’s Chief Executive Officer, receives the IPE 2013 Gold Award.   The award recognised the “fresh thinking” behind the CERN Pension Fund’s updated real-estate strategy, which has brought it “focus” on “high-quality assets and diversification.” The jury also noted the Fund’s “streamlined and cost-efficient” management, and noted that CERN is “running a tight ship”. While the awards are given by a European institution, they have a worldwide scope, and winners in ot...

  20. Kryolize - KT Fund Project

    CERN Multimedia

    CERN. Geneva

    2016-01-01

    Safety standards and best practices do exist in the field of cryogenics but, as in most domains, they are generally inserted in a few ‘envelope’ cases commonly used in the industry, whereas applicability to the particularity of research facilities are not fully tailored to its needs. The main objective in these cases is to find a harmonised approach, based on lessons learnt and scientific knowledge. The Kryolize Project was created in order to produce tools with a harmonized approach to size pressure relief devices for cryogenic applications. In view of disseminating such tools to other institutes and industrial partners, the project was submitted to CERN’s KT Fund committee. This talk will focus on the process and deliverables of the KT-Funded Kryolize project, including the method on how to cope with the sizing of pressure relief devices and the R&D collaboration agreement between CERN and Karlsruhe Institute of Technology for an experimental programme.

  1. A cause worth funding

    CERN Multimedia

    1999-01-01

    Germany is considering giving a fully functioning synchrotron radiation source for use by scientists in the Middle East. It will be the focus of a broader centre for research excellence for scientists from that region and the rest of the world. The proposal however needs substantial funding, potential backers include the EU, the US government as well as states within the Middle East. The issue will be discussed at the World Conference on Science in Budapest (1/2 page).

  2. Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2008-01-01

    Note The CERN pension scheme is based on the principle of defined benefits, so beneficiaries continue to receive the benefits to which they are entitled in accordance with the Rules of the Pension Fund. This means that pension entitlements under the Rules are not directly affected by the financial crisis and the current economic situation. However, the adjustment of pensions to the cost of living is not automatic and, under the method applied since 2006, must take into account the Fund’s financial position. Meeting of the Pension Fund Governing Board The Pension Fund Governing Board held its eighth meeting at ESO in Garching (near Munich), Germany on 24 October 2008. Before starting its work, the Governing Board had the privilege of hearing an opening address by Professor Tim de Zeeuw, the Director General of ESO. Professor de Zeeuw described the mission of ESO and the ambitious projects of his organisation, which performs astronomy observations using telescopes located in Chile. The Director-General receiv...

  3. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

    This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: MAURIN First Name: Guy I have been a member of the personnel since 1967 and as early as 1972 I was involved, in my capacity as President of the Staff Association, in the improvement of the Pension Fund benefits. As for most of us the Pension Fund is the only social provident scheme to which we belong, it is important to ensure that it is well managed and in balance. As a member of the Governing Board since 1974 and Vice-Chairman of this Board since 1977, I have continued to pursue these objectives. One of the main responsibilities of the Governing Board is our asset investment policy. The Investment Committee, of which I am Chairman, must have an overall view of the management of our 4 billion Swiss francs and seek the best yield with minimum risk. The investment structure must continuously be adapted i...

  4. Funding Opportunity: Genomic Data Centers

    Science.gov (United States)

    Funding Opportunity CCG, Funding Opportunity Center for Cancer Genomics, CCG, Center for Cancer Genomics, CCG RFA, Center for cancer genomics rfa, genomic data analysis network, genomic data analysis network centers,

  5. Namibia - Vocational Training Grant Fund

    Data.gov (United States)

    Millennium Challenge Corporation — The impact evaluation of the Vocational Training Grant Fund (VTGF) subactivity in Namibia used a random assignment design to determine the effects of VTGF-funded...

  6. Mutual Fund Performances of Polish Domestic Equity Fund Managers

    Directory of Open Access Journals (Sweden)

    ömer faruk tan

    2015-10-01

    Full Text Available Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE, thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Poland made an incredible progress, whether fund managers show better or worse performance than the market. Methodology/Methods: In order to evaluate fund manager performances, Jensen alpha (1968 is computed, which depicts selectivity skills of fund managers. For determining market timing ability of fund managers, Treynor & Mazuy (1966 regression analysis and Henriksson & Merton (1981 regression analysis are applied. Fund performances are evaluated using Warsaw Stock Exchange Index as the benchmark index. Scientific aim: In this study, we have tried to evaluate selectivity skills and market timing ability of Polish fund managers. A total of 14 equity fund managers’ performances are analysed. The study can be guiding especially for investors who are interested in Polish equity fund performances in a period where emerging stock markets outperformed with quantitative easing. Findings: Jensen (1968 alphas indicate that over this period fund managers did not have selective ability, as none of the 14 funds had statistically significant positive alphas. Furthermore, Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis indicate that over the same period fund managers did not also have market timing ability, as again none of the 14 funds had statistically significant positive coefficients. Conclusions: In this work, we can detect that in the era of quantitative easing, although the financial market in Poland made an incredible progress, the fund returns were

  7. Decommissioning funding: ethics, implementation, uncertainties

    International Nuclear Information System (INIS)

    2006-01-01

    This status report on Decommissioning Funding: Ethics, Implementation, Uncertainties also draws on the experience of the NEA Working Party on Decommissioning and Dismantling (WPDD). The report offers, in a concise form, an overview of relevant considerations on decommissioning funding mechanisms with regard to ethics, implementation and uncertainties. Underlying ethical principles found in international agreements are identified, and factors influencing the accumulation and management of funds for decommissioning nuclear facilities are discussed together with the main sources of uncertainties of funding systems. (authors)

  8. Investible benchmarks & hedge fund liquidity

    OpenAIRE

    Freed, Marc S; McMillan, Ben

    2011-01-01

    A lack of commonly accepted benchmarks for hedge fund performance has permitted hedge fund managers to attribute to skill returns that may actually accrue from market risk factors and illiquidity. Recent innovations in hedge fund replication permits us to estimate the extent of this misattribution. Using an option-based model, we find evidence that the value of liquidity options that investors implicitly grant managers when they invest may account for part or even all hedge fund returns. C...

  9. Bitter Sweetness For Fund Managers

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

    An influx of small investors eager to earn money puts heavy pressure on fund managers Fund managers control millions in capital and call the shots in the stock market. They can make a fortune from a single judgment. The debut of fund management operation

  10. The Funding of Virtual Universities

    Science.gov (United States)

    Poulin, Russell; Michelau, Demaree K.

    2009-01-01

    This article reviews categorization models and the outcomes of a virtual university funding survey. Although categorization of types of funding mechanisms is a necessary analytical tool, it often hides the many and varied political decisions that created them. In commenting on the implications of the type of funding model, political forces behind…

  11. Performance-Based Funding Brief

    Science.gov (United States)

    Washington Higher Education Coordinating Board, 2011

    2011-01-01

    A number of states have made progress in implementing performance-based funding (PFB) and accountability. This policy brief summarizes main features of performance-based funding systems in three states: Tennessee, Ohio, and Indiana. The brief also identifies key issues that states considering performance-based funding must address, as well as…

  12. Kajian Yuridis terhadap S.E Dirjen Pajak No. 3 / P.J / 2011 tentang Pajak Penghasilan Atas Penghasilan Berupa Royalti dan Perbelakuan Pajak Pertambahan Nilai Atas Pemasukan Film Impor di Indonesia

    Directory of Open Access Journals (Sweden)

    Gusminarti Gusminarti

    2012-04-01

    Juridical Study Towards the Circular of General Directorate of Taxation Department No. 3P.J/2011 regarding Income Tax of The Royalty Income and The Aplication of Additional Tax Value of Imported Film in Indonesia

  13. Public Funding of Political Parties

    DEFF Research Database (Denmark)

    Ortuno-Ortin, Ignacio; Schultz, Christian

    This paper concerns public funding of parties. Parteis receive public funds depending on their vote share. Funds finance electoral campaigns. Two cases are investigated. In the first, some voters are policy motivated and some are ?impressionable? ? their vote depends directly on campaign...... expenditures. In the second, campaigning is informative and all voters are policy motivated. Public funds increase policy convergence in both cases. The effect is larger, the more funding depends on vote shares. When campaigns are informative, there may be multiple euqilibria. Intuitively, a large party can...

  14. Optimal distribution of science funding

    Science.gov (United States)

    Huang, Ding-wei

    2018-07-01

    We propose a new model to investigate the theoretical implications of a novel funding system. We introduce new parameters to model the accumulated advantage. We assume that all scientists are equal and follow the same regulations. The model presents three distinct regimes. In regime (I), the fluidity of funding is significant. The funding distribution is continuous. The concentration of funding is effectively suppressed. In both regimes (II) and (III), a small group of scientists emerges as a circle of elites. Large funding is acquired by a small number of scientists.

  15. Evolução dos indicadores de desenvolvimento socioeconômico nos municípios paranaenses que recebem royalties da Itaipu Binacional

    Directory of Open Access Journals (Sweden)

    Cleiton Mateus Schlindwein

    2014-09-01

    Full Text Available O objetivo deste trabalho é verificar alguns dos aspectos das desigualdades socioeconômicas nos municípios lindeiros do Oeste Paranaense, entre 2000 e 2009. A questão que se aborda é se o indicador de desenvolvimento desses municípios está aumentando em detrimento dos royalties recebidos. Para tanto, criou-se um Índice de Desenvolvimento Socioeconômico (IDS, por meio da análise multivariada, pelo método dos componentes principais. Os resultados encontrados refutam a hipótese de que o indicador de desenvolvimento dos municípios lindeiros é condizente com a arrecadação dos royalties, isto é, refutou-se a ideia de que quanto maior a arrecadação dos royalties, maior o IDS dos municípios. Com exceção de Itaipulândia, todos os municípios apresentaram aumento absoluto do IDS, tomando-se os extremos dos anos (2000 e 2009 para análise. Quando analisada a taxa geométrica de crescimento do IDS desses municípios, todos apresentaram taxas positivas. Isso significa que os indicadores de desenvolvimento dos municípios aumentaram no decorrer dos anos, melhorando a qualidade de vida dos munícipes. Contudo, a taxa geométrica de crescimento dos royalties (-7,8 a.a. mostrou que, no decorrer dos anos, os municípios vêm recebendo valores reais menores. Além disso, a correlação entre o IDS e a arrecadação dos royalties mostrou que todos os municípios apresentaram correlação negativa, ou seja, o aumento (ou baixa dos valores do IDS está correlacionado com a redução (ou alta dos valores dos royalties.

  16. Library Services Funding Assessment

    Science.gov (United States)

    Lorig, Jonathan A.

    2004-01-01

    The Glenn Technical Library is a science and engineering library that primarily supports research activities at the Glenn Research Center, and provides selected services to researchers at all of the NASA research centers. Resources available in the library include books, journals, CD-ROMs, and access to various online sources, as well as live reference and inter-library loan services. The collection contains over 77,000 books, 800,000 research reports, and print or online access to over 1,400 journals. Currently the library operates within the Logistics and Technical Information Division, and is funded as an open-access resource within the GRC. Some of the research units at the GRC have recently requested that the library convert to a "pay-for-services" model, in which individual research units could fund only those journal subscriptions for which they have a specific need. Under this model, the library would always maintain a certain minimum level of pooled-expense services, including the ready reference and book collections, and inter-library loan services. Theoretically the "pay-for-services" model would encourage efficient financial allocation, and minimize the extent to which paid journal subscriptions go unused. However, this model also could potentially negate the benefits of group purchases for journal subscriptions and access. All of the major journal publishers offer package subscriptions that compare favorably in cost with the sum of individual subscription costs for a similar selection of titles. Furthermore, some of these subscription packages are "consortium" purchases that are funded collectively by the libraries at multiple NASA research centers; such consortia1 memberships would be difficult for the library to pay, if enough GRC research units were to withdraw their pooled contributions. cost of collectively-funded journal access with the cost of individual subscriptions. My primary task this summer is to create the cost dataset framework, and

  17. Net Stable Funding Ratio: Impact on Funding Value Adjustment

    OpenAIRE

    Siadat, Medya; Hammarlid, Ola

    2017-01-01

    In this paper we investigate the relationship between Funding Value Adjustment (FVA) and Net Stable Funding Ratio (NSFR). FVA is defined in a consistent way with NSFR such that the new framework of FVA monitors the costs due to keeping NSFR at an acceptable level, as well. In addition, the problem of choosing the optimal funding strategy is formulated as a shortest path problem where the proposed FVA framework is applied in the optimization process. The solution provides us with the optimal f...

  18. Risk analytics for hedge funds

    Science.gov (United States)

    Pareek, Ankur

    2005-05-01

    The rapid growth of the hedge fund industry presents significant business opportunity for the institutional investors particularly in the form of portfolio diversification. To facilitate this, there is a need to develop a new set of risk analytics for investments consisting of hedge funds, with the ultimate aim to create transparency in risk measurement without compromising the proprietary investment strategies of hedge funds. As well documented in the literature, use of dynamic options like strategies by most of the hedge funds make their returns highly non-normal with fat tails and high kurtosis, thus rendering Value at Risk (VaR) and other mean-variance analysis methods unsuitable for hedge fund risk quantification. This paper looks at some unique concerns for hedge fund risk management and will particularly concentrate on two approaches from physical world to model the non-linearities and dynamic correlations in hedge fund portfolio returns: Self Organizing Criticality (SOC) and Random Matrix Theory (RMT).Random Matrix Theory analyzes correlation matrix between different hedge fund styles and filters random noise from genuine correlations arising from interactions within the system. As seen in the results of portfolio risk analysis, it leads to a better portfolio risk forecastability and thus to optimum allocation of resources to different hedge fund styles. The results also prove the efficacy of self-organized criticality and implied portfolio correlation as a tool for risk management and style selection for portfolios of hedge funds, being particularly effective during non-linear market crashes.

  19. Fund Raising for Haiti

    CERN Multimedia

    Association du personnel

    2010-01-01

    Dear Colleagues, Following the devastating earthquake that hit Haiti on 12 January 2010, the CERN Management and the Staff Association are organizing a collection to help the victims. The money collected will be transferred to associations or bodies guaranteeing proper use of the funds, such as the Association Haïti Ecoles based in Cessy, which our Long Term Collections supported for several years. From today you can pay your donations into a special UBS account, indicating “Séisme Haïti” as the reason for payment . SWIFT : UBSWCHZH12B IBAN : CH85 0027 9279 HU10 6832 1 Account Holder : Association du personnel du CERN We are counting on the generosity of the CERN community to support the Haitian people at this very difficult time. Thank you on their behalf. Rolf Heuer Director-General Gianni Deroma President of the Staff Association

  20. Nuclear Waste Fund management

    International Nuclear Information System (INIS)

    Hobart, L.

    1984-01-01

    The Nuclear Waste Fund involves a number of features which make it a unique federal program. Its primary purpose is to finance one of the largest and most controversial public works programs in the history of the United States. Despite the program's indicated size and advance publicity, no one knows exactly where the anticipated projects will be built, who will construct them, what they will look like when they are done or how they will be operated and by whom. Implimentation of this effort, if statutory targets are actually met, covers a 16-year period. To cover the costs of the program, the Federal Government will tax nuclear power at the rate of 1 mil per kilowatt hour generated. This makes it one of the biggest and longest-lived examples of advance collections for construction work in progress in the history of the United States. While the Department of Energy is authorized to collect funds for the program the Nuclear Regulatory Commission has the authority to cut off this revenue stream by the shutdown of particular reactors or particular reactor types. If all goes well, the Federal Government will begin receiving spent nuclear fuel by 1998, continuing to assess a fee which will cover operating and maintenance costs. If all does not go well, the Federal Government and/or utilities will have to take other steps to solve the problem of permanent disposal. Should the latter circumstance prevail, presumably not only used to date but the $7.5 billion would be spent. The Nuclear Waste Policy Act of 1982, contains no clear provision for utility refunds in that case

  1. Managerial multitasking in the mutual fund industry

    OpenAIRE

    Agarwal, Vikas; Ma, Linlin; Mullally, Kevin

    2015-01-01

    We examine the determinants and consequences of mutual fund managers simultaneously managing multiple funds. Well-performing managers multitask by taking over poorly performing funds or launching new funds. Subsequent to multitasking, funds run by managers prior to multitasking (i.e., incumbent funds) experience performance deterioration while the performance of the acquired funds improves. Multitasking increases the assets of fund companies but results in a wealth transfer from shareholders ...

  2. Correlação das Variáveis Socioeconômicas e Ambientais com royalties Petrolíferos e CFEM Municipais

    Directory of Open Access Journals (Sweden)

    Liniker Fernandes da Silva

    2017-09-01

    Full Text Available RESUMO O objetivo deste trabalho foi verificar a correlação entre variáveis ambientais, econômicas e sociais e os royalties arrecadados nos principais municípios produtores de petróleo e minério. Os dados discriminados por cidade, entre os anos de 2004 e 2010, foram a receita total das prefeituras, os investimentos em saneamento e gestão ambiental, o número de habitantes por município e o Índice FIRJAM de desenvolvimento municipal. Para verificar o relacionamento entre as variáveis utilizou-se a Análise de Componentes Principais. Os resultados mostraram que a maior arrecadação dos royalties, sejam do petróleo ou mineração, não tem como consequência direta maior desenvolvimento social ou ambiental. O que pode justificar tais resultados é a ausência de um dispositivo jurídico que condicione a aplicação dos recursos arrecadados às áreas em questão. Dessa forma, conclui-se que os possíveis impactos ambientais e sociais da exploração desses recursos não renováveis não estão sendo recompensados pelos royalties.

  3. KT Fund: Five years of funding for impact

    CERN Multimedia

    CERN Bulletin

    2015-01-01

    Cryogenic safety, ion beam therapy, event management for communities, emergency lighting… this year’s applications for funding through the Knowledge Transfer Fund demonstrate the breadth of possible applications of CERN technology beyond high-energy physics.     The use of high index glass spherical targets as retroreflectors for a 3D interferometer is the subject of one of the 2015 KT Fund Projects.   Following the 2015 selection committee held in January, the KT Fund has funded a total of seven new projects that aim to further develop CERN technologies to a level where they can be transferred and subsequently make a positive impact on society. “CERN’s ambitious scientific programme requires state-of-the-art technologies that are not always directly reusable by society because they were not designed with this purpose in mind,” explains David Mazur, Section Leader of the IP Dissemination Section. “Since 2011, the KT...

  4. Status of funded actions

    International Nuclear Information System (INIS)

    2004-01-01

    The GEDEPEON workshop is organised to review the GEDEPEON research actions, which have been funded in 2003. Presentations are made by research teams actively involved in GEDEPEON research areas. Speakers were invited to show how the presented research data are related to the general goals of transmutation, for which 2006 is an important milestone, and innovative systems. document gathers the slides of 9 presentations among the 19 given at this workshop: 1 - nuclear and physical data: the TRADE experiment (Steckmeyer J.C.); actinides incineration - Mini-Inca (Chabod S.); NTOF: measurement of capture cross-sections (Gunsing F.); 2 - systems: analysis of uncertainties and sensitivity factors of nuclear data in molten salt reactor concepts (Mastrangelo V.); 3 - targets and corrosion: diffusion-controlled intergranular penetration and embrittlement of metals by liquid bismuth (Wolski K.), behaviour of T91 steel under cyclic loading in the liquid Pb-Bi alloy (Verleene A.); 4 - materials for future systems: helium impurities corrosion resistance of high temperature resistant materials for gas-cooled reactors (Cabet, C.); 5 - accelerators: Spoke cavities R and D and their role in the driver of an accelerator-driven system (ADS) (Junquera T.); 6 - Gedeon-Gedepeon 2001-2004 synthesis: spallation and nuclear data (Tassan-Got L., Barreau G. and Leray S.). (J.S.)

  5. Funding stalls ARETS work

    International Nuclear Information System (INIS)

    Anon.

    1997-01-01

    The current status of the Lethbridge Alberta Renewable Energy Test Site (ARETS) was described, following the Alberta Energy Department's failure to respond to the funding application of the Test Site. This forced the facility to be inactive for its 1997 field season. The site was established in 1982 to evaluate and demonstrate wind turbines for water pumping. It now includes solar and deep well pumping systems, and also wind-powered aeration. Up to now the site has been jointly financed by Alberta Energy and Natural Resources Canada. Both departments wanted ARETS to put more emphasis on research and development and on helping manufacturers commercialize their ideas. Despite the inactivity during the 1997 field season, one small project managed to continue, i.e., the wind project involving testing the new Delta Junior water-pumper by Dutch Industries. The Centre will also be working on a new submersible pump and DC motor system. For long-term survival, the Centre needs the support of its major financial backers. 1 fig

  6. Digging Deep for the Heritage Fund: Why the Right Fund for Alberta Pays Dividends Long After Oil Is Gone

    Directory of Open Access Journals (Sweden)

    Ton van den Bremer

    2014-10-01

    Full Text Available Albertans have long been aware that while their provincial government has shown a lack of consistent discipline in investing oil royalty revenues in the Alberta Heritage Savings Trust Fund, the Norwegians have been showing oil-rich jurisdictions just how effectively saving can be done. While Alberta’s fund was established in the mid-1970s, more than a decade before Norway began its national savings program, the Norwegian fund was worth more than $900 billion as of the beginning of 2014; Alberta’s is worth roughly $15 billion today, revealing the province’s inability to stick with firm, routine contribution commitments, and its occasional habit of using the fund’s earnings to cover spending priorities. But while many economists, politicians and pundits from both the left and right have long pointed to Norway as the model for Alberta to follow, it would in fact be wrong for Alberta to mimic Norway’s strategy. Indeed, the right plan for Alberta can set the province up in better shape for the future than even Norway will be. The Norway approach will inevitably prove unsustainable. As it is, Norway deposits all resource revenue into its fund, which then distributes a dividend to the government every year worth four per cent of the fund’s wealth. As the fund grows, so to does the size of the dividend. Yet, as wealth is converted from belowground assets (oil to aboveground assets (cash and investments, the belowground wealth becomes gradually but inevitably depleted. At some point, all of Norway’s oil wealth will have been converted into aboveground assets, and the dividend will eventually have to be adjusted downward. A more sustainable approach, and one that Alberta should pursue, is one where the dividend is a falling proportion of fund assets. In other words, the province will want to calculate an appropriate dividend that is a fraction not just of the size of the financial fund (aboveground, but a constant fraction of total wealth

  7. Drug Revolving Fund-Based

    African Journals Online (AJOL)

    Background: The Drug Revolving Fund (DRF) was instituted in 1996 in Oyo State to ensure sustainable drug availability at primary health care level with a seed stock of drugs supplied by the Petroleum Trust Fund. This was discontinued in 1999 and replaced in January 2000, with free health service, which involves ...

  8. Adequacy Model for School Funding

    Science.gov (United States)

    Banicki, Guy; Murphy, Gregg

    2014-01-01

    This study considers the effectiveness of the Evidence-Based Adequacy model of school funding. In looking at the Evidence-Based Adequacy model for school funding, one researcher has been centrally associated with the development and study of this model. Allen Odden is currently a professor in the Department of Educational Leadership and Policy…

  9. Decommissioning Funding: Ethics, Implementation, Uncertainties

    International Nuclear Information System (INIS)

    2007-01-01

    This status report on decommissioning funding: ethics, implementation, uncertainties is based on a review of recent literature and materials presented at NEA meetings in 2003 and 2004, and particularly at a topical session organised in November 2004 on funding issues associated with the decommissioning of nuclear power facilities. The report also draws on the experience of the NEA Working Party on Decommissioning and Dismantling (WPDD). This report offers, in a concise form, an overview of relevant considerations on decommissioning funding mechanisms with regard to ethics, implementation and uncertainties. Underlying ethical principles found in international agreements are identified, and factors influencing the accumulation and management of funds for decommissioning nuclear facilities are discussed together with the main sources of uncertainties of funding systems

  10. Funding emergency care: Australian style.

    Science.gov (United States)

    Bell, Anthony; Crilly, Julia; Williams, Ged; Wylie, Kate; Toloo, Ghasem Sam; Burke, John; FitzGerald, Gerry

    2014-08-01

    The ongoing challenge for ED leaders is to remain abreast of system-wide changes that impact on the day-to-day management of their departments. Changes to the funding model creates another layer of complexity and this introductory paper serves as the beginning of a discussion about the way in which EDs are funded and how this can and will impact on business decisions, models of care and resource allocation within Australian EDs. Furthermore it is evident that any funding model today will mature and change with time, and moves are afoot to refine and contextualise ED funding over the medium term. This perspective seeks to provide a basis of understanding for our current and future funding arrangements in Australian EDs. © 2014 Australasian College for Emergency Medicine and Australasian Society for Emergency Medicine.

  11. Funding oil and gas ventures

    International Nuclear Information System (INIS)

    Billingsley, L.T.

    1992-01-01

    This paper is addressed to geologists who must raise external funds for prospect acquisition, exploratory and development drilling, or to a limited extent, production acquisition. In the ranks of independent geologists, external funding is what separates a dreamer with a good idea from a successful oil and gas producer who gets ideas evaluated on a regular basis. The quantity of external funding usually dictates the level of drilling activity for independent geologists and small companies. Companies or individuals with high levels of internal cash flow set budgets to determine their drilling activity. The purpose of this paper is to provide an independent geologist with an overview of raising external funding. The scope is purposely general. The real motivation behind this paper is not to provide a cookbook for selling prospects. Instead, the author hopes to stimulate geologists to become students of salesmanship and thereby increase the effectiveness of their fund

  12. Proposed of a new legal model in the utilization of the resources arising out of royalties by the municipalities; Proposta de um novo modelo legal no trato dos recursos advindos dos royalties por parte dos municipios beneficiados

    Energy Technology Data Exchange (ETDEWEB)

    Dantas, Daniel Ramos; Silveira Neto, Otacilio dos Santos [Universidade Federal do Rio Grande do Norte (UFRN), Natal, RN (Brazil). Programa de Recursos Humanos da ANP em Direito do Petroleo e Gas Natural, PRH-36

    2008-07-01

    The Brazilian model of exploration guarantees to some cities participation in the result of the exploration of the hydro-carbons. Since the distribution of these resources meet the technical criteria, established by law, what we have is that some of these cities receives relevant values. Despite such benefits, the general feeling of the population is that these cities have not been changes, although they have larger budgets. This slice of resources to cities arising from oil exploration, through royalties, through the simplistic view of the population does not guarantee them a better condition of life. Many cities receive large sums and or have considerable budget dependence on these resources. Point paramount in the study is that the management of municipal resources is very precarious. The waste is excessive, the practices of good management are unknown or simply ignored; and dealing with public resources as if they were private is a bad spread dramatically. The exposure of a different path is always well seen and spreads hope. These cities should be examples of quality of life for its population, since it does not know the value received monthly, and much less as these amounts are applied. Through comparative studies and analysis of good means employees in the use of these resources, it is observed that there are solutions to this problem. (author)

  13. Random matrix theory and fund of funds portfolio optimisation

    Science.gov (United States)

    Conlon, T.; Ruskin, H. J.; Crane, M.

    2007-08-01

    The proprietary nature of Hedge Fund investing means that it is common practise for managers to release minimal information about their returns. The construction of a fund of hedge funds portfolio requires a correlation matrix which often has to be estimated using a relatively small sample of monthly returns data which induces noise. In this paper, random matrix theory (RMT) is applied to a cross-correlation matrix C, constructed using hedge fund returns data. The analysis reveals a number of eigenvalues that deviate from the spectrum suggested by RMT. The components of the deviating eigenvectors are found to correspond to distinct groups of strategies that are applied by hedge fund managers. The inverse participation ratio is used to quantify the number of components that participate in each eigenvector. Finally, the correlation matrix is cleaned by separating the noisy part from the non-noisy part of C. This technique is found to greatly reduce the difference between the predicted and realised risk of a portfolio, leading to an improved risk profile for a fund of hedge funds.

  14. Status of funded actions

    International Nuclear Information System (INIS)

    2003-01-01

    The GEDEPEON status workshop is organised to review the GEDEPEON research actions, which have been funded in 2003. Presentations are made by research teams actively involved in GEDEPEON research areas. Speakers were invited to show how the presented research data are related to the general goals of transmutation, for which 2006 is an important milestone, and innovative systems. This document gathers 18 presentations (slides) among the 32 given at this workshop and dealing with: 1 - nuclear data: measurement of cross-sections of neutron induced reactions at the nTof time of flight facilities of CERN and of Gelina at Geel (F. Gunsing), study of (n,xn) reactions thanks to prompt gamma spectroscopy (M. Kerveno), iodine 129 cross-sections (G. Noguere); 2 - reactor physics/cycles: CEA-CNRS scenarios (F. Varaine, D. Heuer), analysis of uncertainties and sensitivity factors of nuclear data on innovative systems (molten-salt reactors) (A. Bidaud); 3 - materials: contribution to the study of T91 steel fatigue by lead-bismuth (D. Gorse), kinetics and mechanisms of fatigue by liquid metals (V. Laporte), studies of molten salts corrosion in future reactors (S. Sanchez), stress-induced fatigue by liquid metal (A. Verleene), thermodynamic study of the Bi-Fe-Hg-O-Pb quinary system (A. Maitre), synchrotron imaging study of fatigue by liquid metals (D. Bellet); 4 - future systems: molten salts reprocessing strategy - impact on the molten salt reactors neutronics (L. Mathieu), microscopy technique for the characterization of the thermal properties of inert materials for gas-cooled reactors (L. David), modeling and application of sub-atomic phenomena (J. Maillard), forecasting of the chemical compatibility between fissile compounds and inert materials in future high temperature reactors using a thermodynamical approach (A. Maitre), hydrogen production by thermochemical cycles (S. Colette), development of Ni-W refractory alloys for high temperature and molten salts reactors (J

  15. Royalties do petróleo e emprego público nos municípios Brasileiros

    Directory of Open Access Journals (Sweden)

    Lauro Carnicelli

    2014-09-01

    Full Text Available O objetivo deste artigo é investigar se as transferências do petróleo (royalties e participações especiais levaram as prefeituras beneficiadas a aumentar a contratação de funcionários públicos, em desacordo com as recomendações legais. Para isto, aplicou-se o método Duplamente Robusto a um painel de municípios observados entre 2000 e 2009. O método compõe-se de dois estágios. Primeiramente, estimaram-se as probabilidades de recepção de receitas do petróleo condicionadas a variáveis observáveis; em um segundo estágio, estimou-se um painel de efeitos fixos no conjunto de observações pertencentes a um suporte comum construído a partir dos propensity scores estimados no primeiro estágio. Os resultados mostram que as prefeituras elevam o seu quadro de funcionários diante do usufruto de rendas do petróleo, mas a despesa média com pessoal não aumenta nas cidades pertencentes ao grupo de tratamento. No Rio de Janeiro, sujeito a determinações mais específicas de seu Tribunal de Contas, o efeito não é significativo, indicando a aderência das prefeituras às regras.

  16. Should Glaucoma be Publicly Funded in Arguments for Funding ...

    African Journals Online (AJOL)

    2018-03-01

    Mar 1, 2018 ... 2018 Nigerian Journal of Ophthalmology | Published by Wolters Kluwer - Medknow. 59. [Downloaded free ... vision.[6] Further, Malaysia has an efficient, widespread ... universal healthcare program, mainly tax-funded (80%).

  17. Pension funds investments in hedge funds-a necessary regulation

    Directory of Open Access Journals (Sweden)

    Daniela Gaftoniuc

    2010-12-01

    Full Text Available When it comes to investment strategies, generally, pension funds have proved to be conservative investors with a long term approach on investments and constant preoccupation for asset diversification as well as tendencies to secure their portfolios through investments in established financial products. Nevertheless, within this constant preoccupation for portfolio diversification as well as gain of notable profits, private pension funds have invested to a certain degree also in less cautious products respectively have conducted less stable investments. The financial turbulences that hit the US towards the end of 2007 and spread globally to become one of the most severe financial crisis witnessed, haven’t left pension funds immune to this phenomenon. Although, as previously stated, the special feature of pension funds is based on long term investments, which confers a certain degree of natural protection, there can not be the talk of absolute immunity either.

  18. Funding bombshell hits UK physics

    Science.gov (United States)

    Banks, Michael; Durrani, Matin

    2008-01-01

    Physicists and astronomers in the UK are coming to terms with a massive funding crisis that engulfed one of the country's main funding agencies last month. As a result of an £80m black hole in the budget of the Science and Technology Facilities Council (STFC), it has decided to stop funding research into the International Linear Collider (ILC), withdraw from the Gemini telescopes in Hawaii and Chile, and cease all support for high-energy gamma-ray astronomy and ground-based solar-terrestrial physics. Research grants in particle physics and astronomy could also be cut by up to 25%, which may lead to job losses at university departments.

  19. Funding Science with Science: Cryptocurrency and Independent Academic Research Funding

    Directory of Open Access Journals (Sweden)

    Edward Lehner

    2017-12-01

    Full Text Available Scientific funding within the academy is an often complicated affair involving disparate and competing interests. Private universities, for instance, are vastly outpacing public institutions in garnering large, prestigious, science-related grants and external research investment. Inequities also extend to the types of research funded, with government, corporate, and even military interests privileging certain types of inquiry. This article proposes an innovative type of science research fund using cryptocurrencies, a fast-growing asset class. Although not a total funding solution, staking coins, specifically, can be strategically invested in to yield compound interest. These coins use masternode technologies to collateralize the network and speed transaction pace and may pay dividends to masternode holders, allowing institutions that purchase these types of central hubs to potentially engage in a lucrative form of dividend reinvestment. Using cryptocurrencies as a new funding stream may garner large amounts of capital and creation of nonprofit institutes to support the future of funding scientific research within educational institutions.

  20. 12 CFR 615.5010 - Funding Corporation.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Funding Corporation. 615.5010 Section 615.5010... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Funding § 615.5010 Funding Corporation. (a) The Funding Corporation shall issue, market, and handle the obligations of the banks issued under section 4.2(b) through...

  1. Pacific Coastal Salmon Recovery Fund

    Data.gov (United States)

    National Oceanic and Atmospheric Administration, Department of Commerce — Congress established the Pacific Coastal Salmon Recovery Fund (PCSRF) to monitor the restoration and conservation of Pacific salmon and steelhead populations and...

  2. Drinking Water State Revolving Fund

    Data.gov (United States)

    U.S. Environmental Protection Agency — The Drinking Water State Revolving Fund (DWSRF) National Information Management System collects information that provide a record of progress and accountability for...

  3. Report from the Pension Fund

    CERN Multimedia

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) presents the Board's latest main decisions, initiatives and accomplishments to the Fund's members and beneficiaries.   Since my last report in July, the Fund has continued the implementation of its capital preservation approach with encouraging results. There have also been several communication events focusing, in particular, on the Fund’s governance and its investment processes. At the September sessions of the Finance Committee and Council, the Chairman of the Pension Fund Investment Committee, Dr Sigurd Lettow, gave comprehensive presentations on the governance and operations of the Fund’s Investment Committee. The Investment Committee is the subsidiary and expert body of the PFGB on investments. Its mandate is to define the process according to which the Fund’s assets - which amount to approximately 3.7 billion Swiss Francs - are invested, and to supervise the implem...

  4. Sovereign Wealth and Pension Funds Controlling Canadian Businesses: Tax-Policy Implications

    Directory of Open Access Journals (Sweden)

    Vijay Jog

    2013-02-01

    Full Text Available In a world without taxes, investors that take over companies would do so because they expect to be able to operate the business efficiently and at a high rate of return. But in Canada today, some acquirers enjoy tax advantages over others. And that could mean that certain buyers, who may not be best suited to owning a particular company, are able to outbid those who are better positioned to run that company at optimal efficiency. That is a problem not just for investors who end up outbid, due to Canada’s uneven tax policy, but for the Canadian economy, which suffers from the resulting economic inefficiency. With respect to registered pension plans, the so-called 30-per-cent rule puts a cap on the amount of voting equity in a company that they are permitted to own. Meanwhile, however, sovereign wealth funds — whether controlled by China or Australia — face no such limit when purchasing stakes in Canadian firms. The number and size of sovereign wealth funds, globally, is only growing — and rapidly. But as Canada increasingly attracts foreign capital, with foreign-controlled government-affiliated funds seeking out Canadian takeover targets, much of the discussion around public policy has focused primarily on the Investment Canada Act and the “net benefit test” for foreign direct investment. Another component in ensuring that Canadian interests are preserved, however, is the question of whether Canadian institutional investors can operate on a level playing field with foreign sovereign wealth funds. With the 30-per-cent rule limiting equity purchases for one but not the other, it would appear that they are not. The most appealing remedy to this imbalance is a tax solution: limiting the corporate deductions on interest, fees, royalties, rents, and the like, that so often factor in to the takeover calculation, as part of a tax-minimization strategy. This would not only put pension funds and sovereign wealth funds on equal footing, but it

  5. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

    This study examines several issues surrounding the tendency for some pension funds to invest in their own company’s stock. After reviewing the existing literature describing the benefits and costs of investing in company stock, the legislative environment surrounding company stock holdings is reviewed. Using data from Internal Revenue Service Form 5500 filings on the pension fund holdings of over 300,000 defined–contribution pension plans in the 1990s, we show that about one out of ten define...

  6. Revisiting Mutual Fund Performance Evaluation

    OpenAIRE

    Angelidis, Timotheos; Giamouridis, Daniel; Tessaromatis, Nikolaos

    2012-01-01

    Mutual fund manager excess performance should be measured relative to their self-reported benchmark rather than the return of a passive portfolio with the same risk characteristics. Ignoring the self-reported benchmark introduces biases in the measurement of stock selection and timing components of excess performance. We revisit baseline empirical evidence in mutual fund performance evaluation utilizing stock selection and timing measures that address these biases. We introduce a new factor e...

  7. Pension Funds and Financial Innovation

    OpenAIRE

    Zvi Bodie

    1989-01-01

    Pension funds have played a critical role in the evolution of the markets for debt and equity securities and their derivatives in the U.S. over the last 15 years. The new securities and markets can largely be explained as responses to the investment demands of pension funds in an environment of increased interest rate volatility and tighter regulation. Defined benefit pension plans offer annuities that have a guaranteed floor specified by the benefit formula. In order to minimize the cost to ...

  8. 7 CFR 771.12 - Funding applications.

    Science.gov (United States)

    2010-01-01

    ... availability of funds. However, when multiple applications are received on the same date and available funds... determines to be most critical for the accomplishment of program objectives, will be funded first. ...

  9. The rise of Asian sovereign wealth funds

    OpenAIRE

    Borst, Nicholas

    2015-01-01

    This Asia Focus provides an overview of sovereign wealth funds, evaluates the structure and activities of major funds in Asia, and compares the transparency of Asian funds relative to international best practices.

  10. Farms and funds: investment funds in the global land rush

    Energy Technology Data Exchange (ETDEWEB)

    Buxton, Abbi; Campanale, Mark; Cotula, Lorenzo

    2012-01-15

    Investment funds show a growing interest in farmland and agriculture. They are buying up land and agribusinesses in developing countries with the expectation of high long-term returns linked to rising land prices, growing populations and increasing demand for food. While the media has reported extensively on the involvement of these funds in the global land rush, the mechanics remain little understood by the broader public. What is the interest and what is driving it? Who are the players and what processes do their investment decisions go through? What are the impacts in recipient countries? And what action can be taken to promote investments that genuinely support local people?.

  11. Pension Fund - ELECTIONS - Irene SEIS

    CERN Document Server

    2002-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: SEIS First Name : Irene Our Pension Fund (that of CERN and ESO personnel) is for most of us the only social protection when we retire. Its purpose is to give us a pension, which permits to maintain a certain standard of living for us, and for our dependants. I have worked in the Governing Board of the Pension Fund, as well as in numerous working groups on pension matters, since 11 years, either in my role as a Staff Association delegate, or as a member of the Governing Board. In both environments, I defend the principles of solidarity, which are part of our social security system, and I stand up for maintaining its primary principle, being a defined benefit scheme. Another of my preoccupations is the long-term future of the fund, including the gu...

  12. Investor Attrition and Fund Flows in Mutual Funds

    DEFF Research Database (Denmark)

    Christoffersen, Susan E. K.; Xu, Haoyu

    2017-01-01

    We explore the properties of equity mutual funds that experience a loss of assets after poor performance. We document that both inflows and outflows are less sensitive to performance, because performance-sensitive investors leave or decide not to invest after bad performance. Consistent with the ...

  13. Gas tax fund and public transit fund outcomes report

    International Nuclear Information System (INIS)

    2009-01-01

    Federal gas tax and public transit agreements were signed in 2005 by the Government of Canada, the Province of Ontario, the Association of Municipalities of Ontario (AMO) and the City of Toronto in order to address long-term community sustainability and invest in municipal infrastructure. The agreement committed to providing $1.9 billion to Ontario municipalities over a 5-year period. An additional $2.4 billion has been provided for a further 4-year period from 2010 to 2014. The funds are used by communities to invest in capacity building or environmentally sustainable municipal infrastructure projects. This report identified the intermediate and ultimate outcomes of the federal gas tax fund and public transit fund as of December 2008. Outcomes were presented in the categories of community energy systems, public transit, water and wastewater, solid waste, and roads and bridges. Funding highlights and economic spin-offs for the projects were also presented, as well as summaries of ancillary social outcomes. 6 tabs., 4 figs.

  14. Research funding should reward unpredictability

    CERN Multimedia

    2008-01-01

    Particle-physics experiments can cost hundreds of millions or even billions of dollars and with that kind of money at stake, debates over which projects are worthy of funding can be heated and complex. While those who make big funding decisions try to be as objective as possible, the physicist Bruce Knuteson of the Massachusetts Institute of Technology in the US, believes that agencies would have a much better idea of where to spend their money if they quantified the "scientific merit" of particular research proposals

  15. Impacto dos Royalties do Petróleo no PIB Per Capita dos Municípios do Estado do Espírito Santo, BrasilOil Royalties Effects on the Per Capita GDP in the cities of Espirito Santo, BrazilEl Impacto de los Royalties del Petróleo en el PIB Per Capita de los Municipios del Estado de Espírito Santo, Brasil

    Directory of Open Access Journals (Sweden)

    RIBEIRO, Edivan Guidote

    2010-03-01

    Full Text Available RESUMOIdentificar os impactos que a política pública provoca na economia é essencial para a sua formulação e para o direcionamento da aplicação dos recursos financeiros auferidos pelo Estado. Este trabalho estuda a política pública brasileira de royalties de petróleo e gás natural e tem como objetivo identificar os efeitos das receitas de royalties dos governos municipais do Estado do Espírito Santo, no PIB per capita dos respectivos municípios. Os dados utilizados neste estudo correspondem aos 78 municípios de que se compõe o Estado, entre os anos de 1999 e 2004. Por meio de um modelo estatístico de dados em painel equilibrado, procedeu-se à estimação do modelo para sua efetiva análise. Os resultados mostraram que não há evidências dos impactos dessas políticas no PIB per capita nos municípios do Espírito Santo.ABSTRACTThe identification of the economical effects of public policies is essential for the formulation of such policies, as well as for the adequate allocation of the financial resources obtained by the government. The present work studies the Brazilian public policies regarding oil and natural gas royalties. Its main goal is to uncover the effects of royalties’ revenues on the per capita GDP at the city level in the state of Espirito Santo, Brazil. The data correspond to the 78 cities comprising the Brazilian state, from 1999 to 2004. An econometric model, using balanced panel data, was used to estimate the effects. The results indicate that there is no evidence of impact of these public policies on the per capita GDP of the cities of Espirito Santo.RESUMENLa identificación de los impactos que la política pública produce en la economía es esencial para su formulación y para orientar la aplicación de los recursos financieros obtenidos por el estado. Este trabajo estudia la política pública brasileña de los royalties del petróleo y del gas natural y tiene la finalidad de identificar los efectos del

  16. 28 CFR 23.30 - Funding guidelines.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 1 2010-07-01 2010-07-01 false Funding guidelines. 23.30 Section 23.30 Judicial Administration DEPARTMENT OF JUSTICE CRIMINAL INTELLIGENCE SYSTEMS OPERATING POLICIES § 23.30 Funding guidelines. The following funding guidelines shall apply to all Crime Control Act funded...

  17. 24 CFR 214.311 - Funding.

    Science.gov (United States)

    2010-04-01

    ... Internet or other electronic media. (b) Local funding sources. HUD recommends that approved agencies seek and secure funding from funding sources that may include local and state governments, private... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Funding. 214.311 Section 214.311...

  18. 33 CFR 135.9 - Fund address.

    Science.gov (United States)

    2010-07-01

    ... FINANCIAL RESPONSIBILITY AND COMPENSATION OFFSHORE OIL POLLUTION COMPENSATION FUND General § 135.9 Fund address. The address to which correspondence relating to the Coast Guard's administration of the Fund... 33 Navigation and Navigable Waters 2 2010-07-01 2010-07-01 false Fund address. 135.9 Section 135.9...

  19. 12 CFR 619.9185 - Funding Corporation.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Funding Corporation. 619.9185 Section 619.9185 Banks and Banking FARM CREDIT ADMINISTRATION FARM CREDIT SYSTEM DEFINITIONS § 619.9185 Funding Corporation. The term Funding Corporation refers to the Federal Farm Credit Banks Funding Corporation...

  20. Comparing the determinants of fund flows in domestically managed Malaysian Islamic and conventional equity funds.

    OpenAIRE

    Othman, J.; Asutay, M.; Jamailan, N.

    2018-01-01

    Purpose: This paper aims to provide an empirical evidence on the fund flows-past return performance relationship by also considering the management expense ratio, the portfolio turnover, the fund size and the fund age of Islamic equity funds (IEF) investors in comparison with conventional equity funds (CEF) investors. Design/methodology/approach: By using panel data, the sample of Malaysian domestic managed equity funds are considered comprised of 20 individual funds from IEF a...

  1. AVALIAÇÃO DA EFICIÊNCIA DA APLICAÇÃO DOS ROYALTIES DA MINERAÇÃO NO DESENVOLVIMENTO SOCIAL DOS MUNICÍPIOS MINEIROS

    Directory of Open Access Journals (Sweden)

    Alexandre de Cássio Rodrigues

    2016-12-01

    Full Text Available Tendo os royalites da mineração como origens de recursos públicos dos municípios nos quais a atividade mineral ocorre, essa pesquisa tem como objetivo analisar, por meio de indicadores sociais, se a aplicação dos royalties da mineração tem impactado positivamente no desenvolvimento dos municípios mineiros. Para tanto, utilizou-se na pesquisa documental a prestação de contas anual das prefeituras e câmaras municipais, informações sobre população municipal no site do IBGE e obtido o Índice Firjan de Desenvolvimento Municipal, sendo posteriormente utilizadas técnicas de regressão linear e análise de clusters. Os resultados indicam que o aumento da dependência dos royalties da mineração implica na redução do desenvolvimento humano dos municípios de base mineral. Além disso, não foram encontradas evidências de que a atividade mineral proporcione altos níveis de geração de emprego e distribuição de renda. Portanto, é necessário que esses recursos sejam geridos de forma mais eficiente, priorizando-se projetos que estimulem a diversificação econômica dos municípios.

  2. Asset Allocation of Mutual Fund Investors

    OpenAIRE

    Dengpan Luo

    2003-01-01

    This paper studies mutual fund investors' asset allocation decisions using monthly flow data of U.S mutual fund industry from 1984 to 1998. We find that mutual fund investors change their asset allocations between stocks and bonds in reaction to business conditions tracked by changes in expected stock market returns. They tend to allocate less into stock funds during the trough of a business cycle when expected stock market returns are higher and to allocate more into stock funds during the p...

  3. Mutual Fund Competition and Stock Market Liquidity

    OpenAIRE

    Massa, Massimo

    2004-01-01

    We study how competition in the mutual fund industry affects stock market liquidity. We argue that mutual fund families operate as multi-product firms, jointly choosing fees, performance and number of funds and sharing common research facilities. The family-based organization generates economies of scale in information that induce a trade off between performance and number of funds. The presence of more and relatively less-informed funds impacts the market, increasing stock liquidity. This in...

  4. European Regulatory Framework for Money Market Funds

    OpenAIRE

    Portuese, Aurelien; MacNeil, Iain

    2014-01-01

    Money market funds are widely used by all types of investors, including households, corporate treasurers, pension funds, or insurance companies, who regard money market funds as a ‘safe’ short-term liquid asset class for investing cash. In this case they are proxies to cash deposits. Money market funds are themselves key lenders to issuers of short dated high quality money market instruments. They provide an important source of funding for a variety of institutions such as sovereigns, banks, ...

  5. LBGTQ Funding Strategies and Opportunities

    Science.gov (United States)

    Vincent, Nelson C.

    2004-01-01

    Funding one's dream and making a difference for the LGBTQ community is a journey that involves persistence, learning new skills, rejection, challenges, opportunities and, above all, the willingness to form strategic partnerships. One must identify his grant-writing assets. For the balance of what one needs to get started, one should seek alliances…

  6. Funding and Implementing Universal Access

    International Development Research Centre (IDRC) Digital Library (Canada)

    The principles for the subsidy awards are based not only on the experience of ... the best-practice model for special funding to support access to communications .... Malaysia, Russia, Mongolia and elsewhere).5 The Ugandan model uses the ...... services or serve additional areas, access to radio spectrum and lower taxes.

  7. Amazon Fund: financing deforestation avoidance

    Directory of Open Access Journals (Sweden)

    Jacques Marcovitch

    2014-06-01

    Full Text Available The Amazon Fund, created in 2008 by the Brazilian Federal Government, is managed by Banco Nacional de Desenvolvimento Econômico e Social (BNDES. It is a pioneering initiative to fundraise and manage financial resources to cut back deforestation and support sustainable development for 30 million inhabitants in the Amazon Biome. The Amazon Fund has already received more than R$ 1.7 billion in grants (about USD 787 million. This essay analyzes the Amazon Fund's governance and management with focus on its operation and from its stakeholders' perspectives. A combination of research methods includes: documental research, in-depth interviews, and speech analysis. The study offers a comparative analysis of strengths and weaknesses related to its governance. Furthermore, it proposes ways to improve its management towards greater effectiveness. The essay also includes an assessment of the government of Norway, a major donor to the fund. The governments of Norway and Germany, in partnership with Brazil, reveal how important it is to experiment with new means of international cooperation to successfully reduce greenhouse gas emissions through rainforest preservation.

  8. Pension funds in The Netherlands

    NARCIS (Netherlands)

    Kemna, A.G.Z.; Ponds, E.H.M.; Steenbeek, O.W.

    2012-01-01

    The Dutch pension fund system, considered among the best in the world, successfully combines a first-pillar flat-rate pension for all residents with a labor-related second pillar and voluntary savings accounts as the third pillar. This paper describes the main institutional characteristics of the

  9. School Funding System and Equity

    Science.gov (United States)

    Tabatadze, Shalva; Gorgadze, Natia

    2014-01-01

    The aim of this research is to study the effectiveness of general education funding system from the perspective of equal and equal educational opportunities for all in Georgia. Following the objective, the research aimed to respond three main research questions: 1. is the school financing formula effective and efficient enough to be administrated…

  10. Adequate Funding for Educational Technology

    Science.gov (United States)

    Angle, Jason B.

    2010-01-01

    Public schools are currently operating in a pressure-cooker of accountability systems in which they must teach students to high standards and meet ever increasing targets for student proficiency, or face increasingly severe sanctions. Into this mix is thrown educational technology and the funding for that technology. The literature espouses the…

  11. Fund Raising: An International Feast.

    Science.gov (United States)

    Babb, Valorie; Marshall, Gene

    The procedure for planning an international dinner to raise funds and publicize foreign language study is described. The project, which netted several hundred dollars for a high school in North Dakota, involves careful planning over a period of months. Publicity and facilities are discussed, and the various culinary and other jobs to be…

  12. NEN Division Funding Gap Analysis

    International Nuclear Information System (INIS)

    Esch, Ernst I.; Goettee, Jeffrey D.; Desimone, David J.; Lakis, Rollin E.; Miko, David K.

    2012-01-01

    The work in NEN Division revolves around proliferation detection. The sponsor funding model seems to have shifted over the last decades. For the past three lustra, sponsors are mainly interested in funding ideas and detection systems that are already at a technical readiness level 6 (TRL 6 -- one step below an industrial prototype) or higher. Once this level is reached, the sponsoring agency is willing to fund the commercialization, implementation, and training for the systems (TRL 8, 9). These sponsors are looking for a fast turnaround (1-2 years) technology development efforts to implement technology. To support the critical national and international needs for nonprolifertion solutions, we have to maintain a fluent stream of subject matter expertise from the fundamental principals of radiation detection through prototype development all the way to the implementation and training of others. NEN Division has large funding gaps in the Valley of Death region. In the current competitive climate for nuclear nonproliferation projects, it is imminent to increase our lead in this field.

  13. 34 CFR 674.17 - Federal interest in allocated funds-transfer of Fund.

    Science.gov (United States)

    2010-07-01

    ... Federal interest in that Fund: (1) A capital distribution of the liquid assets of the Fund according to... 34 Education 3 2010-07-01 2010-07-01 false Federal interest in allocated funds-transfer of Fund... Provisions § 674.17 Federal interest in allocated funds—transfer of Fund. (a) If an institution responsible...

  14. Do firm characteristics influence mutual fund performance? An empirical study for European mutual funds

    NARCIS (Netherlands)

    de Jong, F.C.J.M.; Wingens, L.

    2013-01-01

    This study investigates the influence of fund management firm characteristics on mutual fund performance. Using a sample of European domiciled open-end equity funds for the period 1998-2008, this study finds that the funds of private companies have performed better than the funds of public

  15. Mutual Fund Performances of Polish Domestic Equity Fund Managers

    OpenAIRE

    Tan, Ömer Faruk; Ünal, Gözde

    2015-01-01

    Purpose of the article: The main purpose of the paper is empirically evaluating selectivity skills and market timing ability of Polish fund managers during the period from January 2009 to November 2014. After the global financial crisis of 2008, in this period of quantitative easing (QE), thanks to an increase in the money supply, a capital flow from developed countries to developing countries was observed. In this study, we try to analyse that although the financial market in Pol...

  16. Open-end Investment Funds in Croatia

    Directory of Open Access Journals (Sweden)

    Bojan Morić Milovanović

    2006-03-01

    Full Text Available This work discusses investment funds in Croatia, with a particular emphasis on openend investment funds. After a short review of the development of the funds, the perception of the funds is analysed, as are the trends in total assets and in average yields. The degree of concentration of open-end investment funds is shown with statistical measures of concentration (the Gini Coefficient, the Lorenz Curve and concentration ratios. All these indicators show that the concentration is moderate to strong. The greatest yields are given by the equity funds, but these are also the most risky.

  17. Program development fund: FY 1987

    Energy Technology Data Exchange (ETDEWEB)

    1989-03-01

    It is the objective of the Fund to encourage innovative research to maintain the Laboratory's position at the forefront of science. Funds are used to explore new ideas and concepts that may potentially develop into new directions of research for the Laboratory and that are consistent with the major needs, overall goals, and mission of the Laboratory and the DOE. The types of projects eligible for support from PDF include: work in forefront areas of science and technology for the primary purpose of enriching Laboratory research and development capabilities; advanced study of new hypotheses, new experimental concepts, or innovative approaches to energy problems; experiments directed toward ''proof of principle'' or early determination of the utility of a new concept; and conception, design analyses, and development of experimental devices, instruments, or components. This report is a review of these research programs.

  18. Governance of pension funds: interlocking and compensation of Australian superannuation fund boards

    OpenAIRE

    Ooi, Elizabeth Meishan

    2017-01-01

    This thesis documents the incidence and determinants of board interlocking (where directors simultaneously sit on multiple boards) in pension funds and examines its effect on fund performance. It also investigates the determinants of pension fund director compensation. The motivation to examine these issues stems from the distinctive interlocking and compensation practices in pension funds. Data on a sample of 249 Australian pension funds from 2004 to 2011 is collected from fund documents ...

  19. 23 CFR 650.413 - Funding.

    Science.gov (United States)

    2010-04-01

    ... HIGHWAY ADMINISTRATION, DEPARTMENT OF TRANSPORTATION ENGINEERING AND TRAFFIC OPERATIONS BRIDGES, STRUCTURES, AND HYDRAULICS Highway Bridge Replacement and Rehabilitation Program § 650.413 Funding. (a) Funds authorized for carrying out the Highway Bridge Replacement and Rehabilitation Program are available for...

  20. 2001-2008 BBG Funding Overview

    Data.gov (United States)

    Broadcasting Board of Governors — This dataset presents BBG funding by Agency component for the period between FY 2001 and FY 2008. The data covers funding for each BBG broadcasting entity and for...

  1. Federal Funding Accountability and Transparency Act

    Science.gov (United States)

    Public Law 109-282, the Federal Funding Accountability and Transparency Act of 2006 as amended (FFATA), requires disclosure of all entities and organizations receiving Federal funds through a single publicly accessible website.

  2. Securing decommissioning funds. Why organization matters?

    International Nuclear Information System (INIS)

    Tchapga, F.

    2005-01-01

    Full text: Securing decommissioning funds requires that the financial resources set aside for the purpose of decommissioning be managed prudently. Decommissioning of nuclear power plant is prescribed by National Atomic Laws or by other nuclear legislation. It is a mandatory operation. The operators of nuclear power plants set money aside for that purpose. This is known as 'Decommissioning reserve fund'. Decommissioning implies costs very distant in time. Thus, it is obvious, from an economic point of view, that the funds set aside should be managed. As decommissioning is mandatory, the funds accumulated should be secured. In others words, they should be available when needed. Availability of funds is influenced by endogenous and exogenous factors. Endogenous factors are a matter of design of the reserve funds. They include the management of the funds, its monitoring and control... Availability of funds is influenced by these factors, depending on the rules to which the behaviour of the manager of the funds is subjected. In contrast, exogenous factors deal with the energy context. These factors are mainly the electricity sector organisation and/or the overall economic situation. They are decisive factors of the economic performance of the reserve fund for a given design. Therefore, the requirement of availability of funds, when needed, is a matter of compatibility between the design of the decommissioning funds and the electricity context. Put differently, reserve fund's design need to be consistent with the electricity context's features in respect of the availability of funds. Current reserve funds were designed in a context of monopoly regime. In this context, availability of decommissioning funds was not questionable. At least, as far as the design of the reserve funds is concerned. This is because nuclear generator didn't confront any competition pressure. Electricity prices were set trough rate base mechanism, and all the business risks were borne by the

  3. 7 CFR 240.10 - Unobligated funds.

    Science.gov (United States)

    2010-01-01

    ... than 30 days following demand by FNS. Release of funds shall be reflected by a related adjustment in the State agency's Letter of Credit where appropriate or payment by State check where the funds have...

  4. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

    This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio – often referred to as a ‘flight-to-liquidity.’ In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

  5. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

    This paper examines the liquidity choices of mutual funds during times of market uncertainty. I find that when markets are uncertain, mutual funds actively increase the liquidity of their portfolio { often referred to as a `flight-to-liquidity.' In aggregate, mutual fund behaviour has implications...... for the market; the market driven flight-toliquidity places upward pressure on the liquidity premium. I examine the underlying mechanisms driving fund behaviour. I show that market volatility is associated with lower fund performance and withdrawals, which causes funds to adjust the composition...... of their portfolio towards more liquid assets in order to meet potential redemptions. This causal chain is consistent with Vayanos (2004), who argues that fund managers are investors with time-varying liquidity preferences due to threat of withdrawal. Aggregated over funds, the effect is substantial: a one standard...

  6. Development of funding project risk management tools.

    Science.gov (United States)

    2013-11-01

    Funding project risk management is a process for identifying, assessing, and prioritizing project funding risks. To plan to : minimize or eliminate the impact of negative events, one must identify what projects have higher risk to respond to potentia...

  7. Cancer Moonshot Funding Obligations FY 2017

    Science.gov (United States)

    NCI reports Cancer Moonshot obligations by funding mechanism. See obligations for Moonshot grants, intramural research, and contracts, including the number of grant awards, funding amounts, and percentages by mechanism of the total Cancer Moonshot budget.

  8. Clean Water State Revolving Fund Infographic

    Science.gov (United States)

    Infographic of the CWSRF program showing total project funding from 1987 through 2015, number of loans, how the program works, who is eligible for assistance, types of projects funded, and return on federal investment.

  9. Drinking Water State Revolving Fund Infographic

    Science.gov (United States)

    Infographic of the DWSRF program showing total project funding from 1997 through 2016, number of loans, how the program works, who is eligible for assistance, loan terms; types of projects funded, and return on federal investment.

  10. Mutual funds: temporary problem or permanent morass?

    OpenAIRE

    Paula A. Tkac

    2004-01-01

    The improprieties in the mutual fund industry that surfaced in the fall of 2003 prompted the passage and drafting of legislation and regulations that cover nearly every facet of mutual fund pricing and operations. While this regulatory flurry is clearly intended to protect shareholders’ interests, the question remains: How will these scandals and regulatory changes ultimately affect mutual fund investors? ; When considering the problems inherent in mutual fund management and the best ways to ...

  11. Optimizing retirement funds : an institutional perspective

    OpenAIRE

    2012-01-01

    M.Comm. Pension funds have risen to great prominence in the last two decades because they provide a service that fits the needs of individuals. The community at large are rapidly accepting and demanding facilities for proper retirement planning. Employees contribute towards retirement funds and their contributions are tax deductible while taxable to the employee upon retirement, generally at a lower rate. The employer, who has instituted the retirement fund, owes the fund because the emplo...

  12. Hedge Funds as Investors of Last Resort?

    OpenAIRE

    David J. Brophy; Paige P. Ouimet; Clemens Sialm

    2009-01-01

    Hedge funds have become important investors in public companies raising equity privately. Hedge funds tend to finance companies that have poor fundamentals and pronounced information asymmetries. To compensate for these shortcomings, hedge funds protect themselves by requiring substantial discounts, negotiating repricing rights, and entering into short positions of the underlying stocks. We find that companies that obtain financing from hedge funds significantly underperform companies that ob...

  13. Comparison of investment opportunities in mutual funds

    OpenAIRE

    NOVÁKOVÁ, Petra

    2012-01-01

    This thesis deals with the comparison of selected mutual funds in the Czech Republic. The main aim of this thesis is to evaluate the situation on the securities market of mutual funds and help to the investor with right choice of mutual fund. Work is initially devoted to the characteristics and history of collective investment. The following section describes mutual funds their characteristics, classification, creation and termination. Conclusion of the theoretical part is devoted to investme...

  14. Liquidity Hoarding and Inefficient Abundant Funding

    OpenAIRE

    Enisse Kharroubi

    2015-01-01

    This paper studies banks’ choice between building liquidity buffers and raising funding ex post to deal with reinvestment shocks. We uncover the possibility of an inefficient liquidity squeeze equilibrium when ex post funding is abundant. In the model, banks typically build larger liquidity buffers when they expect funding to be expensive. However, when banks hold larger liquidity buffers, pledgeable income is larger and they hence can raise more funding, which in the aggregate raises the fun...

  15. Can Chinese Mutual Fund Time Market Liquidity?

    OpenAIRE

    LI, Xiaoqing

    2012-01-01

    Extant researches have focused on mutual fund managers’ ability to time market returns or volatility. In this paper, the author offers a new perspective on the traditional timing issue by examining Chinese fund managers’ liquidity timing ability. Using the Chinese mutual fund database, the author finds little evidence that over the period from 2004 to 2012, fund managers cannot demonstrate the ability to time market liquidity in China, i.e., increase (reduce) market exposure in anticipation o...

  16. Do Hedge Funds Supply or Demand Liquidity?

    OpenAIRE

    Petri Jylhä; Kalle Rinne; Matti Suominen

    2014-01-01

    Regressing hedge funds’ returns on returns to a long–short contrarian trading strategy, a measure of the returns from providing liquidity, we find that hedge funds typically supply liquidity in the stock market. In the cross-section, strict redemption restrictions and large fund size increase funds’ propensity to supply liquidity. In time series, poor market liquidity and good funding conditions increase funds’ propensity to supply liquidity. Although the hedge funds typically supply liquidit...

  17. Improvement of Classification of Enterprise Circulating Funds

    OpenAIRE

    Rohanova Hanna O.

    2014-01-01

    The goal of the article lies in revelation of possibilities of increase of efficiency of managing enterprise circulating funds by means of improvement of their classification features. Having analysed approaches of many economists to classification of enterprise circulating funds, systemised and supplementing them, the article offers grouping classification features of enterprise circulating funds. In the result of the study the article offers an expanded classification of circulating funds, ...

  18. Fund managers’ contracts and short-termism

    OpenAIRE

    Casamatta, Catherine; Pouget, Sébastien

    2009-01-01

    This paper considers the problem faced by long-term investors who have to delegate the management of their money to professional fund managers. Investors can earn profits if fund managers collect long-term information. We investigate to what extent the delegation of fund management prevents long-term information acquisition, inducing short-termism. We also study the design of long-term fund managers' compensation contracts. Absent moral hazard, short-termism arises only because of the cost...

  19. Market conditions and hedge fund survival

    OpenAIRE

    Mark A. Carlson; Jason Steinman

    2008-01-01

    As the hedge fund industry has grown, there has been increased concern that, during sharp market moves, hedge fund failures could exacerbate the deterioration in financial conditions and deepen a crisis. However, there has not been much formal analysis regarding the impact of financial market conditions on hedge fund survival. To help fill this gap, this paper examines the relationship between financial market conditions and the likelihood of hedge fund failure after controlling for performan...

  20. The evolution and regulation of hedge funds.

    OpenAIRE

    Crockett, A.

    2007-01-01

    Hedge funds have attracted increased attention in recent years. In part, this is because investment in hedge funds is becoming “mainstream”. A wider range of investors has sought exposure to these investment vehicles, and this has been associated with rapid growth in both the number of funds and the volume of assets under management. In part, too, greater attention has been the result of worries that hedge funds could in some circumstances exert a destabilizing infl uence. With the growth in ...

  1. Sources of funding for community schemes

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-11-01

    There is an increasing level of interest amongst community groups in the UK to become involved in the development of renewable energy schemes. Often however these community groups have only limited funds of their own, so any additional funds that can be identified to help fund their renewable energy scheme can be very useful. There are a range of funding sources available that provide grants or loans for which community groups are eligible to apply. Few of these funding sources are targeted towards renewable energy specifically, nevertheless the funds may be applicable to renewable energy schemes under appropriate circumstances. To date, however, few of these funds have been accessed by community groups for renewable energy initiatives. One of the reasons for this low take-up of funds on offer could be that the funding sources may be difficult and time-consuming to identify, especially where the energy component of the fund is not readily apparent. This directory draws together details about many of the principal funding sources available in the UK that may consider providing funds to community groups wanting to develop a renewable energy scheme. (author)

  2. 36 CFR 330.7 - Funding.

    Science.gov (United States)

    2010-07-01

    ... § 330.7 Funding. (a) Section 330.3(c) sets forth the maximum authorized funds for law enforcement contracting in FY 1978 and FY 1979. The Division funding levels for FY 1978 are based on information as... Parks, Forests, and Public Property CORPS OF ENGINEERS, DEPARTMENT OF THE ARMY REGULATION OF LAW...

  3. 24 CFR 115.306 - Training funds.

    Science.gov (United States)

    2010-04-01

    ... 24 Housing and Urban Development 1 2010-04-01 2010-04-01 false Training funds. 115.306 Section 115.306 Housing and Urban Development Regulations Relating to Housing and Urban Development OFFICE OF... receive training funds. Training funds are fixed amounts based on the number of agency employees to be...

  4. The Persistence of Mutual Fund Performance.

    OpenAIRE

    Grinblatt, Mark; Titman, Sheridan

    1992-01-01

    This paper analyzes how mutual fund performance relates to past performance. These tests are based on a multiple portfolio benchmark that was formed on the basis of securities characteristics. The authors find evidence that differences in performance between funds persist over time and that this persistence is consistent with the ability of fund managers to earn abnormal returns. Copyright 1992 by American Finance Association.

  5. 34 CFR 668.162 - Requesting funds.

    Science.gov (United States)

    2010-07-01

    ... Secretary, the Secretary may provide funds to an institution under the advance, reimbursement, just-in-time, or cash monitoring payment methods. (2) Each time an institution requests funds from the Secretary... received those funds. (c) Just-in-time payment method. Under the just-in-time payment method— (1) For each...

  6. A Brief History of California School Funding

    Science.gov (United States)

    Canfield, Jacquie

    2013-01-01

    In January 2013, the governor proposed a new funding model for California school districts called the Local Control Funding Formula. As the Legislature debates the proposed new funding model for schools, which is expected to start in the 2013-14 fiscal year, the author thought it would be a good time for a history lesson in California school…

  7. The peer performance ratios of hedge funds

    NARCIS (Netherlands)

    Ardia, David; Boudt, Kris

    2018-01-01

    We define the outperformance (resp. underperformance) of an investment fund as the percentage of funds in the peer universe for which the true performance of the focal fund is higher (resp. lower). We show that the p–values of the pairwise tests of equal performance can be used to obtain estimates

  8. 78 FR 65341 - Discretionary Grant Funds

    Science.gov (United States)

    2013-10-31

    ... Deviation: Non-Competitive Expansion Supplement Funds to the Healthcare Systems Bureau (HSB). SUMMARY: HRSA... of the Non-Competitive Award: $126,144. CFDA Number: 93.253. Period of Supplemental Funding: 10/1... period that is due to end August 31, 2014. The funding was based on providing services to 50 percent of...

  9. 7 CFR 3430.205 - Funding restrictions.

    Science.gov (United States)

    2010-01-01

    ... 7 Agriculture 15 2010-01-01 2010-01-01 false Funding restrictions. 3430.205 Section 3430.205... Funding restrictions. (a) Prohibition against construction. Funds made available under this subpart shall not be used for the construction of a new building or facility or the acquisition, expansion...

  10. A National Nuclear Fund was created

    International Nuclear Information System (INIS)

    Svolik, S.

    2006-01-01

    National Nuclear Fund for Decommissioning of the Nuclear Equipment and for Treatment of the Spent Nuclear Fuel and Radio Active Wastes - this is the full name of the newly established fund, because the State Fund of Liquidation of the Nuclear and Energetic Equipment has been cancelled by course of law. (author)

  11. Current Developments in Community College Performance Funding

    Science.gov (United States)

    D'Amico, Mark M.; Friedel, Janice N.; Katsinas, Stephen G.; Thornton, Zoë M.

    2014-01-01

    Since the initiation of performance funding in Tennessee in the late 1970s, approximately 30 states have, at some point, attempted a funding model that includes performance on a set of indicators. The purpose of the present study was to capture the current status of performance funding in public statewide community college systems and to assess…

  12. 24 CFR 401.472 - Rehabilitation funding.

    Science.gov (United States)

    2010-04-01

    ... (MARK-TO-MARKET) Restructuring Plan § 401.472 Rehabilitation funding. (a) Sources of funds—(1) Project... has determined that funding from this source is available. (b) Statutory restrictions. Any... 24 Housing and Urban Development 2 2010-04-01 2010-04-01 false Rehabilitation funding. 401.472...

  13. Performance control of Chinese investment funds

    NARCIS (Netherlands)

    Cao, X.

    2002-01-01

    The performance control of investment funds has long been a discussed focal point by both academics and practitioners because of the ready availability of fund data and the importance of fund performance in attracting investors. Unfortunately, this area was still an almost blank space in the Chinese

  14. Mutual fund volatility timing and management fees

    NARCIS (Netherlands)

    Giambona, E.; Golec, J.

    2009-01-01

    This paper shows that compensation incentives partly drive fund managers’ market volatility timing strategies. Larger incentive management fees lead to less counter-cyclical or more pro-cyclical volatility timing. But fund styles or aggregate fund flows could also account for this relation;

  15. 75 FR 10059 - Money Market Fund Reform

    Science.gov (United States)

    2010-03-04

    ... contain adverse effects on the capital markets and other money market funds. In addition, throughout the... acquisition of second tier securities by money market funds might have a negative effect on those issuers of...; Treasury Strategies Comment Letter. Commenters asserted that eliminating money market funds' ability to...

  16. 75 FR 9120 - Electronic Fund Transfers

    Science.gov (United States)

    2010-03-01

    ... FEDERAL RESERVE SYSTEM 12 CFR Part 205 [Regulation E; Docket No. R-1343] Electronic Fund Transfers... implements the Electronic Fund Transfer Act, and the official staff commentary to the regulation. The final..., the Board adopted a final rule under Regulation E, which implements the Electronic Fund Transfer Act...

  17. 40 CFR 35.272 - Funding coordination.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Funding coordination. 35.272 Section 35.272 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY GRANTS AND OTHER FEDERAL ASSISTANCE....272 Funding coordination. Recipients must use the lead-based paint program funding in a way that...

  18. 40 CFR 35.691 - Funding coordination.

    Science.gov (United States)

    2010-07-01

    ... 40 Protection of Environment 1 2010-07-01 2010-07-01 false Funding coordination. 35.691 Section 35.691 Protection of Environment ENVIRONMENTAL PROTECTION AGENCY GRANTS AND OTHER FEDERAL ASSISTANCE...(g)) § 35.691 Funding coordination. Recipients must use the Lead-Based Paint program funding in a way...

  19. Más allá del royalty: Análisis crítico de la tributación minera

    OpenAIRE

    Leturia I, Francisco J; García G, José Francisco

    2007-01-01

    El 1 de enero del año 2006, entró a regir el impuesto especial o adicional a la renta operación de las empresas mineras, conocido como Royalty. Más allá de las diferentes formas en que fue técnicamente planteado, su discusión permitió observar algunas realidades anexas dignas de un análisis más detenido. La más relevante quizá haya sido el bajo apoyo ciudadano y político que concita la industria minera, a pesar de sus importantes e indiscutibles aportes económicos, el reconocimiento del cumpl...

  20. Are Sunshine Private Funds More Beneficial than Publicly Offered Funds to the Fund Managers in Their Investment Performance?

    Institute of Scientific and Technical Information of China (English)

    YAN Wu; XIONG Hang

    2016-01-01

    From the perspective of the comparison between the investment performances of the fund managers before and after investment transfer from publicly offered funds to sunshine private funds,we can better explore the influences of the two institutional environments on the investment performances of the fund managers.This paper conducts a comparative analysis of the fund managers,investment performances before and after their investment transfer with the help of a number of fund performance evaluation models.The results show that the overall investment ability of the fund managers have been improved significantly when they transfer from publicly offered funds to sunshine private funds.If decomposing the overall investment ability into time-choosing and stock-picking abilities,the improvement of the fund managers' overall investment ability is mainly reflected in the significant improvement of their time-choosing ability after the transfer,while their stock-picking ability would then decrease a little.At the same time,by studying the personal characteristics of the fund managers,it is found that those who had investment research experience can obtain better investment performances.

  1. COMMERCIAL FUND, RECOGNITION AND ASSESSMENT

    Directory of Open Access Journals (Sweden)

    VIOREL TRIF

    2010-01-01

    Full Text Available The importance of the immaterial investments within companies nowadays urges the specialists in accounting to find the ways to present more in the elements. In their studies researchers face the controversy reinvestments, as an asset in the balance sheet or an expense in the profit or loss account. The main goal of this paper is to analyze the difficulties in commercial fund. In the first part we will analyze various definitions of the problems concerning the commercial fund’s recognition and assessment. The paper also suggests that investments are really social and economic problems.

  2. Bureaucracy blights funding in Europe

    Science.gov (United States)

    Banks, Michael

    2009-04-01

    The process of applying for money from the Framework programme of the European Union (EU) is a "stain" on the EU's reputation and a "radical overhaul" of the administration is needed. That is the view of an independent panel of scientists charged with evaluating the €18bn Sixth Framework programme, which lasted from 2002 to 2006 and funded collaborative research performed within more than one country. The panel says that grants handed out by the programme take, on average, over a year to get approved, with a quarter of proposals taking more than 450 days before being signed.

  3. Más allá del royalty: Análisis crítico de la tributación minera

    Directory of Open Access Journals (Sweden)

    Francisco J Leturia I

    2007-01-01

    Full Text Available El 1 de enero del año 2006, entró a regir el impuesto especial o adicional a la renta operación de las empresas mineras, conocido como Royalty. Más allá de las diferentes formas en que fue técnicamente planteado, su discusión permitió observar algunas realidades anexas dignas de un análisis más detenido. La más relevante quizá haya sido el bajo apoyo ciudadano y político que concita la industria minera, a pesar de sus importantes e indiscutibles aportes económicos, el reconocimiento del cumplimiento de la ley y el pago de los impuestos que ella exige. En segundo lugar, mostró algunos mecanismos de nuestro sistema tributario general, especialmente notorios en sectores intensivos en el uso de capital, que permiten resultados complejos y difíciles de explicar a la ciudadanía, y de cuya existencia la industria minera no tenía responsabilidad alguna. La combinación de ambas situaciones, más la oposición ideológica e histórica a la minería, la puso en una frágil posición, que en buena medida explica la facilidad con que fue aprobado un tributo específico tan débilmente fundado. Sostenemos en este trabajo que en lugar del royalty, hubiese sido deseable implementar un plan perfeccionador general de la institucionalidad tributaria, que terminase con las opciones o alternativas tributarias (principalmente en depreciación, la desigualdad de trato ofrecidos a algunos contribuyentes (principalmente entre chilenos y extranjeros y aumentase el bajísimo monto actual de las patentes mineras. Creemos que ellas ofrecían interesantes posibilidades que beneficiarían tanto a la institucionalidad minera como al sistema tributario general. Desgraciadamente, la ley del royalty, en vez de asumir esos puntos, crea una serie de excepciones, beneficios y situaciones especiales, de las cuales muchas buscaron atenuar los efectos negativos del impuesto, pero van en la dirección opuesta a lo propiciado por los autores, en cuanto a simplificar y

  4. Funding for reactor decommissioning: the NRC perspective

    International Nuclear Information System (INIS)

    Wood, R.S.

    1981-01-01

    The cost of decommissioning a nuclear power plant is discussed. Four funding approaches that have received the most attention from the NRC are: prepayment into a trust fund of estimated decommissioning funds at the start of facility operation; annual contributions into a trust fund outside the control of the utility over the estimated life of a facility; internal reserve or sinking fund amortizations over the estimated life of a facility; and insurance or other surety mechanisms used separately or in conjunction with any of the first three mechanisms

  5. The Irish Enterprise Funding Environment, April 2012

    OpenAIRE

    2012-01-01

    Funding is vital for enterprises to survive and at present bank lending is a central element of the funding environment for business in Ireland. This report provides an overview of the current funding environment for business in Ireland, both bank and non-bank sources. It also outlines the policy issues arising and proposes a wide range of actions to improve access to funding, many of which have been reflected in the Action Plan for Jobs. Implementation of funding measures in the Action Pl...

  6. Funding Mechanisms, Cost Drivers, and the Distribution of Education Funds in Alberta: A Case Study.

    Science.gov (United States)

    Neu, Dean; Taylor, Alison

    2000-01-01

    Critical analysis of historical financial data of the Calgary Board of Education (CBE) examined the impact of Alberta's 1994 funding changes on the CBE and the distribution of Alberta's education funding. Findings illustrate how funding mechanisms are used to govern from a distance and how seemingly neutral accounting/funding techniques function…

  7. 25 CFR 170.925 - Is ERFO funding supplemental to IRR Program funding?

    Science.gov (United States)

    2010-04-01

    ... RESERVATION ROADS PROGRAM Miscellaneous Provisions Emergency Relief § 170.925 Is ERFO funding supplemental to... construction and maintenance funds for FHWA-approved repairs. If IRR construction or maintenance funds are used... used to reimburse the construction or maintenance funds expended. ...

  8. The Domino Effects of Federal Research Funding.

    Science.gov (United States)

    Lanahan, Lauren; Graddy-Reed, Alexandra; Feldman, Maryann P

    2016-01-01

    The extent to which federal investment in research crowds out or decreases incentives for investment from other funding sources remains an open question. Scholarship on research funding has focused on the relationship between federal and industry or, more comprehensively, non-federal funding without disentangling the other sources of research support that include nonprofit organizations and state and local governments. This paper extends our understanding of academic research support by considering the relationships between federal and non-federal funding sources provided by the National Science Foundation Higher Education Research and Development Survey. We examine whether federal research investment serves as a complement or substitute for state and local government, nonprofit, and industry research investment using the population of research-active academic science fields at U.S. doctoral granting institutions. We use a system of two equations that instruments with prior levels of both federal and non-federal funding sources and accounts for time-invariant academic institution-field effects through first differencing. We estimate that a 1% increase in federal research funding is associated with a 0.411% increase in nonprofit research funding, a 0.217% increase in state and local research funding, and a 0.468% increase in industry research funding, respectively. Results indicate that federal funding plays a fundamental role in inducing complementary investments from other funding sources, with impacts varying across academic division, research capacity, and institutional control.

  9. Early stage fuel cell funding

    International Nuclear Information System (INIS)

    Bergeron, C.

    2004-01-01

    'Full text:' Early stage venture funding requires an in depth understanding of both current and future markets as well as the key technical hurdles that need to be overcome for new technology to commercialize into successful products for mass markets. As the leading fuel cell and hydrogen investor, Chrysalix continuously reviews global trends and new technologies, evaluates them with industry leaders worldwide and tries to match them up with the best possible management teams when selecting its early stage investments. Chrysalix Energy Limited Partnership is an early-stage venture capital firm focusing on fuel cell and related fueling technology companies and is a private equity joint venture between Ballard Power Systems, BASF Venture Capital, The BOC Group, The Boeing Company, Duke Energy, Mitsubishi Corporation and Shell Hydrogen. Operating independently, Chrysalix offers a unique value proposition to its clients throughout the business planning, start-up and operations phases of development. Chrysalix provides early-stage funding to new companies as well as management assistance, technological knowledge, organized networking with industry players and experience in the management of intellectual property. (author)

  10. Revolving fund for energy saving

    International Nuclear Information System (INIS)

    Prebensen, K.

    1993-01-01

    A key issue in Eastern Europe is the adjustment of prices from the former COMECON level to a level conforming with free market conditions. In the case of household heating, this issue involves the removal of government subsidies leading to sharply increasing prices, metering of individual consumption, improving the efficiency of energy production, distribution and use - where savings of 30-50% in each link are technically feasible - thereby providing a potential for a adapting consumption patterns to higher energy prices, provided that funds are available. Currently, investment in commercial heat production and distribution systems have received substantial international support - whereas investment in reduction of demand has been little exploited. The Revolving Fund for Energy Savings in Polish Households is a concept for efficient financing of small-scale projects. It aims at financing, on the level of housing cooperatives, on the basis of a simplified lending and project evaluation procedure, well suited to current Polish conditions or an organizationally and financially weak banking system and little developed technical knowledge in the field of energy saving. A general introduction to the issue is given and technical problems are elaborated. The implementation of Energy Savings in Housing seen from the banking point of view, and a current pilot scheme for financing, are described. (AB)

  11. ALTERNATIVE FUNDING THECNIQUES. COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Elena Mihaela ILIESCU

    2018-05-01

    Full Text Available The main objective of this paper isto highlight the dynamics, diversity and especially the availability of an alternative financial market, developed outside of the traditional banking system, on online trading platforms, a market that can constitute an efficient solution, at the expense of entities open to fast funding, wide raging, with limited guaranties and minimum procedural and legislative formalities. For this purpose, we shall analyze briefly the main alternative financing methods, both empirically and qualitatively, in terms of similarities and differences between the two of them, inclusively of the amount that can be employed in this process through different methods. The current paper aims to be a practical guide meant to support those facing difficulties in obtaining financing for start-ups, implementing or/and developing business and entrepreneurship initiatives, and also a guide for those who want to be informed regarding the latest funding techniques. Another aspect to be considered is the legal framework in which this process takes place, because the regulation for these levers remains constantly behind the development process of new methods. The classic financiers should also consider reviewing the lending policy as the amounts attracted and accessed through these alternative methods increase exponentially from one year to the other, the volume of sums involved surpassing each time the forecasts, making thus possible the transformations of these paradigms from the financial sector into preponderant financial funding’s.

  12. Empirical study on mutual fund objective classification.

    Science.gov (United States)

    Jin, Xue-jun; Yang, Xiao-lan

    2004-05-01

    Mutual funds are usually classified on the basis of their objectives. If the activities of mutual funds are consistent with their stated objectives, investors may look at the latter as signals of their risks and incomes. This work analyzes mutual fund objective classification in China by statistical methods of distance analysis and discriminant analysis; and examines whether the stated investment objectives of mutual funds adequately represent their attributes to investors. That is, if mutual funds adhere to their stated objectives, attributes must be heterogeneous between investment objective groups and homogeneous within them. Our conclusion is to some degree, the group of optimized exponential funds is heterogeneous to other groups. As a whole, there exist no significant differences between different objective groups; and 50% of mutual funds are not consistent with their objective groups.

  13. Creative partnerships for funding nursing research.

    Science.gov (United States)

    McCann, Judith J; Hills, Elizabeth Blanchard; Zauszniewski, Jaclene A; Smith, Carol E; Farran, Carol J; Wilkie, Diana J

    2011-02-01

    The Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer Research (STTR) program are two federal funding mechanisms that some nurses in academic positions have used to support research and development of innovative nursing products or services. Both the SBIR and STTR mechanisms are excellent sources of funding for nurse researchers who want to capitalize on relationships with small businesses or obtain seed money to fund high-risk projects with potential to attract new venture capital. This article provides an overview of National Institutes of Health (NIH)-funded SBIR and STTR programs and summarizes similarities and differences between the programs. The article also describes unique features of NIH SBIR and STTR funding mechanisms that differentiate them from other R-series funding mechanisms, reviews evaluation criteria for SBIR and STTR projects, and discusses critical partners and resources for proposal development. Finally, the article describes characteristics of successful partnerships and provides examples of SBIR/STTR-funded projects.

  14. HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Nor Hadaliza ABD RAHMAN

    2011-07-01

    Full Text Available The growth of the hedge fund industry over the decades has brought an interesting form of performance contract between the portfolio managers and their investors. The contractual relation has given an impact to the performance of the hedge fund industry, which benefited both fund managers and investors. Furthermore, it has created more investors and fund managers to participate in this high risk and high return investment. Currently, many issues on fee structures and performancebased incentives have been discussed. Do these issues affect the performance of the hedge fund in the market? This paper will investigate the issues in Australian market. It will empirically analyze the hedge fund performance in relation to the market performance and whether managerial incentives and discretions associated with better fund performance.

  15. EGYPTIAN MUTUAL FUNDS ANALYSIS: HISTORY, PERFORMANCE, OBJECTIVES, RISK AND RETURN

    Directory of Open Access Journals (Sweden)

    Petru STEFEA

    2013-10-01

    Full Text Available The present research aims to overview the mutual fund in Egypt. The establishment of the first mutual funds was achieved in 1994. Nowadays, the total mutual funds reached 90 funds , approximately. The income funds represent the largest share of the Egyptian mutual funds (40%, growth funds (25% and the private equity funds is at least (1%. The total population of the Egyptian mutual funds reached 22. Finally, the study proved that the Egyptian mutual funds have an impact on fund return , total risk and systemic; when analysis relationship between risk and return. The study found influencing for mutual fund's objectives on Sharpe and Terynor ratios.

  16. Return Persistence and Fund Flows in the Worst Performing Mutual Funds

    OpenAIRE

    Jonathan B. Berk; Ian Tonks

    2007-01-01

    We document that the observed persistence amongst the worst performing actively managed mutual funds is attributable to funds that have performed poorly both in the current and prior year. We demonstrate that this persistence results from an unwillingness of investors in these funds to respond to bad performance by withdrawing their capital. In contrast, funds that only performed poorly in the current year have a significantly larger (out)flow of funds/return sensitivity and consequently show...

  17. Importance of the fund management company in the performance of socially responsible mutual funds

    OpenAIRE

    Belghitar, Yacine; Clark, Ephraim; Deshmukh, Nitin

    2017-01-01

    We compare the performance of a sample of U.K.-based socially responsible investment (SRI) funds with similar conventional funds using a matched-pair analysis based on size, age, investment universe, and fund management company (FMC). We find that both the SRI and conventional funds outperform the market index about 50% of the time, even after fees. Subsample tests show that the SRI funds in our sample perform better in the pre- and postfinancial crisis periods but underperform during the fin...

  18. Importance of funding in decommissioning cost estimates

    International Nuclear Information System (INIS)

    Mingst, B.C.

    1987-01-01

    Decommissioning cost estimates have been made by several study groups for the decommissioning of pressurized-water and boiling-water nuclear power stations. The results of these studies are comparable when corrected for inflation and the differences in contingency factors applied by the study groups. The estimated dismantling costs differ far less than a factor of 2 in all cases, despite the design differences found in the plants that were studied. An analysis of the different methods available for funding the dismantling of these facilities shows the much stronger effect that the choice of funding methods has on the net cost of decommissioning. The total cost of dismantling may vary more than a factor of 4 from one funding method to another, assuming current or recent historical inflation rates. The funding methods evaluated include sinking funds, deposits, negative-salvage value depreciation, and insurance. These funding methods are taken from the NRC's Notice of Proposed Rulemaking description of acceptable funding methods. The funding analysis for this study was performed using the DECOST-86 computer code. The evaluation of funding options for a nuclear facility, and the appropriate choice of the funding method best for that facility, are found to be more important than detailed engineering studies in determining the net cost of decommissioning during the early portions of the plant's operating lifetime

  19. 76 FR 38432 - TIAA-CREF Funds, et al.; Notice of Application

    Science.gov (United States)

    2011-06-30

    ... & Income Fund, High-Yield Fund, Inflation-Linked Bond Fund, International Equity Fund, International Equity... Market Fund, Real Estate Securities Fund, Short-Term Bond Fund, Small-Cap Equity Fund; Teachers Advisors..., Growth & Income Fund, High-Yield Fund, Inflation-Linked Bond Fund, International Equity Fund...

  20. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    2001-01-01

    The Governing Board met on 4 September in its first session since the summer break. On this occasion, the Board invited the two actuaries entrusted with the three-yearly actuarial review of the Fund, MP Actuaires SA (Geneva) and AON Consulting (Brussels), to present their results. Although the two studies were conducted independently and simultaneously, the Governing Board noted that the underlying methodology was remarkably similar in both cases. Both actuaries adopted a stochastic approach, both performed analyses based on the closed-fund method and on the open-fund method, and both made an evaluation of the risks for the appreciation of the Fund's financial position. This methodology produced consistent results which, while not always identical, are superimposable in terms of their order of magnitude. Under the closed-fund method, which involves assessing the Fund's financial situation as if it were closed on the date of calculation without any new members being admitted, both actuaries conclude that the s...

  1. ELECTIONS PENSION FUND 3rd candidate

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : Hauviller First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

  2. ELECTIONS PENSION FUND CANDIDATE NR 3

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate : Name : HAUVILLER First Name : Claude Dear colleague of CERN and ESO, For the first time, I am standing and requesting your support to become a member of the Governing Board of our Pension Fund. CERN staff member since 1974, I have already carried elective mandates: I have been Delegate to the Staff Council and Member of the Senior Staff Consultative Committee (the Nine). For the majority of us, our Pension Fund is our only social provident scheme and source of retirement income; I believe I can usefully contribute to its successful management and help ensure its balance. Our Fund reaches its majority: soon, there will be more beneficiaries tha...

  3. Pension fund excellence creating value for stakeholders

    CERN Document Server

    Ambachtsheer, Keith P.

    1998-01-01

    Internationally recognized experts in the field introduce their "business excellence paradigm". In this book, two leading pension fund experts lay out a comprehensive plan for effective fund management. With the help of domestic and global case studies they critically assess current approaches to pension fund management and isolate what works and what doesn't using their unique critically acclaimed "run-it-like-a-business" model. Keith P. Ambachtsheer (Toronto, Canada) is principle at KPA Advisory Service, Inc., a pension fund management consulting firm. He runs The Ambachtsheer Letter and cofounded Cost Effective Measurement, Inc., which monitors the performance of 300 of the world's largest asset funds. D. Don Ezra (Toronto, Canada) is Director of European Consulting at Frank Russell Co. His previous books include The Struggle for Pension Fund Wealth.

  4. Financial Crisis and Corporate Social Responsible Mutual Fund Flows

    OpenAIRE

    Sitikantha Parida; Zhihong Wang

    2018-01-01

    In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds) vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds). Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and posi...

  5. Incentive Contracts and Hedge Fund Management

    OpenAIRE

    Jens Carsten Jackwerth; James E. Hodder

    2005-01-01

    This paper investigates dynamically optimal risk-taking by an expected-utility maximizing manager of a hedge fund. We examine the effects of variations on a compensation structure that includes a percentage management fee, a performance incentive for exceeding a specified highwater mark, and managerial ownership of fund shares. In our basic model, there is an exogenous liquidation barrier where the fund is shut down due to poor performance. We also consider extensions where the manager can vo...

  6. Indian mutual fund industry: Opportunities and challenges

    OpenAIRE

    Jayant R. Kale; Venkatesh Panchapagesan

    2012-01-01

    This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other is...

  7. Downside Risk Timing by Mutual Funds

    OpenAIRE

    Bodnaruk, Andriy; Chokaev, Bekhan; Simonov, Andrei

    2015-01-01

    We study whether mutual funds systematically manage downside risk of their portfolios in ways that improve their performance. We find that actively managed mutual funds on average possess positive downside risk timing ability. Funds investing in large-cap and value stocks have stronger downside risk timing skills. Managers adjust funds’ downside risk exposure in response to macroeconomic information. The economic value of downside risk timing is comparable to that of market timing.

  8. Federal Research and Development Funding: FY2009

    Science.gov (United States)

    2009-05-22

    are funded through the NIH Management Fund, financed by taps on other NIH appropriations.) President Bush’s FY2009 budget proposal gave most of the... Alchemy of the 21st Century,” remarks, Texas Academy of Medicine, Engineering and Science Fourth Annual Conference, Austin, Texas, January 4, 2007...significant decrease in financing for MEP. Funding for in-house research and development under the Scientific and Technology Research and Services (STRS

  9. ANNUAL REPORT OF THE PENSION FUND

    CERN Multimedia

    HR Department

    2009-01-01

    The 2008 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 19 June 2009, is now available from the Departmental secretariats. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/ Pension beneficiaries can obtain this document from Emilie Clerc (tel. + 41 22 767 87 98), building 5-5/017. Secretariat of the Pension Fund 72742

  10. Annual Report of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    The 2008 Annual Report and Accounts of the Pension Fund, which were approved by theCouncil at its session of 19 June 2009, are now available from Departmental secretariats. The document is also available on the Pension Fund website: http://pensions.web.cern.ch/Pensions/ Pension beneficiaries can obtain the document from Emilie Clerc (tel. + 41 22 767 87 98), Building 5-5/017. Secretariat of the Pension Fund 72742

  11. Annual Report of the Pension Fund

    CERN Document Server

    HR Department

    2009-01-01

    The 2008 Annual Report and Accounts of the Pension Fund which was approved by Council at its session of 19 June 2009, is now available from the Departmental secretariats. It is also available on the Pension fund site: http://pensions.web.cern.ch/Pensions/ Pension beneficiaries can obtain this document from Emilie Clerc (tel. + 41 22 767 87 98), building 5-5/017. Secretariat of the Pension Fund 72742

  12. Creative Partnerships for Funding Nursing Research

    OpenAIRE

    McCann, Judith J.; Hills, Elizabeth Blanchard; Zauszniewski, Jaclene A.; Smith, Carol E.; Farran, Carol J.; Wilkie, Diana J.

    2010-01-01

    The Small Business Innovation Research (SBIR) program and the Small Business Technology Transfer Research (STTR) program are two federal funding mechanisms that some nurses in academic positions have used to support research and development of innovative nursing products or services. Both the SBIR and STTR mechanisms are excellent sources of funding for nurse researchers who want to capitalize on relationships with small businesses or obtain seed money to fund high risk projects with potentia...

  13. Measurement of Accountability Management of Village Funds

    OpenAIRE

    Yunita, Anggraeni; Christianingrum

    2018-01-01

    The purpose of this study is to measure the accountability of village funds management in Kabupaten Bangka. In relation to the Village Funds program which is a government program, the measurement of accountability of Village Funds management uses accountability principles consisting of Transparency, Liability, Controlling, Responsibility and Responsiveness which are the principles of accountability developed by the United Nations Development Program in measuring bureaucratic accountability. T...

  14. Liquidity risk and contagion for liquid funds

    OpenAIRE

    Darolles , Serge; Dudek , Jeremy; Le Fol , Gaëlle

    2014-01-01

    Fund managers face liquidity problems but they have to distinguish the market liquidity risk implied by their assets and the funding liquidity risk. This latter is due to both the liquidity mismatch between assets and liabilities and the redemption risk due to the possible outflows from clients. The main contribution of this paper is the analysis of contagion looking at common market liquidity problems to detect funding liquidity problems. Using the CDS Bond Spread basis as a liquidity indica...

  15. PERFORMANCE EVALUATION OF TURKISH TYPE A MUTUAL FUNDS AND PENSION STOCK FUNDS BY USING TOPSIS METHOD

    Directory of Open Access Journals (Sweden)

    Nesrin ALPTEKIN

    2009-07-01

    Full Text Available In this paper, it is evaluated performance of Turkish Type A mutual funds and pension stock funds by using TOPSIS method which is a multicriteria decision making approach. Both of these funds compose of stocks in their portfolios, so it can be enabled to compare each other. Generally, mutual or pension funds are evaluated according to their risk and return. At this point, it is used traditional performance measurement techniques of funds like Sharpe ratio, Sortino ratio, Treynor index and Jensen’s alpha. TOPSIS method takes into consideration all of these fund performance measurement techniques and provides more reasonable performance measurement.

  16. 25 CFR 47.11 - Can these funds be used as matching funds for other Federal programs?

    Science.gov (United States)

    2010-04-01

    ... EDUCATION UNIFORM DIRECT FUNDING AND SUPPORT FOR BUREAU-OPERATED SCHOOLS § 47.11 Can these funds be used as matching funds for other Federal programs? A Bureau-operated school may use funds that it receives under...

  17. Are international fund flows pro- or counter-cyclical?

    NARCIS (Netherlands)

    Li, Suxiao; de Haan, Jakob; Scholtens, Bert; Yang, Haizhen

    2015-01-01

    We investigate whether international fund flows are pro-or counter-cyclical by employing a concordance index. International fund flows are investments in bond and equity markets by institutional investors, such as mutual funds, exchange traded funds, closed-end funds and hedge funds. We find that

  18. Improvement of Classification of Enterprise Circulating Funds

    Directory of Open Access Journals (Sweden)

    Rohanova Hanna O.

    2014-02-01

    Full Text Available The goal of the article lies in revelation of possibilities of increase of efficiency of managing enterprise circulating funds by means of improvement of their classification features. Having analysed approaches of many economists to classification of enterprise circulating funds, systemised and supplementing them, the article offers grouping classification features of enterprise circulating funds. In the result of the study the article offers an expanded classification of circulating funds, which clearly shows the role of circulating funds in managing enterprise finance and economy in general. The article supplements and groups classification features of enterprise circulating funds by: the organisation level, functioning character, sources of formation and their cost, and level of management efficiency. The article shows that the provided grouping of classification features of circulating funds allows exerting all-sided and purposeful influence upon indicators of efficiency of circulating funds functioning and facilitates their rational management in general. The prospect of further studies in this direction is identification of the level of attraction of loan resources by production enterprises for financing circulating funds.

  19. Risk-return of Belgian SRI funds

    OpenAIRE

    Van Liedekerke, Luc; De Moor, Lieven; Vanwalleghem, Dieter

    2007-01-01

    We analyse the risk-return profile of Belgian SRI funds versus conventional investment funds. We apply a four-factor conditional Carhart model to establish whether there are significant differences in risk-return profile between an SRI portfolio and a conventional portfolio and test for learning effects in SRI funds. We show that there is no difference in risk-return profile between SRI and conventional funds. If return is not the problem, then what is it that limits the development of an SRI...

  20. Cash Holdings and Mutual Fund Performance

    OpenAIRE

    Mikhail Simutin

    2014-01-01

    Cash holdings of equity mutual funds impose a drag on fund performance but also allow managers to make quick investments in attractive stocks and satisfy outflows without costly fire sales. This article shows that actively managed equity funds with high abnormal cash—that is, with cash holdings in excess of the level predicted by fund attributes—outperform their low abnormal cash peers by over 2% per year. Managers carrying high abnormal cash compensate for the low return on cash by making su...

  1. PERFORMANCE EVALUATION OF CHINESE NEW FUNDS

    Institute of Scientific and Technical Information of China (English)

    倪苏云; 翁轶丛; 吴冲锋

    2001-01-01

    he performance of Chinese investment funds was empirically analyzed using the following models, i.e. Jensen model, Treynor-Mazuy (T-M) model amd Merton-Henriksson model. The results show that T-M model is fitted to Chinese investment funds best among these three. But none of them can perfectly interpret the new funds' performance. So, the idea suggested by Jagannathan, Korajczyk (J-K) to extend the test was adopted in this paper, and the results show that J-K model augmented from the M-H can explain the source of excess return of fund Anxin.

  2. Funding models for outreach ophthalmology services.

    Science.gov (United States)

    Turner, Angus W; Mulholland, Will; Taylor, Hugh R

    2011-01-01

    This paper aims to describe funding models used and compare the effects of funding models for remuneration on clinical activity and cost-effectiveness in outreach eye services in Australia. Cross-sectional case study based in remote outreach ophthalmology services in Australia. Key stake-holders from eye services in nine outreach regions participated in the study. Semistructured interviews were conducted to perform a qualitative assessment of outreach eye services' funding mechanisms. Records of clinical activity were used to statistically compare funding models. Workforce availability (supply of ophthalmologists), costs of services, clinical activity (surgery and clinic consultation rates) and waiting times. The supply of ophthalmologists (full-time equivalence) to all remote regions was below the national average (up to 19 times lower). Cataract surgery rates were also below national averages (up to 10 times lower). Fee-for-service funding significantly increased clinical activity. There were also trends to shorter waiting times and lower costs per attendance. For outreach ophthalmology services, the funding model used for clinician reimbursement may influence the efficiency and costs of the services. Fee-for-service funding models, safety-net funding options or differential funding/incentives need further exploration to ensure isolated disadvantaged areas prone to poor patient attendance are not neglected. In order for outreach eye health services to be sustainable, remuneration rates need to be comparable to those for urban practice. © 2011 The Authors. Clinical and Experimental Ophthalmology © 2011 Royal Australian and New Zealand College of Ophthalmologists.

  3. Defense Business Operations Fund Inventory Record Accuracy

    National Research Council Canada - National Science Library

    1998-01-01

    .... The overall objective of the audit was to determine whether inventory amounts on the FY 1996 Defense Business Operations Fund Consolidated Financial Statements were presented fairly in accordance...

  4. Opportunities for Funding at NSF

    Science.gov (United States)

    Kafafi, Zakya H.

    2009-03-01

    Materials science, inter- and multi-disciplinary in nature, provides the bridge to many areas of fundamental and applied sciences such as biology, chemistry, physics, mathematics, computer sciences, and engineering. Strong links that may exist between materials science and other disciplines, such as biology or chemistry or physics, very often lead to novel applications and enable technologies of great benefit to our society. The Division of Materials Research (DMR) invested 274.0 M in FY 2008 and is estimated to invest 324.6 M in FY 2009 funding research and education as well as enabling tools & instrumentation for individual investigators, groups, centers, and national facilities. DMR programs cover a wide spectrum of materials research and education ranging from condensed matter and materials physics, solid-state and materials chemistry, multifunctional, hybrid, electronic, photonic, metallic, ceramic, polymeric, bio-materials, composites and nanostructures to list a few. New modes of funding, research opportunities and directions, such as the recent SOLAR solicitation, will be described. This Solar Energy Initiative launched jointly by three divisions, namely Chemistry, Materials Research and Mathematical Science is aimed at supporting truly interdisciplinary efforts that address the scientific challenges of highly efficient harvesting, conversion, and storage of solar energy. The goal of this new program is to create a new modality of linking the mathematical with the chemical and materials sciences to develop transformative paradigms based on the integrated expertise and synergy from three disciplinary communities. DMR is also seeking new ways to transform materials science and education, and make it more attractive as a career for bright, young women & men. A description will be given of several workshops held this year and planned for next year with this purpose in mind. Outreach programs that emphasize how the innovations resulting from materials research

  5. Funding Public Higher Education in Colorado: How Has the College Opportunity Funding Model Impacted Educational Funding and Performance?

    Science.gov (United States)

    Middlemist, George Edward

    2017-01-01

    During the 2004 legislative session, the Colorado General Assembly enacted Senate Bill 189 (SB189), which established the first system of college vouchers in the United States. The supporters of SB189 hoped that the voucher system, called the College Opportunity Fund (COF), would: 1) stabilize the flow of state funding to higher education; 2)…

  6. Genomics Research: World Survey of Public Funding

    Directory of Open Access Journals (Sweden)

    Cook-Deegan Robert M

    2008-10-01

    Full Text Available Abstract Background Over the past two decades, genomics has evolved as a scientific research discipline. Genomics research was fueled initially by government and nonprofit funding sources, later augmented by private research and development (R&D funding. Citizens and taxpayers of many countries have funded much of the research, and have expectations about access to the resulting information and knowledge. While access to knowledge gained from all publicly funded research is desired, access is especially important for fields that have broad social impact and stimulate public dialogue. Genomics is one such field, where public concerns are raised for reasons such as health care and insurance implications, as well as personal and ancestral identification. Thus, genomics has grown rapidly as a field, and attracts considerable interest. Results One way to study the growth of a field of research is to examine its funding. This study focuses on public funding of genomics research, identifying and collecting data from major government and nonprofit organizations around the world, and updating previous estimates of world genomics research funding, including information about geographical origins. We initially identified 89 publicly funded organizations; we requested information about each organization's funding of genomics research. Of these organizations, 48 responded and 34 reported genomics research expenditures (of those that responded but did not supply information, some did not fund such research, others could not quantify it. The figures reported here include all the largest funders and we estimate that we have accounted for most of the genomics research funding from government and nonprofit sources. Conclusion Aggregate spending on genomics research from 34 funding sources averaged around $2.9 billion in 2003 – 2006. The United States spent more than any other country on genomics research, corresponding to 35% of the overall worldwide public

  7. EU POLICY ON EDUCATION FUNDING

    Directory of Open Access Journals (Sweden)

    Elena Cristina PANA

    2014-04-01

    Full Text Available On average, EU countries allocate 6.4% of total public expenditure for the direct support of the public sector at all levels of education. In view of a more rational allocation of resources seriously diminished by the crisis there are made efforts to identify educational areas considered problematic in terms of accessing various education programs. This paper presents pre-school funding policies and policies to support families with preschool and school age children in the European Union through a comparative analysis of the focus group type. There are also presented concrete ways of achieving that family support such as tax cuts, family allowances or by taking into account certain factors in order to establish fees. In all countries where taxes are paid for pre-compulsory education (ISCED A there is a mechanism by which parental contributions can be adjusted according to the means available taking into account criteria such as family income, number of children, family status (children who live with one parent geographic area, etc.

  8. INVESTMENT FUNDS INDUSTRY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Adela Ionescu

    2013-11-01

    Full Text Available Capital market offers those who study it and those who use it as traders or as investors, a feature similar to a paradox. Her specific routine operations are regulated to the level of detail bylaws, instructions, procedures or measures layouts while decisions on investments in securities and portfolio restructuring are taken under perpetual uncertainty. This has a twofold explanation, an objective one and a subjective one.Future prices, as well as successive conditions of stock exchange not necessarily flow from the past, thus one cannot predict their level and over them is hanging the conviction that any selected alternative action is probably the best without having any certainty that that is really correct and rational in an absolute mode.Even if the evaluation of factors influencing prices is a questionable one, there is the likelihood of good choices when doing a basic operation-selling or buying. Factors identified, evaluated and ranked may change in the next period their force of action or even the market structure so that exchange activity is at least difficult to determine.In this category is included the mutual fund industry, whose evolution in Romania was not without risk and has had a tortuous circuit thanks to immature capital markets and market actors but especially due to the permissive legislation during the start phase. A certain progress was recorded in the last 10 years,although the financial crisis made its mark on the capital market and revealed the negative impact of systemic risks.

  9. A model to compare a defined benefit pension fund with a defined contribution provident fund

    Directory of Open Access Journals (Sweden)

    J.M. Nevin

    2003-12-01

    Full Text Available During 1994 universities and certain other institutions were given the option of setting up private retirement funds as an alternative to the AIPF. Because of the underfundedness of the AIPF only a substantially reduced Actuarial Reserve Value could be transferred to the new fund on behalf of each member. Employees at these institutions had to make the difficult decision of whether to remain a member of the AIPF or to join a new fund. Several institutions created defined contribution funds as an alternative to the AIPF. In such funds the member carries the investment risk and most institutions felt the need to provide some form of top-up of the Transfer Value. A simple mathematical model is formulated to aid in the comparison of expected retirement benefits under the AIPF and a private fund and to investigate the management problem of distributing additional top-up funds in a fair manner amongst the various age groups within the fund.

  10. Comparison of the Navy Working Capital Fund and Mission Funding as Applied to Navy Shipyards

    National Research Council Canada - National Science Library

    Cain, Andrew M

    2006-01-01

    .... Specifically, the Navy has shifted two of its four shipyards, with authorization to shift the other two in FY07, from the Navy Working Capital Fund to mission funding through direct congressional appropriations...

  11. Comparison of the Navy Working Capital Fund and Mission Funding as Applied to Navy Shipyards

    National Research Council Canada - National Science Library

    Cain, Andrew M

    2006-01-01

    .... This funding shift has raised questions about the advantages and disadvantages each financial system provides shipyards, the operating differences that occur due to the funding change, and the future...

  12. 77 FR 16030 - FY2012 Supplemental Funding for Brownfields Revolving Loan Fund (RLF) Grantees

    Science.gov (United States)

    2012-03-19

    ... loan fund to enhance remediation and provide funds on a continuing basis; and (IV) Such other similar... be started and completed expeditiously (i.e. ``shovel-ready'' projects) and will lead to...

  13. Administrator of 9/11 victim compensation fund to administer Hokie Spirit Memorial Fund distributions

    OpenAIRE

    Hincker, Lawrence

    2007-01-01

    Virginia Tech President Charles Steger has asked Kenneth R. Feinberg, who served as "Special Master of the federal September 11th Victim Compensation Fund of 2001," to administer distributions of the university Hokie Spirit Memorial Fund (HSMF).

  14. An Empirical Study of Mutual Fund Performance and Its Relation with Fund Size

    OpenAIRE

    Lu, Daofen

    2007-01-01

    The increasing popularity of mutual fund investment is a remarkable phenomenon of recent decades. Mutual funds have been among the largest investors and played an important role in the financial market worldwide. The evaluation of mutual fund performance has been achieving a great deal of academic interest since the 1960s. This study employed a time-series data to examine the performance of sixty actively-managed equity growth funds of the United States during the period of July, 2002 to June...

  15. Risk Management Framework for Hedge Funds: Role of Funding and Redemption Options on Leverage

    OpenAIRE

    Dai, John; Sundaresan, Suresh

    2009-01-01

    We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position with prime brokers and the “redemption option” reflects the short option position with the investors. Given an alpha producing human capital, the hedge fund’s ability to deploy leverage to magnify its alph...

  16. Accessing International Funding for Climate Change Adaptation

    DEFF Research Database (Denmark)

    Christiansen, Lars; Ray, Aaron D.; Smith, Joel B.

    of international public funding sources dedicated to adaptation investments (Chapter 3) • Seven fundamental eligibility criteria for accessing international public funding and guidance on how to apply these concepts to project ideas (Chapter 3) • A template (built on the abovementioned seven fundamental...

  17. Strategic Investment Funds : Opportunities and Challenges

    OpenAIRE

    Halland, Havard; Noel, Michel; Tordo, Silvana; Kloper-Owens, Jacob J.

    2016-01-01

    Over the past 15 years, the number of government-sponsored strategic investment funds has grown rapidly in countries at all income levels. This paper identifies some of the challenges that these funds face in their endeavor to achieve economic policy objectives while also securing commercial financial returns—the so-called double bottom line. Through the review of the objectives, investmen...

  18. A Continuous Improvement Capital Funding Model.

    Science.gov (United States)

    Adams, Matt

    2001-01-01

    Describes a capital funding model that helps assess facility renewal needs in a way that minimizes resources while maximizing results. The article explains the sub-components of a continuous improvement capital funding model, including budgeting processes for finish renewal, building performance renewal, and critical outcome. (GR)

  19. Government Hits Back At Funding Claims

    CERN Multimedia

    2007-01-01

    THE Government has defended its record on funding science, following criticism from Durham University. Last week, the university's Physics Department wrote to John Denham, the Secretary of State for Innovation, Universities and Skills (DIUS), to express concern at an 80m shortfall in funding for the Science and Technology Facilities Council (STFC).

  20. Raising private investment funds for museums

    NARCIS (Netherlands)

    van der Burg, Tsjalle; Dolfsma, W.; Wilderom, Celeste P.M.

    2004-01-01

    The authors propose the notion of an "arts fund", a publicly traded investment fund for the purpose of acquiring increasingly costly art works to be displayed in museums. Public as well as private museums stand to benefit greatly from such an approach to financially supporting the arts. A

  1. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    2002-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate: Name: de la FUENTE First Name : Guillermo As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order to maximize Fund's y...

  2. The political origin of pension funding

    NARCIS (Netherlands)

    Perotti, E.; Schwienbacher, A.

    2007-01-01

    This paper argues that historical political preferences on the role of capital markets shaped national choices on pension reliance on private funding. Under democratic voting, a majority will support investor protection and a privately funded pension system when the middle class has significant

  3. 24 CFR 965.403 - Funding.

    Science.gov (United States)

    2010-04-01

    ....403 Funding. The cost to change mastermeter systems to individual metering of resident consumption, including the costs of benefit/cost analysis and complete installation of checkmeters, shall be funded from... ASSISTANT SECRETARY FOR PUBLIC AND INDIAN HOUSING, DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT PHA-OWNED OR...

  4. 75 FR 26742 - Investing in Innovation Fund

    Science.gov (United States)

    2010-05-12

    ... DEPARTMENT OF EDUCATION Investing in Innovation Fund Catalog of Federal Domestic Assistance (CFDA...: Office of Innovation and Improvement, Department of Education. ACTION: Notice; Extension of the application deadline date for the Investing in Innovation Fund. SUMMARY: The Assistant Deputy Secretary for...

  5. 75 FR 18407 - Investing in Innovation Fund

    Science.gov (United States)

    2010-04-12

    ... Innovation Fund Catalog of Federal Domestic Assistance (CFDA) Numbers: 84.396A (Scale-up grants), 84.396B (Validation grants), and 84.396C (Development grants). AGENCY: Office of Innovation and Improvement... Rule) for the Investing in Innovation Fund. This document makes a correction to the March 12 Final Rule...

  6. 76 FR 34969 - Investing in Innovation Fund

    Science.gov (United States)

    2011-06-15

    ... DEPARTMENT OF EDUCATION [Docket ID ED-2011-OII-0001] Investing in Innovation Fund AGENCY: Office of Innovation and Improvement, Department of Education. ACTION: Notice announcing the location, dates, and times of pre- application meetings. Overview Information Investing in Innovation Fund Catalog of...

  7. 75 FR 21614 - Investing in Innovation Fund

    Science.gov (United States)

    2010-04-26

    ... DEPARTMENT OF EDUCATION Investing in Innovation Fund Catalog of Federal Domestic Assistance (CFDA...: Office of Innovation and Improvement, Department of Education. ACTION: Notice inviting applications for... FY 2010 (NIA) for the Investing in Innovation Fund. This notice makes a correction to the March 12...

  8. 45 CFR 2531.20 - Funding priorities.

    Science.gov (United States)

    2010-10-01

    ... priorities. The Corporation may choose to set priorities (and to periodically revise such priorities) that... given fiscal year. In setting these priorities, the Corporation will seek to concentrate funds on those... 45 Public Welfare 4 2010-10-01 2010-10-01 false Funding priorities. 2531.20 Section 2531.20 Public...

  9. Canadian International Food Security Research Fund (CIFSRF ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    Canadian International Food Security Research Fund (CIFSRF). The Canadian International Food Security Research Fund (CIFS-RF) is a collaborative program of the Canadian International Development Agency (CIDA) and IDRC valued at CA $61 654 707 (CIDA: CA $50 000 000; IDRC: CA $11 654 707). The program ...

  10. Mutual Fund Performance: Evidence From South Africa

    Directory of Open Access Journals (Sweden)

    Ömer Faruk Tan

    2015-11-01

    Full Text Available This paper aims to evaluate the performance of South African equity funds between January 2009 and November 2014. This study period overlaps with the study period of quantitative easing during which developing economies in financial markets have been influenced severely. Thanks to the increase in the money supply directed towards the capital markets, a relief was experienced in related markets following the crisis period. During this 5-year 10-month period, in which the relevant quantitative easing continued, Johannesburg Stock Exchange (JSE yielded approximately %16 compounded on average, per year. In this study, South African equity funds are examined in order to compare these funds' performance within this period.Within this scope- 10 South African equity funds are selected. In order to measure these funds' performances, the Sharpe ratio (1966, Treynor ratio (1965, Jensen's alpha (1968 methods are used. Jensen's alpha is also used in identifying selectivity skills of fund managers. Furthermore, the Treynor & Mazuy (1966 and Henriksson & Merton (1981 regression analysis methods are applied to ascertain the market timing ability of fund managers. Furthermore, Treynor & Mazuy (1966 regression analysis method is applied for market timing ability of fund managers.

  11. 7 CFR 3419.2 - Matching funds.

    Science.gov (United States)

    2010-01-01

    ... Regulations of the Department of Agriculture (Continued) COOPERATIVE STATE RESEARCH, EDUCATION, AND EXTENSION SERVICE, DEPARTMENT OF AGRICULTURE MATCHING FUNDS REQUIREMENT FOR AGRICULTURAL RESEARCH AND EXTENSION FORMULA FUNDS AT 1890 LAND-GRANT INSTITUTIONS, INCLUDING TUSKEGEE UNIVERSITY, AND AT 1862 LAND-GRANT...

  12. The College President's Role in Fund Raising.

    Science.gov (United States)

    Miller, Michael T.

    The role of the college president as one of the chief actors in academic fund raising is examined against the background of today's period of financial caution and increased competition for philanthropic support. The paper first provides an overview of the state of the art of fund raising and some ways in which college and universities have…

  13. The Dutch Experience with Weighted Student Funding

    Science.gov (United States)

    Fiske, Edward B.; Ladd, Helen F.

    2010-01-01

    Weighted student funding (WSF) is used in several U.S. cities as a method for providing more funds to schools with high concentrations of disadvantaged students. The practice has been used successfully in the Netherlands since 1985. Several factors make the success of the Dutch system unlikely to transfer to the United States, including the Dutch…

  14. Unconventional funding of urban public transport

    NARCIS (Netherlands)

    Ubbels, B.J.; Nijkamp, P.

    2002-01-01

    In the past decade public authorities have developed a wealth of creative funding mechanisms to support transit systems. This paper offers a taxonomy of various unconventional funding mechanisms (i.e. outside the domain of charges for transit passengers or general taxation schemes), based on a

  15. Trading Cost Management of Mutual Funds

    NARCIS (Netherlands)

    R. Xing (Rang)

    2016-01-01

    textabstractThis paper documents the trading behaviour of actively managed equity mutual funds from the perspective of their trading cost management. Consistent with the predictions in the literature of portfolio choice with trading costs, I present three main findings. Firstly, mutual funds trade

  16. A New Funding Model for Extension

    Science.gov (United States)

    Brown, Paul W.; Otto, Daniel M.; Ouart, Michael D.

    2006-01-01

    The traditional funding model of the Cooperative Extension System has been stretched to its limits by increasing demand for information and programs without concurrent increases in funding by the public sector. As the social, economic, and political environments have evolved and become more complex, extension is often asked to apply the expertise…

  17. Legislative Update: Georgia School Funding Update.

    Science.gov (United States)

    Holmes, C. Thomas; Sielke, Catherine C.

    2000-01-01

    Fully 40 percent ($5 billion) of Georgia's FY 2000 general funds budget is for K-12 education. There is increased funding for a homestead exemption, expansion of the HOPE (higher education) Scholarship Program, capital outlay projects, remedial assistance programs, and instruction of limited-English speaking students. (MLH)

  18. Student Projects as a Funding Source

    Science.gov (United States)

    Henson, Kerry L.

    2010-01-01

    Prompted by restricted funding for a lab which supported student software development work on real-world projects, a contribution program was established to facilitate monetary support from the external clients. The paper explores the relationships between instructor, students and client and how a funding component can affect these ties.…

  19. 28 CFR 42.734 - Alternative funding.

    Science.gov (United States)

    2010-07-01

    ... 28 Judicial Administration 1 2010-07-01 2010-07-01 false Alternative funding. 42.734 Section 42.734 Judicial Administration DEPARTMENT OF JUSTICE NONDISCRIMINATION; EQUAL EMPLOYMENT OPPORTUNITY...; Implementation of the Age Discrimination Act of 1975 Compliance Procedures § 42.734 Alternative funding. When...

  20. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, R.

    2012-01-01

    This paper studies the investment performance of pension funds with a focus on their ability in implementing their intended investment strategy. We use a sample of Dutch industry-wide pension funds, which are obliged by law to report their investment performance according to the so-called z-score.

  1. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, Ronald

    2010-01-01

    This paper studies the investment performance of pension funds with a focus on their ability in implementing the investment strategy. We use a sample of Dutch industry-wide pension funds, which are obliged by law to report their investment performance according to the so-called z-score. The z-score

  2. Longitudinal analysis of mutual fund performance

    NARCIS (Netherlands)

    Ter Horst, J.R.

    1998-01-01

    Many different motivations for investing in mutual funds have been provided in the literature, including the claim that managers of mutual funds have special abilities that can be used to outperform the market. Testing of the validity of these claims is complicated by two facts. First, the expected

  3. Performance Evaluation of Investment (Mutual Funds

    Directory of Open Access Journals (Sweden)

    Povilas Vyšniauskas

    2014-12-01

    Full Text Available The efficiency of an investment fund is one of the main components in evaluating the performance of the fund. This study seeks for introducing and comparing risk and performance evaluation ratios. The paper is aimed at testing the worked out ratios and at distinguishing between the best ones for the purpose of evaluating the performance of Lithuanian mutual funds. Scientific studies show that a standard deviation, alpha, beta, Sharpe and Treynor ratios are mostly employed for identifying the performance of mutual funds that are also compared with their benchmark index to establish if these funds are outperformed and if is it worth paying management fees to investment banks for managing mutual funds. Historical data were selected for the period from 2012-01-02 to 2013-10-15 analysing the prices of monthly funds. The paper points out the areas of a practical application of the proposed model for investment fund valuation, which may not only provide valuable outcomes for practitioners but also may inspire further research on this article.

  4. Continuous Improvement in State Funded Preschool Programs

    Science.gov (United States)

    Jackson, Sarah L.

    2012-01-01

    State funded preschool programs were constantly faced with the need to change in order to address internal and external demands. As programs engaged in efforts towards change, minimal research was available on how to support continuous improvement efforts within the context unique to state funded preschool programs. Guidance available had…

  5. Livestock Vaccine Innovation Fund: Strengthening of Research ...

    International Development Research Centre (IDRC) Digital Library (Canada)

    This project creates the authorization for capacity building support to develop and manage the Livestock Vaccine Innovation Fund (LVIF). The fund aims to support the ... Des chercheurs appuyés par le CRDI parlent de leurs expériences au Comité sur les ONG lors du forum de la Commission de la condition de la femme.

  6. Investment Primer for Green Revolving Funds

    Science.gov (United States)

    Weisbord, Dano

    2012-01-01

    Developing return-oriented green revolving funds (GRFs) is a rapidly growing trend at colleges and universities. A green revolving fund (GRF) is a special account designated for investment in on-campus projects that improve energy efficiency or decrease material use. GRFs invest in a variety of cost-saving initiatives, resulting in significant…

  7. Explaining the performance of Chinese equity funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Shi, Qiqiang

    2013-01-01

    This paper examines the determinants of Chinese equity fund performance measured by market benchmark adjusted returns and risk adjusted return (Jensen’s Alpha). The sample covers 193 equity funds from January 2006 to December 2011, including both bear (2008 and 2011) and bull (2006, 2007, 2009, and

  8. 20 CFR 638.301 - Funding procedures.

    Science.gov (United States)

    2010-04-01

    ... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Funding procedures. 638.301 Section 638.301 Employees' Benefits EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR JOB CORPS PROGRAM UNDER TITLE IV-B OF THE JOB TRAINING PARTNERSHIP ACT Funding, Site Selection, and Facilities Management § 638...

  9. Information Content of Mutual Fund Portfolio Disclosure

    NARCIS (Netherlands)

    Y. Wang (Yu)

    2011-01-01

    textabstractAcademic financial economists have been keenly interested in the value of active portfolio management since the seminal paper of Jensen (1968). This book examines the information advantages that active mutual fund managers attain in financial markets through an analysis of disclosed fund

  10. Toward advising SME's on stacked funding

    NARCIS (Netherlands)

    Rauwerda, Kirsten; van Teeffelen, Lex; de Graaf, Frank Jan

    2017-01-01

    This paper addresses new funding issues faced by SMEs. Over a period of nine months, the authors conducted a preliminary study into the problems surrounding stacked funding faced by SMEs and their financial advisers. The study includes a short literature review, the outcomes of three round table

  11. 31 CFR 281.4 - Guaranty funds.

    Science.gov (United States)

    2010-07-01

    ... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Guaranty funds. 281.4 Section 281.4 Money and Finance: Treasury Regulations Relating to Money and Finance (Continued) FISCAL SERVICE, DEPARTMENT OF THE TREASURY FINANCIAL MANAGEMENT SERVICE FOREIGN EXCHANGE OPERATIONS § 281.4 Guaranty funds...

  12. Funding | IDRC - International Development Research Centre

    International Development Research Centre (IDRC) Digital Library (Canada)

    2018-09-30

    IDRC funds projects that aim to bring employment, food security, health, peace, and prosperity to developing regions of the world. We offer grants, funding, and awards to researchers and institutions to find ... Call for: Applications ... citizen of a developing country with a work permit in Canada valid until September 30, 2018;.

  13. 75 FR 12407 - Capital Magnet Fund

    Science.gov (United States)

    2010-03-15

    ... of financial institutions to provide capital, credit and financial services in underserved markets... Part IV Department of the Treasury Community Development Financial Institutions Fund 12 CFR Part... TREASURY Community Development Financial Institutions Fund 12 CFR Part 1807 RIN 1559-AA00 Capital Magnet...

  14. Government hits back at funding claims

    CERN Multimedia

    2007-01-01

    The Government has defended its record on funding science, following criticism from Durham University. Last week, the university's Physics Department wrote to John Denham, the Secretary of State for Innovation, Universities and Skills (DIUS), to express concern at an 80m shortfall in funding for the Science and Technology Facilities Council (STFC).

  15. Transdisciplinary EU science institute needs funds urgently

    NARCIS (Netherlands)

    Groen, T.P.; Vasbinder, Jan W.; Andersson, B.; Arthur, W. Brian; Boasson, Maarten; Boer, de Rob; Changeux, Jenb Pierre; Domingo, Esteban; Eigen, Manfred; Fersht, Alan; Frenkel, Daan; Rees, Martin; Huber, Robert; Hunt, Tim; Holland, John; May, Robert; Norby, Erling; Nijkamp, Peter; Lehn, Jean Marie; Rabbinge, Rudy; Scheffer, Maarten; Schuster, Peter; Serageldin, Ismail; Stuip, Jan; Vries, de Jan; Vierssen, van Wim; Willems, Rein

    2010-01-01

    Europe's future hinges on funding transdisciplinary scientific collaboration. But career paths, peer recognition, publication channels and the public funding of science are still mostly geared to maintain and reinforce disciplinarity. We do not properly understand the effects of technology on the

  16. Transdisciplinary EU Science Institute needs funds urgently

    NARCIS (Netherlands)

    Vasbinder, J.W.; Andersson, B.; Arthur, W.B.; Boasson, M.; Scheffer, M.

    2010-01-01

    Europe's future hinges on funding transdisciplinary scientific collaboration. But career paths, peer recognition, publication channels and the public funding of science are still mostly geared to maintain and reinforce disciplinarity. We do not properly understand the effects of technology on the

  17. 78 FR 17939 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2012

    Science.gov (United States)

    2013-03-25

    ...; Capital Fund Safety and Security Grants; Fiscal Year 2012 AGENCY: Office of the Assistant Secretary for... availability of the Safety and Security funds with PIH Notice 2012-38 (Notice), which was issued September 7... Fund Safety and Security grant program. FOR FURTHER INFORMATION CONTACT: For questions concerning the...

  18. 78 FR 56728 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2013

    Science.gov (United States)

    2013-09-13

    ...; Capital Fund Safety and Security Grants; Fiscal Year 2013 AGENCY: Office of the Assistant Secretary for... availability of the Safety and Security funds with PIH Notice 2013-10 (Notice), which was issued May 3, 2013... Fund Safety and Security grant program. FOR FURTHER INFORMATION CONTACT: For questions concerning the...

  19. 77 FR 23492 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2011

    Science.gov (United States)

    2012-04-19

    ...; Capital Fund Safety and Security Grants; Fiscal Year 2011 AGENCY: Office of the Assistant Secretary for... notified of the availability of the Safety and Security funds with PIH Notice 2011-56 (Notice), which was... award recipients under the Capital Fund Safety and Security grant program. FOR FURTHER INFORMATION...

  20. Western Michigan University: Quasi-Revolving Fund. Green Revolving Funds in Action: Case Study Series

    Science.gov (United States)

    Billingsley, Christina

    2011-01-01

    Western Michigan University has designed an innovative "Quasi-Revolving Fund" model that demonstrates the institution's full commitment to incorporating sustainability into campus operations. The Quasi-Revolving Fund recaptures money from cost-savings, similar to a typical green revolving fund, but it also sources capital from the…

  1. THE PERFORMANCE OF MUTUAL FUNDS IN SLOVAKIA

    Directory of Open Access Journals (Sweden)

    F. Tudorache

    2016-11-01

    Full Text Available A good indicator for the financial markets performance in different countries is the evolution of mutual funds in terms of their inflows and outflows. The goal of the present paper is to analyse the performance of the mutual funds in Slovakia. The research objectives are twofold: to study the flows of funds into and out of mutual funds from Slovakia during the period 2007-2014 and to analyse how investors in Slovakian mutual funds behave in terms of their investment choice. The analysis focuses on identifying patterns in investors' decision making process and on examining the similarity of their behavioural patterns with the ones identi¬fied at international level.

  2. Fund allocation using capacitated vehicle routing problem

    Science.gov (United States)

    Mamat, Nur Jumaadzan Zaleha; Jaaman, Saiful Hafizah; Ahmad, Rokiah Rozita; Darus, Maslina

    2014-09-01

    In investment fund allocation, it is unwise for an investor to distribute his fund into several assets simultaneously due to economic reasons. One solution is to allocate the fund into a particular asset at a time in a sequence that will either maximize returns or minimize risks depending on the investor's objective. The vehicle routing problem (VRP) provides an avenue to this issue. VRP answers the question on how to efficiently use the available fleet of vehicles to meet a given service demand, subjected to a set of operational requirements. This paper proposes an idea of using capacitated vehicle routing problem (CVRP) to optimize investment fund allocation by employing data of selected stocks in the FTSE Bursa Malaysia. Results suggest that CRVP can be applied to solve the issue of investment fund allocation and increase the investor's profit.

  3. Resolving the International Monetary Fund's Legitimacy Crisis

    DEFF Research Database (Denmark)

    Seabrooke, Leonard

    2006-01-01

    Since the Asian financial crisis of 1997-1998 the International Monetary Fund (the Fund) has been embroiled in an international crisis of legitimacy. Assertions of a crisis are premised on the notions that the Fund's voting system is unfair, and that the Fund enforces homogenous policies onto...... borrowing member states and that loan programs tend to fail. Seen this way, poor institutional and policy design has led to a loss of legitimacy. But institutionalised inequalities or policy failure is not in itself sufficient to constitute an international crisis of legitimacy. This article provides...... a conceptually-driven discussion of the sources of the Fund's international crisis of legitimacy by investigating how its formal "foreground" institutional relations with its member states have become strained, and how informal "background" political and economic relationships are expanding in a way...

  4. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Asssembly to be held in the CERN Auditorium on Wednesday 2 October 2002 at 14.30 hrs The Agenda comprises: Opening Remarks (P. Levaux) Recent trends in the technical balance of pension funds (C. Cuénoud) Annual Report 2001: Presentation and results (C. Cuénoud) Copies of the Report are available from divisional secretariats. Position of the CERN Pension Fund with respect to market developments (G. Maurin) Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to Mr C. Cuénoud, Administrator of the Fund. Conclusions (P. Levaux) As usual, participants are invited to drinks after the assembly. NB The minutes of the 2001 General Assembly are available from the Administration of the Fund (tel.(+4122)767 9194; e-mail Graziella.Praire@cern.ch)

  5. Hedge Funds As a Alternative Investment Opportunities

    Directory of Open Access Journals (Sweden)

    Michał Falkowski

    2009-09-01

    Full Text Available Hedge fund which became a popular alternative investment is a collective term for different types of investment fund. A common feature of these funds is that they have absolute earnings targets, that is they set targets for earnings irrespective of developments on, for example, the stock exchange. The paper deals with the current problem of the financial crisis and the effect it made worldwide for many institutional and private investors. It discusses the role played by hedge funds in developments on the financial markets, and to what extent they are affected by the effects of the crisis, as a recurring feature of every financial crisis. It also shows a wind range of strategies used by hedge funds to achieve their goal.

  6. Perspective: Disclosing hidden sources of funding.

    Science.gov (United States)

    Resnik, David B

    2009-09-01

    In this article, the author discusses ethical and policy issues related to the disclosure of hidden sources of funding in research. The author argues that authors have an ethical obligation to disclose hidden sources of funding and that journals should adopt policies to enforce this obligation. Journal policies should require disclosure of hidden sources of funding that authors know about and that have a direct relation to their research. To stimulate this discussion, the author describes a recent case: investigators who conducted a lung cancer screening study had received funding from a private foundation that was supported by a tobacco company, but they did not disclose this relationship to the journal. Investigators and journal editors must be prepared to deal with these issues in a manner that promotes honesty, transparency, fairness, and accountability in research. The development of well-defined, reasonable policies pertaining to hidden sources of funding can be a step in this direction.

  7. Spring report of the Pension Fund

    CERN Multimedia

    2012-01-01

    In this column, the Chairman of the Pension Fund Governing Board (PFGB) will regularly present the latest main decisions, initiatives and accomplishments of the Governing Board to the members and beneficiaries of the Fund.   Since my last report in April, I am pleased to report the following progress.  On the recommendation of the Finance Committee, the CERN Council approved the updated Financial Regulations of the Fund at its June session, with immediate effect. The approval of the Financial Regulations completes a key part of the regulatory framework of the Fund’s operations. Also in June, the Council approved the Financial Statements of the CERN Pension Fund for 2011.  The Financial Statements had been certified by the Italian Court of Audit (CERN’s External Auditor), which gave its report to Council. 2011 was the first year during which the audit-related provisions of the updated Fund Rules were fully implemented. On the investments side, the F...

  8. 美國專利侵權合理權利金之計算方式及發展趨勢 Calculation Method and Development Trends towards Reasonable Royalty Damages for U.S. Patent Infringement

    Directory of Open Access Journals (Sweden)

    吳靜怡 Ching-Yi Wu

    2016-12-01

    德州東區地方法院法官對 Mondis Technology Ltd. v. Chimei InnoLux Corp. 一案之意見及學者間不同之觀點,藉以建立「持續性權利金之計算架構」,並提出針砭之建言。 This article firstly elaborated legal regulations about infringement damage compensation with American patents and then facilitated with qualitative analysis of judgment content to give a brief induction of the cases about Lost Profit, Reasonable Royalty, Comparable Licenses, Apportionment and Entire Market Value Rule, and take this opportunity to specify the calculation way of reasonable royalty used for American court. As judgment was entered under results for applicable law about some case conditions and not comprehensive viewpoint for reasonable royalty, and some judgments may have different explanation under the same legal principle between two judgments, why did it result from? To answer this question, we should firstly probe the initial intention for each legal principle, and then audit the differences between each two case facts before it properly applied for each legal principle. This article tried to classify and incorporate into different case types for formulating conceptual framework for reasonable royalty, as well as raise calculation mode for reasonable royalty. For recent development trends towards reasonable royalty, namely the calculation mode of royalty for standard-essential patents and ongoing royalties, this Article also gave analysis and introductions. While calculating royalties for standard-essential patents, it was not exactly the same as that of reasonable royalty, especially whether patentee fulfills fair, reasonable and nondiscriminatory obligation or whether it resulted patent holdup, royalty stacking and caused impairment for competition, damage of consumer benefits, which has become the focus in the American scholars and pragmatic industry in recent years, the United States District Courts have diversified statuses about

  9. Establishing a green lights revolving fund

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-07-01

    The report details the experiences of the City of Houston in establishing a Green Lights Revolving Fund. It provides examples of key documents and guidelines which can be used in other jurisdictions to establish an internal revolving fund to provide continuing monies through recapture of cost savings for an ongoing program of energy improvements in governmental facilities. It provides guidelines on how to establish a continuing source of funds for governmental facility energy improvements. The report provides background information on the ongoing energy improvement programs in the City of Houston, including its participation in the Environmental Protection Agency`s Green Lights Program. It reviews the steps required to establish a Green Lights Revolving Fund, including the administrative, legal, budgetary, accounting, interdepartmental, mayoral, and governing body approvals and actions needed to create a self-sustaining revolving fund devoted to energy improvements. The report also describes two funding sources in addition to the grant seed funds which were used to increase the initial funds available in the Green Lights Revolving Fund. It provides sample documents for modification and use in other jurisdictions that want to use similar funding sources. It reports the initial project submission and selection procedure and criteria, and provides a transferable project application kit based on the criteria specified. It also details a sample repayment memorandum of understanding between departments, which can be used in other governments. Other transferable products provided in the report are sample energy audit summaries which were conducted by qualified, independent staff to determine the accuracy of the departmental project costs and savings payback calculations.

  10. EVALUATION OF THE PERFORMANCE OF TURKISH EQUITY UMBRELLA FUNDS USING THE MORNINGSTAR RATING SYSTEM

    OpenAIRE

    Gul, Yavuz; Altinirmak, Serpil

    2018-01-01

    Purpose - Different types of funds exist depending on the assetsthe portfolio is composed of. The main types of funds include; bond umbrellafunds, equity umbrella funds, precious metal umbrella fund, fund basketumbrella funds, money market umbrella funds, participation umbrella fund,balanced umbrella funds, free umbrella funds, guaranteed umbrella fund,umbrella fund for protection purposes.The subject of our study is equityumbrella funds. These kinds of funds receive at least 80% of the share...

  11. ADVERTISING ON FACEBOOK: THE EFFECT ON FUND FLOWS OF FUND FAMILY

    OpenAIRE

    Kang, Jiaqi

    2017-01-01

    Using data for the top 100 US mutual fund families for the period between Jan 2009 to Jun 2016, this paper studies the relationship between mutual fund families’ advertising on Facebook and their fund flow. In particular, I examine whether advertising via social media helps mutual funds to attract new fund flow. I also include the number of followers to proxy for visibility and past returns to control for performance. In line with previous research, I find that large part of the variation in ...

  12. Funding ATLAS 2012 key indicators for publicly funded research in Germany

    CERN Document Server

    Deutsche Forschungsgemeinschaft (DFG)

    2013-01-01

    The Funding ATLAS is a reporting system (previously referred to as the Funding Ranking) employed by the German Research Foundation (DFG) to provide information in the form of indicators of key developments in publicly funded research in Germany every three years. This English version of the Funding ATLAS 2012 presents selected findings from the more comprehensive German edition. At the core of the report are indicators that provide information on which subject areas have received funding at higher education and other research institutions in the period 2008-2010. This report also includes, as a supplement not found in the German edition, the decisions on the Excellence Initiative, which were taken shortly after the German edition of the Funding ATLAS 2012 was published. The report also addresses the subject of internationality by presenting selected indicators that show how attractive Germany's research institutions are for visiting scientists. In summary, the DFG Funding ATLAS furnishes reliable indicators o...

  13. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    2002-01-01

    CERN - EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH PENSION FUND   This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund.   Candidate: Name: de la FUENTE First Name : Guillermo  As CERN treasurer with 12 years experience in finance with a background in Economics coupled with a MBA, my main goal will be to enhance the Pension Fund yield. During 3 consecutive years, our Pension Fund has suffered negative real returns:-1.65% in 2000, -4.26% in 2001 and most probably a double-digit loss this year. In addition to that, we spend annually around CHF 6'000'000 in bank charges and external consultants fees. If we do not change this negative trend, the funding ratio of our Pension Fund might become weak. A more proactive internal fund management in conjunction with a performance-related remuneration to external participants would be some of the points I will propose in order...

  14. ELECTIONS PENSION FUND CANDIDATE NR 5

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

  15. ELECTIONS PENSION FUND 5th candidate

    CERN Multimedia

    2001-01-01

    ORGANISATION EUROPEENNE POUR LA RECHERCHE NUCLEAIRE CERN EUROPEAN ORGANIZATION FOR NUCLEAR RESEARCH CAISSE DE PENSIONS / PENSION FUND Caisse de Pensions - ELECTIONS - Pension Fund This candidature has been duly registered and is hereby presented in accordance with paragraph 6.h of the Regulations for Elections to the Governing Board of the Pension Fund. Candidate :  Name : Sonnemann  First Name : Florian Since my arrival at CERN in 1997 I have worked in the accelerator and administrative sectors. I have recently been elected as member of the Staff Council and of the Executive Committee of the Staff Association in which I am actively following matters concerning the Pension Fund. My candidature for the Governing Board of the CERN Pension Fund is mainly motivated to add my part in ensuring a solid financial situation of the Pension Fund. The Pension Fund is our only social security system. I wish to play a role in ensuring that the pensions will remain a secure revenue for all staff membe...

  16. DEVELOPMENT OF KOSOVO PENSION SAVING TRUST FUND

    Directory of Open Access Journals (Sweden)

    Ymer Havolli

    2016-11-01

    Full Text Available Pension system in Kosovo has experienced various developments in the last three decades. These changes have been driven by both, political and economic developments. The political developments were most important, especially that the previous system failed due to the lack of access to the fund in the post-war Kosovo. The newly established system in post-war Kosovo continues its operations with principles of modern pension fund, savings-based. KPST was established by Law in December 2001 as a not-for-profit institution. As such, the sole objective of KPST is to serve only the best interests of its contributors. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. KPST is funded in a similar way as are all defined contribution pension funds i.e. by charging fees on assets under management (pension assets. Throughout this discussion paper, the implications of the crisis, management, asset management issues and most importantly, investment strategy are discussed and some potential solutions to these problems are proposed in order to increase the flexibility of the fund to improve performance in times of crisis.

  17. Should uterus transplants be publicly funded?

    Science.gov (United States)

    Wilkinson, Stephen; Williams, Nicola Jane

    2016-01-01

    Since 2000, 11 human uterine transplantation procedures (UTx) have been performed across Europe and Asia. Five of these have, to date, resulted in pregnancy and four live births have now been recorded. The most significant obstacles to the availability of UTx are presently scientific and technical, relating to the safety and efficacy of the procedure itself. However, if and when such obstacles are overcome, the most likely barriers to its availability will be social and financial in nature, relating in particular to the ability and willingness of patients, insurers or the state to pay. Thus, publicly funded healthcare systems such as the UK's National Health Service (NHS) will eventually have to decide whether UTx should be funded. With this in mind, we seek to provide an answer to the question of whether there exist any compelling reasons for the state not to fund UTx. The paper proceeds as follows. It assumes, at least for the sake of argument, that UTx will become sufficiently safe and cost-effective to be a candidate for funding and then asks, given that, what objections to funding there might be. Three main arguments are considered and ultimately rejected as providing insufficient reason to withhold funding for UTx. The first two are broad in their scope and offer an opportunity to reflect on wider issues about funding for infertility treatment in general. The third is narrower in scope and could, in certain forms, apply to UTx but not other assisted reproductive technologies (ARTs). The first argument suggests that UTx should not be publicly funded because doing so would be inconsistent with governments’ obligations to prevent climate change and environmental pollution. The second claims that UTx does not treat a disorder and is not medically necessary. Finally, the third asserts that funding for UTx should be denied because of the availability of alternatives such as adoption and surrogacy. PMID:26670671

  18. Risk management in Swedish hedge funds

    OpenAIRE

    Fri, Samuel; Nilsson, Joakim

    2011-01-01

    Background: Risk management has always been a complex topic, especially when it comes to hedge funds. Since hedge funds are able to utilize many kinds of financial instruments it is difficult to find a risk management strategy that goes well with them. Not much research regarding the Swedish hedge fund industry and its risk management has been done; hence we find it an interesting topic to focus this thesis on. Purpose: The purpose of this thesis is to increase the knowledge of how Swedish he...

  19. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2014-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual Information Meeting.   Annual Information Meeting to be held in the CERN Council Chamber on Tuesday, 16 September 2014 from 9.00 a.m. to 10.30 a.m. Copies of the 2013 Pension Fund Financial Statements are already available in accessible PDF on the Pension Fund website and will also be distributed at this session. Coffee and croissants will be served prior to the meeting as of 8:30 a.m. N.B. Date change: 16 September 2014

  20. Indian mutual fund industry: Opportunities and challenges

    Directory of Open Access Journals (Sweden)

    Jayant R. Kale

    2012-12-01

    Full Text Available This article presents an overview of the mutual fund industry in India and the reasons for its poor penetration, which includes lack of objective research. It benchmarks the industry globally, and raises key issues regarding the ownership and performance of mutual funds, the sensitivity of fund flows to performance, and the importance of regulation to its growth, all of which have been largely under researched in India. It then captures the views of leading practitioners on these and other issues, including the challenges posed by poor financial literacy, the equity culture in the country, and the weakly supportive regulatory environment.