WorldWideScience

Sample records for sciarra additional funding

  1. Investor protection : towards additional EU regulation of investment funds?

    NARCIS (Netherlands)

    Wegman, Hanna Elisabeth

    2016-01-01

    The expansion of the fund industry has been one of the most notable trends in the financial markets of recent years. Not only has the demand for funds among EU investors grown, but both the number and types of investment funds also continue to increase. Since investment funds available in the EU can

  2. 25 CFR 39.105 - Are additional funds available for special education?

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Are additional funds available for special education? 39... additional funds available for special education? (a) Schools may supplement the 15 percent base academic funding reserved under § 39.104 for special education with funds available under part B of the Individuals...

  3. Baseline for trust: defining 'new and additional' climate funding

    Energy Technology Data Exchange (ETDEWEB)

    Stadelmann, Martin [University of Zurich (Switzerland); Roberts, J. Timmons [Brown University (United States); Huq, Saleemul

    2010-06-15

    Climate finance is becoming a dark curve on the road from Copenhagen to Cancún. Poorer nations fear that richer ones will fulfil the US$30 billion 'fast-start' climate finance promises made in the non-binding Copenhagen Accord by relabelling or diverting basic development aid, or by simply delivering on past climate finance pledges. The problem is simple: contributor countries are operating with no clear baseline against which their promise of 'new and additional' funding can be counted – and they do not accept the baselines put forth by developing countries. A viable solution for the short term is to use projections of business-as-usual development assistance as baselines. The longer-term benchmark could be the provision of truly 'new' funds from new funding sources. Substantial up-front negotiations may be required, but seizing this opportunity to define baselines will build confidence on both sides and create predictability for future finance.

  4. Network Physics - the only company to provide physics-based network management - secures additional funding and new executives

    CERN Multimedia

    2003-01-01

    "Network Physics, the only provider of physics-based network management products, today announced an additional venture round of $6 million in funding, as well as the addition of David Jones as president and CEO and Tom Dunn as vice president of sales and business development" (1 page).

  5. 78 FR 32224 - Availability of Version 3.1.2 of the Connect America Fund Phase II Cost Model; Additional...

    Science.gov (United States)

    2013-05-29

    ... Version 3.1.2 of the Connect America Fund Phase II Cost Model; Additional Discussion Topics in Connect America Cost Model Virtual Workshop AGENCY: Federal Communications Commission. ACTION: Proposed rule... America Cost Model (CAM v3.1.2), which allows Commission staff and interested parties to calculate costs...

  6. Additional funding mechanisms for Public Hospitals in Greece: the case of Chania Mental Health Hospital.

    Science.gov (United States)

    Rentoumis, Anastasios; Mantzoufas, Nikolaos; Kouris, Gavriil; Golna, Christina; Souliotis, Kyriakos

    2010-11-10

    To investigate whether the long term lease of public hospital owned land could be an additional financing mechanism for Greek public (mental) health hospitals. We performed a financial analysis of the official 2008 data of a case - study hospital (Mental Health Hospital of Chania). We used a capital budgeting approach to investigate whether value is created for the public hospital by engaging its assets in a project for the development of a private renal dialysis Unit. The development of the private unit in hospital owned land is a good investment decision, as it generates high project Net Present Value and Internal Rate of Return. When the project commences generating operating cash flows, nearly €400.000 will be paid annually to the Mental Health Hospital of Chania as rent, thereby gradually decreasing the annual deficit of the hospital. Revenue generated from the long term lease of public hospital land is crucial to gradually eliminate hospital deficit. The Ministry of Health should encourage similar forms of Public Private Partnerships in order to ensure the sustainability of public (mental) hospitals.

  7. Additional funding mechanisms for Public Hospitals in Greece: the case of Chania Mental Health Hospital

    Directory of Open Access Journals (Sweden)

    Golna Christina

    2010-11-01

    Full Text Available Abstract Objectives To investigate whether the long term lease of public hospital owned land could be an additional financing mechanism for Greek public (mental health hospitals. Methods We performed a financial analysis of the official 2008 data of a case - study hospital (Mental Health Hospital of Chania. We used a capital budgeting approach to investigate whether value is created for the public hospital by engaging its assets in a project for the development of a private renal dialysis Unit. Results The development of the private unit in hospital owned land is a good investment decision, as it generates high project Net Present Value and Internal Rate of Return. When the project commences generating operating cash flows, nearly €400.000 will be paid annually to the Mental Health Hospital of Chania as rent, thereby gradually decreasing the annual deficit of the hospital. Conclusions Revenue generated from the long term lease of public hospital land is crucial to gradually eliminate hospital deficit. The Ministry of Health should encourage similar forms of Public Private Partnerships in order to ensure the sustainability of public (mental hospitals.

  8. Do EU funds crowd out other public expenditures? Evidence on the additionality principle from the detailed Czech municipalities’ data

    Czech Academy of Sciences Publication Activity Database

    Janský, Petr; Křehlík, Tomáš; Skuhrovec, Jiří

    2016-01-01

    Roč. 24, č. 11 (2016), s. 2076-2095 ISSN 0965-4313 R&D Projects: GA TA ČR TB02MPSV016 Institutional support: RVO:67985998 Keywords : European Union * EU cohesion policy * EU funds Subject RIV: AH - Economics Impact factor: 1.332, year: 2016

  9. 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

  10. Administrative circulars No. 22A (rev. 1) – Award of additional periods of membership in the Pensions Fund for long-term shift work and No. 22B (rev. 1) – Compensation for long-term shift work hours

    CERN Multimedia

    HR Department

    2011-01-01

    Administrative Circulars No. 22A (Rev. 1) entitled "Award of additional periods of membership in the Pension Fund for long-term shift work" and No. 22B (Rev.1) entitled “Compensation for long-term shift work hours”, adopted following discussion in the Standing Concertation Committee meeting of 21 September 2010 and entering into force on 1 March 2011, are available on the intranet site of the Human Resources Department: http://cern.ch/hr-docs/admincirc/admincirc.asp They cancel and replace Administrative Circulars No. 22A and 22B entitled "Award of additional periods of membership in the Pension Fund to shift workers (Early Departure)” and “Duration and special compensation for shift work” of January 2000. This new version clarifies, in particular, the compensation of effective long-term shift work hours. Department Head Office  

  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. 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).

  17. 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).

  18. 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...

  19. 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).

  20. 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/

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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)

  6. 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.

  7. 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...

  8. 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...

  9. 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...

  10. 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...

  11. 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.

  12. 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

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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...

  19. 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....

  20. 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...

  1. 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....

  2. 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...

  3. 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)

  4. 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.

  5. 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.

  6. 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).

  7. 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 ...

  8. Board diversity and self-regulation in Dutch pension funds

    OpenAIRE

    Shi, Lin; Swinkels, Laurens; Lecq, Fieke

    2016-01-01

    markdownabstractPurpose - The purpose of this paper is to examine the change in pension fund board diversity after self-regulation was introduced, and investigate which pension fund characteristics influence compliance with self-regulation. In addition, the authors analyze whether compliance might be achieved by tokenism. Design/methodology/approach - The authors hand-collect pension fund and pension fund board data of the largest (by assets) 200 pension funds in the Netherlands. The authors ...

  9. 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

  10. 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 ...

  11. 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

  12. 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.

  13. Library Services Funding Assessment

    Science.gov (United States)

    Lorig, Jonathan A.

    2004-01-01

    collect as much of the relevant data as possible. Hopefully this dataset will permit the research units at the GRC, and library administration as well, to make informed decisions about future library funding. Prior to the creation of the actual dataset, I established a comprehensive list of the library s print and online journal subscriptions. This list will be useful outside the context of the cost analysis project, as an addition to the library website. The cost analysis dataset s primary fields are: journal name, vendor, publisher, ISSN (International Standard Serial Number, to uniquely identify the titles), stand-alone price, and indication as to the presence of the journal in current GRC Technical Library consortium membership subscriptions. The dataset will hopefully facilitate comparisons between the stand-alone journal prices and the cost of shared journal subscriptions for groups of titles.

  14. 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...

  15. 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.

  16. 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...

  17. 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.

  18. 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.

  19. 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,…

  20. 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

  1. 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…

  2. 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)

  3. Financial Crisis and Corporate Social Responsible Mutual Fund Flows

    Directory of Open Access Journals (Sweden)

    Sitikantha Parida

    2018-01-01

    Full Text Available 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 positive flows into the top and bottom CSR funds respectively were larger during the pre-financial crisis period (2003–2007. This trend, however, reversed during the financial crisis (2008–2009. Top CSR funds attracted about 8.7% more investments during the financial crisis compared to the pre-crisis period; whereas bottom CSR funds received about 9.8% less investment. This higher investment into the top CSR funds during the crisis seems to have disappeared during the post-crisis period (2009–2012. Additional analysis shows that the corporate social ratings of top CSR funds improved through the crisis, whereas it deteriorated for the bottom CSR funds. Our findings are consistent with the “flight to quality” phenomenon observed in financial markets during market crises, indicating that investors perceive top CSR fund investments as relatively safe or of higher quality and hence, invest more in them during financial crises.

  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. Using Investment Funds to Support Advancements in Healthcare

    OpenAIRE

    Nawar, Anthony

    2017-01-01

    The topic of this thesis is about using investment funds to support advancements in healthcare. The structure is designed to identify the relevant elements in a funding strategy that can be used to support healthcare companies likely to produce usable solutions. The research objective is to establish a proper investment fund strategy that supports healthcare. Additionally, it is positioned to highlight the dynamic components that outline the viable fund. The preliminary scope of the ...

  10. Analysis of the mutual funds and pension funds in Spain: evolution and performance

    Directory of Open Access Journals (Sweden)

    Mercedes Alda García

    2012-06-01

    Full Text Available Mutual funds and pension funds are the most important investment products in Spain. Nonetheless, it should not be confused with each other, or take them as equivalent; since the latter have also the characteristic of a long-term savings product, in order to obtain additional funds for retirement. These differences may influence the investor when deciding on one of these instruments, but also the manager, developing different management strategies.Therefore, on this paper we examine the main magnitudes of both markets in Spain. Moreover, we analyze the performance of two Spanish fund samples (one with global equity mutual funds and another with global equity pension funds with the purpose of showing if their performance is efficient, and if there are differences on their management.

  11. 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...

  12. 78 FR 76789 - Additional Connect America Fund Phase II Issues

    Science.gov (United States)

    2013-12-19

    ... inspection and copying during normal business hours in the FCC Reference Information Center, Portals II, 445... Phase I to Phase II. 2. Timing of Phase II Support Disbursements. In the USF/ICC Transformation Order... language in paragraph 180 of the USF/ICC Transformation Order. We now seek to more fully develop the record...

  13. 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.

  14. 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...

  15. Additive manufacturing.

    Science.gov (United States)

    Mumith, A; Thomas, M; Shah, Z; Coathup, M; Blunn, G

    2018-04-01

    Increasing innovation in rapid prototyping (RP) and additive manufacturing (AM), also known as 3D printing, is bringing about major changes in translational surgical research. This review describes the current position in the use of additive manufacturing in orthopaedic surgery. Cite this article: Bone Joint J 2018;100-B:455-60.

  16. 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.

  17. 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.

  18. 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...

  19. Budgeting, funding, and managing clinical research projects.

    Science.gov (United States)

    Hatfield, Elizabeth; Dicks, Elizabeth; Parfrey, Patrick

    2009-01-01

    Large, integrated multidisciplinary teams have become recognized as an efficient means by which to drive innovation and discovery in clinical research. This chapter describes how to budget and fund these large studies and effectively manage the large, often dispersed teams involved. Sources of funding are identified; budget development, justification, reporting, financial governance, and accountability are described; in addition to the creation and management of the multidisciplinary team that will implement the research plan.

  20. 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.

  1. 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...

  2. 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.

  3. 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.

  4. Food additives

    Science.gov (United States)

    ... GO About MedlinePlus Site Map FAQs Customer Support Health Topics Drugs & Supplements Videos & Tools Español You Are Here: Home → Medical Encyclopedia → Food additives URL of this page: //medlineplus.gov/ency/article/ ...

  5. ACCOUNTING TREATMENTS ON FORESTRY SPECIAL FUNDS AND SPECIFIC PROBLEMS IN ROMANIA

    OpenAIRE

    Hada Teodor; Mărginean Radu

    2013-01-01

    This study, theoretically and practically, presents the accounting system for forestry special purpose funds in Romania. In addition, the main problems Romanian forestry faces nowadays are highlighted in the content, given the legislative changes expected in the near future. Accounting treatments specific to Romanian forestry regarding special funds, namely the conservation and regeneration fund, the accessibility fund, the environmental fund and the improvement fund are governed in the curre...

  6. 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...

  7. 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

  8. 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...

  9. 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...

  10. 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 ...

  11. 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 ...

  12. 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.

  13. 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...

  14. 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...

  15. 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.

  16. 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...

  17. 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 ...

  18. 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

  19. 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.)

  20. 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…

  1. 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

  2. 25 CFR 170.932 - Are there other funding sources for tribal transportation departments?

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Are there other funding sources for tribal transportation....932 Are there other funding sources for tribal transportation departments? There are many sources of... additional funding sources: (a) Tribal general funds; (b) Tribal Priority Allocation; (c) Tribal permits and...

  3. 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

  4. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Virgilijus Sakalauskas

    2011-12-01

    Full Text Available Currently Lithuania has an old-age pension system of three pillars.Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios.The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors.The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless.Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient attention to potential risks. This article analyzes both good and bad investment scenarios.

  5. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Marius Liutvinavičius

    2013-08-01

    Full Text Available Currently Lithuania has an old-age pension system of three pillars. Unfortunately, when making an investment decision, too few factors are used that affect strategy effectiveness. It is necessary to develop tools to better assess the risks and more accurately simulate the potential long-term investment scenarios. The article deals with the investment strategy to the second and third pillar pension funds in order to maximize investment returns and reduce risks. A smart software tool allows you to simulate an accrual depending on the rate of return, the accumulation period, the level of contributions, the fund’s profitability and other factors. The study shows that using the Social Insurance Fund contributions, personal contributions and the state provided additives can accumulate significantly greater amounts of money than collecting only the second pillar pension funds contributions. For implementation of the proposed methodology it is necessary to ensure a minimum level of personal pension scheme members fundraising to the third pillar pension funds. On the other hand, the study revealed that in some cases investment to private pension funds can be useless. Private pension funds have become popular between unprofessional investors who don’t have sufficient knowledge. Research shows that financial institutions do not always provide the optimal proposals. Advanced software tools can help make better investment decisions. Commercial tools usually show potential profits of investment, but not always pay sufficient  attention to potential risks. This article analyzes both good and bad investment scenarios.

  6. 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

  7. 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...

  8. 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.

  9. ADMINISTRATIVE EXPENDITURES OF SOCIAL SECURITY FUNDS IN UKRAINE

    Directory of Open Access Journals (Sweden)

    Nataliia Ivanchuk

    2017-12-01

    Full Text Available Along with the expenditures for social protection, social security funds finance administrative direction, which should correspond to the amount of functions performed by a particular fund. The purpose of the paper is to determine ways to reduce administrative expenditures of state social security funds in the conditions of reforming Ukrainian economy. For this purpose, the authors investigate distribution of the expenditures between social security funds, analyse dynamics and structure of assignments for fund administration, and suggest possible ways to rationalize maintenance cost for these institutions. Methodology. Administrative expenditures are an integral part of the cost of social security funds and include particular items of expenses in the budget of these institutions. Applying a systematic approach to calculating the administrative costs of social security funds of Ukraine the authors have taken into account the expenditures related to funding management, support for information systems, and organization of work with insured people. Results of the survey showed that in 2007–2016 Pension Fund of Ukraine incurred the largest part of social expenditures (more than 90% compared with other social insurance funds (less than 10%. At the same time, the administrative expenses were divided approximately into two halves between Pension Fund and other social security funds. In 2015, the government launched a reform of social insurance funds that aimed to reduce funds to three institutions but a decrease in the total amount of administrative expenditures has not been achieved yet. In addition, Pension Fund of Ukraine was least burdened with administrative expenses, while other social security funds with a relatively small share of social expenditures were burdened with administrative expenditures much more. Practical implications. Research showed that nowadays the existence of several social security funds in Ukraine is economically

  10. 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).

  11. 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...

  12. 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...

  13. 75 FR 28713 - Teacher Incentive Fund

    Science.gov (United States)

    2010-05-21

    ... staff in its schools) in these schools to take on additional responsibilities and leadership roles... efforts that ensure an equitable distribution of effective teachers between high- and low- poverty schools... assesses the impact of performance-based teacher and principal compensation systems supported by the funds...

  14. The Persistence of Risk-Adjusted Mutual Fund Performance.

    OpenAIRE

    Elton, Edwin J; Gruber, Martin J; Blake, Christopher R

    1996-01-01

    The authors examine predictability for stock mutual funds using risk-adjusted returns. They find that past performance is predictive of future risk-adjusted performance. Applying modern portfolio theory techniques to past data improves selection and allows the authors to construct a portfolio of funds that significantly outperforms a rule based on past rank alone. In addition, they can form a combination of actively managed portfolios with the same risk as a portfolio of index funds but with ...

  15. Force Structure - Need for Greater Transparency for the Army's Grow the Force Initiative Funding Plan

    National Research Council Canada - National Science Library

    Jaffe, Wendy; Baumgartner, Kelly; Coleman, Grace; Gannon, Barbara; Richardson, Terry; Smith, Kathryn; Thornton, Karen

    2007-01-01

    .... This planned expansion includes building six additional active modular brigade combat teams and additional modular support units, which will require a substantial increase in funding for personnel...

  16. 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,

  17. 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...

  18. 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

  19. 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)

  20. 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...

  1. Ranking mutual funds using Sortino method

    Directory of Open Access Journals (Sweden)

    Khosro Faghani Makrani

    2014-04-01

    Full Text Available One of the primary concerns on most business activities is to determine an efficient method for ranking mutual funds. This paper performs an empirical investigation to rank 42 mutual funds listed on Tehran Stock Exchange using Sortino method over the period 2011-2012. The results of survey have been compared with market return and the results have confirmed that there were some positive and meaningful relationships between Sortino return and market return. In addition, there were some positive and meaningful relationship between two Sortino methods.

  2. 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

  3. 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…

  4. 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…

  5. 26 CFR 1.642(i)-1 - Certain distributions by cemetery perpetual care funds.

    Science.gov (United States)

    2010-04-01

    ... taxable as a trust. In addition, the fund must have been created pursuant to local law by a taxable... corporation (including gravesites sold by the cemetery before a care fund trust law was enacted). In addition... and pre-trust fund law gravesites shall be included only to the extent that the cemetery cares for and...

  6. Board Diversity and Self-Regulation in Dutch Pension Funds

    NARCIS (Netherlands)

    van der Lecq, S.G.; Swinkels, L.A.P.; Shi, Lin

    2017-01-01

    Purpose – The purpose of this paper is to examine the change in pension fund board diversity after selfregulation was introduced, and investigate which pension fund characteristics influence compliance with selfregulation. In addition, the authors analyze whether compliance might be achieved by

  7. Board diversity and self-regulation in Dutch pension funds

    NARCIS (Netherlands)

    L. Shi (Lin); L.A.P. Swinkels (Laurens); S.G. van der Lecq (Fieke)

    2016-01-01

    markdownabstractPurpose - The purpose of this paper is to examine the change in pension fund board diversity after self-regulation was introduced, and investigate which pension fund characteristics influence compliance with self-regulation. In addition, the authors analyze whether compliance might

  8. Colorado Handbook for State-Funded Student Assistance Programs. Revised.

    Science.gov (United States)

    Colorado Commission on Higher Education, Denver.

    Policies and procedures established by the Colorado Commission on Higher Education for the use of state-funded student assistance are presented. Annual budget ranges, sample forms, and instructions are included. In addition to providing definitions and general policy information, the guidelines cover fund application and allocation; accounting,…

  9. 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...

  10. 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.

  11. A new award for the CERN Pension Fund

    CERN Multimedia

    CERN Bulletin

    2013-01-01

    Recently, the CERN Pension Fund was awarded the 2013 Investment and Pensions Europe (IPE) Award for “Best Use of Equities”. IPE is the leading European Pension Fund industry publication.   The award recognized CERN’s implementation of capital preservation principles in equities, referring in particular to CERN’s innovation with the development of “asymmetric” equity strategies. The awards were judged by a panel of 65 European pension fund executives, experts and consultants. In addition, CERN was selected by the judges as a finalist for “Best Public Pension Fund” in Europe.  This award was won by the UK government’s Pension Protection Fund.

  12. Philanthropy as a source of funding for nursing initiatives.

    Science.gov (United States)

    Kleinpell, Ruth M; Start, Rachel; McIntosh, Erik; Worobec, Sophia; Llewellyn, Jane

    2014-01-01

    Nurse leaders are challenged with ensuring that research and evidence-based practices are being integrated into clinical care. Initiatives such as the Magnet Recognition Program have helped reinforce the importance of advancing nursing practices to integrate best practices, conduct quality improvement initiatives, improve performance metrics, and involve bedside nurses in conducting research and evidence-based practice projects. While seeking research funding is an option for some initiatives, other strategies such as seeking funding from grateful patients or from philanthropic resources are becoming important options for nurse leaders to pursue, as the availability of funding from traditional sources such as professional organizations or federal funding becomes more limited. In addition, more institutions are seeking and applying for funding, increasing the pool of candidates who are vying for existing funding. Seeking alternative sources of funding, such as through philanthropy, becomes a viable option. This article reviews important considerations in seeking funding from philanthropic sources for nursing initiatives. Examples from a multiyear project that focused on promoting a healthy work environment and improving nursing morale are used to highlight strategies that were used to solicit, obtain, and secure extension funding from private foundation funding to support the initiative.

  13. Life cycle versus balanced funds: An emerging market perspective

    Directory of Open Access Journals (Sweden)

    Elbie Louw

    2017-08-01

    Full Text Available Background: Inadequate retirement savings is an international challenge. Additionally, individuals are not cognisant of how asset allocation choices ultimately impact retirement savings. Life cycle and balanced funds are popular asset allocation strategies to save towards retirement. However, recent research is questioning the efficacy of life cycle funds that switch to lower risk asset classes as retirement approaches. Aim: The purpose of this study is to compare the performance of life cycle funds with balanced funds to determine whether either dominates the other. The study compares balanced and life cycle funds with similar starting asset allocations as well as those where the starting asset allocations differ. Setting: The study has a South African focus and constructs funds using historical data for the main local asset classes; that is, equity, fixed income and cash, as well as a proxy for foreign equity covering the period 1986–2013. Method: The study makes use of Monte Carlo simulations and bootstrap with replacement, and compares the simulated outcomes using stochastic dominance as decision-making criteria. Results: The results indicate that life cycle funds fail to dominate balanced funds by first-order or almost stochastic dominance when funds have a similar starting asset allocation. It is noteworthy that there are instances where the opposite is true, that is, balanced funds dominate life cycle funds. These results highlight that while the life cycle funds provide more downside protection, they significantly suppress the upside potential compared to balanced funds. When the starting asset allocations of the balanced and life cycle funds differ, the stochastic dominance results are inconsistent as to the efficacy of the life cycle fund strategies considered. Conclusion: The study shows that whether one fund is likely to dominate the other is strongly dependent on the underlying asset allocation strategies of the funds

  14. 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.

  15. 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

  16. 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

  17. 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 ...

  18. Risk Management in the Exchange Fund Account

    OpenAIRE

    Michel Rochette

    2002-01-01

    In this article, author Michel Rochette of the Bank's Risk-Management Unit briefly describes the initiatives undertaken to identify, analyze, model, and manage the principal risks inherent in the transactions of the Exchange Fund Account (EFA), where the international reserves of the federal government are held. The author focuses on five types of risk: credit risk, market risk, liquidity risk, operational risk, and legal risk. In addition, the author presents the risk-management principles u...

  19. Investment behavior, observable expectations, and internal funds

    OpenAIRE

    Jason G. Cummins; Kevin A. Hassett; Stephen D. Oliner

    1999-01-01

    We use earnings forecasts from securities analysts to construct more accurate measures of the fundamentals that affect the expected returns to investment. We find that investment responds significantly -- in both economic and statistical terms -- to our new measures of fundamentals. Our estimates imply that the elasticity of the investment-capital ratio with respect to a change in fundamentals is generally greater than unity. In addition, we find that internal funds are uncorrelated with inve...

  20. 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...

  1. 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.)

  2. 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

  3. Young transplant surgeons and NIH funding.

    Science.gov (United States)

    Englesbe, M J; Sung, R S; Segev, D L

    2011-02-01

    Transplant surgeons have historically been instrumental in advancing the science of transplantation. However, research in the current environment inevitably requires external funding, and the classic career development pathway for a junior investigator is the NIH K award. We matched transplant surgeons who completed fellowships between 1998 and 2004 with the NIH funding database, and also queried them regarding research effort and attitudes. Of 373 surgeons who completed a fellowship, only 6 (1.8%) received a K award; of these, 3 subsequently obtained R-level funding. An additional 5 individuals received an R-level grant within their first 5 years as faculty without a K award, 3 of whom had received a prior ASTS-sponsored award. Survey respondents reported extensive research experience during their training (78.8% spent median 24 months), a high proportion of graduate research degrees (36%), and a strong desire for more research time (78%). However, they reported clinical burdens and lack of mentorship as their primary perceived barriers to successful research careers. The very low rate of NIH funding for young transplant surgeons, combined with survey results that indicate their desire to participate in research, suggest institutional barriers to access that may warrant attention by the ASTS and the transplant surgery community. ©2010 The Authors Journal compilation©2010 The American Society of Transplantation and the American Society of Transplant Surgeons.

  4. Money Related Decommissioning and Funding Decision Making

    International Nuclear Information System (INIS)

    Goodman, Lynne S.

    2008-01-01

    'Money makes the world go round', as the song says. It definitely influences decommissioning decision-making and financial assurance for future decommissioning. This paper will address two money-related decommissioning topics. The first is the evaluation of whether to continue or to halt decommissioning activities at Fermi 1. The second is maintaining adequacy of financial assurance for future decommissioning of operating plants. Decommissioning costs considerable money and costs are often higher than originally estimated. If costs increase significantly and decommissioning is not well funded, decommissioning activities may be deferred. Several decommissioning projects have been deferred when decision-makers determined future spending is preferable than current spending, or when costs have risen significantly. Decommissioning activity timing is being reevaluated for the Fermi 1 project. Assumptions for waste cost-escalation significantly impact the decision being made this year on the Fermi 1 decommissioning project. They also have a major impact on the estimated costs for decommissioning currently operating plants. Adequately funding full decommissioning during plant operation will ensure that the users who receive the benefit pay the full price of the nuclear-generated electricity. Funding throughout operation also will better ensure that money is available following shutdown to allow decommissioning to be conducted without need for additional funds

  5. 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 ...

  6. 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…

  7. 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

  8. 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.

  9. 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

  10. 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.

  11. 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

  12. Funding alternatives in EHR adoption: beyond HITECH incentives and traditional approaches.

    Science.gov (United States)

    Wang, Tiankai; Wang, Yangmei; Biedermann, Sue

    2013-05-01

    The meaningful use incentives under HITECH may be inadequate to address the financial challenges many hospitals face in implementing electronic health records (EHRs). Hospitals can fill the capital gap between EHR costs and available funds by exploring other potential funding sources. These sources include additional grants, funding permissible under EHR regulations, vendor financing, and tax benefits under IRS Section 179.

  13. 76 FR 41260 - Supplemental Funding for the Senior Medicare Patrol (SMP) Program

    Science.gov (United States)

    2011-07-13

    ... additional funding to double the size of the SMP program. The SMP program expansion has resulted in... DEPARTMENT OF HEALTH AND HUMAN SERVICES Administration on Aging Supplemental Funding for the Senior Medicare Patrol (SMP) Program ACTION: Notice of intent to provide supplemental funding to the...

  14. 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

  15. 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%).

  16. 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.

  17. 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.

  18. Department of Defense Financial Management Regulation. Volume 13. Nonappropriated Funds Policy and Procedures

    National Research Council Canada - National Science Library

    1994-01-01

    .... In addition, it directs statutory and regulatory financial reporting requirements. This Volume prescribes standard accounting principles and practices for all DoD nonappropriated fund instrumentalities (NAFIs...

  19. Assistance to schoolized childhood: the school fund

    Directory of Open Access Journals (Sweden)

    Sélia Ana Zonin

    2018-03-01

    Full Text Available This article has as central theme the constitution of the school fund in the primary public schools of Santa Catarina in the first half of the twentieth century. This initiative, promoted by the public authority, aimed at assisting impoverished students through the donation of school material, uniforms, meals, transportation and medical and dental care. The reflection presented here is based on documents produced by the State, such as laws, decrees, regulations and circulars, in addition to others produced by schools, especially reports containing the description of the activities inherent to the school fund. It is considered that the analysis contributes to the understanding of policies that will be implemented over the years inside and outside the school context.

  20. 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.

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  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. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2000-01-01

    The Governing Board held its 97th meeting on 5 December. On this occasion, it took note of the Draft Resolution on the Conclusions of the Five-Yearly Review 2000, one of which relates to the adjustment of the contribution rates to the Pension Fund which would rise from 9.37 % to 10.12 % of the reference salary for the members and fall from 21 % to 20.25 % of the reference salary for the Organization with effect from 1.1.2001. The Governing Board noted that those adjustments would not alter the overall contribution rate, which remains at 30.37 %. Consequently, it agreed to the proposed changes. The corresponding amendments to the Rules and Regulations of the Pension Fund will come into force with effect from 1.1.2001. The Board also took note of a request in the draft Resolution relating to three studies in addition to the triennial actuarial review as at 1.1.2001, namely 1) to study the financial consequences for the Fund of the proposed increase in the staff of 170 posts over the period 2002-2008, 2) to asse...

  11. Global fund financing to the 34 malaria-eliminating countries under the new funding model 2014-2017: an analysis of national allocations and regional grants.

    Science.gov (United States)

    Zelman, Brittany; Melgar, Melissa; Larson, Erika; Phillips, Allison; Shretta, Rima

    2016-02-25

    The Global Fund to Fight AIDS, Tuberculosis, and Malaria (GFATM) has been the largest financial supporter of malaria since 2002. In 2011, the GFATM transitioned to a new funding model (NFM), which prioritizes grants to high burden, lower income countries. This shift raises concerns that some low endemic countries, dependent on GFATM financing to achieve their malaria elimination goals, would receive less funding under the NFM. This study aims to understand the projected increase or decrease in national and regional funding from the GFATM's NFM to the 34 malaria-eliminating countries. Average annual disbursements under the old funding model were compared to average annual national allocations for all eligible 34 malaria-eliminating countries for the period of 2014-2017. Regional grant funding to countries that are due to receive additional support was then included in the comparison and analysed. Estimated funding ranges for the countries under the NFM were calculated using the proposed national allocation plus the possible adjustments and additional funding. Finally, the minimum and maximum funding estimates were compared to average annual disbursements under the old funding model. A cumulative 31 % decrease in national financing from the GFATM is expected for the countries included in this analysis. Regional grants augment funding for almost half of the eliminating countries, and increase the cumulative percent change in GTFAM funding to 32 %, though proposed activities may not be funded directly through national malaria programmes. However, if countries receive the maximum possible funding, 46 % of the countries included in this analysis would receive less than they received under the previous funding model. Many malaria-eliminating countries have projected national declines in funding from the GFATM under the NFM. While regional grants enhance funding for eliminating countries, they may not be able to fill country-level funding gaps for local commodities and

  12. Curious about how the Pension Fund is securing your future?

    CERN Multimedia

    Antonella Del Rosso

    2013-01-01

    Transparency, accuracy and proximity to its members: in recent years the CERN Pension Fund has put a huge effort into creating clear procedures, defining and sharing its strategies, and making its information public. The latest addition is the publication of the Annual Investment Report on the Pension Fund website.   Are you curious about the investments made by the CERN and ESO Pension Fund? Do you want to locate the buildings belonging to the Fund? Or see how the Fund controls its risk level? Help is at hand: the Pension Fund has just released the Annual Investment Report (AIR) on its website. “The online AIR will be updated quarterly to include the latest investment performance of the Fund, shortly after the end of every quarter,” says Théodore Economou, the Pension Fund’s Chief Executive Officer. “This is a significant improvement in the frequency of distribution of information regarding investments. Until now, stakeholders had to wait for the...

  13. Decommissioning nuclear power plants: a case for external funding

    International Nuclear Information System (INIS)

    Hendren, C.B.

    1987-01-01

    In deciding how to finance the decommissioning of nuclear power plants, there are five basic criteria for choosing between internal and external funding methods: (1) the desire for financial assurance, (2) the cost of the assurance, (3) the degree of equity in the recovery program, (4) the program's ability to respond to changes, and (5) the program's adaptability to different utilities. To fulfill its obligations to protect long-term public interests, the Missouri Public Service Commission decided it had to assure, to the maximum extent possible, that sufficient decommissioning funds were available when needed. For this reason, it chose the external funding method. In an external fund, the money currently collected from ratepayers to cover decommissioning costs is placed in an independent trust fund comprised of low-risk investments. The funds and the interest they accrue are available to the utility only at the time of decommissioning (and only for that purpose), thus assuring a certain amount of money will be on-hand to cover decommissioning costs as they arise. Such a fund may prove critical to the financial well-being of the utility, particularly if one considers that the utility would need additional generating facilities to replace the capacity lost through the retirement of its nuclear plant. 3 references

  14. 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?.

  15. 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...

  16. SOGIN Decommissioning strategy and funding (Italy)

    International Nuclear Information System (INIS)

    2006-01-01

    Statement: In Italy, as it is well known, there are no more operational NPPs. The four existing nuclear plants are definitely shutdown and ready for decommissioning. Considerations on decommissioning funding system have to take into account this particular situation. Strategy for decommissioning: New inputs given to SOGIN by the Italian Government are: conditioning all radioactive waste existing on the NPPs within the year 2010, release all nuclear sites - free of radiological constraints - by 2020. The last task is conditioned by availability of the national waste repository by the year 2009. Strategy for decommissioning: Key issue is prompt dismantling considering No more nuclear activities in Italy and Progressive loss of competencies. Previously Existing funds: Before plant shutdown, ENEL has cumulated provisions for decommissioning, even in absence of a clear regulatory framework. These provisions were not sufficient for decommissioning, considering the early closure of the plants. An additional fund was granted to ENEL by the government, in the form of a 'credit' to be paid by the 'electric system' (CCSE). This fund (provisions + credit) was considered sufficient by ENEL for a decommissioning with Safe Store strategy (fund = discounted foreseen costs). The total fund (provisions + credit) was assigned to Sogin at the incorporation date. The amount, money 1999, was about 800 M euros. Considering the new context: new strategy (Prompt Dismantling with site release by 2020), Sogin constitution (societal costs), new economic conditions. The fund was not considered sufficient for all Sogin tasks. This conclusion was agreed upon also by the independent 'Authority for electric energy and gas'. A new regulatory framework was therefore defined. Regulatory aspects: The Legislative Decree 79/99 has stated that costs for the decommissioning of NPP, fuel cycle back end and related activities should be considered as stranded costs for the general electric system. The same

  17. 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 ...

  18. 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

  19. 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...

  20. 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...

  1. 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...

  2. 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...

  3. 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...

  4. 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...

  5. 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...

  6. 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, ...

  7. 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…

  8. 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.

  9. 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

  10. 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…

  11. 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…

  12. 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…

  13. 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.

  14. 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...

  15. 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

  16. 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...

  17. EVALUATION OF THE FINANCIAL PERFORMANCE OF PENSION FUNDS IN CROATIA

    Directory of Open Access Journals (Sweden)

    Dražen Novaković

    2015-07-01

    Full Text Available The aim of this paper is to evaluate the financial performance of pension funds in Croatia. Although there are other factors which are important in the pension funds overall performance, this paper focuses on investment accomplishments. The purpose of measuring portfolio performance is to determine whether portfolio managers add value compared to passive investment strategies. The traditional approach to pension funds’ performance evaluation underlines standard measures of financial performance (e.g. ratios such as Sharpe’s, Sortino’s, Treynor’s, etc. which quantify the ability of pension fund managers to deliver an active management risk premium, with respect to benchmarks. In this paper, the previously mentioned traditional measures of risk-adjusted performance are applied to Croatian pension funds. Due to recent changes in pension systems in other Eastern European countries once again emphasis is put on this issue in Croatia. The analysis furthermore includes evaluation of pension funds’ asset allocation. The period of analysis covers twelve years, from the establishment of pension funds in Croatia in 2002 until 2013. The main hypothesis of the paper states that Croatian pension funds underperform with respect to benchmark comparisons, set as return on the combined CROBEX/CROBIS portfolio. Results show that the main hypothesis does not hold. The financial performance of pension funds directly influences their competitiveness, derived from the possibility of measuring their success in active portfolio management. In addition, pension funds are expected to support the national economy. By investing their accumulating assets, they can protect jobs and enhance economic growth. However, they can achieve that only if they are competitive in means of financial performance.

  18. Surgeon Scientists Are Disproportionately Affected by Declining NIH Funding Rates.

    Science.gov (United States)

    Narahari, Adishesh K; Mehaffey, J Hunter; Hawkins, Robert B; Charles, Eric J; Baderdinni, Pranav K; Chandrabhatla, Anirudha S; Kocan, Joseph W; Jones, R Scott; Upchurch, Gilbert R; Kron, Irving L; Kern, John A; Ailawadi, Gorav

    2018-04-01

    Obtaining National Institutes of Health (NIH) funding over the last 10 years has become increasingly difficult due to a decrease in the number of research grants funded and an increase in the number of NIH applications. National Institutes of Health funding amounts and success rates were compared for all disciplines using data from NIH, Federation of American Societies for Experimental Biology (FASEB), and Blue Ridge Medical Institute. Next, all NIH grants (2006 to 2016) with surgeons as principal investigators were identified using the National Institutes of Health Research Portfolio Online Reporting Tools Expenditures and Results (NIH RePORTER), and a grant impact score was calculated for each grant based on the publication's impact factor per funding amount. Linear regression and one-way ANOVA were used for analysis. The number of NIH grant applications has increased by 18.7% (p = 0.0009), while the numbers of funded grants (p rate of funded grants with surgeons as principal investigators (16.4%) has been significantly lower than the mean NIH funding rate (19.2%) (p = 0.011). Despite receiving only 831 R01s during this time period, surgeon scientists were highly productive, with an average grant impact score of 4.9 per $100,000, which increased over the last 10 years (0.15 ± 0.05/year, p = 0.02). Additionally, the rate of conversion of surgeon scientist-mentored K awards to R01s from 2007 to 2012 was 46%. Despite declining funding over the last 10 years, surgeon scientists have demonstrated increasing productivity as measured by impactful publications and higher success rates in converting early investigator awards to R01s. Copyright © 2018 American College of Surgeons. Published by Elsevier Inc. All rights reserved.

  19. 13 CFR 119.7 - How long and in what amounts will grant funding be available to a single grantee?

    Science.gov (United States)

    2010-01-01

    ... funding period for a PRIME grant will be one year. Subject to availability of funds and continuing..., continuation awards require a determination by SBA that continued funding is in the best interest of the... agreement commits or obligates the Federal Government in any way to make any additional, supplemental...

  20. 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.

  1. Sustainable funding for biocuration: The Arabidopsis Information Resource (TAIR) as a case study of a subscription-based funding model.

    Science.gov (United States)

    Reiser, Leonore; Berardini, Tanya Z; Li, Donghui; Muller, Robert; Strait, Emily M; Li, Qian; Mezheritsky, Yarik; Vetushko, Andrey; Huala, Eva

    2016-01-01

    Databases and data repositories provide essential functions for the research community by integrating, curating, archiving and otherwise packaging data to facilitate discovery and reuse. Despite their importance, funding for maintenance of these resources is increasingly hard to obtain. Fueled by a desire to find long term, sustainable solutions to database funding, staff from the Arabidopsis Information Resource (TAIR), founded the nonprofit organization, Phoenix Bioinformatics, using TAIR as a test case for user-based funding. Subscription-based funding has been proposed as an alternative to grant funding but its application has been very limited within the nonprofit sector. Our testing of this model indicates that it is a viable option, at least for some databases, and that it is possible to strike a balance that maximizes access while still incentivizing subscriptions. One year after transitioning to subscription support, TAIR is self-sustaining and Phoenix is poised to expand and support additional resources that wish to incorporate user-based funding strategies. Database URL: www.arabidopsis.org. © The Author(s) 2016. Published by Oxford University Press.

  2. 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.

  3. ESG Issues among Fund Managers—Factors and Motives

    Directory of Open Access Journals (Sweden)

    Justyna Przychodzen

    2016-10-01

    Full Text Available This paper investigates the motives, behavior, and characteristics shaping mutual fund managers’ willingness to incorporate Environmental, Social and Governance (ESG issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensity to incorporate ESG factors is positively related to an increasing level of risk aversion, an increasing importance of salary change and senior management approval/disapproval as motivating factors as well as length of professional experience in current fund and increasing significance of assessment by superiors in remuneration. Overall, our evidence suggests that ESG diligence among fund managers serves mainly as a method for mitigating risk and is typically motivated by herding; it is much less important as a tool for additional value creation. The prevalent use of ESG criteria in mitigating risk is in contrast with traditional approach, but it is in line with behavioral finance theory. Additionally, our results also show a strong difference in the length of the forecasting horizon between continental European and Anglo-Saxon fund managers.

  4. 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 ...

  5. Report on the Audit of the Joint Civilian Orientation Conference Fund

    Science.gov (United States)

    1991-01-31

    This is our final report on the audit of the Joint Civilian Orientation Conference (JCOC) Fund (the Fund). We performed the audit from June to July...1990. The Director, Budget and Finance, Washington Headquarters Services, requested the audit because a new Treasurer had been appointed. The overall...Instruction No. 48, Joint Civilian Orientation Conference Fund, May 31, 1983, and with DoD policy and guidelines. In addition, the audit evaluated

  6. Performance of sustainable investments : a comparison of sustainable and conventional mutual funds in emerging markets

    OpenAIRE

    Christensson, Lars Stefan Bjerke; Skagestad, Ole Jakob

    2017-01-01

    This thesis compares the performance and risk factor exposure of sustainable and conventional mutual funds in emerging markets from January 2012 to July 2017. We use the latest sustainability ratings provided by Morningstar to define sustainable funds, and apply CAPM, Fama-French and Carhart models to control for the market, size, book-to-market and momentum factors. Additionally, we add a dummy to compare the risk-adjusted returns of the funds, and examine if the difference is...

  7. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    2000-01-01

    Since the last report, the Governing Board has held three meetings, on the 5 September, 4 October and 9 November. At its September meeting, the Board took note of the results of the half-year closure of the accounts on 30 June and examined the expenditure of the Fund's Administration to the end of July and its operating budget for 2001, which it approved. The Chairman of the Investment Committee, G. Maurin, reported on the Committee's activities in regard to the monitoring of the fund managers and their results. After an exchange of views, the Governing Board proposed to the Finance Committee and the Council an adjustment of pensions of 1.4% with effect from 1.1.2001. It took note with satisfaction of the decision of the French tax authorities to consider that CERN's investments in France on behalf of its social security scheme formed part of the official activities of the Organization and as such benefited from exemption from direct local taxes in addition to its exemption from national taxation. The Governi...

  8. How to Fund Homeland Security without Federal Dollars: State and Local Funding of Homeland Security Initiatives in Light of Decreased Support by the Federal Government

    National Research Council Canada - National Science Library

    Emler, Jay S

    2008-01-01

    ..., sales taxes, congestion fees and multi-year budgeting with the addition of a "rainy day" fund, to less conventional options like public/private partnerships and innovative investment strategies...

  9. Analysis of the Administration's Proposal to Ensure Solvency of the United Mine Workers of America Combined Benefit Fund

    National Research Council Canada - National Science Library

    2000-01-01

    .... In addition, you asked that we provide some general background information on the operations, governance structure, benefit structure, and historical and projected financial position of the Fund...

  10. 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...

  11. 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...

  12. 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.

  13. 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

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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.

  19. 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.

  20. 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.

  1. 78 FR 34162 - Notice of Funding Availability (NOFA) Inviting Applications for the FY 2013 Funding Round of the...

    Science.gov (United States)

    2013-06-06

    ... concerns about the Applicant. Furthermore, the CDFI Fund may choose not to approve a BEA Program Award for... recent overall CRA assessment rating is below ``Satisfactory'', or (ii) the Applicant received a going concern opinion on its most recent audit. Applicants may be contacted to provide additional information...

  2. 78 FR 33800 - Notice of Funding Availability: Section 515 Multi-Family Housing Preservation Revolving Loan Fund...

    Science.gov (United States)

    2013-06-05

    ... Housing Tax Credits (LIHTC) assistance, when a tenant receives such housing benefits. Additional tenant... matching funds from third parties, including housing tax credits for rural housing assistance and to... unqualified audited opinion signed by an independent Certified Public Accountant (CPA) acceptable to the...

  3. 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 ...

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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...

  9. 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...

  10. 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, ...

  11. 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...

  12. 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...

  13. 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 ...

  14. 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...

  15. 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...

  16. 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.

  17. 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...

  18. 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…

  19. 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

  20. 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...

  1. 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...

  2. 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)

  3. 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…

  4. 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...

  5. 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

  6. 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;

  7. 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...

  8. 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...

  9. 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...

  10. 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.

  11. Trends in sinusitis research: a systematic review of extramural funding.

    Science.gov (United States)

    Levy, Joshua M; Smith, Stephanie Shintani; Varshney, Rickul; Chang, Eugene H; Ramakrishnan, Vijay R; Ting, Jonathan Y; Bleier, Benjamin S

    2017-11-01

    Innovation represents a core value of the American Rhinologic Society (ARS), with multiple efforts to promote research in the advancement rhinologic care. We therefore sought to identify trends in extramural sinusitis funding and underutilized sources of support to facilitate future efforts. A systematic review of the National Institutes of Health (NIH) Research Portfolio Online Tools (RePORTER) database (fiscal year 1993 to 2017) was completed with the search strategy: ("chronic sinusitis" OR rhinosinusitis). All identified studies were accepted for review, with comparison to ARS membership rolls to identify studies supported by ARS investigators. Foundation awards were surveyed to identify and characterize additional sources of support. The systematic review identified 958 projects receiving NIH funding, of which 120 remain active. The percentage of sinusitis-related awards and total funding relative to all NIH awards increased over the past 10 years (2006 to 2016) from 0.06% (8 / 9128) and 0.09% ($2,151,152 / $3,358,338,602) to 0.87% (86 / 9540) and 0.90% ($37,201,095 / $4,300,145,614). Among active studies, 9 investigators maintain membership in the ARS and serve as principal investigator or project leader in 12 (10%) studies. ARS investigators received the greatest number of awards from the National Institute on Deafness and Other Communication Disrders (n = 8,66.7%), while only receiving 2.2% of awarded funding from the National Institute of Allergy and Infectious Diseases ($607,500/$26,873,022), the largest source of awards for sinusitis research. Support for sinusitis research is significantly growing, with the largest source of active funding not being fully utilized by members of the ARS. Further efforts to promote funding priorities among extramural sources is necessary to facilitate increased funding for ARS member initiatives. © 2017 ARS-AAOA, LLC.

  12. 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.

  13. 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.

  14. The Critical Role of Stewardship in Fund Raising: The Coaches vs. Cancer Campaign.

    Science.gov (United States)

    Worley, Debra A.; Little, Jennifer K.

    2002-01-01

    Examines the critical role of stewardship in the process of fund raising. Uses the Coaches vs. Cancer campaign to illustrate the limitations of the public relations ROPE (research, objectives, planning, and evaluation) model in explaining fund raising success, and supports K.S. Kelly's contention that addition of a fifth step to the model, the…

  15. 77 FR 23451 - Funding Opportunity Title; Risk Management Education and Outreach Partnerships Program

    Science.gov (United States)

    2012-04-19

    ... and Form of Application Submission C. Funding Restrictions D. Limitation on Use of Project Funds for... Section VII--Agency Contact Section VIII--Additional Information A. The Restriction of the Expenditure of... Ranchers; New and Beginning Farmers; Women Producers and Ranchers; Hispanic Producers and Ranchers; African...

  16. Designing Species Translocation Strategies When Populaton Growth and Future Funding Are Uncertain

    Science.gov (United States)

    Robert G. Haight; Katherine Ralls; Anthony M. Starfield

    2000-01-01

    When translocating individuals to found new populations, managers must allocate limited funds among release and monitoring activities that differ in method, cost, and probable result. In addition, managers are increasingly expected to justify the funding decisions they have made. Within the framework of decision analysis, we used robust optimization to formulate and...

  17. 2015 Revolving Loan Fund Supplemental Awards for Brownfields and Land Revitalization in New England

    Science.gov (United States)

    Communities in CT, ME, MA and VT will receive additional grants of $4.3 million in revolving loan fund (RLF) supplemental funding to carry out cleanup and redevelopment projects at contaminated Brownfields properties. See a list of recipients for 2015.

  18. 78 FR 17240 - Krane Funds Advisors LLC., et al.; Notice of Application

    Science.gov (United States)

    2013-03-20

    ..., equity caps and floors, swap agreements, forward contracts, and money market instruments, which the... Instruments will be identical, unless the Fund is Rebalancing (as defined below). In addition, the Deposit Instruments and Redemption Instruments will each correspond pro rata to the positions in the Fund's portfolio...

  19. Does activity mix and funding strategy vary across ownership?

    Directory of Open Access Journals (Sweden)

    Saibal Gosh

    2011-06-01

    Full Text Available Using data on Indian banks during 1996-2007, the paper examines the impact of bank activity and short-term funding for bank returns and risks. The findings indicate that larger, fast growing financial firms tend to have higher fee income shares. In addition, banks with greater reliance on fee income generating activities exhibit higher profitability. On the contrary, the impact of non-deposit funding share on bank profitability is weak. In terms of bank riskiness, the evidence is consistent with the conjecture that big, cost efficient and capitalized banks are less risky. As in case of bank profitability, there is limited evidence on any non-linear relationship between risk and fee incomes as also between risk and non-deposit funding share. Finally, the analysis supports the fact that foreign and de novo private banks exhibit lower risk as compared to old private banks.

  20. 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

  1. 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...

  2. The Relation between Past Flows and Future Performance: Simple Investment Strategies in the Mutual Fund Sector

    Directory of Open Access Journals (Sweden)

    Martin Rohleder

    2015-02-01

    Full Text Available In the mutual fund literature, it is an established fact that investors “chase past performance”. However, the opposite impact of flows on performance is widely discussed. Mainly, liquidity costs are held responsible for short-term erosion of performance, while high inflows enhance performance over longer horizons. I investigate this relation for various groups of equity, bond, and money market funds and find significant outperformance in high inflow funds over several months, especially for specific bond fund groups. In addition, I test whether this information can be exploited using simple investment strategies but find that the abnormal returns are too low to offset associated costs.

  3. 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…

  4. 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. ...

  5. 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.

  6. 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)

  7. 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)

  8. 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.

  9. 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.

  10. 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.

  11. 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.

  12. 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.

  13. Fact Sheet on Sources and Uses of U.S. Funding Provided in Fiscal Year 2006 for Iraq Relief and Reconstruction

    National Research Council Canada - National Science Library

    2007-01-01

    ... about $5.4 billion, in additional non-IRRF funding made available in FY 2006, to four separate funds, for various relief and reconstruction projects in Iraq, including training of Iraqi security...

  14. 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...

  15. 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...

  16. Additive Manufacturing Infrared Inspection

    Science.gov (United States)

    Gaddy, Darrell; Nettles, Mindy

    2015-01-01

    The Additive Manufacturing Infrared Inspection Task started the development of a real-time dimensional inspection technique and digital quality record for the additive manufacturing process using infrared camera imaging and processing techniques. This project will benefit additive manufacturing by providing real-time inspection of internal geometry that is not currently possible and reduce the time and cost of additive manufactured parts with automated real-time dimensional inspections which deletes post-production inspections.

  17. [Food additives and healthiness].

    Science.gov (United States)

    Heinonen, Marina

    2014-01-01

    Additives are used for improving food structure or preventing its spoilage, for example. Many substances used as additives are also naturally present in food. The safety of additives is evaluated according to commonly agreed principles. If high concentrations of an additive cause adverse health effects for humans, a limit of acceptable daily intake (ADI) is set for it. An additive is a risk only when ADI is exceeded. The healthiness of food is measured on the basis of nutrient density and scientifically proven effects.

  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. Additives in yoghurt production

    Directory of Open Access Journals (Sweden)

    Milna Tudor

    2008-02-01

    Full Text Available In yoghurt production, mainly because of sensory characteristics, different types of additives are used. Each group, and also each substance from the same group has different characteristics and properties. For that reason, for improvement of yoghurt sensory characteristics apart from addition selection, the quantity of the additive is very important. The same substance added in optimal amount improves yoghurt sensory attributes, but too small or too big addition can reduce yoghurt sensory attributes. In this paper, characteristics and properties of mostly used additives in yoghurt production are described; skimmed milk powder, whey powder, concentrated whey powder, sugars and artificial sweeteners, fruits, stabilizers, casein powder, inulin and vitamins. Also the impact of each additive on sensory and physical properties of yoghurt, syneresis and viscosity, are described, depending on used amount added in yoghurt production.

  1. 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...

  2. 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...

  3. 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...

  4. 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.

  5. Measures to Prevent Financial Fraud and Legalization of Illicit Funds

    Directory of Open Access Journals (Sweden)

    Chunitska Iryna I.

    2017-06-01

    Full Text Available The problems of preventing financial fraud and legalization of funds using mechanisms of the financial market are considered. The relevance of this problem in general and peculiar features of its research in developing economies are substantiated. The experience of organizations created to prevent the legalization of illicit funds is studied. It is determined that new organizations are created in response to the global challenges. It is justified that in Ukraine the fight against the legalization of illicit funds has actualized due to a lack of financial resources in the country, declaration of course towards European values and also as a result of the military conflict in the east of the country. The risk factors for financial fraud and illegal movement of financial flows are systematized according to the groups of conditions: pressure, favorable situation, propensity (justification. It is determined which levels of risk of generating illegal financial flows are inherent in different sectors of the economy depending on institutional factors. It is argued that the increase in the risks of illegal financial flows occurs under conditions of a low level of maturity of the institutional environment and a high level of information asymmetry. Types and tools of fraud in the financial market that increase the risks of illegal financial flows are systematized. It is determined that main types of fraud in the financial market are related to information manipulations and regulatory deficiencies. The world experience of legislative initiatives on counteracting the legalization of funds in financial markets is systematized. It is justified that, in order to prevent financial fraud and prevent legalization of illicit funds in Ukraine, it is necessary to ensure maximum transparency of information on the movement of financial flows in financial markets. In addition, regulators of the financial market should not only cooperate with each other but also prevent

  6. IAEA Nobel Peace Prize cancer and nutrition fund

    International Nuclear Information System (INIS)

    Kinley, D. III

    2006-05-01

    The Norwegian Nobel Committee awarded the 2005 Nobel Peace Prize to the IAEA and Director General ElBaradei in equal shares. The IAEA and its Director General won the 2005 Peace Prize for their efforts to prevent nuclear energy from being used for military purposes and to ensure that nuclear energy for peaceful purposes is used in the safest possible way. The IAEA Board of Governors subsequently decided that the IAEA's share of the prestigious prize would be used to create a special fund for fellowships and training to improve cancer control and childhood nutrition in the developing world. This fund is known as the 'IAEA Nobel Peace Prize Cancer and Nutrition Fund'. The money will be dedicated to enhancing human resources in developing regions of the world for improved cancer control and childhood nutrition. In the area of cancer control, the money will be spent on establishing regional cancer training institutes for the training of new doctors, medical physicists and technologists in radiation oncology to improve cancer treatment and care, as part of the IAEA's Programme of Action for Cancer Therapy (PACT). In the realm of nutrition, the focus of the Fund will be on capacity building in the use of nuclear techniques to develop interventions to contribute to improved nutrition and health for children in the developing world. Fund-supported fellowship awards will target young professionals, especially women, from Member States, through the IAEA's Technical Cooperation (TC) Programme. Alongside such awards, regional events will be organized in Africa, Asia and Latin America in cancer control and nutrition during 2006. The IAEA Secretariat is encouraging Member States and donors to contribute to the IAEA Nobel Peace Prize Cancer and Nutrition Fund by providing additional resources, in cash and in-kind

  7. 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...

  8. Funding knowledgebases: Towards a sustainable funding model for the UniProt use case

    Science.gov (United States)

    Gabella, Chiara; Durinx, Christine; Appel, Ron

    2018-01-01

    Millions of life scientists across the world rely on bioinformatics data resources for their research projects. Data resources can be very expensive, especially those with a high added value as the expert-curated knowledgebases. Despite the increasing need for such highly accurate and reliable sources of scientific information, most of them do not have secured funding over the near future and often depend on short-term grants that are much shorter than their planning horizon. Additionally, they are often evaluated as research projects rather than as research infrastructure components. In this work, twelve funding models for data resources are described and applied on the case study of the Universal Protein Resource (UniProt), a key resource for protein sequences and functional information knowledge. We show that most of the models present inconsistencies with open access or equity policies, and that while some models do not allow to cover the total costs, they could potentially be used as a complementary income source. We propose the Infrastructure Model as a sustainable and equitable model for all core data resources in the life sciences. With this model, funding agencies would set aside a fixed percentage of their research grant volumes, which would subsequently be redistributed to core data resources according to well-defined selection criteria. This model, compatible with the principles of open science, is in agreement with several international initiatives such as the Human Frontiers Science Program Organisation (HFSPO) and the OECD Global Science Forum (GSF) project. Here, we have estimated that less than 1% of the total amount dedicated to research grants in the life sciences would be sufficient to cover the costs of the core data resources worldwide, including both knowledgebases and deposition databases. PMID:29333230

  9. Funding knowledgebases: Towards a sustainable funding model for the UniProt use case.

    Science.gov (United States)

    Gabella, Chiara; Durinx, Christine; Appel, Ron

    2017-01-01

    Millions of life scientists across the world rely on bioinformatics data resources for their research projects. Data resources can be very expensive, especially those with a high added value as the expert-curated knowledgebases. Despite the increasing need for such highly accurate and reliable sources of scientific information, most of them do not have secured funding over the near future and often depend on short-term grants that are much shorter than their planning horizon. Additionally, they are often evaluated as research projects rather than as research infrastructure components. In this work, twelve funding models for data resources are described and applied on the case study of the Universal Protein Resource (UniProt), a key resource for protein sequences and functional information knowledge. We show that most of the models present inconsistencies with open access or equity policies, and that while some models do not allow to cover the total costs, they could potentially be used as a complementary income source. We propose the Infrastructure Model as a sustainable and equitable model for all core data resources in the life sciences. With this model, funding agencies would set aside a fixed percentage of their research grant volumes, which would subsequently be redistributed to core data resources according to well-defined selection criteria. This model, compatible with the principles of open science, is in agreement with several international initiatives such as the Human Frontiers Science Program Organisation (HFSPO) and the OECD Global Science Forum (GSF) project. Here, we have estimated that less than 1% of the total amount dedicated to research grants in the life sciences would be sufficient to cover the costs of the core data resources worldwide, including both knowledgebases and deposition databases.

  10. 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...

  11. 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...

  12. 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.

  13. 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

  14. 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

  15. 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

  16. 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

  17. 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...

  18. 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...

  19. 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...

  20. 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.

  1. 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...

  2. 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

  3. 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.

  4. 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...

  5. 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...

  6. 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.

  7. 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.

  8. 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...

  9. Polylactides in additive biomanufacturing.

    Science.gov (United States)

    Poh, Patrina S P; Chhaya, Mohit P; Wunner, Felix M; De-Juan-Pardo, Elena M; Schilling, Arndt F; Schantz, Jan-Thorsten; van Griensven, Martijn; Hutmacher, Dietmar W

    2016-12-15

    New advanced manufacturing technologies under the alias of additive biomanufacturing allow the design and fabrication of a range of products from pre-operative models, cutting guides and medical devices to scaffolds. The process of printing in 3 dimensions of cells, extracellular matrix (ECM) and biomaterials (bioinks, powders, etc.) to generate in vitro and/or in vivo tissue analogue structures has been termed bioprinting. To further advance in additive biomanufacturing, there are many aspects that we can learn from the wider additive manufacturing (AM) industry, which have progressed tremendously since its introduction into the manufacturing sector. First, this review gives an overview of additive manufacturing and both industry and academia efforts in addressing specific challenges in the AM technologies to drive toward AM-enabled industrial revolution. After which, considerations of poly(lactides) as a biomaterial in additive biomanufacturing are discussed. Challenges in wider additive biomanufacturing field are discussed in terms of (a) biomaterials; (b) computer-aided design, engineering and manufacturing; (c) AM and additive biomanufacturing printers hardware; and (d) system integration. Finally, the outlook for additive biomanufacturing was discussed. Copyright © 2016 Elsevier B.V. All rights reserved.

  10. 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)…

  11. How funding structures for HIV/AIDS research shape outputs and utilization: a Swiss case study.

    Science.gov (United States)

    Frey, Kathrin; Kübler, Daniel

    2011-09-27

    Research policy in the field of HIV has changed substantially in recent decades in Switzerland. Until 2004, social science research on HIV/AIDS was funded by specialized funding agencies. After 2004, funding of such research was "normalized" and integrated into the Swiss National Science Foundation as the main funding agency for scientific research in Switzerland. This paper offers a longitudinal analysis of the relationship between the changing nature of funding structures on the one hand and the production and communication of policy-relevant scientific knowledge in the field of HIV on the other hand. The analysis relies on an inventory of all social sciences research projects on HIV in Switzerland that were funded between 1987 and 2010, including topics covered and disciplines involved, as well as financial data. In addition, in-depth interviews were conducted with 18 stakeholders. The analysis highlights that the pre-2004 funding policy ensured good coverage of important social science research themes. Specific incentives and explicit promotion of social science research related to HIV gave rise to a multidisciplinary, integrative and health-oriented approach. The abolition of a specific funding policy in 2004 was paralleled by a drastic reduction in the number of social science research projects submitted for funding, and a decline of public money dedicated to such research. Although the public administration in charge of HIV policy still acknowledges the relevance of findings from social sciences for the development of prevention, treatment and care, HIV-related social science research does not flourish under current funding conditions. The Swiss experience sheds light on the difficulties of sustaining social science research and multidisciplinary approaches related to HIV without specialized funding agencies. Future funding policy might not necessarily require specialized agencies, but should better take into account research dynamics and motivations in the

  12. 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

  13. 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.

  14. 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.

  15. Additive and polynomial representations

    CERN Document Server

    Krantz, David H; Suppes, Patrick

    1971-01-01

    Additive and Polynomial Representations deals with major representation theorems in which the qualitative structure is reflected as some polynomial function of one or more numerical functions defined on the basic entities. Examples are additive expressions of a single measure (such as the probability of disjoint events being the sum of their probabilities), and additive expressions of two measures (such as the logarithm of momentum being the sum of log mass and log velocity terms). The book describes the three basic procedures of fundamental measurement as the mathematical pivot, as the utiliz

  16. 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...

  17. 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...

  18. 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...

  19. 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).

  20. Saving Alberta's resource revenues: Role of intergenerational and liquidity funds

    International Nuclear Information System (INIS)

    Bremer, Ton S. van den; Ploeg, Frederick van der

    2016-01-01

    We use a welfare-based intertemporal stochastic optimization model and historical data to estimate the size of the optimal intergenerational and liquidity funds and the corresponding resource dividend available to the government of the Canadian province Alberta. To first-order of approximation, this dividend should be a constant fraction of total above- and below-ground wealth, complemented by additional precautionary savings at initial times to build up a small liquidity fund to cope with oil price volatility. The ongoing dividend equals approximately 30 per cent of government revenue and requires building assets of approximately 40 per cent of GDP in 2030, 100 per cent of GDP in 2050 and 165 per cent in 2100. Finally, the effect of the recent plunge in oil prices on our estimates is examined. Our recommendations are in stark contrast with historical and current government policy. - Highlights: • Volatile natural resource income requires an intergenerational and liquidity fund. • We use intertemporal stochastic optimization and historical data for Alberta. • The ongoing dividend is 30 per cent of government revenue. • This requires assets of 100 per cent of GDP in 2050 and initial precautionary saving. • The effect of the 2014 plunge in oil prices on our estimates of the funds is examined.

  1. Food Additives and Hyperkinesis

    Science.gov (United States)

    Wender, Ester H.

    1977-01-01

    The hypothesis that food additives are causally associated with hyperkinesis and learning disabilities in children is reviewed, and available data are summarized. Available from: American Medical Association 535 North Dearborn Street Chicago, Illinois 60610. (JG)

  2. Groups – Additive Notation

    Directory of Open Access Journals (Sweden)

    Coghetto Roland

    2015-06-01

    Full Text Available We translate the articles covering group theory already available in the Mizar Mathematical Library from multiplicative into additive notation. We adapt the works of Wojciech A. Trybulec [41, 42, 43] and Artur Korniłowicz [25].

  3. Groups – Additive Notation

    OpenAIRE

    Coghetto Roland

    2015-01-01

    We translate the articles covering group theory already available in the Mizar Mathematical Library from multiplicative into additive notation. We adapt the works of Wojciech A. Trybulec [41, 42, 43] and Artur Korniłowicz [25].

  4. 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...

  5. 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...

  6. 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...

  7. 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...

  8. 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)

  9. 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).

  10. 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

  11. 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

  12. 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...

  13. 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...

  14. 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...

  15. 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...

  16. 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...

  17. 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...

  18. 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 ...

  19. 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.

  20. 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...

  1. 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…

  2. 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…

  3. 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

  4. 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

  5. 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…

  6. 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)

  7. 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.…

  8. 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...

  9. 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.

  10. 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

  11. 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

  12. 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.

  13. 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…

  14. 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.

  15. 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…

  16. 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

  17. 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...

  18. 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

  19. 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

  20. 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...

  1. 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;.

  2. 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...

  3. 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).

  4. 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

  5. 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

  6. 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...

  7. 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...

  8. 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...

  9. 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…

  10. 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.

  11. 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.

  12. 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...

  13. 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)

  14. 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.

  15. 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.

  16. 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...

  17. Estimating of funding levels for decommissioning

    International Nuclear Information System (INIS)

    Sieving, K.W.

    1985-01-01

    In order to meet its public service obligations, an electric utility must attain the following objectives: Recognize future power requirements early, and take appropriate actions to satisfy them; Construct new generating, transmission and distribution facilities in a timely and economical manner; Operate its facilities safely, and maintain them without decreasing the quality and reliability of service. In the case of a nuclear electric generating station, the third objective includes the obligation to decommission the station following shutdown at the end of its useful life and to dispose of residual radioactivity in accordance with Nuclear Regulatory Commission guidelines, as a part of the process of terminating the NRC license. In the case of an investor-owned electric utility, the third objective includes the additional duty to estimate the cost of decommissioning for ratemaking purposes, since the funds required for this future event must be collected over the life of the generating station from the consumers who enjoy the benefits of its output. This article deals with these issues

  18. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    The Governing Board held its 108th and 109th meetings on 5 February and 5 March respectively. At the first of these meetings, the Board heard a report by its Chairman, P. Levaux, on the CERN Council Session of December 2001. The Chairman reported that the Board that the 0.8% adjustment of pensions proposed by the Governing Board had been accepted as well as an amendment to the Rules of the Fund reducing the period of service required for entitlement to a deferred retirement pension from 10 to 5 years. The Governing Board also heard a report by the Chairman of the Investment Committee, G. Maurin, on the Committee's two January meetings. At the first of these, the Committee had addressed its structure and operating methods. Various proposals had been put forward aimed at increasing the Committee's efficiency and response time. Specific proposals will be submitted to the Governing Board during the year. In addition, on the basis of two specially commissioned studies, the Committee had examined the issue of curre...

  19. 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...

  20. Trends in Technology Planning and Funding in Florida K-12 Public Schools

    Directory of Open Access Journals (Sweden)

    ALBERT DIETER RITZHAUPT

    2008-12-01

    Full Text Available This empirical research investigates trends in technology planning and funding in Florida’s K–12 public schools between the 2003–04 and 2005–06 academic years. Survey items that focused on funding and planning issues on Florida’s statewide school technology integration survey were analyzed using logistic models. Results indicate a significant increase in the number of schools revising their technology plans on a regular basis; a significant increase in the frequency with which Florida’s K–12 public schools are seeking funding for technology-related initiatives; a significant increase in parent, administrator, teacher, and student involvement in the technology planning process; and a significant decline in adequate funding for software and hardware needs. In addition, schools with low proportions of economically disadvantaged students sought and were awarded significantly more funds from donations and federal and state grants. Implications for educational leadership and policy are provided.

  1. Alternative additives; Alternative additiver

    Energy Technology Data Exchange (ETDEWEB)

    2007-08-15

    In this project a number of industrial and agricultural waste products have been characterised and evaluated in terms of alkali-getter performance. The intended use is for biomass-fired power stations aiming at reducing corrosion or slagging related problems. The following products have been obtained, characterised and evaluated: 1) Brewery draff 2) Danish de-gassed manure 3) Paper sludge 4) Moulding sand 5) Spent bleaching earth 6) Anorthosite 7) Sand 8) Clay-sludge. Most of the above alternative additive candidates are deemed unsuitable due to insufficient chemical effect and/or expensive requirements for pre-treatment (such as drying and transportation). 3 products were selected for full-scale testing: de-gassed manure, spent bleaching earth and clay slugde. The full scale tests were undertaken at the biomass-fired power stations in Koege, Slagelse and Ensted. Spent bleaching earth (SBE) and clay sludge were the only tested additive candidates that had a proven ability to react with KCl, to thereby reduce Cl-concentrations in deposits, and reduce the deposit flux to superheater tubes. Their performance was shown to nearly as good as commercial additives. De-gassed manure, however, did not evaluate positively due to inhibiting effects of Ca in the manure. Furthermore, de-gassed manure has a high concentration of heavy metals, which imposes a financial burden with regard to proper disposal of the ash by-products. Clay-sludge is a wet clay slurring, and drying and transportation of this product entails substantial costs. Spent bleaching does not require much pre-treatment and is therefore the most promising alternative additive. On the other hand, bleaching earth contains residual plant oil which means that a range of legislation relating to waste combustion comes into play. Not least a waste combustion fee of 330 DKK/tonne. For all alternative (and commercial) additives disposal costs of the increase ash by-products represents a significant cost. This is

  2. 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 ...

  3. 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...

  4. Rebalancing the Simon Fraser University’s Academic Pension Plan’s Balanced Fund: A Case Study

    OpenAIRE

    Wang, Yingshuo; Ren, Jing

    2012-01-01

    The purpose of the paper is to investigate the rebalancing strategy for Simon Fraser University’s Academic Pension Plan’s Balanced Fund. First, we examine performances of a “no rebalancing” fund and rebalanced funds with different rebalancing frequencies and thresholds based on the historic data. The results show that the rebalancing frequency and thresholds do not significantly affect the performance of the portfolio. Additionally, the rebalanced portfolios significantly outperform the “no r...

  5. 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...

  6. 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...

  7. 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.

  8. Model Additional Protocol

    International Nuclear Information System (INIS)

    Rockwood, Laura

    2001-01-01

    Since the end of the cold war a series of events has changed the circumstances and requirements of the safeguards system. The discovery of a clandestine nuclear weapons program in Iraq, the continuing difficulty in verifying the initial report of Democratic People's Republic of Korea upon entry into force of their safeguards agreement, and the decision of the South African Government to give up its nuclear weapons program and join the Treaty on the Non-Proliferation of Nuclear Weapons have all played a role in an ambitious effort by IAEA Member States and the Secretariat to strengthen the safeguards system. A major milestone in this effort was reached in May 1997 when the IAEA Board of Governors approved a Model Protocol Additional to Safeguards Agreements. The Model Additional Protocol was negotiated over a period of less than a year by an open-ended committee of the Board involving some 70 Member States and two regional inspectorates. The IAEA is now in the process of negotiating additional protocols, State by State, and implementing them. These additional protocols will provide the IAEA with rights of access to information about all activities related to the use of nuclear material in States with comprehensive safeguards agreements and greatly expanded physical access for IAEA inspectors to confirm or verify this information. In conjunction with this, the IAEA is working on the integration of these measures with those provided for in comprehensive safeguards agreements, with a view to maximizing the effectiveness and efficiency, within available resources, the implementation of safeguards. Details concerning the Model Additional Protocol are given. (author)

  9. Global fund financing of tuberculosis services delivery in prisons.

    Science.gov (United States)

    Lee, Donna; Lal, S S; Komatsu, Ryuichi; Zumla, Alimuddin; Atun, Rifat

    2012-05-15

    Despite concerted efforts to scale up tuberculosis control with large amounts of international financing in the last 2 decades, tuberculosis continues to be a social issue affecting the world's most marginalized and disadvantaged communities. This includes prisoners, estimated at about 10 million globally, for whom tuberculosis is a leading cause of mortality and morbidity. The Global Fund to Fight AIDS, Tuberculosis and Malaria has emerged as the single largest international donor for tuberculosis control, including funding support in delivering tuberculosis treatment for the confined population. The Global Fund grants database, with an aggregate approved investment of $21.7 billion in 150 countries by the end of 2010, was reviewed to identify tuberculosis and human immunodeficiency virus/tuberculosis grants and activities that monitored the delivery of tuberculosis treatment and support activities in penitentiary settings. The distribution and trend of number of countries with tuberculosis prison support was mapped by year, geographic region, tuberculosis or multidrug-resistant tuberculosis burden, and prison population rate. We examined the types of grant recipients managing program delivery, their performance, and the nature and range of services provided. Fifty-three of the 105 countries (50%) with Global Fund-supported tuberculosis programs delivered services within prison settings. Thirty-two percent (73 of 228) of tuberculosis grants, representing $558 million of all disbursements of Global Fund tuberculosis support by the end of 2010, included output indicators related to tuberculosis services delivered in prisons. Nearly two-thirds (64%) of these grants were implemented by governments, with the remaining by civil society and other partners. In terms of services, half (36 of 73) of grants provided diagnosis and treatment and an additional 27% provided screening and monitoring of tuberculosis for prisoners. The range of services tracked was limited in scope

  10. Envisioning a Future Governance and Funding System for Undergraduate and Graduate Medical Education.

    Science.gov (United States)

    Gold, Jeffrey P; Stimpson, Jim P; Caverzagie, Kelly J

    2015-09-01

    Funding for graduate medical education (GME) and undergraduate medical education (UME) in the United States is being debated and challenged at the national and state levels as policy makers and educators question whether the multibillion dollar investment in medical education is succeeding in meeting the nation's health care needs. To address these concerns, the authors propose a novel all-payer system for GME and UME funding that equitably distributes medical education costs among all stakeholders, including those who benefit most from medical education. Through a "Medical Education Workforce (MEW) trust fund," indirect and direct GME dollars would be replaced with a funds-flow mechanism using fees paid for services by all payers (Medicaid, Medicare, private insurers, others) while providing direct compensation to physicians and institutions that actively engage medical learners in providing clinical care. The accountability of those receiving MEW funds would be improved by linking their funding levels to their ability to meet predetermined institutional, program, faculty, and learner benchmarks. Additionally, the MEW fund would cover learners' UME tuition, potentially eliminating their UME debt, in return for their provision of health care services (after completing GME training) in an underserved area or specialty. This proposed model attempts to increase transparency and enhance accountability in medical education by linking funding to the development of a physician workforce that is able to excel in the evolving health delivery system. Achieving this vision requires physician educators, leaders of academic health centers, policy makers, insurers, and patients to muster the courage to embrace transformational change.

  11. Funding Research Through the Online Partnership to Accelerate Research (OnPAR

    Directory of Open Access Journals (Sweden)

    Martin A. Dueñas, MPA

    2016-10-01

    Full Text Available OnPAR—the Online Partnership to Accelerate Research—seeks to provide a second opportunity for funding of high-quality, unfunded applications originally submitted to the National Institutes of Health and other national and international funding agencies. OnPAR will match applicable, unfunded applications with the research priorities of nongovernment organizations such as private biomedical foundations, pharmaceutical companies, venture capital funds, and other private funds. Funding organization members will review and make final funding decisions through a simple, 2-step process whereby applicants can submit public abstracts directly to OnPAR. If a member requests additional information, then, by invitation only, an applicant can submit their original unfunded application and their peer review summary statement. Advancing research discovery and drug development to improve clinical outcomes for patients afflicted with or at risk for disease is the primary goal of OnPAR. OnPAR invites the scientific community to fully participate in this new funding paradigm by submitting their National Institutes of Health public abstracts so that funding members can review and potentially support these high-quality, unfunded applications.

  12. 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

  13. 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...

  14. 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

  15. 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.

  16. Strategies for Closing the ITRS Funding Gap

    Science.gov (United States)

    2008-08-01

    The semiconductor industry needs to find creative ways to close the $1.1 – 1.5B research gap , first noted in 2003, between the funding being...2008 2. REPORT TYPE 3. DATES COVERED 00-00-2008 to 00-00-2008 4. TITLE AND SUBTITLE Strategies for Closing the ITRS Funding Gap 5a. CONTRACT...Rev. 8-98) Prescribed by ANSI Std Z39-18 STRATEGIES FOR CLOSING THE ITRS FUNDING GAP # Yaw S. Obeng, Stephen Knight, and Joaquin V. Martinez de

  17. A sunny spell at the Pension Fund

    CERN Multimedia

    Association du personnel

    2006-01-01

    It is always nice to receive good news, especially at this time. That of the disappearance of the Organization's debt to the Pension Fund, by a Council decision in June, was a relief to us. That of the very good return in 2005 (+12.4%) on the Fund's investments only partly reassured us after carefully reading the last report by the actuary. In his last editorial (CERN Bulletin 27/28), the Director-General considers that "the news from the Pension Fund is good". We are not so optimistic.

  18. Attitudes to publicly funded obesity treatment and prevention

    DEFF Research Database (Denmark)

    Lund, Thomas Bøker; Sandøe, Peter; Lassen, Jesper

    2011-01-01

    The aim of this study was to investigate the Danish public’s support for publicly funded obesity treatment and prevention. It was also examined whether levels of support could be explained by dislike of obese people and / or the belief that those who are obese are personally responsible......, the perceived controllability of obesity, self-reported BMI, and additional attitudinal and sociodemographic characteristics. Public funding of some obesity treatments, such as weight-loss surgery, attracted only limited public support. A majority of the Danish public did support ‘softer’ treatment...... interventions and preventive initiatives. Attitudes to the treatment of obesity were clearly best predicted by the belief that individuals are personally responsible for their own obesity. Dislike of obese persons had no direct effect on the preference for collective treatment initiatives and only a small...

  19. Reforming funding for chronic illness: Medicare-CDM.

    Science.gov (United States)

    Swerissen, Hal; Taylor, Michael J

    2008-02-01

    Chronic diseases are a major challenge for the Australian health care system in terms of both the provision of quality care and expenditure, and these challenges will only increase in the future. Various programs have been instituted under the Medicare system to provide increased funding for chronic care, but essentially these programs still follow the traditional fee-for-service model. This paper proposes a realignment and extension of current Medicare chronic disease management programs into a framework that provides general practitioners and other health professionals with the necessary "tools" for high quality care planning and ongoing management, and incorporating international models of outcome-linked funding. The integration of social support services with the Medicare system is also a necessary step in providing high quality care for patients with complex needs requiring additional support.

  20. Workforce Training and Economic Development Fund: 2014 Annual Progress Report

    Science.gov (United States)

    Iowa Department of Education, 2014

    2014-01-01

    The Workforce Training and Economic Development (WTED) Fund was established in 2003 as part of the Grow Iowa Values Fund and is currently funded through the Iowa Skilled Worker and Job Creation Fund. This fund has become an important source of financing for community college new program innovation, development, and capacity building, particularly…

  1. 25 CFR 87.11 - Investment of judgment funds.

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Investment of judgment funds. 87.11 Section 87.11 Indians... JUDGMENT FUNDS § 87.11 Investment of judgment funds. As soon as possible after the appropriation of... distribution of the funds, the Commissioner shall invest such funds pursuant to 25 U.S.C. 162a. Investments of...

  2. E-Commerce New Venture Performance: How Funding Impacts Culture.

    Science.gov (United States)

    Hamilton, R. H.

    2001-01-01

    Explores the three primary methods of funding for e-commerce startups and the impact that funding criteria have had on the resulting organizational cultures. Highlights include self-funded firms; venture capital funding; corporate funding; and a table that compares the three types, including examples. (LRW)

  3. Additive manufacturing of metals

    International Nuclear Information System (INIS)

    Herzog, Dirk; Seyda, Vanessa; Wycisk, Eric; Emmelmann, Claus

    2016-01-01

    Additive Manufacturing (AM), the layer-by layer build-up of parts, has lately become an option for serial production. Today, several metallic materials including the important engineering materials steel, aluminium and titanium may be processed to full dense parts with outstanding properties. In this context, the present overview article describes the complex relationship between AM processes, microstructure and resulting properties for metals. It explains the fundamentals of Laser Beam Melting, Electron Beam Melting and Laser Metal Deposition, and introduces the commercially available materials for the different processes. Thereafter, typical microstructures for additively manufactured steel, aluminium and titanium are presented. Special attention is paid to AM specific grain structures, resulting from the complex thermal cycle and high cooling rates. The properties evolving as a consequence of the microstructure are elaborated under static and dynamic loading. According to these properties, typical applications are presented for the materials and methods for conclusion.

  4. Additive manufactured serialization

    Science.gov (United States)

    Bobbitt, III, John T.

    2017-04-18

    Methods for forming an identifying mark in a structure are described. The method is used in conjunction with an additive manufacturing method and includes the alteration of a process parameter during the manufacturing process. The method can form in a unique identifying mark within or on the surface of a structure that is virtually impossible to be replicated. Methods can provide a high level of confidence that the identifying mark will remain unaltered on the formed structure.

  5. COMPARATIVE STUDY OF OWN FUNDS IN THE BANKING SYSTEM

    Directory of Open Access Journals (Sweden)

    Tesu Ramona

    2012-12-01

    about 20 percentages of total equity and subordinated debt were the main components and revaluation reserves. Re-evaluation reserves have preserved funding contributions to Tier 2. An for evaluation of the level of capitalization of credit institutions, the central bank uses solvable indicator, as the only indicator currently regulated for this purpose. It also provides banks in Romania at the conditions for additional capital requirements related to Basel III framework to be taken by the European regulatory Capital Requirement Directive IV. As a final conclusion of the research in the own funds field we want to mention and express our opinion that the methods and techniques of managing risk, calculation of capital need permanent revision and adaptation to the changes that take place on the financial market the appearance of Basel Agreement 3, which are absolutely necessary in the actual economic and financial context. The presentation of concrete cases concerning the bank back-ups represent the personal work which completes the study concerning the analysis of managing banking risks, the role of bank back-ups in the bank capital adequacy mechanism.

  6. Population-based health funding under attack

    African Journals Online (AJOL)

    The frustrated heads of health in these top-performing three provinces ... buck' results, and for 'funding to follow functionality and service delivery'. The ... benefiting from this system, which puts medicines closer to their homes, with a targeted ...

  7. Sources of Funding for Education Reform.

    Science.gov (United States)

    Odden, Allan

    1986-01-01

    Outlines the trends in educational funding patterns needed to enact educational reform. Local property taxes, state revenues, and federal aid continue to provide the bulk of financing. Includes two tables. (MD)

  8. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Thursday 8 November 2007 at 2 p.m. The Agenda comprises: 1.\tOpening Remarks (F. Ferrini) 2.\tResults and presentation of the Annual Report 2006 (C. Cuénoud) (Copies of the 2006 Report are available from Departmental secretariats). 3.\tNew Governance of the Pension Fund (D. Duret) 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them in writing in advance, where possible, to Mr C. Cuénoud, Administrator of the Fund. 5.\tConclusions (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2006 General Meeting are available from the Administration of the Fund (tel.(+ 41 22) 767 27 42; e-mail Sophia.Revol@cern.ch)

  9. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Thursday 8 November 2007 at 2 p.m. The Agenda comprises: 1.\tOpening Remarks (F. Ferrini) 2.\tResults and presentation of the Annual Report 2006 (C. Cuénoud) (Copies of the 2006 Report are available from Departmental secretariats). 3.\tNew Governance of the Pension Fund (D. Duret) 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them in writing in advance, where possible, to Mr C. Cuénoud, Administrator of the Fund. 5.\tConclusions (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2006 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42; e-mail Sophia.Revol@cern.ch)

  10. Governing Board of the Pension Fund

    CERN Document Server

    2007-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Thursday 8 November 2007 at 2 p.m. The Agenda comprises: 1.\tOpening Remarks (F. Ferrini) 2.\tResults and presentation of the Annual Report 2006 (C. Cuénoud) (Copies of the 2006 Report are available from Departmental secretariats). 3.\tNew Governance of the Pension Fund (D. Duret) 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them in writing in advance, where possible, to Mr C. Cuénoud, Administrator of the Fund. 5.\tConclusions (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2006 General Meeting are available from the Administration of the Fund (tel.(+4122)767 27 42; e-mail Sophia.Revol@cern.ch)

  11. CERN Participation in the Digital Solidarity Fund

    CERN Document Server

    2006-01-01

    Following the information given to the Council at its December 2005 Session regarding CERN's participation in the Digital Solidarity Fund (DSF), the Finance Committee is invited to take note of the information provided in this document.

  12. 7 CFR 632.12 - Funding priorities.

    Science.gov (United States)

    2010-01-01

    ... AGRICULTURE LONG TERM CONTRACTING RURAL ABANDONED MINE PROGRAM Qualifications § 632.12 Funding priorities. (a... extreme danger. (3) Priority 3. Restoration of the land and water resources and the environment where...

  13. Canadian International Food Security Research Fund | IDRC ...

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

    The Canadian International Food Security Research Fund (CIFSRF) invests in scaling up ... for farming families, and improve nutrition throughout the Global South. ... universities, civil society organizations, governments, and the private sector, ...

  14. 277 Entrepreneurship Education in Nigeria: Funding

    African Journals Online (AJOL)

    User

    2010-10-17

    Oct 17, 2010 ... accompanying financial, psychological, and social risks, as well as receiving the resulting .... It is the responsibility of the chief accounting officer ... and Local) constitute a principal source of funding education, while non-.

  15. 24 CFR 92.65 - Funding sanctions.

    Science.gov (United States)

    2010-04-01

    ... HOME INVESTMENT PARTNERSHIPS PROGRAM Allocation Formula Insular Areas Program § 92.65 Funding sanctions... assistance where any corrective or remedial actions taken under § 92.551 fail to remedy an insular area's...

  16. San Francisco Bay Water Quality Improvement Fund

    Science.gov (United States)

    EPAs grant program to protect and restore San Francisco Bay. The San Francisco Bay Water Quality Improvement Fund (SFBWQIF) has invested in 58 projects along with 70 partners contributing to restore wetlands, water quality, and reduce polluted runoff.,

  17. THE ALLOCATION OF EUROPEAN FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Ana Monica POP

    2014-04-01

    Full Text Available In this paper we try to analyze the extent to which economic and social cohesion of the enlarged European Union in order to develop a harmonious, balanced and sustainable community has been achieved with the Funds, the European Investment Bank (EIB and other financial instruments and how Romania attracts or not such funds. We analyzed using the statistical data, the absorption and implementation of funds in Romania. Consequently, we present only the results. Conclusions outlined the reducing of the economic, social and territorial disparities which have arisen particularly in regions with developmental delays and in relation to economic and social reorganization. The most important benefits of funding (in general are the growth, the competitive advantage, the employment and improvement of the environment.

  18. Government hits back at funding claims

    CERN Multimedia

    Tallentire, Mark

    2007-01-01

    "The Government has defended its record on funding science, following criticism from Durham University.... The professors said the budget black hole put their world-leading research in particle physics and astronomy at risk." (1/2 page)

  19. Social Security Funds Clamor for Reform

    Institute of Scientific and Technical Information of China (English)

    郑秉文

    2008-01-01

    This paper analyzed the institutional deficiencies inherent in China’s social security system based on a dissection of various social security fund violations. It holds that the unscientific design in social security system is the root cause for social security fund violations, which is reflected in low level of social security unification, irrational investment system and legislative loopholes etc. Currently, China’s social security funds are facing risks in management and in system; The key of risk control lies in the reforming of the overall framework of social security system through the following aspects: 1) readjust the unified account system structure to raise the level of unification; 2) reform funds investment system to boost ROI; 3) speeding up legislative to regulate the administrative costs and the behaviors of its entities.

  20. Extramural Research Grants and Scientists’ Funding Strategies

    DEFF Research Database (Denmark)

    Grimpe, Christoph

    2012-01-01

    Although competitive funding of public research has been characterised as providing output incentives that raise efficiency and productivity, we know very little about whether the quality of a scientist’s research is in fact the primary award criterion on which funding bodies base their grant...... decision. This paper provides insights into scientists’ strategies for obtaining project-based research funding in the presence of multiple funding opportunities. It draws a distinction between four types of grants, including the Sixth Framework Programme for Research and Technological Development (FP6......), government, foundation, and industry grants. Based on a sample of more than 800 scientists at universities and public research institutes in Germany, the results indicate that scientist productivity measured in terms of publication and patent stock is a statistically significant determinant only...

  1. The Commonwealth Fund - Maps and Data

    Data.gov (United States)

    U.S. Department of Health & Human Services — Welcome to the Maps and Data section, home to ChartCart, which allow you to create your own collections of Commonwealth Fund charts, and the Health System Data...

  2. Canadian International Food Security Research Fund (CIFSRF)

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

    . The Canadian International Food Security Research Fund(CIFSRF) is a program of Canada's International Development Research. Centre (IDRC) undertaken with the financial support of the. Government of Canada provided through Foreign ...

  3. Manager, External Funds Management | IDRC - International ...

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

    Job Summary The Manager, External Funds Management is responsible for ... in consultation with project staff, the annual project-based operational budgets and is ... and liaises with the Treasury Accountant on treasury management issues.

  4. Explaining the Allocation of Regional Structural Funds

    DEFF Research Database (Denmark)

    Charron, Nicholas

    2016-01-01

    What regional factors can explain the heterogeneity in Structural Funds distribution to European Union regions? Past studies have shown that aside from the level of economic development and rates of unemployment, other political, and economic factors systematically explain why certain European...... Union regions receive greater funding than others, in particular where there is room for bargaining. In this article, a novel theory is posited which argues that the determination of Structural Funds is based on an interaction between a region’s formal institutions (the level of a regional autonomy......) and informal institutions (its level of quality of government). In cases of low regional autonomy, member states and European Union level actors prefer to allocate greater levels of Funds to regions with lower quality of government in order to increase cohesion. Yet in cases of high regional autonomy, risks...

  5. Elections to the Mutual Aid Fund

    CERN Document Server

    2016-01-01

    Every two years, according to Article 6 of the Regulations of the Mutual Aid Fund, the Committee of the Mutual Aid Fund must renew one third of its membership. This year three members are outgoing. Of these three, two will stand again and one will not.   Candidates should be ready to give approximately two hours a month during working time to the Fund whose aim is to assist colleagues in financial difficulties. We invite applications from CERN Staff who wish to stand for election as a member of the CERN Mutual Aid Fund to send in their application before 17 June 2016, by email to the Fund’s President, Connie Potter (connie.potter@cern.ch).

  6. General meeting of the Pension Fund

    CERN Multimedia

    CERN Pension Fund

    2010-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Monday 6 September 2010 from 14:00 to 16:30 p.m. The Agenda comprises: Opening Remarks - F. Ferrini Presentation of the 2009 Financial Statements - T. Economou Copies of the 2009 Financial Statements are available from Departmental Secretariats. Management Update - T. Economou Report by the Chairman of the Pension Fund Governing Board - F. Ferrini Questions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the Secretariat of the Pension Fund. Conclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2009 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail Barbara.Brugger@cern.ch)

  7. 25 CFR 170.614 - Can a tribe receive funds before BIA publishes the notice of funding availability?

    Science.gov (United States)

    2010-04-01

    ... 25 Indians 1 2010-04-01 2010-04-01 false Can a tribe receive funds before BIA publishes the notice... Contracts and Agreements Under Isdeaa § 170.614 Can a tribe receive funds before BIA publishes the notice of funding availability? A tribe can receive funds before BIA publishes the notice of funding availability...

  8. Performance indicators for SMEs accessing EU funds

    OpenAIRE

    Popa Adina-Simona

    2013-01-01

    Being the best supporters of national economies Small and Medium Sized Enterprises are actively searching alternative sources of finance for sustaining their goals and their performances. European Union is sustaining the SMEs access to finance by direct funding: grants from the European Commission and indirect funding: financial intermediaries in the SMEs origin country. Considering the importance of SMEs for national and European economy we will analyze the relationship between the EU fundin...

  9. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2013-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the   Annual Information Meeting to be held in the CERN Council Chamber on  Wednesday, 11 September 2013 from 10.00 a.m. to 12.00 midday. Copies of the 2012 Pension Fund Financial Statements can be obtained from departmental secretariats and will also be available at the meeting.

  10. Further Evidence on Hedge Funds Performance

    DEFF Research Database (Denmark)

    Christiansen, Claus Bang; Madsen, Peter Brink; Christensen, Michael

    2003-01-01

    In this analysis we identify dynamic hedge fund strategies quantitatively pursuing a Principal Component Analysis following Fung and Hsieh (1997). We extract five dominant hedge fund strategies each representing similar investment styles and analyse the performance of each strategy by employing...... a multi-factor model comprising both market indices and passive option strategies among the lines of Agerwal and Naik (2000). We find that the majority of five homogenous strategies show superior performance. However, correcting for survivorship bias this superior performance disappears....

  11. Legal Risk Associated with Electronic Funds Transfer

    OpenAIRE

    Abdulah, Samahir

    2014-01-01

    The past thirty years have seen rapid advances in the technological component of banking services and as a consequence new legal issues have come to the fore, especially with regard to Electronic Fund Transfers (EFTs) which are now used to transfer money around the world, and have made fund transactions between payers and payees easier, faster and more secure. The method involves risks for both banks and customers, due to the possibility of unauthorized payments risks, credit and insolvency p...

  12. Army Industrial Fund Rate Stabilization Program.

    Science.gov (United States)

    1986-11-01

    orders. Most cost reimbursable orders fall outside of the four exclusions authorized by the revised DA policy on fixed rate orders. Of the cost reimbur ... reimbursable programs. , . 20 DISTRIBUTION/AVAILABILITY OF ABSTRArT 21 ABSTRACT SECURITY CLASSIFICATION M UNCLASSIFIED/UNLIMITED 0 SAME AS RPT - DTIC USERS...customers who reimburse the fund. Industrial funds are intended to be self-sustaining. Department of Defense (DOD) policy as enumerated in DOD

  13. From Funding Liquidity to Market Liquidity

    DEFF Research Database (Denmark)

    Dick-Nielsen, Jens; Lund, Jesper; Gyntelberg, Jacob

    This paper shows empirically that funding liquidity drives market liquidity. As it becomes harder to secure term funding in the money markets, liquidity deteriorates in the Danish bond market. We show that the first principal component of bond market liquidity is driven by the market makers...... for other European government bonds using MTS data. The findings suggest that regulatory bond based liquidity buffers for banks will have limited effectiveness....

  14. Funding for international family planning attacked.

    Science.gov (United States)

    Kaeser, L

    1997-08-01

    US funding for foreign assistance has been jeopardized in recent years in the context of dwindling public support for foreign aid. To stymie the provision of international family planning program assistance and services overseas, Congressional opponents of family planning and abortion are offering amendments to foreign aid legislation at every possible opportunity. State Department reauthorization legislation is the current target of family planning opponents' efforts. Reauthorization is the process by which Congress indicates its ongoing support for a program, makes any necessary changes, and sets new funding ceilings. The global gag rule joined UNFPA funding cuts on the 1997 State Department reauthorization bill, H.R. 1757, which passed the House of Representatives in early June. If successfully appended to the State Department bill, the gag rule would prevent the US from funding any organization in a developing country which provides legal abortion services or communicates with its government on abortion-related policy, regardless of whether that organization used its own non-US funds. These restrictions and cuts to international family planning program assistance could adversely affect family planning programs, leading to less contraceptive use and higher rates of abortion, maternal morbidity, and maternal mortality. President Bill Clinton has promised to veto the bill if both houses of Congress accept the restrictions. These issues will probably arise on the annual appropriations legislation which funds US operations overseas.

  15. The Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its 151st meeting on 7 March at which the Legal Service reported on the ILOAT's judgment concerning an appeal lodged by a beneficiary against the CERN Council's decision to index his pension by 0% for 2005. The Governing Board noted with satisfaction that the appeal had been rejected. The ILOAT recognised that the CERN Council, which had followed the Governing Board's recommendation, had been entitled to take this decision as an 'urgent protective measure' in respect of the Fund's financial position. At the same meeting, the members of the Governing Board expressed their opinions on the report by the consultancy firm Mercer which had been entrusted with the task of comparing the CERN Pension Fund with a sample of similar European funds. It endorsed the CERN Management's opinion that Mercer had not been in a position to make a pertinent comparison between the CERN Pension Fund and other pension funds, and concurred with the conclusions presented by the Management....

  16. 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) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001 The Governing Board (at 31 De...

  17. 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) SOME ASPECTS OF THE FUND'S ACTIVITIES IN 2001...

  18. Sovereign Wealth Funds: Issue of transparency

    Directory of Open Access Journals (Sweden)

    Petrović Daliborka

    2015-01-01

    Full Text Available Subject of the paper includes Sovereign Wealth Funds and the formation of the first regulatory framework for their investment activities. Sovereign Wealth Funds invested a significant amount of money in Western financial institutions during the global financial crisis and thus played a crucial role in the preservation and stabilization of the global financial system. However, at the same time, a large gap between the financial power of Sovereign Wealth Funds and the level of their transparency was noted. The need to improve the transparency of Sovereign Wealth Funds has been recognized by international institutions, the OECD and the IMF, which initiated the formulation of the first international regulatory framework regarding the operations of these types of funds. The current international regulatory framework represents a sufficient basis for the gradual improvement of transparency, but because of its non-binding and voluntary nature, certain issues such as the protection of national security interests remain open. Therefore, the solutions can be sought through a process of continuous improvement of international regulation as well as strengthening cooperation between Sovereign Wealth Funds and governments of countries in which they invest.

  19. ELECTIONS PENSION FUND CANDIDATE NO 2

    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: RANJARDFirst 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 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...

  20. Governing Board of the Pension Fund

    CERN Multimedia

    2006-01-01

    The Governing Board held its 146th and 147th meetings on 19 September and 1 November 2006 respectively. At the first of these two meetings, a technical amendment to the Rules of the Fund was discussed regarding the annual adjustment of pensions. The Governing Board made a proposal, which was approved by the CERN Council at its meeting on 19 October 2006, to make an amendment to Article II 1.15 of the Pension Fund's Rules (see below). As a result, in future years, as long as the funding ratio of the Pension Fund is below 100 %, only a fraction of the observed inflation will be granted, so that the funding ratio reaches 100 % by the end of 2033. The cumulated loss in purchasing power incurred by any beneficiary shall be limited to 8 % maximum (including, for those concerned, the 1.7 % loss as at 1 January 2005). The parameters of this mechanism shall be reviewed after each actuarial review, to take into account the updated financial position of the Fund. The factor to be applied to the consumer price index f...

  1. Governing Board of the Pension Fund

    CERN Document Server

    2006-01-01

    Most of the discussions at the meetings of the Governing Board of the Pension Fund on 20 September, 13 October and 15 November 2005 led to decisions by the Council at its Session on 15 and 16 December 2005 that will shape the future of the Pension Fund in more ways than one. The summary of these three most recent meetings of the Governing Board therefore focuses on the Council's decisions concerning: a package of equilibration measures for the CERN Pension Fund, consisting of proposals by the Governing Board and by the CERN Management; amendments to the Rules of the Pension Fund concerning family composition; an amendment to the Rules of the Pension Fund introducing a new Article III 1.06, 'The extension of the contract of a staff member beyond the age limit of 65'; the payment of compensation to the Pension Fund for the reduction observed in staff numbers between 2001 and 2004; the indexation of pensions for 2006. Regarding the first point above, the following measures were approved: The use of more r...

  2. BWR zinc addition Sourcebook

    International Nuclear Information System (INIS)

    Garcia, Susan E.; Giannelli, Joseph F.; Jarvis, Alfred J.

    2014-01-01

    Boiling Water Reactors (BWRs) have been injecting zinc into the primary coolant via the reactor feedwater system for over 25 years for the purpose of controlling primary system radiation fields. The BWR zinc injection process has evolved since the initial application at the Hope Creek Nuclear Station in 1986. Key transitions were from the original natural zinc oxide (NZO) to depleted zinc oxide (DZO), and from active zinc injection of a powdered zinc oxide slurry (pumped systems) to passive injection systems (zinc pellet beds). Zinc addition has continued through various chemistry regimes changes, from normal water chemistry (NWC) to hydrogen water chemistry (HWC) and HWC with noble metals (NobleChem™) for mitigation of intergranular stress corrosion cracking (IGSCC) of reactor internals and primary system piping. While past reports published by the Electric Power Research Institute (EPRI) document specific industry experience related to these topics, the Zinc Sourcebook was prepared to consolidate all of the experience gained over the past 25 years. The Zinc Sourcebook will benefit experienced BWR Chemistry, Operations, Radiation Protection and Engineering personnel as well as new people entering the nuclear power industry. While all North American BWRs implement feedwater zinc injection, a number of other BWRs do not inject zinc. This Sourcebook will also be a valuable resource to plants considering the benefits of zinc addition process implementation, and to gain insights on industry experience related to zinc process control and best practices. This paper presents some of the highlights from the Sourcebook. (author)

  3. need for adequate funding in the administration of secondary

    African Journals Online (AJOL)

    PROF. BARTH EKWEME

    their corporate social responsibility. ... This is because such funding strategy will assist in .... social corporate responsibilities of contributing to the .... Exploring funding sources will therefore help to reduce the burden of funding secondary ...

  4. 45 CFR 2516.700 - What matching funds are required?

    Science.gov (United States)

    2010-10-01

    ... COMMUNITY SERVICE SCHOOL-BASED SERVICE-LEARNING PROGRAMS Funding Requirements § 2516.700 What matching funds... for that share through State sources, local sources, or Federal sources (other than funds made...

  5. Cash Management in the Defense Working Capital Funds

    National Research Council Canada - National Science Library

    1997-01-01

    ... (formerly the Defense Business Operations Fund) was identified during our audit of the Fund Balance With Treasury Account of the FY 1996 Consolidated Financial Statements of the Defense Business Operations Fund...

  6. 48 CFR 32.704 - Limitation of cost or funds.

    Science.gov (United States)

    2010-10-01

    ... GENERAL CONTRACTING REQUIREMENTS CONTRACT FINANCING Contract Funding 32.704 Limitation of cost or funds... contracting officer shall promptly give the contractor written notice of the decision not to provide funds. (b...

  7. Shifting investments strategy from equity funds to money market funds – the case of Romanian open - end fund market during the financial crisis

    Directory of Open Access Journals (Sweden)

    Radu, I.

    2012-01-01

    Full Text Available Mutual funds are one of the key suppliers of liquidity in Romanian capital market. This paper uses quarterly data on Romanian open-end funds starting with 2006 until 2010. We find that significant negative flows (outflows were registered beginning with the end of 2007 (equity funds, during 2008 (equity funds, balanced funds, other funds and bond funds in the last 2 quarters of the year and from 2009 to 2010 (in the case of money market funds. There is evidence that the changing market conditions attract differently the incoming flows in these mutual funds. This is the reason why such perturbations affect investors’ confidence for these investment vehicles and impose the reorientation of the investment funds and of their investors to other alternatives in order to preserve their capital.

  8. [The analysis on the funding of Natural Science Foundation of China for acupuncture projects from 2005 to 2015].

    Science.gov (United States)

    Deng, Hongyong; Xu, Ji

    2017-05-12

    The funding of Natural Science Foundation of China (NSFC) for acupuncture projects from 2005 to 2015 was summarized and analyzed. The results indicated during past 11 years, 711 projects regarding acupuncture were funded by NSFC, with a total of 281 million RMB, accounting for 12.39% in TCM projects. It was concluded the funding for acupuncture projects was increased year by year, but was still relatively weak; in addition, the funding was unbalanced in different areas and organizations, mainly in Beijing, Shanghai, Sichuan, Guangdong, Tianjin, and the continuity and variability both existed in research content and direction.

  9. On the behavior of mutual fund investors and managers

    OpenAIRE

    Goriaev, A.P.

    2002-01-01

    This thesis investigates empirically and theoretically the behavior of mutual fund investors and managers. These two aspects are closely related to each other. Investors try to select funds that follow an optimal investment policy from their point of view, while fund managers are typically interested in maximizing net fund inflows. In the first part of the thesis, we analyze the determinants of mutual fund flows, concentrating on the impact of past performance on fund flows. In particular, we...

  10. Investment Fund Governance: An empirical investigation of Luxembourg UCITS

    OpenAIRE

    Hazenberg, Jan

    2012-01-01

    Investment funds potentially suffer from the conflict of interest between investors and fund management companies. Fund boards could help mitigate this conflict. In Luxembourg, the second largest fund domicile globally, fund boards are not required to have independent board members. Nevertheless, many firms have independent board members on their fund boards. The research question investigated is whether or not boards with (more) independent board members are more effective for investors,...

  11. On the Importance of Mutual Fund Families in Emerging Markets

    OpenAIRE

    Ekholm, Anders; Pasternack, Daniel; Sandvall, Thomas

    2000-01-01

    This study contributes to the mutual fund literature by looking at performance persistence on a fund family level, allowing for individual equity, bond and balanced funds to be included under single family umbrellas. The study is conducted on the emerging Finnish mutual fund market, an environment in which the importance of superior fund family teams is likely to be accentuated. Using both non–parametric and parametric tests we find robust evidence of performance persistence for the fund fami...

  12. Financial Literacy and Mutual Fund Investments : Who Buys Actively Managed Funds?

    OpenAIRE

    Müller, Sebastian; Weber, Martin

    2008-01-01

    Previous research indicates that lacking financial sophistication among private investors might be important in explaining the strong growth in active management over the past. Based on questionnaire data with more than 3,000 mutual fund customers, we therefore construct an objective financial literacy score and analyze the relationship between financial literacy and mutual fund investment behavior. While sophisticated investors are indeed more aware of passive, low cost fund alternatives lik...

  13. Teardrop bladder: additional considerations

    International Nuclear Information System (INIS)

    Wechsler, R.J.; Brennan, R.E.

    1982-01-01

    Nine cases of teardrop bladder (TDB) seen at excretory urography are presented. In some of these patients, the iliopsoas muscles were at the upper limit of normal in size, and additional evaluation of the perivesical structures with computed tomography (CT) was necessary. CT demonstrated only hypertrophied muscles with or without perivesical fat. The psoas muscles and pelvic width were measured in 8 patients and compared with the measurements of a control group of males without TDB. Patients with TDB had large iliopsoas muscles and narrow pelves compared with the control group. The psoas muscle width/pelvic width ratio was significantly greater (p < 0.0005) in patients with TDB than in the control group, with values of 1.04 + 0.05 and 0.82 + 0.09, respectively. It is concluded that TDB is not an uncommon normal variant in black males. Both iliopsoas muscle hypertrophy and a narrow pelvis are factors that predispose a patient to TDB

  14. Sewage sludge additive

    Science.gov (United States)

    Kalvinskas, J. J.; Mueller, W. A.; Ingham, J. D. (Inventor)

    1980-01-01

    The additive is for a raw sewage treatment process of the type where settling tanks are used for the purpose of permitting the suspended matter in the raw sewage to be settled as well as to permit adsorption of the dissolved contaminants in the water of the sewage. The sludge, which settles down to the bottom of the settling tank is extracted, pyrolyzed and activated to form activated carbon and ash which is mixed with the sewage prior to its introduction into the settling tank. The sludge does not provide all of the activated carbon and ash required for adequate treatment of the raw sewage. It is necessary to add carbon to the process and instead of expensive commercial carbon, coal is used to provide the carbon supplement.

  15. A Diversified Approach to Funding a Paleontology Program

    Science.gov (United States)

    Dooley, A., Jr.

    2014-12-01

    both provided the department with sufficient funds to carry out its operations and insulated it from the effects of reduction of any one funding source. Moreover, as most of these methods involve considerable interaction with the public they serve as additional means of outreach.

  16. 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.

  17. Federal Funding Accountability and Transparency Act frequently asked questions

    Science.gov (United States)

    One stop shop for Federal Funding Accountability and Transparency Act (FFATA) questions. This frequently asked document will assist with Federal Funding Accountability and Transparency Act (FFATA) related questions.

  18. NSF Funding Rate History By State and Organization

    Data.gov (United States)

    National Science Foundation — Contains FY 2006-FY 2015 National Science Foundation (NSF) funding rates for competitive research proposals by organizational unit. The funding rate is calculated by...

  19. Beleaguered Egypt project running out of funds and time.

    Science.gov (United States)

    1992-01-01

    Started in 1979 as part of the International Planned Parenthood Federation (IPPF), the Family of the Future (FOF) social marketing project accounts for 35% of all contraceptives used in Egypt. FOF left the IPPF in 1981 to work as a nonprofit, semiprivate organization under the supervision of Egypt's Ministry of Health and has become the third largest social marketing project in the world. FOF has, however, gone through 5 executive directors in the last 6 years, prompting critics to think that the Board of Directors is hand-picked by the Egyptian Ministry of Health. additional allegations of financial mismanagement have caused the U.S. Agency for International Development (USAID) to cancel over $1.5 million in annual funding and product support for the program. Until recently, FOF has benefited from products and operations and technical assistance totalling near $20 million as part of a USAID 10-year, $118-million Egyptian effort. FOF has responded to the funding cut by downsizing its staff and preparing to raise contraceptive prices. Even though USAID has solicited proposals for competitive replacement programs, the new executive director is optimistic that funding cuts leading to organizational change and price increases will ultimately help FOF become self-sufficient. Once USAID-provided supplies have been depleted, FOF will most likely turn to IPPF for assistance.

  20. Additive lattice kirigami.

    Science.gov (United States)

    Castle, Toen; Sussman, Daniel M; Tanis, Michael; Kamien, Randall D

    2016-09-01

    Kirigami uses bending, folding, cutting, and pasting to create complex three-dimensional (3D) structures from a flat sheet. In the case of lattice kirigami, this cutting and rejoining introduces defects into an underlying 2D lattice in the form of points of nonzero Gaussian curvature. A set of simple rules was previously used to generate a wide variety of stepped structures; we now pare back these rules to their minimum. This allows us to describe a set of techniques that unify a wide variety of cut-and-paste actions under the rubric of lattice kirigami, including adding new material and rejoining material across arbitrary cuts in the sheet. We also explore the use of more complex lattices and the different structures that consequently arise. Regardless of the choice of lattice, creating complex structures may require multiple overlapping kirigami cuts, where subsequent cuts are not performed on a locally flat lattice. Our additive kirigami method describes such cuts, providing a simple methodology and a set of techniques to build a huge variety of complex 3D shapes.

  1. Additive Manufactured Superconducting Cavities

    Science.gov (United States)

    Holland, Eric; Rosen, Yaniv; Woolleet, Nathan; Materise, Nicholas; Voisin, Thomas; Wang, Morris; Mireles, Jorge; Carosi, Gianpaolo; Dubois, Jonathan

    Superconducting radio frequency cavities provide an ultra-low dissipative environment, which has enabled fundamental investigations in quantum mechanics, materials properties, and the search for new particles in and beyond the standard model. However, resonator designs are constrained by limitations in conventional machining techniques. For example, current through a seam is a limiting factor in performance for many waveguide cavities. Development of highly reproducible methods for metallic parts through additive manufacturing, referred to colloquially as 3D printing\\x9D, opens the possibility for novel cavity designs which cannot be implemented through conventional methods. We present preliminary investigations of superconducting cavities made through a selective laser melting process, which compacts a granular powder via a high-power laser according to a digitally defined geometry. Initial work suggests that assuming a loss model and numerically optimizing a geometry to minimize dissipation results in modest improvements in device performance. Furthermore, a subset of titanium alloys, particularly, a titanium, aluminum, vanadium alloy (Ti - 6Al - 4V) exhibits properties indicative of a high kinetic inductance material. This work is supported by LDRD 16-SI-004.

  2. Financing the World Health Organisation: global importance of extrabudgetary funds.

    Science.gov (United States)

    Vaughan, J P; Mogedal, S; Kruse, S; Lee, K; Walt, G; de Wilde, K

    1996-03-01

    From 1948, when WHO was established, the Organisation has relied on the assessed contributions of its member states for its regular budget. However, since the early 1980s the WHO World Health Assembly has had a policy of zero real growth for the regular budget and has had to rely increasingly, therefore, on attracting additional voluntary contributions, called extrabudgetary funds (EBFs). Between 1984-85 and 1992-93 the real value of the EBFs apparently increased by more than 60% and in the 1990-91 biennium expenditure of extrabudgetary funds exceeded the regular budget for the first time. All WHO programmes, except the Assembly and the Executive Board, receive some EBFs. However, three cosponsored and six large regular programmes account for about 70% of these EBFs, mainly for vertically managed programmes in the areas of disease control, health promotion and human reproduction. Eighty percent of all EBFs received by WHO for assisted activities have been contributed by donor governments, with the top 10 countries (in Europe, North America and Japan) contributing about 90% of this total, whereas the UN funds and the World Bank have donated only about 6% of the total to date. By contrast, about 70% of the regular budget expenditure has been for organisational expenses and for the support of programmes in the area of health systems. Despite the fact that the more successful programmes are heavily reliant on EBFs, there are strong indications that donors, particularly donor governments, are reluctant to maintain the current level of funding without major reforms in the leadership and management of the Organisation. This has major implications for WHO's international role as the leading UN specialised agency for health.

  3. CSR Practices at Bank Islam Malaysia Berhad (BIMB: Managing CSR Fund

    Directory of Open Access Journals (Sweden)

    Fathiyyah Abu Bakar

    2014-03-01

    Full Text Available The notion of CSR from Islamic perspective has been viewed as a comprehensive discourse when it is already embedded the element of spiritual (Tawhid and Taqwa, economics, ethics and legality. However, there is a black box in the process of managing CSR fund which is used to conduct the CSR initiatives. Thus, this study attempts to revisit the issues by discussing Islamic concept of CSR practices and to gain insights the process of managing various sources of CSR fund. By using case study approach, a group of key CSR players at Bank Islam Malaysia Berhad as well as the recipients of the initiatives have been interviewed. Moreover, an in-field observation and CSR documentations analysis have been employed to get the whole picture of managing the CSR activities and also the fund. The results show that he CSR initiatives at the bank are highly associated with religious obligations and the main source of CSR fund is derived from the zakat fund. In addition, donation, non-compliance Shariah income and purification fund have been used to fulfill various stakeholders' demands. Thus, these findings provide an avenue to conceptualize the concept and practices of CSR in Islamic view and encourage other business entities to manage their financial resources (CSR fund systematically to support the CSR activities.

  4. Financial frictions and substitution between internal and external funds in publicly traded Brazilian companies

    Directory of Open Access Journals (Sweden)

    Márcio Telles Portal

    2012-04-01

    Full Text Available The present study aimed to document the effects of financial constraints on the negative relationship between cash flow and external funds, a phenomenon associated with the Pecking Order Theory. This theory suggests that companies subject to more expensive external funds (financially constrained firms should demonstrate a stronger negative relationship with cash flow than companies subject to minor financial frictions (financially unconstrained firms. The results indicate that the external funds of constrained firms consistently present less negative sensitivity to cash flow compared with those of unconstrained companies. Additionally, the internal funds of constrained companies demonstrate a positive sensitivity to cash flow, whereas those of unconstrained companies do not show any such significant behavior. These results are in accordance with the findings of Almeida and Campello (2010, who suggest the following: first, because of the endogenous nature of investment decisions in constrained companies, the complementary relationship between internal and external funds prevails over the substitutive effects suggested by the Pecking Order Theory; and second, the negative relationship between cash flow and external funds cannot be interpreted as evidence of costly external funds and therefore does not corroborate the Pecking Order Theory.

  5. Management of Existing Funding Systems in Switzerland

    International Nuclear Information System (INIS)

    Maxeiner, H.

    2006-01-01

    1 - Funds for D and D and Waste disposal: Producers pay principle: Producers of radioactive waste are responsible for financing its safe disposal. Two independent funds supervised by the Confederation: Decommissioning fund for nuclear facilities (Secure financial resources for D and D and for disposal of the resulting waste (not SF), Established January 1, 1984 as a public law entity, Berne); Disposal fund for nuclear power plants (Cover costs for management of operational waste and SF after decommissioning, Established April 1, 2000, Repositories: 2020 - 2050). Decommissioning fund: Calculation of contributions based on Estimated D and D costs (taking account of cost development (first studies 1984, latest studies 2000/2001), Disposal of waste arising from D and D, Administration costs Latest decommissioning studies: Costs amount to 1.9 Billion CHF; Annual contributions based on 40 years operation time. Disposal fund: Calculation of contributions based on Management of operational waste and SF following the decommissioning, Transport/storage containers, transport, reprocessing and/or direct disposal of SF, conditioning and interim storage, deep geological disposal, Administration costs. Latest studies: Costs amount to 12 Billion CHF. Annual contributions based on 40 years operation time. 2 - Organisation and payments: Contributions to the decommissioning fund: Contributions required up to the assumed decommissioning date are converted into annual amounts; Assumed inflation rate 3%, capital projected on a basis of 5% (net return 2%); Annual contributions reviewed every 5 years (shorter periods possible in case of unforeseen events), if new operators enter or a facility is decommissioned. Fund organisation: Executive bodies: Management Committee and Secretariat, MC nominated by Federal Department of Environment, Transport, Energy and Communications, Sub committees set up by MC (Investment Committee, Cost Committee). Management committee: 9 members (4 operators

  6. Ensuring the Availability of Funds (Germany)

    International Nuclear Information System (INIS)

    Warnecke, Ernst; Paul, Michael

    2006-01-01

    1 - Legislation and regulation pertinent to funding: no site / facility specific legislation / regulation (Decommissioning Guideline); the obligation for D+D results from the Atomic Energy Act; the AtG requires a license for D + D of a nuclear facility; the Commercial Code requires reserves for liabilities; the Income Tax Law (EStG) is relevant for the taxation of reserves; the 'Ordinance on Advance Payments' is relevant for the construction of RW disposal facilities; the AtG is relevant for the payment of RW disposal costs. 2 - Financing system: Basic Principle: Polluter pays; Publicly funded facilities (mainly Federal Government): payment from annual budget; Privately owned facilities: collection of 'reserves' during operation / linear accumulation over 25 years, coverage: processing, storage and disposal of radioactive waste/spent fuel, D + D of nuclear facilities, reserves are in the portfolio of industry, financial risk lies with the operator; Availability of private funds: annual review / revision of the cost calculations by the operator, review of cost calculations by tax authorities. 3 - Costs: Cost calculation by the operator are based on detailed planning, need to be assessed conservatively. D + D cost calculation (as of 1999): ca. 300 x 10 6 Euro (1200 MW PWR, excl. disposal), ca. 350 x 10 6 Euro (800 MW BWR excl. disposal), ca. 700 x 10 6 Euro (incl. disposal of non-heat generating waste), immediate dismantling is slightly cheaper than deferred dismantling. Review and decision on adequacy of cost calculation by tax authorities. 4 - Experience: A lot of experience (public and private) has been gained, Experience is good, funds were available. 5 - Changing conditions - new challenges: Termination of nuclear energy generation, New approach to waste disposal, Privatisation of utilities, Liberalisation of energy market. Does the existing funding system need improvement?: Reconsideration of the existing situation, Exploration of potential improvements

  7. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    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 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. 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) SOME ASPECTS OF THE FU...

  8. ELECTIONS PENSION FUND CANDIDATE NR 1

    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 ...

  9. Governing Board of the Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-fifty-second and one-hundred-and-fifty-third meetings on 18 April and 15 May 2007 respectively. The latter was a full-day joint meeting with the Investment Committee. At the first of the two meetings on 18 April, the Chairman of the Governing Board, Professor F. Ferrini, reported on the outcome of the Finance Committee meeting and the Council Session of March 2007. The Council had taken note of a progress report by the Chairman of the Study Group on CERN Pension Fund Governance, Mr P. Levaux, had expressed satisfaction at the Study Group's progress and was now looking forward to the proposal, largely bearing on the Pension Fund's bodies and their composition, which is due to be submitted to the Council for approval at its June 2007 Session. At the same meeting, the Governing Board approved the Annual Report and Accounts of the Fund for 2006 and thanked the Fund's Administration for the substantial work entailed in providing the reader with a...

  10. General meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from departmental secretariats. 3.\tReport on Funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members or beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch

  11. General Meeting Of The Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Chamber on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from Departmental secretariats. 3.\tReport on funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members and beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the Secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch

  12. General meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Council Room on Wednesday 9 September 2009 from 14:00 to 16:30 p.m. The Agenda comprises: 1.\tOpening Remarks - F. Ferrini 2.\tResults and presentation of the Annual Report 2008. - C. Cuénoud Recent evolution of financial markets. 2009-2010 work plan - T. Economou. Copies of the 2008 Report are available from departmental secretariats. 3.\tReport on Funding policy and principles of the Pension Fund: Working Group 2 Report. - F. Ferrini 4.\tQuestions from members or beneficiaries Persons wishing to ask questions are encouraged to submit them, where possible, in writing in advance, addressed to the secretariat of the Pension Fund. 5.\tConclusions - F. Ferrini As usual, participants are invited to drinks after the Meeting. NB\tThe minutes of the 2008 General Meeting are available from the Administration of the Fund (tel. + 41 22 767 27 42 ; e-mail mailto:Sevda.Budun-Kocaturk@cern.ch)

  13. Governing Board of the Pension Fund

    CERN Multimedia

    2006-01-01

    The Governing Board of the Pension Fund held its 142nd meeting on 14 March 2006. As an introduction to the meeting, the Administrator underlined that, at 12.4%, the performance achieved by the Fund on its assets had been excellent and had taken the Fund's assets at the end of the year to 4,209 MCHF, which was well above the 4 billion Swiss franc mark. The Chairman of the Governing Board, Professor Ferrini, reported on the Board's closed session on 7 March to examine the nominations received for the election of the Vice-Chairmen of the Governing Board of the Pension Fund. The Governing Board had unanimously agreed to recommend the CERN Council to appoint Mr A. J. Naudi and Dr J.-P. Matheys. At its session on 16 March 2006, the Council had followed the recommendation of the Governing Board by re-appointing J.-P. Matheys and A. J. Naudi Vice-Chairmen of the Board until the end of their respective terms of office as members of the Governing Board. Regarding the comparison with other European pension funds launc...

  14. Governing Board of the Pension Fund

    CERN Multimedia

    2005-01-01

    The Governing Board of the Pension Fund held its one-hundred-and-thirty-second and one-hundred-and-thirty-third meetings on 16 February and 10 March respectively. The first of these meetings was primarily devoted to the further examination of the proposed measures to reduce the Fund's technical deficit. The Governing Board underlined that it was equally determined to find solutions to the structural problems that had an impact on the Fund's technical deficit. A statement to that effect was to be made by the Chairman of the Governing Board, J. Bezemer, at the March session of the CERN Council. Indeed, it would appear that in the light of the new actuarial parameters, in particular the technical interest rate of 4.5%, it is first necessary to stabilise the current funding ratio of 88%, which will fall to 61% in 30 years' time if no action is taken. In an initial stage, corrective measures must therefore be taken in order to prevent a further fall in the funding ratio. Subsequently, the objective will be to re...

  15. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its one hundred and fifty seventh meeting on 5 September 2007. Among the items on its agenda was a report by the Chairwoman of the Working Group on Actuarial Matters, D. Duret, on the two meetings the Group had held during the summer, on 24 July and 31 August respectively, to discuss the latest three-yearly actuarial review. She noted that the actuarial review took account of the following elements for the first time: the amendments to the Rules of the Fund approved at the end of 2006, according to which, as long as the funding ratio of the Fund is less than 100% in 2033, only part of the pension adjustment assumption of the reference model is taken into consideration, on the understanding that the accumulated loss of purchasing power incurred by a beneficiary or any dependents in the event of his death must not exceed 8%; a new method for assessing the active membership of the Fund, which makes a distinction between personnel ho...

  16. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

    The Governing Board of the Pension Fund held its one hundred and fifty seventh meeting on 5 September 2007. Among the items on its agenda was a report by the Chairwoman of the Working Group on Actuarial Matters, D. Duret, on the two meetings the Group had held during the summer, on 24 July and 31 August respectively, to discuss the latest three-yearly actuarial review. She noted that the actuarial review took account of the following elements for the first time: -\tthe amendments to the Rules of the Fund approved at the end of 2006, according to which, as long as the funding ratio of the Fund is less than 100% in 2033, only part of the pension adjustment assumption of the reference model is taken into consideration, on the understanding that the accumulated loss of purchasing power incurred by a beneficiary or any dependents in the event of his death must not exceed 8%; -\ta new method for assessing the active membership of the Fund, which makes a distinction between personnel holding a fixed-term contract, pe...

  17. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

    The Governing Board met on 9 April and 4 June. The first of these two meetings was essentially devoted to the examination and approval of the draft 2001 Annual Report of the Pension Fund and the allocation of the year's results. In the latter connection, the Governing Board decided, on the basis of the recommendations by the two firms of actuaries involved in the last actuarial review, that the amounts previously referred to in the accounts as "reserves" should be considered as part of the Fund's capital. The description of part of the Fund's assets as reserves as opposed to capital hitherto had been a matter of form rather than anything more fundamental. The Governing Board therefore formally approved this change in the Fund's accounting practices for the sake of consistency between the Accounts of the Fund and the approach adopted by the actuaries in the actuarial review. Among the other items examined during the meeting, the Governing Board approved a new strategic allocation for investments, which essenti...

  18. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2001-01-01

    The Governing Board held its one-hundred-and-first meeting on 5 June, during which it took note of the external auditors' report on the accounts of the Fund for the financial year 2000, and the comments by the Administration of the Fund on the report. It should be noted in this regard that, in the light of a remark by the auditors regarding the procedures followed by the Fund in paying out transfer values, the Governing Board decided to propose to the CERN Council at its December session a change in the wording of Article II 1.13 of the Rules and Regulations so as to bring it into line with the Fund's regular practices. The effect on the Fund of the introduction of the new salary scales was considered and a small working group was commissioned to undertake the necessary technical adjustments. The Governing Board then heard a report by the Chairman of the Investment Committee on its meeting of 3 May 2001. G. Maurin stated that the Committee members had agreed to invite a second consultants' firm to carry out a...

  19. General Meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meetingto be held in the CERN Main Auditorium on Wednesday 22 October 2008 at 14:00 hrs The Agenda comprises: Opening Remarks (F. Ferrini) Results and presentation of the Annual Report 2007 and impact on the Fund of the recent evolution of financial markets (C. Cuénoud) Copies of the 2007 Report are available from departmental secretariats. Activity report of the new Governance of the Pension Fund (F. Ferrini, D. Duret) Questions from members and beneficiaries People 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 (F. Ferrini). As usual, participants are invited to drinks after the meeting. NB\tThe minutes of the 2007 General Meeting are available from the Administration of the Fund (tel. (+ 41 22) 767 27 42; e-mail Barbara.Bordjah@cern.ch)

  20. General Meeting of the Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

    All members and beneficiaries of the Pension Fund are invited to attend the Annual General Meeting to be held in the CERN Main Auditorium on Wednesday 22 October 2008 at 14:15 hrs The Agenda comprises: Opening Remarks (F. Ferrini) Results and presentation of the Annual Report 2007 and impact on the Fund of the recent evolution of financial markets (C. Cuénoud) Copies of the 2007 Report are available from departmental secretariats. Activity report of the new Governance of the Pension Fund (F. Ferrini, D. Duret) Questions from members and beneficiaries People 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 (F. Ferrini) As usual, participants are invited to drinks after the Meeting. NB The minutes of the 2007 General Meeting are available from the Administration of the Fund (tel. (+ 41 22) 767 27 42; e-mail mailto:Barbara.Bordjah@cern.ch)

  1. The Swedish system for funding of nuclear waste management

    International Nuclear Information System (INIS)

    Hedman, Tommy; Westerlind, Magnus

    2003-01-01

    Nuclear activities in Sweden goes back to early 1950's. Research and development on spent fuel disposal in Sweden started in earnest with the report of the AKA-commission 1976, which outlined a complete system for the management of spent fuel and associated waste, including how to handle the costs. Components of the system, mentioned in the AKA-report, such as a sea transportation (MS Sigyn), a central spent fuel storage facility (CLAB) and a final repository for operational waste (SFR) have since been constructed and taken in operation. The research and planning for the additional facilities needed for a complete system is in an advanced stage. A nuclear waste fund has also been created, based on a special fee on nuclear power production. During the 1970's the nuclear power utilities established their own internal funds for future waste management expenses. These funds were transferred to the government-run financing system established in 1981 when the Swedish parliament passed the Act on the Financing of Future Expenses for Spent Nuclear Fuel etc. The fees to be paid into the Fund are to be based on the assumption that each reactor generates electricity for 25 years. These fees, plus the interest on the money already deposited in the Fund, must meet all expenses for handling spent fuel, dismantling facilities and for dealing with radioactive decommissioning waste. A guarantee shall compensate for the eventuality of a nuclear power plant being closed before the end of the 25-year earning period. The type of guarantee must be available until all nuclear waste has been placed in a repository and must cover contingencies for the waste programme. This guarantee will be used if expenses for future nuclear waste management become higher than expected, if these expenses have to be met earlier than expected, or if the actual amount in the Fund is lower than was estimated. The process of yearly cost calculations, review and determination of fees and guarantees is well

  2. 78 FR 69143 - Guggenheim Equal Weight Enhanced Equity Income Fund and Guggenheim Funds Investment Advisers, LLC...

    Science.gov (United States)

    2013-11-18

    ... designed to ensure that all notices required to be sent to a Fund's shareholders pursuant to section 19(a... graphical format: (1) The amount of the distribution, on a per common share basis, together with the amounts... history of operations is less than five years, the time period commencing immediately following the Fund's...

  3. 75 FR 55541 - NOAA Regional Ocean Partnership Funding Program-FY2011 Funding Competition

    Science.gov (United States)

    2010-09-13

    ...-01] RIN 0648-ZC20 NOAA Regional Ocean Partnership Funding Program--FY2011 Funding Competition AGENCY: National Ocean Service, National Oceanic and Atmospheric Administration (NOAA), Department of Commerce...-profit organizations (requirements described in full announcement) that NOAA is soliciting proposals for...

  4. Harvard University: Green Loan Fund. Green Revolving Funds in Action: Case Study Series

    Science.gov (United States)

    Foley, Robert

    2011-01-01

    The Green Loan Fund at Harvard University has been an active source of capital for energy efficiency and waste reduction projects for almost a decade. This case study examines the revolving fund's history from its inception as a pilot project in the 1990s to its regeneration in the early 2000s to its current operations today. The green revolving…

  5. Funding Ohio Community Colleges: An Analysis of the Performance Funding Model

    Science.gov (United States)

    Krueger, Cynthia A.

    2013-01-01

    This study examined Ohio's community college performance funding model that is based on seven student success metrics. A percentage of the regular state subsidy is withheld from institutions; funding is earned back based on the three-year average of success points achieved in comparison to other community colleges in the state. Analysis of…

  6. Funding the right care and support for everyone: creating a fair and transparent funding system.

    Science.gov (United States)

    2011-01-01

    The United Kingdom Secretary of State for Health commissioned an independent review of palliative care funding in the nation. The review team consisting of Tom Hughes-Hallet, Professor Sir Alan Craft, Catherine Davies, Isla Mackay, and Tilde Nielsson filed its report with funding recommendations on July 1, 2011. A summary of the report is presented.

  7. Finding Funding: A Guide to Federal Sources for Asset-Building Initiatives. Finding Funding Series

    Science.gov (United States)

    Lind, Christianne; Relave, Nanette; Schmid, William; Terzaghi, Damon

    2009-01-01

    This guide outlines strategies for financing asset-building initiatives and provides information on 71 federal funding sources that can be used to support a range of activities and services. It includes well-known sources of funding for asset building, for example, the Assets for Independence Demonstration Program and the Family Self-Sufficiency…

  8. 7 CFR 247.25 - Allowable uses of administrative funds and other funds.

    Science.gov (United States)

    2010-01-01

    ... subgrantees must comply with part 3019 of this title. State and local agencies may use procurement procedures... authority regarding the settlement of all contractual and administrative issues arising out of procurements... administrative funds provided to State and local agencies? Administrative funds may be used for costs that are...

  9. 76 FR 39474 - Monthly Median Cost of Funds Reporting, and Publication of Cost of Funds Indices

    Science.gov (United States)

    2011-07-06

    ... Semiannual Cost of Funds Index (SCOF), and other related cost of funds ratios currently published monthly in... discussed in this notice, please contact Jim Caton, Managing Director--Economic and Industry Analysis, at... Thrift Financial Report (TFR): \\2\\ \\2\\ Copies of the reporting forms and instructions for the TFR (OMB No...

  10. 76 FR 578 - Notice of Funding Availability (NOFA) for Fiscal Year 2010; Rural Innovation Fund Program...

    Science.gov (United States)

    2011-01-05

    .... SUMMARY: On December 22, 2010, HUD posted on http://www.Grants.gov its Notice of Funding Availability... publication announces that HUD has posted on http://www.Grants.gov a technical correction that, most... Fund grant.'' The revised NOFA can be found and downloaded from http://www.Grants.gov , using the CFDA...

  11. The Analysis of Mutual Fund Performance: Evidence from U.S. Equity Mutual Funds

    NARCIS (Netherlands)

    D.P. Budiono (Diana)

    2010-01-01

    textabstractWe study the mutual fund performance for about 45 years. There are several key points that we can withdraw from this dissertation. First, to study the persistence of mutual fund performance, it is important to consider time-varying exposures because when they are ignored, the persistence

  12. 77 FR 75362 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations

    Science.gov (United States)

    2012-12-20

    ... FARM CREDIT ADMINISTRATION 12 CFR Part 615 Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations CFR Correction 0 In Title 12 of the Code of Federal Regulations, Parts 600 to 899, revised as of January 1, 2012, on page 209, Subpart S, consisting of Sec. 615.5570, is...

  13. 78 FR 37101 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Liquidity and...

    Science.gov (United States)

    2013-06-20

    ... Operations, and Funding Operations; Liquidity and Funding; Effective Date AGENCY: Farm Credit Administration... amends its liquidity regulation to strengthen liquidity risk management at Farm Credit System (System) banks, improve the quality of assets in their liquidity reserves, and bolster the ability of System...

  14. 78 FR 26701 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Liquidity and...

    Science.gov (United States)

    2013-05-08

    ... Operations, and Funding Operations; Liquidity and Funding; Correction AGENCY: Farm Credit Administration... the Federal Register on April 18, 2013 to strengthen liquidity risk management at Farm Credit System (System) banks, improve the quality of assets in their liquidity reserves, and bolster the ability of...

  15. The development of funding policies for hospices: is casemix-based funding an option?

    Science.gov (United States)

    Carter, H; MacLeod, R; Hicks, E; Carter, J

    1999-06-25

    The 1993 health reforms, with their emphasis on the purchasing of defined amounts or units of service, have led to the implementation of casemix-based funding for the acute medical and surgical services of the public hospitals. Despite growing interest in New Zealand in casemix-based funding for non-acute services such as palliative care, the nature of this service and the characteristics of its patient population pose particular difficulties for the development and implementation of casemix. This paper examines the feasibility of implementing casemix-based funding for hospice/palliative care services and discusses the development of casemix classification systems for palliative care. Problems associated with implementing casemix-based funding are considered including: the dual funding of hospices, the multi-agency nature of palliative care service provision and the need for the Health Funding Authority to identify and specify the hospice services it is willing to fund. While it is concluded that these problems will impede the introduction of casemix-based funding of hospice care, they highlight important issues that the hospice movement must address if it is to ensure its future within the new health environment.

  16. National conference on crowd-funding - Presentations

    International Nuclear Information System (INIS)

    Bour, Daniel; Raguet, Alex; Arnaud, Christophe; Olive, Catherine; Herriou, Jean-Pierre; Lemaignan, Benoit; Camps, Mathieu; Gauduchon, Marie-Veronique; Hostache, Julien; Clerc, Jean-Marc; Feraudy, Nicolas de; Petit, Frederic; Blais, Armaury; Egnell, Luc; Desvigne, Alain; Floc'h, Romain; Forgues, Benoit; Kuzdzal, Matthieu

    2016-12-01

    This conference was organised in the framework of the CrowdFundRES European project (European Union's Horizon 2020 research and innovation programme under grant agreement No. 646435). Its objectives were: - to provide a comprehensive overview of solar energy crowd-funding in Europe and in France; - to inform about the French legal framework; - to answer the pending questions regarding the conditions of application of the call for bids; - to identify the most suitable modalities for project developers; - to shed light on the possibilities offered to local communities and to their citizens; - to present concrete examples of realisations with their experience feedback; - to exchange on crowd-funding structuring at the service of energy transition in France and in regions. This document brings together the different presentations (slides) given at this conference

  17. Adequate Radioactive Waste Management Fund Fee

    International Nuclear Information System (INIS)

    Kim, Jae Hyeog; Kim, Seok Bong

    2009-01-01

    Last year our government established a regulation for the Radioactive Waste Management ('RWM') Fund. This regulation had two principal items - establishment of the RWM Fund and organization of a public corporation. This regulation will promote transparency, fairness, and safety of the RWM Project. There is strong interest between current generations and future descendants for the RWM Project. That is why the project will continue for a long period of time whereas, the public is currently benefiting from the nuclear electricity. Radioactive waste is a by-product that is inevitably produced as long as the nuclear power plant generates the electricity. This article focuses on calculating a reasonable fee for the RWM Fund in order to minimize conflicts between generations and to fairly share the burden

  18. Meeting of the Pension Fund Governing Board

    CERN Document Server

    HR Department

    2009-01-01

    Reminder Given the current state of the financial markets and the continuing uncertainty as to their future evolution, we begin by reiterating the introductory statement of the last report from the Pension Fund: "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 (PFGB) The PFGB held its ninth and tenth meetings on 1st December 2008 and 11 February 2009 respectively. At the ninth meeting, the Governing Board bade farewell to P. Lambert, who had been an expert member since November...

  19. The Pension Fund passes important milestones

    CERN Document Server

    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 October, the PFGB has passed several milestones in actuarial, technical and investment matters. The PFGB has completed an analysis of a request by the European Organisation for Astronomical Research in the Southern Hemisphere (ESO) to reduce the increased cost of pension insurance for new ESO recruits that has been caused by the increased CHF/€ exchange ratio. Currently the staff of ESO are admitted to the CERN Pension Fund, pursuant to a co-operation agreement between CERN and ESO dating back to 1968. This analysis assessed the actuarial, financial, administrative and legal implications, and is scheduled to be presented to the CERN Council and the Finance Committee in December. After an open tendering process the PFGB has selected Buck Consultants Limited...

  20. A dedicated fund supports technological innovation

    CERN Document Server

    Katarina Anthony

    2010-01-01

    The Knowledge and Technology Transfer (KTT) Group is calling on CERN Departments to take their technology out of the confines of the laboratory and make it ready for dissemination. For the first time, projects can apply for financial support from the newly established KTT Fund.   Scientific inquiry can lead to unexpected developments for society when researchers apply their expertise for public use. CERN actively encourages this transfer of knowledge and technology and, for the first time, has created a dedicated fund to provide financial support to projects aiming at disseminating their technologies to external audiences. CERN’s technology transfer schemes were formalised in the recent Policy on the Management of Intellectual Property in Technology Transfer, approved in March. Revenues generated by commercial exploitation will be distributed between the members of the team that developed the technology, their Department, and the KTT Fund for reinvestment in further KTT projects. &qu...