Financial statistics of selected publicly owned electric utilities 1989. [Contains glossary

Energy Technology Data Exchange (ETDEWEB)

1991-02-06

The Financial Statistics of Selected Publicly Owned Electric Utilities publication presents summary and detailed financial accounting data on the publicly owned electric utilities. The objective of the publication is to provide the Federal and State governments, industry, and the general public with data that can be used for policymaking and decision making purposes relating to publicly owned electric utility issues. 21 tabs.

Financial statistics of major U.S. investor-owned electric utilities 1993

Energy Technology Data Exchange (ETDEWEB)

1995-01-01

The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to investor-owned electric utility issues.

Ohio Department of Transportation Financial & Statistical Report : Fiscal Year 2007

Science.gov (United States)

2007-01-01

On behalf of the dedicated men and women of the Ohio Department of Transportation, I share with : you this Financial and Statistical Report for State Fiscal Year 2007, documenting the state and : federal dollars invested by ODOT into preserving, main...

Financial profile of Hydro-Quebec : 1998-2001

International Nuclear Information System (INIS)

1999-01-01

Hydro-Quebec is a publicly owned company with a single shareholder, the Quebec government. It is ranked among North America's largest distributors of green energy. This report provides financial highlights including revenue, expenditure, net income, total assets, long term debt, shareholder's equity and the financial position of the utility. Operating statistics are also provided. This includes electricity sold both in and out of Quebec, total installed capacity, peak requirements for winter, total number of customer accounts, and the number of permanent employees. Because of the January ice storm, Hydro-Quebec's major priority in 1998 was to reinforce its transmission and distribution system to meet customer expectations. From February to December 1998, about 3,000 km of line were built, rebuilt or consolidated. By 2001, the utility will have looped several of its high-voltage transmission systems. Plans are also underway to build four new high-voltage lines and an interconnection with Ontario, using advanced technologies. tabs., figs

17 CFR 240.17g-3 - Annual financial reports to be furnished by nationally recognized statistical rating organizations.

Science.gov (United States)

2010-04-01

... financial statements of the nationally recognized statistical rating organization or audited consolidated financial statements of its parent if the nationally recognized statistical rating organization is a...) of this section are consolidated financial statements of the parent of the nationally recognized...

12 CFR 741.6 - Financial and statistical and other reports.

Science.gov (United States)

2010-01-01

... greater, but may reflect regulatory accounting principles other than GAAP if the credit union has total.... GAAP means generally accepted accounting principles, as defined in § 715.2(e) of this chapter. GAAP is... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Financial and statistical and other reports...

Nonlinear Fluctuation Behavior of Financial Time Series Model by Statistical Physics System

Directory of Open Access Journals (Sweden)

Wuyang Cheng

2014-01-01

Full Text Available We develop a random financial time series model of stock market by one of statistical physics systems, the stochastic contact interacting system. Contact process is a continuous time Markov process; one interpretation of this model is as a model for the spread of an infection, where the epidemic spreading mimics the interplay of local infections and recovery of individuals. From this financial model, we study the statistical behaviors of return time series, and the corresponding behaviors of returns for Shanghai Stock Exchange Composite Index (SSECI and Hang Seng Index (HSI are also comparatively studied. Further, we investigate the Zipf distribution and multifractal phenomenon of returns and price changes. Zipf analysis and MF-DFA analysis are applied to investigate the natures of fluctuations for the stock market.

The Fusion of Financial Analysis and Seismology: Statistical Methods from Financial Market Analysis Applied to Earthquake Data

Science.gov (United States)

Ohyanagi, S.; Dileonardo, C.

2013-12-01

As a natural phenomenon earthquake occurrence is difficult to predict. Statistical analysis of earthquake data was performed using candlestick chart and Bollinger Band methods. These statistical methods, commonly used in the financial world to analyze market trends were tested against earthquake data. Earthquakes above Mw 4.0 located on shore of Sanriku (37.75°N ~ 41.00°N, 143.00°E ~ 144.50°E) from February 1973 to May 2013 were selected for analysis. Two specific patterns in earthquake occurrence were recognized through the analysis. One is a spread of candlestick prior to the occurrence of events greater than Mw 6.0. A second pattern shows convergence in the Bollinger Band, which implies a positive or negative change in the trend of earthquakes. Both patterns match general models for the buildup and release of strain through the earthquake cycle, and agree with both the characteristics of the candlestick chart and Bollinger Band analysis. These results show there is a high correlation between patterns in earthquake occurrence and trend analysis by these two statistical methods. The results of this study agree with the appropriateness of the application of these financial analysis methods to the analysis of earthquake occurrence.

Financial statistics of major U.S. publicly owned electric utilities 1995

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-07-01

The 1995 Edition of the Financial Statistics of Major U.S. Publicly Owned Electric Utilities publication presents 5 years (1991 through 1995) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to publicly owned electric utility issues. Generator (Tables 3 through 11) and nongenerator (Tables 12 through 20) summaries are presented in this publication. Five years of summary financial data are provided (Tables 5 through 11 and 14 through 20). Summaries of generators for fiscal years ending June 30 and December 31, nongenerators for fiscal years ending June 30 and December 31, and summaries of all respondents are provided in Appendix C. The composite tables present aggregates of income statement and balance sheet data, as well as financial indicators. Composite tables also display electric operation and maintenance expenses, electric utility plant, number of consumers, sales of electricity, and operating revenue, and electric energy account data. 9 figs., 87 tabs.

Financial statistics of major U.S. publicly owned electric utilities 1995

International Nuclear Information System (INIS)

1997-07-01

The 1995 Edition of the Financial Statistics of Major U.S. Publicly Owned Electric Utilities publication presents 5 years (1991 through 1995) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to publicly owned electric utility issues. Generator (Tables 3 through 11) and nongenerator (Tables 12 through 20) summaries are presented in this publication. Five years of summary financial data are provided (Tables 5 through 11 and 14 through 20). Summaries of generators for fiscal years ending June 30 and December 31, nongenerators for fiscal years ending June 30 and December 31, and summaries of all respondents are provided in Appendix C. The composite tables present aggregates of income statement and balance sheet data, as well as financial indicators. Composite tables also display electric operation and maintenance expenses, electric utility plant, number of consumers, sales of electricity, and operating revenue, and electric energy account data. 9 figs., 87 tabs

Financial statistics of major US publicly owned electric utilities 1992

Energy Technology Data Exchange (ETDEWEB)

1994-01-01

The 1992 edition of the Financial Statistics of Major US Publicly Owned Electric Utilities publication presents 4 years (1989 through 1992) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to publicly owned electric utility issues. Generator and nongenerator summaries are presented in this publication. Four years of summary financial data are provided. Summaries of generators for fiscal years ending June 30 and December 31, nongenerators for fiscal years ending June 30 and December 31, and summaries of all respondents are provided. The composite tables present aggregates of income statement and balance sheet data, as well as financial indicators. Composite tables also display electric operation and maintenance expenses, electric utility plant, number of consumers, sales of electricity, and operating revenue, and electric energy account data. The primary source of publicly owned financial data is the Form EIA-412, {open_quotes}Annual Report of Public Electric Utilities.{close_quotes} Public electric utilities file this survey on a fiscal year, rather than a calendar year basis, in conformance with their recordkeeping practices. In previous editions of this publication, data were aggregated by the two most commonly reported fiscal years, June 30 and December 31. This omitted approximately 20 percent of the respondents who operate on fiscal years ending in other months. Accordingly, the EIA undertook a review of the Form EIA-412 submissions to determine if alternative classifications of publicly owned electric utilities would permit the inclusion of all respondents.

Financial statistics of major U.S. publicly owned electric utilities 1997

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-12-01

The 1997 edition of the ``Financial Statistics of Major U.S. Publicly Owned Electric Utilities`` publication presents 5 years (1993 through 1997) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to publicly owned electric utility issues. Generator (Tables 3 through 11) and nongenerator (Tables 12 through 20) summaries are presented in this publication. Five years of summary financial data are provided (Tables 5 through 11 and 14 through 20). Summaries of generators for fiscal years ending June 30 and December 31, nongenerators for fiscal years ending June 30 and December 31, and summaries of all respondents are provided in Appendix C. The composite tables present aggregates of income statement and balance sheet data, as well as financial indicators. Composite tables also display electric operation and maintenance expenses, electric utility plant, number of consumers, sales of electricity, operating revenue, and electric energy account data. The primary source of publicly owned financial data is the Form EIA-412, ``Annual Report of Public Electric Utilities.`` Public electric utilities file this survey on a fiscal year basis, in conformance with their recordkeeping practices. The EIA undertook a review of the Form EIA-412 submissions to determine if alternative classifications of publicly owned electric utilities would permit the inclusion of all respondents. The review indicated that financial indicators differ most according to whether or not a publicly owned electric utility generates electricity. Therefore, the main body of the report provides summary information in generator/nongenerator classifications. 2 figs., 101 tabs.

Financial statistics of major U.S. publicly owned electric utilities 1997

International Nuclear Information System (INIS)

1998-12-01

The 1997 edition of the ''Financial Statistics of Major U.S. Publicly Owned Electric Utilities'' publication presents 5 years (1993 through 1997) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for policymaking and decisionmaking purposes related to publicly owned electric utility issues. Generator (Tables 3 through 11) and nongenerator (Tables 12 through 20) summaries are presented in this publication. Five years of summary financial data are provided (Tables 5 through 11 and 14 through 20). Summaries of generators for fiscal years ending June 30 and December 31, nongenerators for fiscal years ending June 30 and December 31, and summaries of all respondents are provided in Appendix C. The composite tables present aggregates of income statement and balance sheet data, as well as financial indicators. Composite tables also display electric operation and maintenance expenses, electric utility plant, number of consumers, sales of electricity, operating revenue, and electric energy account data. The primary source of publicly owned financial data is the Form EIA-412, ''Annual Report of Public Electric Utilities.'' Public electric utilities file this survey on a fiscal year basis, in conformance with their recordkeeping practices. The EIA undertook a review of the Form EIA-412 submissions to determine if alternative classifications of publicly owned electric utilities would permit the inclusion of all respondents. The review indicated that financial indicators differ most according to whether or not a publicly owned electric utility generates electricity. Therefore, the main body of the report provides summary information in generator/nongenerator classifications. 2 figs., 101 tabs

SEGMENT OF FINANCIAL CORPORATIONS AS AN OBJECT OF FINANCIAL AND STATISTICAL ANALYSIS

OpenAIRE

Marat F. Mazitov

2013-01-01

The article is devoted to the study specific features of the formation and change of economic assets of financial corporations as an object of management and financial analysis. He author identifies the features and gives the classification of institutional units belonging to the sector of financial corporations from the viewpoint of assessment and financial analysis of the flows, reflecting change of their assets.

Internal and External Factors Affecting The Size of Paddy Field Sold

Directory of Open Access Journals (Sweden)

Endang Rostiana

2016-12-01

Full Text Available This study attempted  to identify internal condition of the farmers who sold their paddy field and analyze the effects of age, education level, number of family members, field productivity, location, and production cost to the total area of paddy field sold. This study used quantitative descriptive method. This research found that age, education level, number of family members, and location of the land had positive relation to the total area of paddy field sold. On the other hand, production cost and field productivity had negative relation to the total area of paddy field sold. Partially, field production and number of family members had no significant effect to the total area of paddy field sold.

Essentials of Excel, Excel VBA, SAS and Minitab for statistical and financial analyses

CERN Document Server

Lee, Cheng-Few; Chang, Jow-Ran; Tai, Tzu

2016-01-01

This introductory textbook for business statistics teaches statistical analysis and research methods via business case studies and financial data using Excel, MINITAB, and SAS. Every chapter in this textbook engages the reader with data of individual stock, stock indices, options, and futures. One studies and uses statistics to learn how to study, analyze, and understand a data set of particular interest. Some of the more popular statistical programs that have been developed to use statistical and computational methods to analyze data sets are SAS, SPSS, and MINITAB. Of those, we look at MINITAB and SAS in this textbook. One of the main reasons to use MINITAB is that it is the easiest to use among the popular statistical programs. We look at SAS because it is the leading statistical package used in industry. We also utilize the much less costly and ubiquitous Microsoft Excel to do statistical analysis, as the benefits of Excel have become widely recognized in the academic world and its analytical capabilities...

Financial Technologies: A Note on Mobile Payment

Directory of Open Access Journals (Sweden)

Song Yee Leng

2018-02-01

Full Text Available The financial market is currently disrupted by the rise of new technologies “FinTech” a short form of financial technology, which profoundly reshapes the financial intermediary structure and makes financial services more efficient. Mobile technology with Internet-enabled devices are the next logical phase of the World Wide Web a campaign such as mobile phone taking over the mass market and will fundamentally change the way products are bought and sold as well as financial services especially the mobile payment system. This research examines changes payment method in financial services, particularly those involving mobile payments that can create new channels for consumers to purchase goods and services using a mobile phone. Mobile payment application is ready to replace traditional cash, checks, credit and debit card throughout the country. In this stage of development, the current situation of mobile payment market, review the previous literature on mobile payment services, analysis use of mobile payment worldwide and various initiatives use mobile phones to offer financial services for those ‘unbanked’.

Central Statistical Office as a source of information that is relevant in determining the state of the public finances of the Republic of Poland. The financial management of the Central Statistical Office

Directory of Open Access Journals (Sweden)

Wojciech Bożek

2016-09-01

Full Text Available In the elaboration the author discussed the meaning of the public statistics in public finances, the structure and the financial activity of the Central Statistical Office (CSO and other units of public sector, which is related with it. Besides, the author indicates example of legal solutions in the Polish order financial which underlines the importance and actualness of undertaken subject matter. Also, the author underlines the meaning of the public statistics in the process of the efficient financial management public and conducts of the transparent economy with public measures. The author constates that the catalogue of tasks of CSO, from the perspective of public finance, is extensive and dynamic.

Financial Stress Indices and Financial Crises

NARCIS (Netherlands)

Vermeulen, Robert; Hoeberichts, Marco; Vasicek, Borek; Zigraiova, Diana; Smidkova, Katerina; de Haan, Jakob

This paper develops a Financial Stress Index (FSI) for 28 OECD countries and examines its relationship to crises using a novel database for financial crises. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. Our results suggest that

Financial Wealth Distribution in Revised Financial Accounts

Directory of Open Access Journals (Sweden)

Václav Rybáček

2012-09-01

Full Text Available Financial statistics undergo dynamic evolution as apparent consequence of their rising importance. Structureof assets, source of fi nancing, price changes or net fi nancial position, all these indicators can detect oncomingfi nancial instability. Financial statistics as a logical extension of the national accounts provide such information.Th e aim of the following text is to present fi nancial statistics, relation between particular accounts, the impact of extraordinary revision carried out in 2011, and also to analyse current wealth distribution as described by fi nancial statistics.

Medicinal plants sold at traditional markets in southern Ecuador.

Science.gov (United States)

Tinitana, Fani; Rios, Montserrat; Romero-Benavides, Juan Carlos; de la Cruz Rot, Marcelino; Pardo-de-Santayana, Manuel

2016-07-05

The traditional markets in southern Ecuador and within the Andean region are especially important for plant resource trading among local people, even since before Spanish colonization; therefore, ethnobotanical studies are currently necessary and important. These strategic spaces persist for the traditional medicine cultural value reflected in the higher consumption of medicinal plants, which span all socioeconomic levels of rural and urban people. The purpose of this study includes the following: 1) to create a novel list of medicinal plants sold at 33 traditional markets; 2) to establish medicinal plant use agreement amongst vendors with the Factor of Informant Consensus (FIC); and 3) to determine the most sold medicinal plant species using the Fidelity Level (FL). This study focus on traditional markets ethnobotany utilizes the largest sample of medicinal plants market vendors up to date in Ecuador, interviewing them at 33 traditional markets, located within the Loja province. In order to determine the most sold medicinal plants and their ethnobotanical information, structured questionnaires and personal conversations were conducted with 196 medicinal plant vendors, and voucher specimens were created. Agreement among vendors about the therapeutic use of medicinal plants was measured using the FIC, and the most sold medicinal plant species were assessed with the FL. This research registered 160 medicinal plant species, grouped in 126 genera and 57 families that were sold in 33 traditional markets. The uses of medicinal plants in southern Ecuador are related to a long history of traditional medicine health practices that has persisted until today as well as high plant diversity. The 53 therapeutic uses recorded were grouped into 12 medical categories that were adapted from the World Health Organization. Three medical categories shared the highest value for FIC = 0.92, which showed a high level of agreement of market vendors for 57 medicinal plant species sold

Financial statistics of major U.S. investor-owned electric utilities 1996

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-12-01

The Financial Statistics of Major US Investor-Owned Electric Utilities publication presents summary and detailed financial accounting data on the investor-owned electric utilities. The objective of the publication is to provide Federal and State governments, industry, and the general public with current and historical data that can be used for making policy and decisions relating to investor-owned electric utility issues. The US electric power industry is a combination of electric utilities (investor-owned, publicly owned, Federal, and cooperatives) and nonutility power producers. Investor-owned electric utilities account for over three-fourths of electric sales and revenue. Historically, the investor-owned electric utilities have served the large consolidated markets. There is substantial diversity among the investor-owned electric utilities in terms of services, size, fuel usage, and prices charged. Most investor-owned electric utilities generate, transmit, and distribute electric power. Investor-owned electric utilities operate in all States except Nebraska; Hawaii is the only State in which all electricity is supplied by investor-owned electric utilities. 5 figs., 57 tabs.

Information systems development of analysis company financial state based on the expert-statistical approach

Directory of Open Access Journals (Sweden)

M. N. Ivliev

2016-01-01

Full Text Available The work is devoted to methods of analysis the company financial condition, including aggregated ratings. It is proposed to use the generalized solvency and liquidity indicator and the capital structure composite index. Mathematically, the generalized index is a sum of variables-characteristics and weighting factors characterizing the relative importance of individual characteristics composition. It is offered to select the significant features from a set of standard financial ratios, calculated according to enterprises balance sheets. To obtain the weighting factors values it is proposed to use one of the expert statistical approaches, the analytic hierarchy process. The method is as follows: we choose the most important characteristic and after the experts determine the degree of preference for the main feature based on the linguistic scale. Further, matrix of pairwise comparisons based on the assigned ranks is compiled, which characterizes the relative importance of attributes. The required coefficients are determined as elements of a vector of priorities, which is the first vector of the matrix of paired comparisons. The paper proposes a mechanism for finding the fields for rating numbers analysis. In addition, the paper proposes a method for the statistical evaluation of the balance sheets of various companies by calculating the mutual correlation matrices. Based on the considered mathematical methods to determine quantitative characteristics of technical objects financial and economic activities, was developed algorithms, information and software allowing to realize of different systems economic analysis.

29 CFR 779.333 - Goods sold for use as raw materials in other products.

Science.gov (United States)

2010-07-01

... are not considered sold for resale if sold for general industrial or commercial uses, such as coal for... stores or meat markets in cooling and preserving groceries and meat to be sold. Similarly, ice used for...

Hypermarket's adapting at the financial crisis conditions

OpenAIRE

Ion Gr. IONESCU

2013-01-01

The financial crisis is a global phenomenon that has marked the evolution of all economic sectors. The drastic change of the consumer behavior has led the trade companies to choose between two survival strategies: the product development strategy and the exit strategy.Carrefour company bases its strategy on five values deeply rooted in the consumer`s conscience: an aggressive pricing policy, based on discount; a range of 50000 items sold under the concept “everything under one roof”, quality,...

The financial position and funding of French non-financial corporations

OpenAIRE

G. Cette.; J.-P. Villetelle.

2015-01-01

This study, based on recent company statistics from national accounts and financial statements, shows a deterioration in the financial position of French non-financial corporations. This is affecting their performances and is prompting them to diversify their sources of funding in order to rationalise their financial structure.

Myopic or Dynamic Liquidity Management? : A Study of Hedge Funds around the 2008 Financial Crisis

NARCIS (Netherlands)

Driessen, Joost; Xing, R.

2017-01-01

In this paper, we show that hedge funds repurchased a large amount of liquid stocks and continued to sell illiquid stocks as the 2008 financial crisis mitigated. It complements existing empirical evidence that institutional investors sold more liquid than illiquid assets during the crisis period.

5 CFR 6701.103 - Prohibited purchases of property sold by GSA.

Science.gov (United States)

2010-01-01

... paragraph (a) of this section does not apply to the purchase of foreign gifts deposited with the agency... 5 Administrative Personnel 3 2010-01-01 2010-01-01 false Prohibited purchases of property sold by... purchases of property sold by GSA. (a) General prohibition. Except as provided in paragraphs (b) and (c) of...

7 CFR 170.3 - What products may be sold at the USDA Farmers Market?

Science.gov (United States)

2010-01-01

... 7 Agriculture 3 2010-01-01 2010-01-01 false What products may be sold at the USDA Farmers Market...) MISCELLANEOUS MARKETING PRACTICES UNDER THE AGRICULTURAL MARKETING ACT OF 1946 USDA FARMERS MARKET § 170.3 What products may be sold at the USDA Farmers Market? Products that may be sold at the market include, but are...

Foreign Strategic Investment and China’s Financial Security

Institute of Scientific and Technical Information of China (English)

朱盈盈; 曾勇; 李平; 何佳

2008-01-01

We analyze the background, status quo and characteristics of introducing foreign strategic investors into Chinese banks, and summarize various arguments on this issue. Our conclusions are as follows: introducing foreign strategic investors into Chinese banks is a necessary step in the reform and opening of China’s banking sector, and is encouraged by the regulatory authorities; introducing foreign strategic investors into Chinese banks has presented some unique features; from the perspective of control of financial resources, under the current institutional and legal regimes, introducing foreign strategic investors will not threaten China’s financial security; there is no convincing evidence that Chinese banks have been sold short with the introduction of foreign strategic investors; the results of strategic investment remain to be seen.

An investigation of the quality of meat sold in Lesotho

Directory of Open Access Journals (Sweden)

T.M. Seeiso

2009-05-01

Full Text Available Since the closure of the Lesotho abattoir in 2003, only imported meat can be legally sold. However, it was estimated in 2007 that 80 % of the meat sold at butcheries comes from informal slaughter. The aim of this study was to investigate the situation. The number and location of informal butcheries in Lesotho (n = 143 were recorded and mapped using Geographical Information Systems. Observations (photographs of informal slaughter indicated a lack of hygiene, unskilled slaughtermen and illegal disposal of offal with possible environmental pollution. In addition, a cross-sectional study was undertaken to determine the microbiological quality of meat from randomly selected carcasses (n = 237 of cattle, sheep and pigs from a sample of 44 butcheries, 4 of which were associated with registered supermarkets. As a control, samples for microbiological assay were taken from imported meat originating from carcasses (n = 20 slaughtered at a registered abattoir in South Africa. Of the 44 butcheries investigated only the 4 commercial butcheries associated with supermarkets sold imported meat only; 3 butcheries sold meat inspected at government slaughter slabs (n = 3, while the rest (n = 37 sold both imported and informally slaughtered meat. In terms of Lesotho legislation, informally slaughtered meat is only for home consumption. The bacteriological counts from all samples showed a total bacterial plate count exceeding 30 organisms per mℓ in contrast with the controls which all showed a count less than 5 colonies per mℓ. This was found for both imported and informally slaughtered meat sold in Lesotho. In addition, meat samples from butcheries showed the presence of the potential pathogens Salmonella (n = 2, Staphylococcus aureus (n = 12 and Escherichia coli (n=15. During the study, anthrax was confirmed in 9 human patients, 5 of whom died, after consumption of informally slaughtered livestock. Although no cases of animal abuse were detected, it was

Selected financial and operating ratios of public power systems

International Nuclear Information System (INIS)

Moody, D.

1993-01-01

In 1992, the American Public Power Association published its fourth report on financial and operating ratios. Based on 1990 data for the largest public power distribution systems, the report examined 21 categories of ratio indicators that can be used by public power distribution systems to assess their performance relative to the utilities of of comparable size and in the same geographic region. The 394 utilities summarized in the report are those that are required to file financial statements with the Energy Information Administration (EIA). Ratios were calculated from financial and operating data reported by utilities to the EIA. Data are presented for the following ratios: (1) revenue per kW/hr; (2) revenue for customer; (3) debt to total assets; (4) operating ratio; (5) current ratio; (6) times interest earned; (7) net income per revenue dollar; (8) uncollectible accounts per revenue dollar; (9) retail MW hr sales per manpower generation employee; (10) retail customers per nonpower generation employee; (11) total operation and maintenane expense per kW hr sold; (12) total operation and maintenance expense per retail customer; (13) total power supply expense kW hr sold; (14) purchased power cost per kW hr; (15) production expense per not kW hr; (16) retail customers for with reader; (17) distribution operation and maintenance expenses per retail customer; (18) distribution operation and maintenance expenses per circuit mile; (19) customer accounting, customer service and sales expenses per retail customers; (20) administration and general expenses per retail customer; (21) labor expense per worker-hour; (22) OSHA incidence rate; and (23) the system average interruptible duration index

Framework for Financial Ratio Analysis of Audited Federal Financial Reports

Science.gov (United States)

1999-12-01

this period were conducted on the statistical validity of the ratio method in financial analysis. McDonald and Morris conducted a study on the... franchising operations, allowing them to lower costs and share administrative support services with other agencies. [Ref. 60:sec. 402-403] The GMRA also...Press, Washington, D.C., 1955). 21. McDonald , Bill and Morris, Michael H., "The Statistical Validity of the Ratio Method in Financial Analysis: An

Wild and native plants and mushrooms sold in the open-air markets of south-eastern Poland.

Science.gov (United States)

Kasper-Pakosz, Renata; Pietras, Marcin; Łuczaj, Łukasz

2016-10-07

The study of plants and fungi sold in open-air markets is an important part of ethnobotanical enquiry. Only few such studies were carried out in Europe. Four of the largest open-air markets of south-eastern Poland were visited regularly, and the plants sold in them were recorded between 2013 and 2015. The aim of the study was to record native and/or wild species sold in the markets. All the plants sold in the markets were photographed regularly. In each market, 25 sellers were interviewed. Voucher specimens were collected and fungi were identified using DNA barcoding. Altogether, 468 species of plants were recorded, 117 of them native to south-eastern Poland - 19 only collected from the wild and 11 both wild and cultivated. Seventeen of the species are under legal protection. Most protected plants were sold from cultivation, although proper authorization procedures had not been performed. Thirty-two species of fungi were sold (including two cultivated species), all of them for culinary purposes. Two species (Lactarius quieticolor, Leccinum schistophilum) are new to the mycobiota of Poland. Ornamental plants constituted a large section of the market, and they dominated the group of native species. Food plants dominated among wild-collected plants and were sold mainly as fruits for jams, juices and alcoholic drinks, or as culinary herbs. Very few medicinal or green vegetable plants were sold. An interesting feature of the markets was the sale of Ledum palustre as an insect repellent. Finding two species of fungi which are new to Poland highlights the importance of DNA barcoding in ethnomycological studies. Most items in the markets are ornamental plants, or edible fruits and mushrooms. Very few medicinal plants and green vegetables are sold, which differentiates the markets from southern European ones. Such a pattern is probably the model for most central European markets.

Foods Sold in School Vending Machines are Associated with Overall Student Dietary Intake

Science.gov (United States)

Rovner, Alisha J.; Nansel, Tonja R.; Wang, Jing; Iannotti, Ronald J.

2010-01-01

Purpose To examine the association between foods sold in school vending machines and students’ dietary behaviors. Methods The 2005-2006 US Health Behavior in School Aged Children (HBSC) survey was administered to 6th to 10th graders and school administrators. Students’ dietary intake was estimated with a brief food frequency measure. Administrators completed questions about foods sold in vending machines. For each food intake behavior, a multilevel regression analysis modeled students (level 1) nested within schools (level 2), with the corresponding food sold in vending machines as the main predictor. Control variables included gender, grade, family affluence and school poverty. Analyses were conducted separately for 6th to 8th and 9th to 10th grades. Results Eighty-three percent of schools (152 schools, 5,930 students) had vending machines which primarily sold foods of minimal nutritional values (soft drinks, chips and sweets). In younger grades, availability of fruits/vegetables and chocolate/sweets was positively related to the corresponding food intake, with vending machine content and school poverty explaining 70.6% of between-school variation in fruit/vegetable consumption, and 71.7% in sweets consumption. In older grades, there was no significant effect of foods available in vending machines on reported consumption of those foods. Conclusions Vending machines are widely available in US public schools. In younger grades, school vending machines were related to students’ diets positively or negatively, depending on what was sold in them. Schools are in a powerful position to influence children’s diets; therefore attention to foods sold in them is necessary in order to try to improve children’s diets. PMID:21185519

Financial Statements in Providing Financial Security of Agricultural Enterprises

OpenAIRE

Olha Vdovenko

2014-01-01

In conditions of severe market competition and economic turmoil financial security of agricultural businesses largely depends on the effectiveness of management decisions, reporting being the information support to ensure such decision making. Thus, the practice of preparing accounting figures and their adjustment has a direct effect on agricultural businesses financial security. Having been generalized at the industry level, statistical and financial statements are used for the development o...

Financial statistics of major US publicly owned electric utilities 1994

Energy Technology Data Exchange (ETDEWEB)

NONE

1995-12-15

This publication presents 5 years (1990--94) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. Generator and nongenerator summaries are presented. Composite tables present: Aggregates of income statement and balance sheet data, financial indicators, electric operation and maintenance expenses, electric utility plant, number of consumers, sales of electricity, and operating revenue, and electric energy account data.

Financial statistics of major US publicly owned electric utilities 1994

International Nuclear Information System (INIS)

1995-01-01

This publication presents 5 years (1990--94) of summary financial data and current year detailed financial data on the major publicly owned electric utilities. Generator and nongenerator summaries are presented. Composite tables present: Aggregates of income statement and balance sheet data, financial indicators, electric operation and maintenance expenses, electric utility plant, number of consumers, sales of electricity, and operating revenue, and electric energy account data

Cloning and expression of SOLD1 in ovine and caprine placenta, and their expected roles during the development of placentomes

Directory of Open Access Journals (Sweden)

Kizaki Keiichiro

2010-01-01

Full Text Available Abstract Background The Ly-6 (Ly-6/uPAR superfamily members share the Ly-6 domain defined by distinct disulfide bonding patterns between 8 or 10 cysteine residues. They comprise membrane- and secretory-type proteins. We recently reported the gene and protein characterization of the bovine secreted protein of Ly-6 domain 1 (SOLD1. Bovine SOLD1 is expressed in trophoblast mononucleate cells (TMCs and is localized in the cotyledonary mesenchyme. Here, we compared the expression and functionality of SOLD1 among the ruminants. We examined mRNA expression by chorionic fibroblasts as a measure of one of the SOLD1 functions. Results Ovine and caprine SOLD1 mRNAs have 303 bp open reading frames and encode for deduced SOLD1 proteins with 100 amino acids, including a 22-aa-long signal peptide at the N-terminal. Both of the SOLD1 amino acid sequences have high similarities with the bovine sequence. Both SOLD1 mRNAs were also expressed in TMCs of cotyledons and intercotyledonary membranes. The mature SOLD1 proteins were localized in the mesenchymal villi of cotyledons after secretion. Bovine, ovine and caprine SOLD1 affected gene expression in mesenchymal fibroblasts in vitro; nucleoredoxin expression was upregulated and BCL2-like 13 was downregulated. Thus, we suggest that SOLD1 acts as a modulator of cell proliferation and apoptosis. Conclusion Expressing cells and protein localization of SOLD1 coincided among the three ruminants. SOLD1 participated in regulating nucleoredoxin and BCL2-like 13 expression in chorionic fibroblasts. SOLD1 is produced specifically in the cotyledons and intercotyledonary membranes in ruminants and appears to be involved in the construction of the ruminant placenta.

Food sold in school vending machines is associated with overall student dietary intake.

Science.gov (United States)

Rovner, Alisha J; Nansel, Tonja R; Wang, Jing; Iannotti, Ronald J

2011-01-01

To examine the association between food sold in school vending machines and the dietary behaviors of students. The 2005-2006 U.S. Health Behavior in School-aged Children survey was administered to 6th to 10th graders and school administrators. Dietary intake in students was estimated with a brief food frequency measure. School administrators completed questions regarding food sold in vending machines. For each food intake behavior, a multilevel regression analysis modeled students (level 1) nested within schools (level 2), with the corresponding food sold in vending machines as the main predictor. Control variables included gender, grade, family affluence, and school poverty index. Analyses were conducted separately for 6th to 8th and 9th-10th grades. In all, 83% of the schools (152 schools; 5,930 students) had vending machines that primarily sold food of minimal nutritional values (soft drinks, chips, and sweets). In younger grades, availability of fruit and/or vegetables and chocolate and/or sweets was positively related to the corresponding food intake, with vending machine content and school poverty index providing an explanation for 70.6% of between-school variation in fruit and/or vegetable consumption and 71.7% in sweets consumption. Among the older grades, there was no significant effect of food available in vending machines on reported consumption of those food. Vending machines are widely available in public schools in the United States. In younger grades, school vending machines were either positively or negatively related to the diets of the students, depending on what was sold in them. Schools are in a powerful position to influence the diets of children; therefore, attention to the food sold at school is necessary to try to improve their diets. Copyright © 2011 Society for Adolescent Health and Medicine. All rights reserved.

EDF - Quarterly Financial Information

International Nuclear Information System (INIS)

Trivi, Carole; Boissezon, Carine de; Hidra, Kader

2014-01-01

EDF's sales in the first quarter of 2014 were euro 21.2 billion, down 3.9% from the first quarter of 2013. At constant scope and exchange rates, sales were down 4.2% due to mild weather conditions, which impacted sales of electricity in France, gas sales abroad and trading activities in Europe. UK sales were nonetheless sustained by B2B sales due to higher realised wholesale market prices. In Italy, sales growth was driven by an increase in electricity volumes sold. The first quarter of 2014 also saw the strengthening of the Group's financial structure with the second phase of its multi-annual hybrid funding programme (nearly euro 4 billion equivalent) as well as the issue of two 100-year bonds in dollars and sterling aimed at significantly lengthening average debt maturity. 2014 outlook and 2014-2018 vision: - EDF Group has confirmed its financial objectives for 2014; - Group EBITDA excluding Edison: organic growth of at least 3%; - Edison EBITDA: recurring EBITDA target of euro 1 billion and at least euro 600 million in 2014 before effects of gas contract re-negotiations; - Net financial debt / EBITDA: between 2x and 2.5x; - Pay-out ratio of net income excluding non-recurring items post-hybrid: 55% to 65%. The Group has reaffirmed its goal of achieving positive cash flow after dividends, excluding Linky, in 2018

An ascending multi-item auction with financially constrained bidders

Directory of Open Access Journals (Sweden)

Gerard van der Laan

2016-12-01

Full Text Available Several heterogeneous items are to be sold to a group of potentially budget- constrained bidders. Every bidder has private knowledge of his own valuation of the items and his own budget. Due to budget constraints, bidders may not be able to pay up to their values and typically no Walrasian equilibrium exists. To deal with such markets, we propose the notion of 'equilibrium under allotment' and develop an ascending auction mechanism that always finds such an equilibrium assignment and a corresponding system of prices in finite time. The auction can be viewed as a novel generalization of the ascending auction of Demange et al. (1986 from settings without financial constraints to settings with financial constraints. We examine various strategic and efficiency properties of the auction and its outcome.

Statistics for Finance

DEFF Research Database (Denmark)

Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...... that rarely connect concepts to data and books on econometrics and time series analysis that do not cover specific problems related to option valuation. The book discusses applications of financial derivatives pertaining to risk assessment and elimination. The authors cover various statistical...... and mathematical techniques, including linear and nonlinear time series analysis, stochastic calculus models, stochastic differential equations, Itō’s formula, the Black–Scholes model, the generalized method-of-moments, and the Kalman filter. They explain how these tools are used to price financial derivatives...

Energy efficiency versus gains in consumer amenities—An example from new cars sold in Sweden

International Nuclear Information System (INIS)

Sprei, Frances; Karlsson, Sten

2013-01-01

Technological developments that increase energy efficiency result in net energy-saving benefits, provided the increased efficiency is not offset by enhanced consumer amenities. This paper analyzes the technology development/consumer amenities trade-off for new cars sold in Sweden between 1975 and 2010. We combine lessons learned from the policies in place and interviews with key actors in the car-purchasing process with statistical modeling of trends in vehicle attributes and technological development. Until 2007, consumer amenities were continuously enhanced, offsetting most of the efficiency gains of technological development; there was no strong policy push toward energy efficiency. In recent years, two major shifts have occurred. First, there has been a shift in the majority of new cars sold, from gasoline-powered engines to diesel engines. Flex-fuel vehicles have also contributed to a decline in the sales-share of pure gasoline engines. The observed shift of fuels, especially to flex-fuels, has been encouraged by policies. Second, after 2007 there have been major technological improvements, while attributes related to consumer amenities have remained flat, reversing the trends so that 77% of the technological development resulted in actual reduction of specific fuel consumption. EU targets, tax reforms, and consumer awareness have contributed to this trend change. - Highlights: ► Trade-offs between consumer amenities and fuel consumption of new cars in Sweden. ► Methods: Statistical modeling, policy analysis and interviews. ► Until 2007 a majority of technological development is offset by consumer amenities. ► After 2005 a shift from gasoline to diesel and flex-fuels takes place. ► Policy change and environmental awareness result in a reversion of trends.

A PERFORMANCE COMPARISON BETWEEN ARTIFICIAL NEURAL NETWORKS AND MULTIVARIATE STATISTICAL METHODS IN FORECASTING FINANCIAL STRENGTH RATING IN TURKISH BANKING SECTOR

Directory of Open Access Journals (Sweden)

MELEK ACAR BOYACIOĞLU

2013-06-01

Full Text Available Financial strength rating indicates the fundamental financial strength of a bank. The aim of financial strength rating is to measure a bank’s fundamental financial strength excluding the external factors. External factors can stem from the working environment or can be linked with the outside protective support mechanisms. With the evaluation, the rating of a bank free from outside supportive factors is being sought. Also the financial fundamental, franchise value, the variety of assets and working environment of a bank are being evaluated in this context. In this study, a model has been developed in order to predict the financial strength rating of Turkish banks. The methodology of this study is as follows: Selecting variables to be used in the model, creating a data set, choosing the techniques to be used and the evaluation of classification success of the techniques. It is concluded that the artificial neural network system shows a better performance in terms of classification of financial strength rating in comparison to multivariate statistical methods in the raining set. On the other hand, there is no meaningful difference could be found in the validation set in which the prediction performances of the employed techniques are tested.

Hedge Fund Stock Trading in the Financial Crisis of 2007--2009

OpenAIRE

Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi

2012-01-01

Hedge funds significantly reduced their equity holdings during the recent financial crisis. In 2008:Q3----Q4, hedge funds sold about 29% of their aggregate portfolio. Redemptions and margin calls were the primary drivers of selloffs. Consistent with forced deleveraging, the selloffs took place in volatile and liquid stocks. In comparison, redemptions and stock sales for mutual funds were not as severe. We show that hedge fund investors withdraw capital three times as intensely as mutual fund ...

Forecasting Financial Stress

OpenAIRE

Jan Willem Slingenberg; Jakob de Haan

2011-01-01

This paper uses a Financial Stress Index (FSI) for 13 OECD countries to examine which variables can help predicting financial stress. A stress index measures the current state of stress in the financial system and summarizes it in a single statistic. We employ three criteria for indicators to be used in constructing a multi-country FSI (the index covers the entire financial system, indicators used are available at a high frequency for many countries for a long period, and are comparable) to c...

Microbiological quality of commercially available poultry feeds sold ...

African Journals Online (AJOL)

Food poisoning and infection by bacterial and fungal genera pose obvious health threat to both animals and humans. Pfizer, Guinea, Extra, Top, NOM and Master brands of feed sold in Owerri Metropolis were analysed for their bacterial and fungal quality. The genera of bacteria and fungi isolated and their percentage ...

Foods and Beverages Sold Outside the School Meals Program

Science.gov (United States)

Foods and Beverages Sold Outside of the School Meals Programs About SHPPS: SHPPS is a national survey periodically conducted ... canteen, or snack bar where students could purchase foods or beverages. • 4.0% of states and 6.6% of ...

Compendium of Statistical and Financial Information: Ontario Universities, 2001-02.

Science.gov (United States)

Council of Ontario Universities, Toronto.

This compendium presents data about aspects of the Ontario University System, Canada. It is a companion to the "Financial Report of Ontario Universities," the annual series of volumes prepared under the auspices of the Council of Financial OfficersUniversities of Ontario (COFO-UO). The Compendium contains supplementary information on…

Compendium of Statistical and Financial Information: Ontario Universities, 2000-01.

Science.gov (United States)

Council of Ontario Universities, Toronto.

This compendium presents data on various aspects of the Ontario University System, Canada. It is a companion to the Financial Report of Ontario Universities, the annual series of volumes prepared under the auspices of the Council of Financial Officers-Universities of Ontario (COFO-UO). This compendium contains supplementary information that helps…

Determinants of financial performance of financial sectors (An assessment through economic value added)

OpenAIRE

Khan, Muhammad Kamran; Nouman, Mohammad; TENG, JIAN-ZHOU; Khan, Muhammad Imran; Jadoon, Arshad Ullah

2017-01-01

This study investigated determinants of financial performance of listed financial sectors in Karachi Stock Exchange from 2008 to 2012. The objective of this study was to investigate the factors of financial performance of financial sectors in Pakistan. Descriptive statistics, Correlation matrix, Chow test, Hausman Test for Fixed Effect Model and Random Effect Model and Breusch-Pagan Lagrange multiplier for Random Effect were used in this study. Estimated results revealed that determinants of ...

Determinants of financial performance of financial sectors (An assessment through economic value added)

OpenAIRE

Khan, Muhammad Kamran; Nouman, Mohammad; Imran, Muhammad

2015-01-01

This study investigated determinants of financial performance of listed financial sectors in Karachi Stock Exchange for the period 2008 to 2012. The objective of this study was to investigate the factors which affect financial performance of financial sectors of Pakistan. Descriptive statistics, Correlation matrix, Chow test, Hausman Test for Fixed Effect Model and Random Effect Model and Breusch-Pagan Lagrange multiplier for Random Effect were used in this study. Estimated results revealed t...

Bacteriological quality of bottled water sold on the Ghanaian market ...

African Journals Online (AJOL)

Bacteriological quality of bottled water sold on the Ghanaian market. ... Consumption of bottled water is increasing rapidly in developing countries especially among ... limits set by WHO guidelines and therefore safe for human consumption.

Evaluation of the pharmaceutical quality of some quinine preparations sold in Nigeria.

Science.gov (United States)

Nnamdi, Jolly A; Arhewoh, Ikhuoria M; Okhamafe, Augustine O; Enato, Ehijie F O

2009-01-01

The purpose of this study was to determine the pharmaceutical quality of quinine preparations sold in Nigerian markets. The organoleptic and physicochemical properties of quinine tablets, as well as oral liquids and parenteral quinine preparations, were assessed according to British Pharmacopoeia (BP) and unofficial standards as recommended by the manufacturers. Of the 6 brands of tablets assessed, 4 passed the uniformity of content test and 5 the disintegration test, but only 2 the dissolution test. The pH of 2 of the 6 brands of oral liquid preparations met BP standards, while only 1 oral liquid met the BP standard for percentage content. The assay further demonstrated that 4 brands of the parenteral preparations met BP standards for quinine content. All the parenteral preparations were found to be sterile. Quinine preparations sold in Nigeria varied considerably in their pharmaceutical quality. A strict check of the quality of brands of quinine by regulatory agencies and distributors before they are sold to the public is therefore recommended. Copyright 2009 S. Karger AG, Basel.

78 FR 64883 - Filing Financial and Other Reports

Science.gov (United States)

2013-10-30

... paragraph (a) introductory text to read as follows: Sec. 741.6 Financial and statistical and other reports..., statistical, and other reports and credit union profiles by requiring all federally insured credit unions.... Section 741.6(a) of NCUA's regulations requires FICUs to file financial, statistical, and other reports...

Annual report and summary financial statement 1991-1992

International Nuclear Information System (INIS)

1993-01-01

The 1991-92 Annual Report for Scottish Hydro-Electric PLC is presented. It includes key financial statistics, the financial calendar, details of the Board of Directors, the Chairman's Statement, the Chief Executives' review of operations, operational statistics, a summary financial statement, a summary group profit and loss account, summary balance sheets, the Auditors' Report and a customer map. (UK)

Wild vegetable mixes sold in the markets of Dalmatia (southern Croatia).

Science.gov (United States)

Łuczaj, Łukasz; Zovkokončić, Marijana; Miličević, Tihomir; Dolina, Katija; Pandža, Marija

2013-01-03

Dalmatia is an interesting place to study the use of wild greens as it lies at the intersection of influence of Slavs, who do not usually use many species of wild greens, and Mediterranean culinary culture, where the use of multiple wild greens is common. The aim of the study was to document the mixtures of wild green vegetables which are sold in all the vegetable markets of Dalmatia. All vendors (68) in all 11 major markets of the Dalmatian coast were interviewed. The piles of wild vegetables they sold were searched and herbarium specimens taken from them. The mean number of species in the mix was 5.7. The most commonly sold wild plants are: Sonchus oleraceus L., Allium ampeloprasum L., Foeniculum vulgare Mill., Urospermum picroides F.W.Schmidt, Papaver rhoeas L., Daucus carota L., Taraxacum sp., Picris echioides L., Silene latifolia Poir. and Crepis spp. Also the cultivated beet (Beta vulgaris L.) and a few cultivated Brassicaceae varieties are frequent components. Wild vegetables from the mix are usually boiled for 20-30 minutes and dressed with olive oil and salt. Altogether at least 37 wild taxa and 13 cultivated taxa were recorded.Apart from the mixes, Asparagus acutifolius L. and Tamus communis L. shoots are sold in separate bunches (they are usually eaten with eggs), as well as some Asteraceae species, the latter are eaten raw or briefly boiled. The rich tradition of eating many wild greens may result both from strong Venetian and Greek influences and the necessity of using all food resources available in the barren, infertile land in the past. Although the number of wild-collected green vegetables is impressive we hypothesize that it may have decreased over the years, and that further in-depth local ethnobotanical studies are needed in Dalmatia to record the disappearing knowledge of edible plants.

Prevalence of intestinal parasites in vegetables sold in major ...

African Journals Online (AJOL)

Studies were carried out in Ibadan City, South-West Nigeria between March and June 2011, to determine the prevalence of intestinal parasites in vegetables sold in various markets within the city. Fifty samples each of 5 different vegetable types, Cabbage (Brassica deracea), Lettuce (Lactus sativa), Carrot (Daucus carota), ...

Mass and energy-capital conservation equations to study the price evolution of non-renewable energy resources. Part II-Extension to resources sold to the market

International Nuclear Information System (INIS)

Gori, F.

2006-01-01

The time evolution of the price of resources sold to the market and of the price difference, between sold and extracted resources, is investigated in case of no accumulation of the resources; i.e. when the resources are extracted and sold to the market at the same mass flow rate. The price evolution of sold resources varies with time according to the relation between the price increase factor, PIF, of sold and extracted resources. The price evolutions of sold resources and price difference are investigated according to the relation between extraction rate and interest rate of extracted and sold resources. The price of sold resources and the price difference increase with time if the PIF of sold resources is greater than the PIF of extracted resources and the initial price is greater than the critical price of sold resources, which depends on the initial price of extracted resources and the interest rate of non-extracted and extracted resources. The price of sold resources and the price difference decrease with time if the PIF of sold resources is greater than the PIF of extracted resources and the initial price is smaller than the critical price of sold resources. The other cases are discussed extensively in the paper. (author)

The effects of acute administration of Chinese aphrodisiacs sold in ...

African Journals Online (AJOL)

The effects of acute administration of Chinese aphrodisiacs sold in Blantyre City on sperm characteristics and fertility profile in guinea pigs. ... However, selling of these drugs seems not to be well regulated. Probably the aphrodisiacs that are ...

Occurrence of Clostridium perfringens in sausages sold in Meknes ...

African Journals Online (AJOL)

In Morocco, the consumption of meat products has experienced a sharp increase in recent years despite the presence of pathogenic bacteria due to hygiene failure. The present study was designed to determine the prevalence of Clostridium perfringens in sausages sold in Meknes city (Morocco) and to study the different ...

Quality characteristics of commercial bottled water sold in Owerri ...

African Journals Online (AJOL)

The quality characteristics of commercial bottled water sold in Owerri, Imo State, Nigeria were investigated to determine their physical, chemical and bacteriological content. The four brands of bottled water investigated were Mevok ®, Ozonized April ®, Lacrystal ® and Eva ®. The mean turbidity value of all the samples were ...

Parasitic Contamination of Fruits and Vegetables Sold at Kaduna ...

African Journals Online (AJOL)

The safety of fruits and vegetables sold in Kaduna metropolis, Nigeria for consumption was assessed with respect to their contamination by Ova and Cysts of parasites. Out of 320 samples of seven (7) varieties of vegetables and fruits examined from three different markets in Kaduna metropolis, 45 (14.00%) were positive ...

Microbial quality of chevon and mutton sold in Tamale Metropolis of ...

African Journals Online (AJOL)

Michael Horsfall

All rights reserved. J. Appl. Sci. ... Universiti Sains Malaysia, School of Industry Technology, 11800 Pulau Pinang, Malaysia. ABSTRACT: ... sold in the open market to consumers. Although ... microbiologically safe is increasing tremendously in.

Statistics for Finance

DEFF Research Database (Denmark)

Lindström, Erik; Madsen, Henrik; Nielsen, Jan Nygaard

Statistics for Finance develops students’ professional skills in statistics with applications in finance. Developed from the authors’ courses at the Technical University of Denmark and Lund University, the text bridges the gap between classical, rigorous treatments of financial mathematics...

Wild vegetable mixes sold in the markets of Dalmatia (southern Croatia

Directory of Open Access Journals (Sweden)

Łuczaj Łukasz

2013-01-01

Full Text Available Abstract Background Dalmatia is an interesting place to study the use of wild greens as it lies at the intersection of influence of Slavs, who do not usually use many species of wild greens, and Mediterranean culinary culture, where the use of multiple wild greens is common. The aim of the study was to document the mixtures of wild green vegetables which are sold in all the vegetable markets of Dalmatia. Methods All vendors (68 in all 11 major markets of the Dalmatian coast were interviewed. The piles of wild vegetables they sold were searched and herbarium specimens taken from them. Results The mean number of species in the mix was 5.7. The most commonly sold wild plants are: Sonchus oleraceus L., Allium ampeloprasum L., Foeniculum vulgare Mill., Urospermum picroides F.W.Schmidt, Papaver rhoeas L., Daucus carota L., Taraxacum sp., Picris echioides L., Silene latifolia Poir. and Crepis spp. Also the cultivated beet (Beta vulgaris L. and a few cultivated Brassicaceae varieties are frequent components. Wild vegetables from the mix are usually boiled for 20–30 minutes and dressed with olive oil and salt. Altogether at least 37 wild taxa and 13 cultivated taxa were recorded. Apart from the mixes, Asparagus acutifolius L. and Tamus communis L. shoots are sold in separate bunches (they are usually eaten with eggs, as well as some Asteraceae species, the latter are eaten raw or briefly boiled. Conclusions The rich tradition of eating many wild greens may result both from strong Venetian and Greek influences and the necessity of using all food resources available in the barren, infertile land in the past. Although the number of wild-collected green vegetables is impressive we hypothesize that it may have decreased over the years, and that further in-depth local ethnobotanical studies are needed in Dalmatia to record the disappearing knowledge of edible plants.

Parasites and Morphometric Indices of Frozen Fish Sold in Nsukka ...

African Journals Online (AJOL)

The parasites and morphometric indices of frozen fish sold in Nsukka Urban Market in Nsukka Local Government Area of Enugu State, Nigeria were investigated between June and December 2008 to determine the parasite prevalence, mean intensity and abundance and some morphometric indices associated with ...

Assessment of radioactivity level in granite stones sold to ornamental and building purposes in Brazilian Amazon region (Belem, PA, Brazil): a cross sectional study

International Nuclear Information System (INIS)

Queiroz, Y.M.; Santos, R.J.C.; Teixeira, C.E.C.

2015-01-01

The aim of this work was evaluate the level of radioactivity in granite sold in the region of Belem (Para, Brazil) using a Geiger-Mueller detector. The results showed that only 5 from 57 samples of 35 types of granite evaluated had count rates above that measured in the background. However, the counting statistics suggests that the measured radiation values in these 5 samples are not due random fluctuations inherent in such measures. (author)

Assessment of radioactivity level in granite stones sold to ornamental and building purposes in Brazilian Amazon region (Belem, PA, Brazil): a cross sectional study

Energy Technology Data Exchange (ETDEWEB)

Queiroz, Y.M.; Santos, R.J.C.; Teixeira, C.E.C., E-mail: cecteixeira@pq.cnpq.br [Universidade da Amazonia (UNAMA), Belem, PA (Brazil). Centro de Ciencias Biologicas e da Saude. Lab. de Radiologia

2015-07-01

The aim of this work was evaluate the level of radioactivity in granite sold in the region of Belem (Para, Brazil) using a Geiger-Mueller detector. The results showed that only 5 from 57 samples of 35 types of granite evaluated had count rates above that measured in the background. However, the counting statistics suggests that the measured radiation values in these 5 samples are not due random fluctuations inherent in such measures. (author)

Medicinal plants sold at the El Rio Market, Camaguey, Cuba

NARCIS (Netherlands)

Godinez-Caraballo, D.; Volpato, G.

2008-01-01

Information regarding medicinal plants sold in the El Rio Market, Camaguey, Cuba, revealed 184 species belonging to 69 vascular plant families. The most important family was Fabaceae s.l. with 13 species, followed by Lamiaceae with 12, and Asteraceae with 8. More than 90 general medicinal

A statistical procedure for testing financial contagion

Directory of Open Access Journals (Sweden)

Attilio Gardini

2013-05-01

Full Text Available The aim of the paper is to provide an analysis of contagion through the measurement of the risk premia disequilibria dynamics. In order to discriminate among several disequilibrium situations we propose to test contagion on the basis of a two-step procedure: in the first step we estimate the preference parameters of the consumption-based asset pricing model (CCAPM to control for fundamentals and to measure the equilibrium risk premia in different countries; in the second step we measure the differences among empirical risk premia and equilibrium risk premia in order to test cross-country disequilibrium situations due to contagion. Disequilibrium risk premium measures are modelled by the multivariate DCC-GARCH model including a deterministic crisis variable. The model describes simultaneously the risk premia dynamics due to endogenous amplifications of volatility and to exogenous idiosyncratic shocks (contagion, having controlled for fundamentals effects in the first step. Our approach allows us to achieve two goals: (i to identify the disequilibria generated by irrational behaviours of the agents, which cause increasing in volatility that is not explained by the economic fundamentals but is endogenous to financial markets, and (ii to assess the existence of contagion effect defined by exogenous shift in cross-country return correlations during crisis periods. Our results show evidence of contagion from the United States to United Kingdom, Japan, France, and Italy during the financial crisis which started in 2007-08.

Quality assessment of sachet and bottled water sold in Gboko ...

African Journals Online (AJOL)

The quality of selected sachet and bottled water produced and sold within Gboko town, Benue State was investigated to determine their Shelf life. Eight brands of sachet water and four brands of bottled water samples were collected from different manufacturers within 24 hours and stored at ambient temperature.

quality and safety characteristics of cassava crisps sold in urban

African Journals Online (AJOL)

ACSS

QUALITY AND SAFETY CHARACTERISTICS OF CASSAVA CRISPS SOLD IN. URBAN KENYA. G.O. ABONG', S.I. SHIBAIRO, ... This study sought to characterise the quality and safety in terms of cyanide levels of cassava crisps ... Crantz) to food security and incomes for rural communities in sub-Saharan Africa, cannot be.

Microbial Load of Some Medicinal Plants Sold in Some Local ...

African Journals Online (AJOL)

Microbial Load of Some Medicinal Plants Sold in Some Local Markets in Abeokuta, Nigeria. I MacDonald, S Omonigho, J Erhabor, H Efijuemue. Abstract. Purpose: To evaluate the microbial load on 17 randomly selected plant samples from 60 ethnobotanically collected medicinal plants from five local markets in Abeokuta, ...

Microbiological Quality Assessment of Ready-To-Eat Kilishi Sold in ...

African Journals Online (AJOL)

Microbiological Quality Assessment of Ready-To-Eat Kilishi Sold in Abuja, Nigeria. ... Animal Production Research Advances ... A total of twelve samples of ready-to-eat dried meat product, kilishi, were purchased from different sale-points in Abuja, Nigeria and a study conducted on them to assess their microbiological ...

Quality of Artesunate Tablets Sold in Pharmacies in Kumasi, Ghana ...

African Journals Online (AJOL)

Purpose: The study was carried out to evaluate the quality of artesunate tablets sold in retail and wholesale pharmacies in Kumasi, Ghana. In particular, the study sought to ascertain the presence or otherwise of counterfeit artesunate tablets in Kumasi. Method: Artesunate tablets were purchased from pharmacies in Kumasi ...

The Financial Planning and Financial Literacy of ex-Malaysia Indonesian Migrant Workers

Directory of Open Access Journals (Sweden)

Rayenda Khresna Brahmana

2016-10-01

Full Text Available Indonesian migrant workers (IMW face life difficulties after returning back to Indonesia. This is a contrary condition considering their contribution to their home family in Indonesia while working abroad. Literature mentions that their financial planning is the root of the poverty of ex-IMW. Therefore, this research adopts literacy theory to explain this phenomenon. This research conducted a survey among 548 ex-IMW and measures their financial literacy and financial planning. This research also maps their asset ownership to examine the relationship between financial literacy and asset ownership. Overall, this research documents that financial literacy contributes statistically significantly and positively to financial planning. Furthermore, this research shows that asset ownership is closely related to financial literacy. In a nutshell, this research concludes that it is important for migrant workers to have good knowledge of financial issues, because having good financial literacy helps the migrant workers to plan their finance and budget much better, thereby helping them to avoid the poverty trap. Therefore, policymakers such as migrant worker authorities and/or Indonesian embassies abroad have to institute financial education programmes for migrant workers before they return to Indonesia.

Microbial safety of raw mixed-vegetable salad sold as an ...

African Journals Online (AJOL)

A survey of 90 randomly selected subjects indicated raw mixed-vegetable salad as a popular accompaniment to cooked rice sold by street-food vendors in the Kokomlemle municipality of Accra, Ghana, but the salad was generally considered unwholesome and a potential cause of diarrhoea. A survey of 15 vendors of ...

The mineral composition of five insects as sold for human ...

African Journals Online (AJOL)

Edible insects have been proposed as an alternative protein source that is economically and environmentally preferable to livestock, and certain species may be high in nutrients that benefit human health. We present data describing the mineral content of five edible insects as sold in South Africa and Zimbabwe. We report ...

Microbiological Safety of Ready-to-eat Foods Sold in Primary ...

African Journals Online (AJOL)

A study was conducted to assess the microbial safety of ready-to-eat (RTE) foods sold in private and public primary schools in Abeokuta, South-western Nigeria. One hundred and sixty RTE food samples were collected from forty food vendors in thirty primary schools and analysed microbiologically. Socio-economic status ...

17 CFR 210.12-12A - Investments-securities sold short.

Science.gov (United States)

2010-04-01

... 17 Commodity and Securities Exchanges 2 2010-04-01 2010-04-01 false Investments-securities sold... EXCHANGE ACT OF 1934, PUBLIC UTILITY HOLDING COMPANY ACT OF 1935, INVESTMENT COMPANY ACT OF 1940, INVESTMENT ADVISERS ACT OF 1940, AND ENERGY POLICY AND CONSERVATION ACT OF 1975 Form and Content of Schedules...

Microbiological safety and quality control of poultry products sold in retail chains of Saint Petersburg and Leningrad region.

Directory of Open Access Journals (Sweden)

A. K. Alieva

2017-01-01

Full Text Available Food safety and food raw materials is an important task which needs to be under government’s and public associations’ control, under enterprises which produce and sale them, and other economy departments. Nutrition is one of the most important factors influencing human health. To 70% alien substances of chemical and microbiological origin get into the human body with food. The heavy metals, nitrates, nitrites, pesticides, nitrosescomounds, mycotoxins, antibiotics, radionuclides and others are xenobiotics of chemical origin. The poultry products represented in commercial networks by poultry plants located in Saint-Petersburg and Leningrad region: “Roskar”, “Sinyavinskaya”, “North”, “Lebyazhye” were picked up for analysis. We used the bacteriological, virological, immunological, mycological, and statistical methods of research. Sanitary -hygienic or microbiological safety of food products was evaluated for the contenting of disease-causing (pathogenic microorganisms such as bacteria groups, coliforms, Staphylococcus, Salmonella and etc. in them. The poultry products sold in commercial networks of St. Petersburg were picked up for analysis. After processing the statistical were revealed 6 nosological forms where the leading position has finding colibacillosis – 27%. The number of positive samples for streptococcosis – 18%, staphylococcus – 8%, aspergillosis–2.6%, salmonellosis – 1.8%, pasteurellosis–1.6 %. The microbiological control of food products which can be the sources of infections should be regular for providing inhabitants with harmless poultry products. It is necessary to adopt and to use the modern microbiological criteria of food safety that will allow to realize the monitoring of their conformity with sanitary norms. The results of these analysis shows that the quality of poultry products sold in commercial networks of Saint Petersburg and the Leningrad region meet the standards.

Ethics and quality assessment of cowpea grains sold in southern ...

African Journals Online (AJOL)

The study examined the supply side of cowpea markets in two states of Nigeria. Specifically, quality status; grades of cowpea grains sold and effect of ethics on sales, quality and price were determined. A multi-stage sampling technique was used to select four hundred cowpea grain sellers in the study areas. Questionnaire ...

RATIONAL FINANCIAL BEHAVIOR OF POPULATION AS A PROSPERITY FACTOR OF FINANCIAL SECTOR

Directory of Open Access Journals (Sweden)

Sushko E. Yu.

2014-12-01

Full Text Available The rapid sophistication of the Russian financial system inevitably leads not only to the emergence of great opportunities for the development of the financial sector, as expressed in the opening of the new financial institutions or new financial products and services, but also a huge financial risks for companies of this sector, as expressed in the increase of population’s debts and the decline of trust in the financial sector. That is why special tools used in making management decisions about the development of the financial sector in a particular region acquires greater significance. On the basis of statistical data over the Volgograd region the author developed the model of initial attractiveness estimation of an area for business entities, reflecting the level of financial literacy and using the data from open sources of information. The article provides a brief introduction to the development of the methodology: from a theoretical substantiation of the original list of variables for analysis up to determine the regression equation. Obtained regression model can be used by entrepreneurs in case of expansion of their financial business to new areas and by regional governance whose aim is to increase the level of financial literacy.

Potassium bromate content of some baked breads sold in Kano ...

African Journals Online (AJOL)

Background: Potassium bromate is an additive used by some bakers to make the bread rise rapidly, create a good texture in the finished product and to give bulkiness to the dough. Objective: The main objective of this work was to assess the potassium bromate residues of some baked breads sold in some selected local ...

Financial Information 2016: Australian Vocational Education and Training Statistics

Science.gov (United States)

National Centre for Vocational Education Research (NCVER), 2017

2017-01-01

This publication provides financial information on the government-funded vocational education and training (VET) system in Australia. Reporting includes VET funds transacted through government accounts of the Australian and state and territory government departments and their controlled training organisation entities such as TAFE institutes and…

Microbial assessment of un-bottled synthetic juices sold in Peshawar

International Nuclear Information System (INIS)

Abid, H.; Ali, J.; Hussain, A.

2010-01-01

Un-bottled synthetic juices are sold by street vendors and hawkers raising the concern about their safety. To examine the quality of un-bottled synthetic beverages from different locations of Peshawar city using Standard techniques. A total of 56 samples of un-bottled synthetic juices were collected from 8 different locations of Peshawar City and analyzed for Total Plate Count, Total Coliform Bacteria, Total Fecal Coliform bacteria E. coli, Yeast and Mould. In all localities, the street vended un-bottled synthetic juices were found hygienically of poor quality as all had high total plate count which ranged from 2 x 102 to 5 x 107 and total coliform bacteria ranged from 110 MPN/ml. Total Fecal Coliform ranged from < 0.3 to 110M PN/ml. The presence of E coli, contamination was found in (25) 44 % Samples, while all the analyzed samples were contaminated with yeasts and moulds. All un-bottled synthetic juices sold on roadside were highly contaminated with disease causing microorganisms. Policy message: Periodic monitoring of street beverage should be carried out to make them safe for consumption. (author)

Financialization impedes climate change mitigation: Evidence from the early American solar industry

Science.gov (United States)

Jerneck, Max

2017-01-01

The article investigates how financialization impedes climate change mitigation by examining its effects on the early history of one low-carbon industry, solar photovoltaics in the United States. The industry grew rapidly in the 1970s, as large financial conglomerates acquired independent firms. While providing needed financial support, conglomerates changed the focus from existing markets in consumer applications toward a future utility market that never materialized. Concentration of the industry also left it vulnerable to the corporate restructuring of the 1980s, when the conglomerates were dismantled and solar divisions were pared back or sold off to foreign firms. Both the move toward conglomeration, when corporations became managed as stock portfolios, and its subsequent reversal were the result of increased financial dominance over corporate governance. The American case is contrasted with the more successful case of Japan, where these changes to corporate governance did not occur. Insulated from shareholder pressure and financial turbulence, Japanese photovoltaics manufacturers continued to expand investment throughout the 1980s when their American rivals were cutting back. The study is informed by Joseph Schumpeter’s theory of creative destruction and Hyman Minsky’s theory of financialization, along with economic sociology. By highlighting the tenuous and conflicting relation between finance and production that shaped the early history of the photovoltaics industry, the article raises doubts about the prevailing approach to mitigate climate change through carbon pricing. Given the uncertainty of innovation and the ease of speculation, it will do little to spur low-carbon technology development without financial structures supporting patient capital. PMID:28435862

Financialization impedes climate change mitigation: Evidence from the early American solar industry.

Science.gov (United States)

Jerneck, Max

2017-03-01

The article investigates how financialization impedes climate change mitigation by examining its effects on the early history of one low-carbon industry, solar photovoltaics in the United States. The industry grew rapidly in the 1970s, as large financial conglomerates acquired independent firms. While providing needed financial support, conglomerates changed the focus from existing markets in consumer applications toward a future utility market that never materialized. Concentration of the industry also left it vulnerable to the corporate restructuring of the 1980s, when the conglomerates were dismantled and solar divisions were pared back or sold off to foreign firms. Both the move toward conglomeration, when corporations became managed as stock portfolios, and its subsequent reversal were the result of increased financial dominance over corporate governance. The American case is contrasted with the more successful case of Japan, where these changes to corporate governance did not occur. Insulated from shareholder pressure and financial turbulence, Japanese photovoltaics manufacturers continued to expand investment throughout the 1980s when their American rivals were cutting back. The study is informed by Joseph Schumpeter's theory of creative destruction and Hyman Minsky's theory of financialization, along with economic sociology. By highlighting the tenuous and conflicting relation between finance and production that shaped the early history of the photovoltaics industry, the article raises doubts about the prevailing approach to mitigate climate change through carbon pricing. Given the uncertainty of innovation and the ease of speculation, it will do little to spur low-carbon technology development without financial structures supporting patient capital.

Microbial safety of raw mixed-vegetable salad sold as an ...

African Journals Online (AJOL)

Alex

2012-06-21

Jun 21, 2012 ... A recent popular street vended food is fried rice, which is a good imitation of that sold in Chinese restaurants, especially in the cities. Semi boiled rice is fried in oil with chopped vegetables, soy sauce and egg, and served with tomato ketchup and fried chicken. Kose is fried fritters of dehulled cowpea paste ...

Mycological Assessment of Suya Sold in Some Parts of Minna, Niger ...

African Journals Online (AJOL)

Mycological assessments of Suya sold in some part of Minna were conducted. A total of 20 samples were collected from 10 randomly selected suya spots from ten (10) locations in Minna namely- Tunga, Ungwan Daji , Dutsen Kuran Hausa, Chanchaga, Bosso, Maikunkele, Maitumbi, Kwangila, Barikin Sale and Sayeko.

77 FR 16894 - Financial Research Advisory Committee

Science.gov (United States)

2012-03-22

... reported and collected; --Performing applied research and essential long-term research; --Developing tools... economics, financial institutions and markets, statistical analysis, financial markets analysis... is essential to the effective operation of the Committee. Application for Advisory Committee...

Microbiological and physicochemical characterization of shea butter sold on Benin markets

NARCIS (Netherlands)

Honfo, G.F.; Hell, K.; Akissoe, N.H.; Linnemann, A.R.; Coulibaly, O.

2012-01-01

Shea butter, a fat from the nuts of shea tree, is of great nutritional and commercial value for local communities of Africa. The sanitary and physicochemical qualities of shea butter sold in Benin markets are unknown. This study assesses the quality characteristics of 54 samples of shea butter

Antibiotic resistance profile of bacterial isolates from food sold on a ...

African Journals Online (AJOL)

The antibiotic resistance profile of bacterial isolates from cooked food samples sold in different eateries on the campus of the University of Ado-Ekiti was investigated. A total of seventy-eight bacterial isolates belonging to six genera were encountered in the following proportion: Escherichia coli (29.5%), Klebsiella spp.

Marketing and utilization survey of some forest plant tubers sold in ...

African Journals Online (AJOL)

A marketing and utilization survey of some forest plants tubers sold in Abeokuta markets was conducted. Four markets were chosen namely, Itoku, Kuto, Adatan and Iberekodo with ,35, 25, 20, and 20 herb sellers respectively. Hundred percent enumerations of questionnaire were administered in the Markets. The number of ...

Characterizing multi-scale self-similar behavior and non-statistical properties of fluctuations in financial time series

Science.gov (United States)

Ghosh, Sayantan; Manimaran, P.; Panigrahi, Prasanta K.

2011-11-01

We make use of wavelet transform to study the multi-scale, self-similar behavior and deviations thereof, in the stock prices of large companies, belonging to different economic sectors. The stock market returns exhibit multi-fractal characteristics, with some of the companies showing deviations at small and large scales. The fact that, the wavelets belonging to the Daubechies’ (Db) basis enables one to isolate local polynomial trends of different degrees, plays the key role in isolating fluctuations at different scales. One of the primary motivations of this work is to study the emergence of the k-3 behavior [X. Gabaix, P. Gopikrishnan, V. Plerou, H. Stanley, A theory of power law distributions in financial market fluctuations, Nature 423 (2003) 267-270] of the fluctuations starting with high frequency fluctuations. We make use of Db4 and Db6 basis sets to respectively isolate local linear and quadratic trends at different scales in order to study the statistical characteristics of these financial time series. The fluctuations reveal fat tail non-Gaussian behavior, unstable periodic modulations, at finer scales, from which the characteristic k-3 power law behavior emerges at sufficiently large scales. We further identify stable periodic behavior through the continuous Morlet wavelet.

The Relationship between Financial Freedom, Financial Depth and Mutual Funds: Panel Bounds Testing Approach

Directory of Open Access Journals (Sweden)

Gönül YÜCE

2013-03-01

Full Text Available The purpose of this study is to investigate the nexus between mutual fund assets, financial freedom, and financial depth in 54 countries from 2000 to 2011 by employing panel ARDL bounds testing approach. To examine this linkage, we use the two-step procedure from ARDL bounds testing model: In first step, we explore the long-term relationship between the variables by using ARDL test of cointegration. Secondly, we employ a dynamic error correction model to explore the short-term relationship between the variables. All results suggest that there is a positive and statistically significant evidence between central bank independence, financial freedom, and economic growth in both long and short-term. Besides, long-term empirical results refer that current period central bank independence and financial freedom are the important factors for determining the national output level. In addition, the results of the short-term dynamics are parallel with the long-term estimation results. Furthermore, because the error correction term is found negative and statistically significant, it can be said that the variables converge to equilibrium quickly, and short-term imbalances will be overcomed in the long-term.

Financial flow as a part of business logistics

Directory of Open Access Journals (Sweden)

Štangová Nora

2003-09-01

Full Text Available In these latter years, our concerns completely got into the new situation that relates with the conversion on market economy. Their prosperity is going from the ability of management to adapt to the variable market conditions.The basic aim of the concerns is not to reach the maximal profit but the effort on longlife existence, their growth and global optimalization. A LOGISTICS is dealing with the philosophy of material, information and financial optimal flow control.In this contribution we created a comprehensive logistics model of concerns, which determines the interconnection of the mentioned flows. The special attention is given to the information and financial flows. Mainly, we highlighted the need for correct, early and confident information, because they are most precious sources for the concerns in this "turbulent" time.In this contribution we mentioned the importance of information in proceeding of obtaining and allocating the funds. Farther, we even mentioned the requisite of proper selection of optimal way and method to realise payment for bought production factors or sold products, eventually provided services. Behaviour of this optimalization process provides stability and solvency of concern and its reputation.

7 CFR 25.606 - Financial management and records.

Science.gov (United States)

2010-01-01

... 7 Agriculture 1 2010-01-01 2010-01-01 false Financial management and records. 25.606 Section 25... COMMUNITIES Round II and Round IIS Grants § 25.606 Financial management and records. (a) In complying with the... retained in electronic form. (b) Grantees must retain financial records, supporting documents, statistical...

The Financial Markets and Customer Satisfaction: Reexamining Possible Financial Market Mispricing of Customer Satisfaction

OpenAIRE

Robert Jacobson; Natalie Mizik

2009-01-01

We investigate the association between information contained in the American Customer Satisfaction Index (ACSI) metric and future stock market performance. Some past research has provided results suggesting that the financial markets misprice customer satisfaction; i.e., firms advantaged in customer satisfaction are posited to earn positive future-period abnormal stock returns. We reexamine this relationship and find that statistically significant evidence of financial market mispricing of cu...

Study guide for Statistics for business and financial economics a supplement to the textbook by Cheng-Few Lee, John C. Lee and Alice C. Lee

CERN Document Server

Moy, Ronald L; Kao, Lie Jane

2015-01-01

This Study Guide accompanies Statistics for Business and Financial Economics, 3rd Ed. (Springer, 2013), which is a business statistics textbook that uses finance, economics, and accounting data throughout the book. This Study Guide contains unique chapter reviews for each chapter in the textbook, formulas, examples, and additional exercises to enhance topics and their application. Solutions are included so students can evaluate their own understanding of the material. With more real-life data sets than the other books on the market, this study guide and the textbook that it accompanies, give readers all the tools they need to learn material in class and on their own. The topics covered are immediately applicable to facing uncertainty and the science of good decision making in financial analysis, econometrics, auditing, production, operations, and marketing research. Students in business degree programs will find this material particularly useful in their other courses and future work.

Price and Profit Optimization for Financial Services

Directory of Open Access Journals (Sweden)

Catalina Bolancé

2018-02-01

Full Text Available Prospective customers of financial and insurance products can be targeted based on the profit the provider expects to earn from them. We present a model for individual expected profit and two alternatives for calculating optimal personalized prices that maximize the expected profit. For one of these alternatives, we obtain a closed-form expression for the price offered to each prospective customer; for the other, we need to use a numerical approximation. In both approaches, the profits generated by prospective customers are not immediately observed, given that the products sold by these companies have a risk component. We assume that willingness to pay is heterogeneous and apply our methodology using real data from a European insurance company. Our study indicates that a substantial boost in profits can be expected when applying the simplest optimal pricing method proposed.

Characteristics of illegal and legal cigarette packs sold in Guatemala.

Science.gov (United States)

Arevalo, Rodrigo; Corral, Juan E; Monzon, Diego; Yoon, Mira; Barnoya, Joaquin

2016-11-25

Guatemala, as a party to the Framework Convention on Tobacco Control (FCTC), is required to regulate cigarette packaging and labeling and eliminate illicit tobacco trade. Current packaging and labeling characteristics (of legal and illegal cigarettes) and their compliance with the FCTC is unknown. We sought to analyze package and label characteristics of illegal and legal cigarettes sold in Guatemala. We visited the 22 largest traditional markets in the country to purchase illegal cigarettes. All brands registered on tobacco industry websites were purchased as legal cigarettes. Analysis compared labeling characteristics of illegal and legal packs. Most (95%) markets and street vendors sold illegal cigarettes; 104 packs were purchased (79 illegal and 25 legal). Ten percent of illegal and none of the legal packs had misleading terms. Half of the illegal packs had a warning label covering 26 to 50% of the pack surface. All legal packs had a label covering 25% of the surface. Illegal packs were more likely to have information on constituents and emissions (85% vs. 45%, p Guatemala, neither illegal nor legal cigarette packs comply with FCTC labeling mandates. Urgent implementation and enforcement of the FCTC is necessary to halt the tobacco epidemic.

Microbial analysis of meat and meat products sold in fast food ...

African Journals Online (AJOL)

The present study was carried out to investigate the rate of microbial contamination of ready-to-eat meat and meat products sold in different fast food restaurants in Aba. This study was carried out between June and August, 2015. Samples were collected aseptically from five fast food restaurants using sterile polythene bags.

DNA barcoding unveils skate (Chondrichthyes: Rajidae) species diversity in 'ray' products sold across Ireland and the UK.

Science.gov (United States)

Griffiths, Andrew Mark; Miller, Dana D; Egan, Aaron; Fox, Jennifer; Greenfield, Adam; Mariani, Stefano

2013-01-01

Skates are widely consumed across the globe, but many large species are subject to considerable concern regarding their conservation and management. Within Europe such issues have recently driven policy changes so that, for the first time, reports of skate landings now have to be made under species-specific names. Total allowable catches have also been established for many groups, which have been set to zero for a number of the most vulnerable species (e.g., Dipturus batis, Raja undulata and Rostoraja alba). Whilst accurate species identification has become an important issue for landings, the sale of skates is still usually made under a blanket term of "skate" or "ray". The matter of identifying species of skate is further complicated by their morphologically conservative nature and the fact that they are commercially valued for their wings. Thus, before sale their bodies are usually discarded (i.e., "winged") and often skinned, making morphological identification impossible. For the first time, DNA barcoding (of the mitochondrial COI gene) was applied to samples of skate wings from retail outlets across the British Isles, providing insight into which species are sold for consumption. A total of 98 wing samples were analysed, revealing that six species were sold; blonde ray (Raja brachyura), spotted ray (Raja montagui), thornback ray (Raja clavata), cuckoo ray (Leucoraja naevus) small-eyed ray (Raja microocellata) and shagreen ray (Leucoraja fullonica). Statistical testing demonstrated that there were significant differences in the species sold in the distinct retail groups which suggests complex drivers behind the patterns of sale in skates. The results also indicate that endangered species are not commonly being passed on to consumers. In addition, the practice of selling skate wings under ambiguous labels is highlighted as it makes it extremely difficult for consumers to exercise a right to avoid species of conservation concern. Interestingly, a single retailer

Uganda; Background Paper on Issues in Financial Sector Reform, and Statistical Appendix

OpenAIRE

International Monetary Fund

1996-01-01

This Background Paper examines issues in Uganda’s financial sector reform. In Uganda, reforms in the financial sector have included the liberalization of interest rates, the development of instruments of indirect monetary control, the modernization of banking legislation, the restructuring of the central bank, and reforms in the commercial banking system. These reforms are aimed at improving monetary management, which would enhance the prospects for achieving stabilization. Ultimately, financ...

Radioactivity in bottled waters sold in Mexico

International Nuclear Information System (INIS)

Davila Rangel, J.I.; Lopez del Rio, H.; Mireles Garcia, F.; Quirino Torres, L.L.; Villalba, M.L.; Colmenero Sujo, L.; Montero Cabrera, M.E.

2002-01-01

Measurements of gross alpha and beta activities were made on 21 domestic and international brands of bottled (purified and mineral) water sold in the Mexican market to assess its radiological quality. Alpha and beta activities were determined using a liquid-scintillation detector with pulse-shape analysis feature. All the purified water had values of beta activity lower than the limit for potable drinking water (1.0 Bq/l), while three brands surpassed the limit of alpha activity (0.1 Bq/l). The limit for alpha radioactivity content was exceed by three mineral waters; the results show a correlation between radioactivity content and mineral salts, which are related with the origin and treatment of the waters

Some Characteristics Of the Financial Data Series

Directory of Open Access Journals (Sweden)

Gheorghe Săvoiu

2013-05-01

Full Text Available This paper attempts to delineate from a theoretical of view the financial data series relative to other statistical data, starting from the financial econometrics’ models and from the resulting features of the specific descriptive statistics’ analysis of these characteristic series. From the analysis of these financial data during either very short and short or medium periods of time or from the information provided by the website of the Bucharest Stock Exchange (BVB, the trend of great values of kurtosis or eccentricity and skewness or asymmetry of series appears as a characteristic tendency. During a long period of time, between 1920 and 2008, this tendency seems to be more relevant, being confirmed by an excerpt from the author’s earlier paper written in 2009, concerning the statistical Dow Jones Industrial Average Index (DJIA Index. The skewness, kurtosis and normality of data distribution analysis, using Jarque Bera test, along with the identification of residual autocorrelation or serial correlation in the presence of significant residual values and heteroskedasticity are the major evaluated aspects. Finally, the author investigates the optimal way to ensure statistical comparability inflationary and deflationary method for financial series of data, and offers a solution to the selection of the appropriate indicator from the categories of the absolute values, absolute variation of the absolute values and the relative variation of the absolute values, expressed by percentages, with the finding of the latter alternative as the best alternative in the world of financial modelling of the economic and financial processes and phenomena.

Control of Bank Consolidated Financial Statements Quality

Directory of Open Access Journals (Sweden)

Margarita S. Ambarchyan

2013-01-01

Full Text Available The author presents the multiple linear regression model of bank consolidated financial statements quality. The article considers six characteristics that can be used to estimate the level of bank consolidated financial statements quality. The multiple linear regression model was developed, using the results of point-based system of consolidated financial statements of thirty European bank and financial groups on the basis of the developed characteristics. The author offers to use the characteristic significance factor in the process of consolidated financial statements appraisal by points. The constructed regression model is checked on accuracy and statistical significance. The model can be used by internal auditors and financial analytics as an instrument for bank and non-bank consolidated financial statements quality control

Frontiers in Time Series and Financial Econometrics

OpenAIRE

Ling, S.; McAleer, M.J.; Tong, H.

2015-01-01

__Abstract__ Two of the fastest growing frontiers in econometrics and quantitative finance are time series and financial econometrics. Significant theoretical contributions to financial econometrics have been made by experts in statistics, econometrics, mathematics, and time series analysis. The purpose of this special issue of the journal on “Frontiers in Time Series and Financial Econometrics” is to highlight several areas of research by leading academics in which novel methods have contrib...

Efficiency and fairness of the terms and conditions under which electricity is sold to British manufacturing establishments. [Optimality of Bulk Supply Tariff questioned

Energy Technology Data Exchange (ETDEWEB)

Cannon, C M

1977-06-01

This paper reports on an inquiry into three aspects of the terms and conditions under which electricity is sold to manufacturing establishments. These aspects are the adequacy of information services; the fairness of the pricing behavior of electricity boards; and the efficiency of one schedule of charges agreed with a large industrial consumer. Except the charge for night-time units, the schedule of charges agreed with the large consumer appears to be efficient. However, regional statistics on the percentage of high-voltage customers that pay agreed terms rather than published tariffs suggest that the pricing behavior by boards is often unfair.

7 CFR 205.309 - Agricultural products in other than packaged form at the point of retail sale that are sold...

Science.gov (United States)

2010-01-01

... the point of retail sale that are sold, labeled, or represented as âmade with organic (specified..., Labeling, and Market Information § 205.309 Agricultural products in other than packaged form at the point of retail sale that are sold, labeled, or represented as “made with organic (specified ingredients or...

Financial history and various statistics: Summary 1988-1992

International Nuclear Information System (INIS)

1993-01-01

Data are presented for various aspects of Hydro-Quebec's performance during 1988-1992. Tables and graphs give information on financial balances, expenses of various Hydro-Quebec programs, electricity sales in terms of kWh and dollar values for different economic sectors and regions, electricity sales outside Quebec, electricity sales by type of power (interruptible, surplus, firm), expenditures, taxes, power purchases, interest charges, labor costs, debt, depreciation, assets, liabilities, dividends, investments, amortization, and power system requirements. Some data are also included for associated organizations such as Hydro-Quebec International, Societe d'energie de la Baie James, and Nouveler Inc. 20 figs., 99 tabs

MOST SOLD CATEGORIES FOOD SUPPLEMENTS IN BULGARIAN PHARMACIES - RESEARCH

OpenAIRE

Elina Petkova1, Kalin Ivanov2, Stanislava Ivanova2*, Stanislav Gueorguiev3, Radiana Staynova3

2017-01-01

The aim of this study is to investigate which are the most sold categories food supplements in Bulgarian pharmacies. The survey covers 820 pharmacies across the country. We have found that the leading category of food supplements is “Immune and digestive health” (41.5%). The second place is for the “Bone and joint health” (12.9%). The “Urology” category (consisted mainly by plant extracts) is about 7.9%. Food supplements in the “Urology” category are not only recommended by pharmacists but of...

Firm Financial Performance: An Empirical Investigation on Romanian SMEs

OpenAIRE

Ionescu Alexandra; Horga Maria-Gabriela; Nancu Dorinela

2013-01-01

Firm's financial performance is reflected by its profit and loss account. Still, all financial statements are needed in order to have a complete view on a firm's financial performance. As a general rule, several financial indicators are calculated in this sense. Hence, it would be of great interest to reduce the number of financial indicators into fewer, more synthetic ones. However, the new indicators should reflect the same information as the first ones. Statistics offers this possibility t...

Leveraging corporate social responsibility to improve consumer safety of dietary supplements sold for weight loss and muscle building.

Science.gov (United States)

Kulkarni, Anvita; Huerto, Ryan; Roberto, Christina A; Austin, S Bryn

2017-03-01

The potential dangers associated with dietary supplements sold for weight loss and muscle building are well documented and increasingly garnering the attention of the media, public, and government leaders. Public health professionals have an opportunity to improve population health in the context of dietary supplement use by translating scientific evidence into action. In this commentary, we discuss the potential to motivate corporate social responsibility (CSR) among manufacturers and retailers of dietary supplements sold for weight loss and muscle building. We examine levers available to public health professionals for generating voluntary corporate self-regulation by reviewing examples from successful CSR initiatives in other domains of public health and offering recommendations highlighting effective advocacy strategies. We encourage public health professionals to use one or multiple advocacy strategies to improve consumer protections for dietary supplements sold for weight loss and muscle building.

Antioxidant potentials of local fruits and foreign wines sold in Ile-Ife ...

African Journals Online (AJOL)

Some locally consumed fruits, sugarcane and wines sold in Ile-Ife, Nigeria, were investigated for their phenol content and antioxidant potential of the methanolic extracts with a view of exploring the healthpromoting effect of the fruits and wines. The total phenolic content in each fruit and wines was determined ...

DNA barcoding unveils skate (Chondrichthyes: Rajidae) species diversity in ‘ray’ products sold across Ireland and the UK

Science.gov (United States)

Egan, Aaron; Fox, Jennifer; Greenfield, Adam; Mariani, Stefano

2013-01-01

Skates are widely consumed across the globe, but many large species are subject to considerable concern regarding their conservation and management. Within Europe such issues have recently driven policy changes so that, for the first time, reports of skate landings now have to be made under species-specific names. Total allowable catches have also been established for many groups, which have been set to zero for a number of the most vulnerable species (e.g., Dipturus batis, Raja undulata and Rostoraja alba). Whilst accurate species identification has become an important issue for landings, the sale of skates is still usually made under a blanket term of “skate” or “ray”. The matter of identifying species of skate is further complicated by their morphologically conservative nature and the fact that they are commercially valued for their wings. Thus, before sale their bodies are usually discarded (i.e., “winged”) and often skinned, making morphological identification impossible. For the first time, DNA barcoding (of the mitochondrial COI gene) was applied to samples of skate wings from retail outlets across the British Isles, providing insight into which species are sold for consumption. A total of 98 wing samples were analysed, revealing that six species were sold; blonde ray (Raja brachyura), spotted ray (Raja montagui), thornback ray (Raja clavata), cuckoo ray (Leucoraja naevus) small-eyed ray (Raja microocellata) and shagreen ray (Leucoraja fullonica). Statistical testing demonstrated that there were significant differences in the species sold in the distinct retail groups which suggests complex drivers behind the patterns of sale in skates. The results also indicate that endangered species are not commonly being passed on to consumers. In addition, the practice of selling skate wings under ambiguous labels is highlighted as it makes it extremely difficult for consumers to exercise a right to avoid species of conservation concern. Interestingly, a

DNA barcoding unveils skate (Chondrichthyes: Rajidae species diversity in ‘ray’ products sold across Ireland and the UK

Directory of Open Access Journals (Sweden)

Andrew Mark Griffiths

2013-08-01

Full Text Available Skates are widely consumed across the globe, but many large species are subject to considerable concern regarding their conservation and management. Within Europe such issues have recently driven policy changes so that, for the first time, reports of skate landings now have to be made under species-specific names. Total allowable catches have also been established for many groups, which have been set to zero for a number of the most vulnerable species (e.g., Dipturus batis, Raja undulata and Rostoraja alba. Whilst accurate species identification has become an important issue for landings, the sale of skates is still usually made under a blanket term of “skate” or “ray”. The matter of identifying species of skate is further complicated by their morphologically conservative nature and the fact that they are commercially valued for their wings. Thus, before sale their bodies are usually discarded (i.e., “winged” and often skinned, making morphological identification impossible. For the first time, DNA barcoding (of the mitochondrial COI gene was applied to samples of skate wings from retail outlets across the British Isles, providing insight into which species are sold for consumption. A total of 98 wing samples were analysed, revealing that six species were sold; blonde ray (Raja brachyura, spotted ray (Raja montagui, thornback ray (Raja clavata, cuckoo ray (Leucoraja naevus small-eyed ray (Raja microocellata and shagreen ray (Leucoraja fullonica. Statistical testing demonstrated that there were significant differences in the species sold in the distinct retail groups which suggests complex drivers behind the patterns of sale in skates. The results also indicate that endangered species are not commonly being passed on to consumers. In addition, the practice of selling skate wings under ambiguous labels is highlighted as it makes it extremely difficult for consumers to exercise a right to avoid species of conservation concern

A statistical analysis of UK financial networks

Science.gov (United States)

Chu, J.; Nadarajah, S.

2017-04-01

In recent years, with a growing interest in big or large datasets, there has been a rise in the application of large graphs and networks to financial big data. Much of this research has focused on the construction and analysis of the network structure of stock markets, based on the relationships between stock prices. Motivated by Boginski et al. (2005), who studied the characteristics of a network structure of the US stock market, we construct network graphs of the UK stock market using same method. We fit four distributions to the degree density of the vertices from these graphs, the Pareto I, Fréchet, lognormal, and generalised Pareto distributions, and assess the goodness of fit. Our results show that the degree density of the complements of the market graphs, constructed using a negative threshold value close to zero, can be fitted well with the Fréchet and lognormal distributions.

The Use of Statistical Process Control Tools for Analysing Financial Statements

Directory of Open Access Journals (Sweden)

Niezgoda Janusz

2017-06-01

Full Text Available This article presents the proposed application of one type of the modified Shewhart control charts in the monitoring of changes in the aggregated level of financial ratios. The control chart x̅ has been used as a basis of analysis. The examined variable from the sample in the mentioned chart is the arithmetic mean. The author proposes to substitute it with a synthetic measure that is determined and based on the selected ratios. As the ratios mentioned above, are expressed in different units and characters, the author applies standardisation. The results of selected comparative analyses have been presented for both bankrupts and non-bankrupts. They indicate the possibility of using control charts as an auxiliary tool in financial analyses.

Microbial and physicochemical assays of paracetamol in different brands of analgesic syrups sold in Sana’a City-Yemen

Directory of Open Access Journals (Sweden)

Ali G. Al−Kaf

2015-02-01

Full Text Available Context: Contamination of pharmaceuticals with microorganisms irrespective whether they are harmful or nonpathogenic can bring about changes in physicochemical characteristics of the drugs. Aims: To assay the microbial and physicochemical characteristics of paracetamol of two hundreds samples of different brands of analgesic syrups sold in Sana’a City, Yemen. Methods: Total viable aerobic count, type of isolated microorganisms, physical properties, and content of active ingredients were identified and evaluated by standard methods and techniques. The SPSS program was used to statistical analysis of variance for results obtained. Results: The total bacterial count of <10 CFU/mL and <100 CFU/mL in 179 (89.5% and 21 (10.5% samples, respectively was recorded, while the total fungal count was ≤10 CFU/mL in all analyzed syrup samples. The isolated bacteria were Bacillus subtilis, Micrococcus fulvum, and Staphylococcus epidermidis while isolated fungi were Aspergillus niger, Aspergillus fumigatus, and Penicillium notatum. Bacillus subtilis and Aspergillus niger were the predominant bacteria and fungi isolated. The color results had a light red liquid with a sweet taste in the analyzed analgesic syrups. The pH values were ranged from 4.44–5.88. However, the density fluctuated from 1.149–1.184 g/mL. The paracetamol concentration as an active ingredient in the analgesic syrup was recorded from 98.19% – 106.53%. Conclusions: This finding showed that all analgesic syrups sold in Sana’a City followed Pharmacopeia specifications on microbial and physicochemical qualities.

Predicting financial distress in publicly-traded companies

Directory of Open Access Journals (Sweden)

Felipe Fontaine Rezende

2017-07-01

Full Text Available ABSTRACT Several models for forecasting bankruptcy have been developed over the years, one of the reasons for which is the important part it plays in decision-making. However, forecasting a company’s bankruptcy leaves a very short time for stakeholders to change the situation. It is in this context that this paper arises in order to develop a model for predicting financial distress, which is identified as a step prior to bankruptcy. The predictive model uses the logistic regression technique with panel data and a sample of Brazilian publicly-traded companies with shares listed on the São Paulo Stock, Commodities, and Futures Exchange between 2001 and 2014. As well as financial variables, the final model includes market expectations (macroeconomic and sector variables. These variables are statistically tested and the hypothesis is confirmed that they improve the accuracy of the model. The research identified the existence of financial distress in 96% of the companies that went bankrupt. In addition, the relationship between the phenomena of bankruptcy and financial distress is verified, using financial and macroeconomic explanatory variables. The results demonstrate that most (83% of the explanatory variables in the model for predicting bankruptcy are also present in the model for predicting the phenomenon of financial distress. The expected gross domestic product variables and the quick ratio, asset turnover, and net equity over total liabilities financial variables are statistically significant in predicting both phenomena. With this evidence, the study suggests the use of the concept of financial distress as a stage prior to bankruptcy and provides a model for predicting financial distress with 89% accuracy when applied to publicly-traded companies in Brazil in the period examined.

A new perspective on hospital financial ratio analysis.

Science.gov (United States)

Zeller, T L; Stanko, B B; Cleverley, W O

1997-11-01

Using audit financial data in a study of 2,189 not-for-profit hospitals for the period 1989-1992, six financial characteristics of performance were defined. These characteristics are profitability factor, fixed-asset efficiency, capital structure, fixed-asset age, working capital efficiency, and liquidity. The statistical output also shows the specific sets of financial ratios that can be used to measure the six characteristics of hospital performance. The results of this study can be beneficial to healthcare financial managers, hospital boards, policy groups, and other relevant entities because it affords them a clear understanding of an institution's financial performance.

Frontiers in Time Series and Financial Econometrics : An overview

NARCIS (Netherlands)

S. Ling (Shiqing); M.J. McAleer (Michael); H. Tong (Howell)

2015-01-01

markdownabstract__Abstract__ Two of the fastest growing frontiers in econometrics and quantitative finance are time series and financial econometrics. Significant theoretical contributions to financial econometrics have been made by experts in statistics, econometrics, mathematics, and time

Frontiers in Time Series and Financial Econometrics: An Overview

NARCIS (Netherlands)

S. Ling (Shiqing); M.J. McAleer (Michael); H. Tong (Howell)

2015-01-01

markdownabstract__Abstract__ Two of the fastest growing frontiers in econometrics and quantitative finance are time series and financial econometrics. Significant theoretical contributions to financial econometrics have been made by experts in statistics, econometrics, mathematics, and time

Microbiological evaluation of drinking water sold by roadside vendors of Delhi, India

Science.gov (United States)

Chauhan, Abhishek; Goyal, Pankaj; Varma, Ajit; Jindal, Tanu

2017-07-01

Delhi has emerged as one of the greenest capital city of the world. Microbiological assessment of drinking water emphasizes estimation of the hygienic quality of the water sold with reference to community health significance. This study was conducted to evaluate the quality of drinking water sold by roadside vendors in east, west, north and south zones of capital of India. A total number of 36 samples (nine from each zone) were collected as per national guidelines and studied for microbiological assessment. All the drinking water samples were collected in gamma-sterilized bottles and were kept in an ice pack to prevent any significant change in the microbial flora of the samples during the transportation. The water samples were transported to the laboratory in vertical position maintaining the temperature 1-4 °C with ice pack enveloped conditions. Samples were analyzed for total MPN coliform per 100 ml and for the presence and absence of common human pathogenic bacteria such as Escherichia coli, Salmonella, Staphylococcus aureus and Pseudomonas aeruginosa. All the samples were found to be contaminated with coliform organisms in the range of 14 to >1600 per 100 ml of sample. Out of 36 water samples, the occurrence of E. coli was 61 %, Salmonella 25 % S. aureus 14 % and P. aeruginosa 53 % as 22, 9, 5 and 19 samples were found contaminated, respectively. The numbers of coliform bacteria and presence of some common pathogenic bacteria suggested that the quality of drinking water sold by roadside vendors is not within the Indian standard and WHO guidelines laid down for drinking water quality. Hence, there is a vital need to study the root cause in terms of hygiene, sanitation of vendors and source of contamination to prevent waterborne diseases.

An analysis of the agreement between financial data between the Medicare Cost Report and the audited hospital financial statement.

Science.gov (United States)

Chen, Li-Wu; Stoner, Julie; Makhanu, Catherine; Minikus, Kathy; Mueller, Keith J

2004-05-01

Very few studies have thoroughly examined the discrepancies between the financial information in the Medicare Cost Report (MCR) and that in the audited hospital financial statement (FS). Furthermore, this type of study has never been conducted for rural hospitals. In this policy brief, we present the findings from our study, which used statistical methods to examine the agreement between the MCR and the FS of a series of financial measures in rural hospitals. The results are expected to inform policy makers of the limitation inherent in using MCR data as the single source of data to examine the financial performance of rural hospitals.

Analysing correlations after the financial crisis of 2008 and ...

Indian Academy of Sciences (India)

2015-02-06

Feb 6, 2015 ... It deals with the statistics of eigen- values and ... 2008 is the worst financial crisis since the great depression of 1930s. The global financial .... The positive components (Egypt, India, Indonesia, Malaysia, South Korea,. Taiwan ...

Toward an affective neuroscience account of financial risk taking

Directory of Open Access Journals (Sweden)

Charlene C. Wu

2012-11-01

Full Text Available To explain human financial risk taking, economic and finance theories typically refer to the mathematical properties of financial options, whereas psychological theories have emphasized the influence of emotion and cognition on choice. From a neuroscience perspective, choice emanates from a dynamic multicomponential process. Recent technological advances in neuroimaging have made it possible for researchers to separately visualize perceptual input, intermediate processing, and motor output. An affective neuroscience account of financial risk taking thus might illuminate affective mediators that bridge the gap between statistical input and choice output. To test this hypothesis, we conducted a quantitative meta-analysis (via activation likelihood estimate or ALE of functional magnetic resonance imaging experiments that focused on neural responses to financial options with varying statistical moments (i.e., mean, variance, skewness. Results suggested that different statistical moments elicit both common and distinct patterns of neural activity. Across studies, high versus low mean had the highest probability of increasing ventral striatal activity, but high versus low variance had the highest probability of increasing anterior insula activity. Further, high versus low skewness had the highest probability of increasing ventral striatal activity. Since ventral striatal activity has been associated with positive aroused affect (e.g. excitement, whereas anterior insular activity has been associated with negative aroused affect (e.g. anxiety or general arousal, these findings are consistent with the notion that statistical input influences choice output by eliciting anticipatory affect. The findings also imply that neural activity can be used to predict financial risk taking – both when it conforms to and violates traditional models of choice.

The effects of perceived and actual financial knowledge on regular personal savings: Case of Vietnam

Directory of Open Access Journals (Sweden)

Thi Anh Nhu Nguyen

2017-06-01

Full Text Available The paper examines the factors, which affect decision-making on regular personal saving behaviour in the context of an emerging market in Vietnam. Focusing on financial literacy, the paper uses a combined measure of actual financial knowledge and a self-assessment of overall financial knowledge. The sample of the study consists of 240 commercial banks customers selected in 12 branches of four banks in Ho Chi Minh City. The questionnaire covers: (1 actual financial knowledge; (2 self-rating of financial knowledge; (3 financial risk tolerance; and (4 demographic characteristics of the respondents. The results of a logistic regression analysis show that perceived and actual financial literacy have separate effects on regular personal saving. Particularly, actual financial knowledge has a statistically significant positive relationship with regular personal saving with odds ratio higher than 6.5 times. However, perceived financial knowledge and financial risk tolerance factor are not statistically significant with regular personal saving. Finally, this paper offers evidence that the interaction variable, which is used to combine education level with their major study, has a statistically significant relationship with regular personal saving.

Trading volume in financial markets: An introductory review

International Nuclear Information System (INIS)

Duarte Queirós, Sílvio M.

2016-01-01

In this article, I introduce a short review on the statistical and dynamical properties of the high-frequency trading volume and its relation to other financial quantities such as the price fluctuations and trading value. In addition, I compare these results — which were obtained within the framework of applications of Physics to quantitative financial analysis —with the mainstream financial hypotheses of mixture of distributions (MDH) and sequential arrival of information (SIAH).

A Tool for Assessing Financial Vulnerabilities in the Household Sector

OpenAIRE

Shubhasis Dey; Ramdane Djoudad; Yaz Terajima

2008-01-01

In this article, the authors build on the framework used in the Bank of Canada's Financial System Review to assess the evolution of household indebtedness and financial vulnerabilities in response to changing economic conditions. To achieve this, they first compare two microdata sets generated by Ipsos Reid's Canadian Financial Monitor and Statistics Canada's Survey of Financial Security. They find that the surveys are broadly comparable, despite methodological differences. This enables them ...

Financial development and energy consumption in Central and Eastern European frontier economies

Energy Technology Data Exchange (ETDEWEB)

Sadorsky, Perry [Schulich School of Business, York University, 4700 Keele Street, Toronto, Ontario (Canada)

2011-02-15

This study examines the impact of financial development on energy consumption in a sample of 9 Central and Eastern European frontier economies. Several different measures of financial development are examined including bank related variables and stock market variables. The empirical results, obtained from dynamic panel demand models, show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using banking variables like deposit money bank assets to GDP, financial system deposits to GDP, or liquid liabilities to GDP. Of the three stock market variables investigated, only one, stock market turnover, has a positive and statistically significant impact on energy consumption. Both short-run and long-run elasticities are presented. The implications of these results for energy policy are discussed. (author)

Financial bubbles analysis with a cross-sectional estimator

OpenAIRE

Abergel, Frederic; Huth, Nicolas; Toke, Ioane Muni

2009-01-01

We highlight a very simple statistical tool for the analysis of financial bubbles, which has already been studied in [1]. We provide extensive empirical tests of this statistical tool and investigate analytically its link with stocks correlation structure.

Pricing and sales tax collection policies for e-cigarette starter kits and disposable products sold online.

Science.gov (United States)

Cuomo, Raphael E; Miner, Angela; Mackey, Tim K

2015-10-23

Previous studies have examined marketing characteristics of e-cigarettes sold online and others have examined e-cigarettes pricing in retail (non-Internet) settings. This study expands on these findings by examining pricing and marketing characteristics of interest among e-cigarette online vendors. Structured web searches were conducted from August-September 2014 to identify popular e-cigarette Internet vendors. We then collected pricing data (e-cigarette starter kits and disposables), sales tax collection policies and other vendor marketing characteristics. Average price for each product category was then compared with marketing characteristics using linear regression for continuous variables and independent t-tests for binary variables. Our searches yielded 44 e-cigarette Internet vendors of which 77% (n = 34) sold a total of 238 starter kit offerings (Mprice = $55.89). Half (n = 22) sold disposable types of e-cigarettes (Mprice = $7.17 p/e-cigarette) at a price lower than reported elsewhere in retail settings. Average disposable e-cigarette prices were also significantly higher for vendors displaying more health warning notices (P = 0.001). Only 46% disclosed sales tax collection policies and only 39% collected sales tax in their state of business. This study expands on current understanding of e-cigarette pricing and availability online and finds variation in e-cigarette pricing may be influenced by type of product, use of online health warnings and vendor sales tax collection policies. It also finds that e-cigarette online access and availability may be impacted by a combination of pricing and marketing strategies uniquely different from e-cigarette retail settings that requires further study and targeted policy-making. [Cuomo RE, Miner A, Mackey TK. Pricing and sales tax collection policies for e-cigarette starter kits and disposable products sold online. Drug Alcohol Rev 2015]. © 2015 Australasian Professional Society on Alcohol and

Behavioural, Financial, and Health & Medical Economics: A Connection

OpenAIRE

Chang, Chia-Lin; McAleer, Michael; Wong, Wing-Keung

2015-01-01

textabstractThis Opinion article briefly reviews some of the literature in behavioural and financial economics that are related to health & medical economics. We then discuss some of the research on behavioural and financial economics that could be extended to health & medical economics beyond the existing areas in theory, statistics and econometrics.

The Usage of Time Series Control Charts for Financial Process Analysis

Directory of Open Access Journals (Sweden)

Kovářík Martin

2012-09-01

Full Text Available We will deal with financial proceedings of the company using methods of SPC (Statistical Process Control, specifically through time series control charts. The paper will outline the intersection of two disciplines which are econometrics and statistical process control. The theoretical part will discuss the methodology of time series control charts and in the research part there will be this methodology demonstrated in three case studies. The first study will focus on the regulation of simulated financial flows for a company by CUSUM control chart. The second study will involve the regulation of financial flows for a heteroskedastic financial process by EWMA control chart. The last case study of our paper will be devoted to applications of ARIMA, EWMA and CUSUM control charts in the financial data that are sensitive to the mean shifting while calculating the autocorrelation in the data. In this paper, we highlight the versatility of control charts not only in manufacturing but also in managing the financial stability of cash flows.

The Importance of Environmental Resposibility in Firm Financial Performance

OpenAIRE

Dãnilã Alexandra; Horga Maria-Gabriela

2014-01-01

Ensuring environmental protection is one of the three pillars of sustainable development. Identifying the factors that lead to enterprise financial performance must take into consideration environmental factors. Research in the field showed an increasing importance of such factors in obtaining financial results. Present paper aims to demonstrate the link between environmental responsibility and firm financial performance, using statistical tools. Research was conducted in Romanian tourism sec...

Determining Relevant Financial Statement Ratios in Department of Defense Service Component General Fund Financial Statements

Science.gov (United States)

2014-06-01

transfers, donations, forfeitures, rescissions, etc.) less the net cost of operations. Figure 18 offers a visualization of this simplification. In this...cost of goods sold (Gates, 1927). If the ratio value is low, it may be an indication that the corporation is paying too much for merchandise or cost...corporation is making a large profit on the merchandise where sales revenue exceeds cost of goods sold by a larger margin. For the modification of this

Risk factors for financial hardship in patients receiving adjuvant chemotherapy for colon cancer: a population-based exploratory analysis.

Science.gov (United States)

Shankaran, Veena; Jolly, Sanjay; Blough, David; Ramsey, Scott D

2012-05-10

Characteristics that predispose patients to financial hardship during cancer treatment are poorly understood. We therefore conducted a population-based exploratory analysis of potential factors associated with financial hardship and treatment nonadherence during and following adjuvant chemotherapy for colon cancer. Patients diagnosed with stage III colon cancer between 2008 and 2010 were identified from a population-based cancer registry representing 13 counties in Washington state. Patients were asked to complete a comprehensive survey on treatment-related costs. Patients were considered to have experienced financial hardship if they accrued debt, sold or refinanced their home, borrowed money from friends or family, or experienced a 20% or greater decline in their annual income as a result of treatment-related expenses. Logistic regression analysis was used to investigate factors associated with financial hardship and treatment nonadherence. A total of 284 responses were obtained from 555 eligible patients (response rate, 51.2%). Nearly all patients in the final sample were insured during treatment. In this sample, 38% of patients reported one or more financial hardships as a result of treatment. The factors most closely associated with treatment-related financial hardship were younger age and lower annual household income. Younger age, lower income, and unemployment or disability (which occurred in most instances following diagnosis) were most closely associated with treatment nonadherence. A significant proportion of patients undergoing adjuvant chemotherapy for stage III colon cancer may experience financial hardship, despite having health insurance coverage. Interventions to help at-risk patients early on during therapy may prevent long-term financial adverse effects.

Financial Stylized Facts in the Word of Mouth Model

Science.gov (United States)

Misawa, Tadanobu; Watanabe, Kyoko; Shimokawa, Tetsuya

Recently, we proposed an agent-based model called the word of mouth model to analyze the influence of an information transmission process to price formation in financial markets. Especially, the short-term predictability of asset return was focused on and an explanation in the view of information transmission was provided to the question why the predictability was much clearly observed in the small-sized stocks. This paper, to extend the previous study, demonstrates that the word of mouth model also has a consistency with other important financial stylized facts. This strengthens the possibility that the information transmission among investors plays a crucial role in price formation. Concretely, this paper addresses two famous statistical features of returns; the leptokurtic distribution of return and the autocorrelation of return volatility. The reasons why these statistical facts receive especial attentions of researchers among financial stylized facts are their statistical robustness and practical importance, such as the applications to the derivative pricing problems.

40 CFR 152.30 - Pesticides that may be transferred, sold, or distributed without registration.

Science.gov (United States)

2010-07-01

... 40 Protection of Environment 23 2010-07-01 2010-07-01 false Pesticides that may be transferred... ENVIRONMENTAL PROTECTION AGENCY (CONTINUED) PESTICIDE PROGRAMS PESTICIDE REGISTRATION AND CLASSIFICATION PROCEDURES Exemptions § 152.30 Pesticides that may be transferred, sold, or distributed without registration...

Financial Permeation and Economic Growth: Evidence from Sub-Saharan Africa

OpenAIRE

Inoue, Takeshi; Hamori, Shigeyuki

2013-01-01

This article empirically analyzes the role of finance in economic growth in Sub-Saharan Africa from the perspective of what is termed herein “financial permeation”. By estimating panel data on 37 countries in Sub-Saharan Africa between 2004 and 2010, we examine whether financial permeation through improved convenience and access to financial services has contributed to economic growth in this region. Empirical results clearly indicate that financial permeation has a statistically significant ...

A Hybrid Joint Moment Ratio Test for Financial Time Series

NARCIS (Netherlands)

Groenendijk, Patrick A.; Lucas, André; Vries, de Casper G.

1998-01-01

We advocate the use of absolute moment ratio statistics in conjunctionwith standard variance ratio statistics in order to disentangle lineardependence, non-linear dependence, and leptokurtosis in financial timeseries. Both statistics are computed for multiple return horizonssimultaneously, and the

Chemical Composition and Labeling of Substances Marketed as Selective Androgen Receptor Modulators and Sold via the Internet.

Science.gov (United States)

Van Wagoner, Ryan M; Eichner, Amy; Bhasin, Shalender; Deuster, Patricia A; Eichner, Daniel

2017-11-28

Recent reports have described the increasing use of nonsteroidal selective androgen receptor modulators, which have not been approved by the US Food and Drug Administration (FDA), to enhance appearance and performance. The composition and purity of such products is not known. To determine the chemical identity and the amounts of ingredients in dietary supplements and products marketed and sold through the internet as selective androgen receptor modulators and compare the analyzed contents with product labels. Web-based searches were performed from February 18, 2016, to March 25, 2016, using the Google search engine on the Chrome and Internet Explorer web browsers to identify suppliers selling selective androgen receptor modulators. The products were purchased and the identities of the compounds and their amounts were determined from April to August 2016 using chain-of-custody and World Anti-Doping Association-approved analytical procedures. Analytical findings were compared against the label information. Products marketed and sold as selective androgen receptor modulators. Chemical identities and the amount of ingredients in each product marketed and sold as selective androgen receptor modulators. Among 44 products marketed and sold as selective androgen receptor modulators, only 23 (52%) contained 1 or more selective androgen receptor modulators (Ostarine, LGD-4033, or Andarine). An additional 17 products (39%) contained another unapproved drug, including the growth hormone secretagogue ibutamoren, the peroxisome proliferator-activated receptor-δ agonist GW501516, and the Rev-ErbA agonist SR9009. Of the 44 tested products, no active compound was detected in 4 (9%) and substances not listed on the label were contained in 11 (25%). In only 18 of the 44 products (41%), the amount of active compound in the product matched that listed on the label. The amount of the compounds listed on the label differed substantially from that found by analysis in 26 of 44 products

Leadership development practices and hospital financial outcomes.

Science.gov (United States)

Crowe, Daniel; Garman, Andrew N; Li, Chien-Ching; Helton, Jeff; Anderson, Matthew M; Butler, Peter

2017-08-01

Affordable Care Act legislation is requiring leaders in US health systems to adapt to new and very different approaches to improving operating performance. Research from other industries suggests leadership development can be a helpful component of organizational change strategies; however, there is currently very little healthcare-specific research available to guide design and deployment. The goal of this exploratory study is to examine potential relationships between specific leadership development practices and health system financial outcomes. Results from the National Center for Healthcare Leadership survey of leadership development practices were correlated with hospital and health system financial performance data from the 2013 Medicare Cost Reports. A general linear regression model, controlling for payer mix, case-mix index, and bed size, was used to assess possible relationships between leadership practices and three financial performance metrics: operating margin, days cash on hand, and debt to capitalization. Statistically significant associations were found between hospital-level operating margins and 5 of the 11 leadership practices as well as the composite score. Relationships at the health system level, however, were not statistically significant. Results provide preliminary evidence of an association between hospital financial performance and investments made in developing their leaders.

How Have Health Insurers Performed Financially Under the ACA' Market Rules?

Science.gov (United States)

McCue, Michael J; Hall, Mark A

2017-10-01

The Affordable Care Act (ACA) transformed the market for individual health insurance, so it is not surprising that insurers' transition was not entirely smooth. Insurers, with no previous experience under these market conditions, were uncertain how to price their products. As a result, they incurred significant losses. Based on this experience, some insurers have decided to leave the ACA’s subsidized market, although others appear to be thriving. Examine the financial performance of health insurers selling through the ACA's marketplace exchanges in 2015--the market’s most difficult year to date. Analysis of financial data for 2015 reported by insurers from 48 states and D.C. to the Centers for Medicare and Medicaid Services. Although health insurers were profitable across all lines of business, they suffered a 10 percent loss in 2015 on their health plans sold through the ACA's exchanges. The top quarter of the ACA exchange market was comfortably profitable, while the bottom quarter did much worse than the ACA market average. This indicates that some insurers were able to adapt to the ACA's new market rules much better than others, suggesting the ACA's new market structure is sustainable, if supported properly by administrative policy.

Lead content of dried films of domestic paints currently sold in Nigeria

International Nuclear Information System (INIS)

Adebamowo, Eugenious O.; Scott Clark, C.; Roda, Sandy; Agbede, Oluwole A.; Sridhar, Mynepalli K.C.; Adebamowo, Clement A.

2007-01-01

Children are at higher risk from lead exposure because their developing neural system is susceptible to its neurotoxic effects. We studied lead levels of paints manufactured in Nigeria in 2006. Lead levels in 5 colors of paints, each from different manufacturers were measured using flame-atomic absorption spectroscopy. We found that 96% of the paints had higher than recommended levels of lead. The mean lead level of paints ranged from 84.8 to 50,000 ppm, with mean of 14,500 ppm and median of 15,800 ppm. The main determinant of lead levels was color of the paint. As lead levels in paint sold in the past years in Nigeria are likely to be at least as high as that currently sold, it is likely that many existing houses contain dangerously high levels of lead. Efforts need to be undertaken to assess the presence of high lead levels in existing housing and if detected, intervention programs for eliminating risk of exposure should be developed in addition to measures to increase awareness and enforce regulations leading to the elimination of lead based domestic paint

Optimal Overhaul-Replacement Policies for Repairable Machine Sold with Warranty

OpenAIRE

Soemadi, Kusmaningrum; Iskandar, Bermawi P; Taroepratjeka, Harsono

2014-01-01

This research deals with an overhaul-replacement policy for a repairable machine sold with Free Replacement Warranty (FRW). The machine will be used for a finite horizon, T (T <), and evaluated at a fixed interval, s (s< T). At each evaluation point, the buyer considers three alternative decisions i.e. Keep the machine, Overhaul it, or Replace it with a new identical one. An overhaul can reduce the machine age virtually, but not to a point that the machine is as good as new. If the mac...

Financial Network Systemic Risk Contributions

NARCIS (Netherlands)

Hautsch, N.; Schaumburg, J.; Schienle, M.

2015-01-01

We propose the realized systemic risk beta as a measure of financial companies' contribution to systemic risk, given network interdependence between firms' tail risk exposures. Conditional on statistically pre-identified network spillover effects and market and balance sheet information, we define

Modeling financial time series with S-plus

CERN Document Server

Zivot, Eric

2003-01-01

The field of financial econometrics has exploded over the last decade This book represents an integration of theory, methods, and examples using the S-PLUS statistical modeling language and the S+FinMetrics module to facilitate the practice of financial econometrics This is the first book to show the power of S-PLUS for the analysis of time series data It is written for researchers and practitioners in the finance industry, academic researchers in economics and finance, and advanced MBA and graduate students in economics and finance Readers are assumed to have a basic knowledge of S-PLUS and a solid grounding in basic statistics and time series concepts Eric Zivot is an associate professor and Gary Waterman Distinguished Scholar in the Economics Department at the University of Washington, and is co-director of the nascent Professional Master's Program in Computational Finance He regularly teaches courses on econometric theory, financial econometrics and time series econometrics, and is the recipient of the He...

A Hybrid Joint Moment Ratio Test for Financial Time Series

NARCIS (Netherlands)

P.A. Groenendijk (Patrick); A. Lucas (André); C.G. de Vries (Casper)

1998-01-01

textabstractWe advocate the use of absolute moment ratio statistics in conjunction with standard variance ratio statistics in order to disentangle linear dependence, non-linear dependence, and leptokurtosis in financial time series. Both statistics are computed for multiple return horizons

Emerging Economic Entity Crises in Post Financial Crisis Era – The impact and countermeasures against the escape of America from quantitative easing policy

Directory of Open Access Journals (Sweden)

Yu Hua

2015-01-01

Full Text Available Five years from the eruption of financial crisis in 2008, the global economy is also on its way to the restoration, among which the emerging economic entities, typically China, India, Brazil, South Africa, Indonesia, etc., have rapidly run away from the crisis and led the recovery of global economy, which may be considered as the engine of global economy growth in the post financial crisis. While, with the America declaring that it would gradually reduce the quantitative easing (QE scale and escaped from the quantitative easing policy in the mid 2014, the fluctuation of global financial market was rapidly intensified, and the risk assets were largely sold off, with the emerging economic entities suffering serious impact. Furthermore, the anxiety about the “third round of financial crisis will burst out due to the emerging economic entities” is increasingly intensified. This article will first analyze the current economic situation of main global economic entities, discuss about the impact of America’s escape from QE on the emerging economic entity and its mechanism, and finally propose the countermeasures for China.

The electricity supply industry in Queensland, financial report 1982/83

Energy Technology Data Exchange (ETDEWEB)

1983-01-01

This fourth financial report deals with the finances of the electricity supply industry and includes three sections. Section 1: letter to the minister; scope of the report; the Commission; the electricity authorities; forecasts; tariff policy; and the Queensland Electricity Supply Industry Superannuation Board. Section 2: consolidated schedules; and audited financial statements. Section 3: statistics; including production, distribution, consumption, financial, accidents, towns and locations.

Analytical review based on statistics on good and poor financial performance of LPD in Bangli regency.

Science.gov (United States)

Yasa, I. B. A.; Parnata, I. K.; Susilawati, N. L. N. A. S.

2018-01-01

This study aims to apply analytical review model to analyze the influence of GCG, accounting conservatism, financial distress models and company size on good and poor financial performance of LPD in Bangli Regency. Ordinal regression analysis is used to perform analytical review, so that obtained the influence and relationship between variables to be considered further audit. Respondents in this study were LPDs in Bangli Regency, which amounted to 159 LPDs of that number 100 LPDs were determined as randomly selected samples. The test results found GCG and company size have a significant effect on both the good and poor financial performance, while the conservatism and financial distress model has no significant effect. The influence of the four variables on the overall financial performance of 58.8%, while the remaining 41.2% influenced by other variables. Size, FDM and accounting conservatism are variables, which are further recommended to be audited.

An Effective Financial Statements Fraud Detection Model for the Sustainable Development of Financial Markets: Evidence from Taiwan

Directory of Open Access Journals (Sweden)

Chyan-long Jan

2018-02-01

Full Text Available This study aims to establish a rigorous and effective model to detect enterprises’ financial statements fraud for the sustainable development of enterprises and financial markets. The research period is 2004–2014 and the sample is companies listed on either the Taiwan Stock Exchange or the Taipei Exchange, with a total of 160 companies (including 40 companies reporting financial statements fraud. This study adopts multiple data mining techniques. In the first stage, an artificial neural network (ANN and a support vector machine (SVM are deployed to screen out important variables. In the second stage, four types of decision trees (classification and regression tree (CART, chi-square automatic interaction detector (CHAID, C5.0, and quick unbiased efficient statistical tree (QUEST are constructed for classification. Both financial and non-financial variables are selected, in order to build a highly accurate model to detect fraudulent financial reporting. The empirical findings show that the variables screened with ANN and processed by CART (the ANN + CART model yields the best classification results, with an accuracy of 90.83% in the detection of financial statements fraud.

Emerging markets and the international financial architecture: a blueprint for reform

Directory of Open Access Journals (Sweden)

JAN KREGEL

2015-06-01

Full Text Available If emerging markets are to achieve their objective of joining the ranks of industrialized, developed countries, they must use their economic and political influence to support radical change in the international financial system. This working paper recommends John Maynard Keynes's "clearing union" as a blueprint for reform of the international financial architecture that could address emerging market grievances more effectively than current approaches. Keynes's proposal for the postwar international system sought to remedy some of the same problems currently facing emerging market economies. It was based on the idea that financial stability was predicated on a balance between imports and exports over time, with any divergence from balance providing automatic financing of the debit countries by the creditor countries via a global clearinghouse or settlement system for trade and payments on current account. This eliminated national currency payments for imports and exports; countries received credits or debits in a notional unit of account fixed to national currency. Since the unit of account could not be traded, bought, or sold, it would not be an international reserve currency. The credits with the clearinghouse could only be used to offset debits by buying imports, and if not used for this purpose they would eventually be extinguished; hence the burden of adjustment would be shared equally - credit generated by surpluses would have to be used to buy imports from the countries with debit balances. Emerging market economies could improve upon current schemes for regionally governed financial institutions by using this proposal as a template for the creation of regional clearing unions using a notional unit of account.

Financial Liberalization and Economic Growth

NARCIS (Netherlands)

Bumann, S.; Hermes, N.; Lensink, B.W.

2013-01-01

This study provides a systematic analysis of the empirical literature on the relationship between financial liberalization and economic growth by conducting a meta-analysis, based on 441 t-statistics reported in 60 empirical studies. We focus on explaining the heterogeneity of results in our sample

Medicinal plants sold in the markets of Antananarivo, Madagascar.

Science.gov (United States)

Randriamiharisoa, Maria Nirina; Kuhlman, Alyse R; Jeannoda, Vololoniaina; Rabarison, Harison; Rakotoarivelo, Nivo; Randrianarivony, Tabita; Raktoarivony, Fortunat; Randrianasolo, Armand; Bussmann, Rainer W

2015-07-28

This study focuses on the large outdoor markets of the capital of Madagascar, Antananarivo. As the largest metropolitan area in Madagascar with a population of nearly two million, the region has great capacity for consumption of medicinal plant remedies despite numerous pharmacies. Medicinal plant use spans all socioeconomic levels, and the diverse metropolitan population allows us to study a wide variety of people who consume these plants for medical purposes. The purpose of this study is to identify and generate a list of medicinal plants sold in the traditional markets with a focus on those collected in the forests around Antananarivo, get an idea of the quantities of medicinal plants sold in the markets around Antananarivo, and assess the economy of the medicinal plant markets. In order to determine which medicinal plants are most consumed in Antananarivo, ethnobotanical enquiries were conducted in the five main markets of the capital city. Ethnobotanical surveys were conducted with medicinal plant traders, suppliers, harvesters and cultivators, with voucher specimens created from the plants discussed. Trade circuit information was established and the income generated by the trade of some of the species was assessed. The inventory of the Antananarivo markets resulted in a list of 89 commercialized plant species. Ten of the 89 were mentioned by 60-100 % of vendors. Profitability for vendors is high and competitive with other salaried positions within Antananarivo. Transportation costs are also high and therefore lower profitability for other members in the supply chain. The markets of Antananarivo have always played a vital cultural role in the lives of urban Malagasy, but our study shows they also play an economic role not only for urban residents but rural harvesters as well. Continued research and monitoring of the non-timber forest products trade in Antananarivo is needed to better understand the impact of trade on the wild plant populations.

Assessing the Effects of Financial Literacy on Patient Engagement.

Science.gov (United States)

Meyer, Melanie A; Hudak, Ronald P

2016-07-01

We investigated the relationship between financial literacy and patient engagement while considering the possible interaction effects due to patient financial responsibility and patient-physician shared decision making, and the impact of personal attributes. Participants consisted of an Internet-based sample of American adults (N = 160). Hierarchical multiple linear regression analysis was conducted to examine the relationship of the study variables on patient engagement. We found that patient financial responsibility (β = -.19, p financial literacy and patient engagement; moreover, the moderation effects of patient financial responsibility and shared decision making with financial literacy also were not statistically significant. Increasing patient financial responsibility and patient-physician shared decision making can impact patient engagement. Understanding the predictors of patient engagement and the factors that influence financial behaviors may allow for the development of interventions to enable patients to make better healthcare decisions, and ultimately, improve health outcomes.

Financial Decisions, Tax Effect and Investment Performance

Directory of Open Access Journals (Sweden)

Yasemin COSKUN

2018-04-01

Full Text Available The aim of the study is to measure influence of taxation while making financial decisions and predict it with the general application in Turkey. Except for equity returns of financial and negative capital institutions registered in Borsa Istanbul between 2000 and 2012, those of all other businesses were calculated. In order to measure cost of capital, Capital Assets Pricing Model(CAPM was employed. Businesses were divided into for regions as stated in Tax Incentive Law according to the study. As stated in Tax Incentive Law, the businesses whose costs of capital were divided into six regions where statistical analysis was made to determine whether taxation influenced financial decisions of the related businesses based on Tax Incentive Law or not. Assessment of the findings within the study determined that businesses in 1 st, 2 nd and 3 rd regions were affected by taxation 5,69, 2,75 and 1,39 as means between 2007 and 2012, respectively. Accordingly taxation load of businesses in 1 st region provinces was found to be heavier than those of businesses in other regions. Considering the Tax Incentive Law, it was found to be statistically important that taxation load of the related region should be taken into account in making any financial decisions. In this respect, there is an impact of tax when one makes financial decisions. However, other relevant factors should also be considered.

Economic cost of electricity sold to new aluminium smelters

International Nuclear Information System (INIS)

Belanger, G.; Bernard, J.T.

2008-01-01

Low cost electricity was a key factor for establishing an aluminium industry in Quebec. Smelters in the province use 50 terawatt hours of electricity per year, which represents 25 per cent of the total consumed in Quebec. This article assessed the profitability of new industrial projects that require large quantities of electricity at a time when the cost of new power plants is increasing. However, electricity is being sold below cost and the difference is subsidized by the government. The investment is justified by the government because these new projects create high paying jobs. The authors presented cases of 2 new aluminium plants, and concluded that they represented a very high economic cost for the province. 1 tab

East African Journal of Statistics: Editorial Policies

African Journals Online (AJOL)

Focus and Scope. EAJOSTA publishes the latest finding in applied and theoretical statistics. The journal also accepts papers in operations research, financial mathematics and acturial sciences, all considered as part of applied statistics. Articles must deal with original research, which have not been accepted for publication ...

Agent-based financial dynamics model from stochastic interacting epidemic system and complexity analysis

International Nuclear Information System (INIS)

Lu, Yunfan; Wang, Jun; Niu, Hongli

2015-01-01

An agent-based financial stock price model is developed and investigated by a stochastic interacting epidemic system, which is one of the statistical physics systems and has been used to model the spread of an epidemic or a forest fire. Numerical and statistical analysis are performed on the simulated returns of the proposed financial model. Complexity properties of the financial time series are explored by calculating the correlation dimension and using the modified multiscale entropy method. In order to verify the rationality of the financial model, the real stock market indexes, Shanghai Composite Index and Shenzhen Component Index, are studied in comparison with the simulation data of the proposed model for the different infectiousness parameters. The empirical research reveals that this financial model can reproduce some important features of the real stock markets. - Highlights: • A new agent-based financial price model is developed by stochastic interacting epidemic system. • The structure of the proposed model allows to simulate the financial dynamics. • Correlation dimension and MMSE are applied to complexity analysis of financial time series. • Empirical results show the rationality of the proposed financial model

Agent-based financial dynamics model from stochastic interacting epidemic system and complexity analysis

Energy Technology Data Exchange (ETDEWEB)

Lu, Yunfan, E-mail: yunfanlu@yeah.net; Wang, Jun; Niu, Hongli

2015-06-12

An agent-based financial stock price model is developed and investigated by a stochastic interacting epidemic system, which is one of the statistical physics systems and has been used to model the spread of an epidemic or a forest fire. Numerical and statistical analysis are performed on the simulated returns of the proposed financial model. Complexity properties of the financial time series are explored by calculating the correlation dimension and using the modified multiscale entropy method. In order to verify the rationality of the financial model, the real stock market indexes, Shanghai Composite Index and Shenzhen Component Index, are studied in comparison with the simulation data of the proposed model for the different infectiousness parameters. The empirical research reveals that this financial model can reproduce some important features of the real stock markets. - Highlights: • A new agent-based financial price model is developed by stochastic interacting epidemic system. • The structure of the proposed model allows to simulate the financial dynamics. • Correlation dimension and MMSE are applied to complexity analysis of financial time series. • Empirical results show the rationality of the proposed financial model.

Financial history and financial economics

OpenAIRE

Turner, John D.

2014-01-01

This essay looks at the bidirectional relationship between financial history and financial economics. It begins by giving a brief history of financial economics by outlining the main topics of interest to financial economists. It then documents and explains the increasing influence of financial economics upon financial history, and warns of the dangers of applying financial economics unthinkingly to the study of financial history. The essay proceeds to highlight the many insights that financi...

Record statistics of financial time series and geometric random walks.

Science.gov (United States)

Sabir, Behlool; Santhanam, M S

2014-09-01

The study of record statistics of correlated series in physics, such as random walks, is gaining momentum, and several analytical results have been obtained in the past few years. In this work, we study the record statistics of correlated empirical data for which random walk models have relevance. We obtain results for the records statistics of select stock market data and the geometric random walk, primarily through simulations. We show that the distribution of the age of records is a power law with the exponent α lying in the range 1.5≤α≤1.8. Further, the longest record ages follow the Fréchet distribution of extreme value theory. The records statistics of geometric random walk series is in good agreement with that obtained from empirical stock data.

GOVERNMENTAL FINANCIAL REPORTS: BETWEEN VARIETY AND INTEGRATION

OpenAIRE

Andrei R. CRIŞAN

2014-01-01

Governments in general provide two main types of financial information: Government Finance Statistics (GFS), used for macroeconomic analysis and General Purpose Financial Reports (GPFR), more or less according with International Public Sector Accounting Standards, used for making decisions in the public sector entities. The aim of this paper is to make a comparison between GFS and GPFR to extract the similarities and differences between them. The documents of GFS and GPFS will be compared row...

Statistical mechanics of economics I

Energy Technology Data Exchange (ETDEWEB)

Kusmartsev, F.V., E-mail: F.Kusmartsev@lboro.ac.u [Department of Physics, Loughborough University, Leicestershire, LE11 3TU (United Kingdom)

2011-02-07

We show that statistical mechanics is useful in the description of financial crisis and economics. Taking a large amount of instant snapshots of a market over an interval of time we construct their ensembles and study their statistical interference. This results in a probability description of the market and gives capital, money, income, wealth and debt distributions, which in the most cases takes the form of the Bose-Einstein distribution. In addition, statistical mechanics provides the main market equations and laws which govern the correlations between the amount of money, debt, product, prices and number of retailers. We applied the found relations to a study of the evolution of the economics in USA between the years 1996 to 2008 and observe that over that time the income of a major population is well described by the Bose-Einstein distribution which parameters are different for each year. Each financial crisis corresponds to a peak in the absolute activity coefficient. The analysis correctly indicates the past crises and predicts the future one.

Statistical mechanics of economics I

International Nuclear Information System (INIS)

Kusmartsev, F.V.

2011-01-01

We show that statistical mechanics is useful in the description of financial crisis and economics. Taking a large amount of instant snapshots of a market over an interval of time we construct their ensembles and study their statistical interference. This results in a probability description of the market and gives capital, money, income, wealth and debt distributions, which in the most cases takes the form of the Bose-Einstein distribution. In addition, statistical mechanics provides the main market equations and laws which govern the correlations between the amount of money, debt, product, prices and number of retailers. We applied the found relations to a study of the evolution of the economics in USA between the years 1996 to 2008 and observe that over that time the income of a major population is well described by the Bose-Einstein distribution which parameters are different for each year. Each financial crisis corresponds to a peak in the absolute activity coefficient. The analysis correctly indicates the past crises and predicts the future one.

Detection of genetically modified DNA in fresh and processed foods sold in Kuwait.

Science.gov (United States)

Al-Salameen, Fadila; Kumar, Vinod; Al-Aqeel, Hamed; Al-Hashash, Hanadi; Hejji, Ahmed Bin

2012-01-01

Developments in genetic engineering technology have led to an increase in number of food products that contain genetically engineered crops in the global market. However, due to lack of scientific studies, the presence of genetically modified organisms (GMOs) in the Kuwaiti food market is currently ambiguous. Foods both for human and animal consumption are being imported from countries that are known to produce GM food. Therefore, an attempt has been made to screen foods sold in the Kuwaiti market to detect GMOs in the food. For this purpose, samples collected from various markets in Kuwait have been screened by SYBR green-based real time polymerase chain reaction (RT-PCR) method. Further confirmation and GMO quantification was performed by TaqMan-based RT-PCR. Results indicated that a significant number of food commodities sold in Kuwait were tested positive for the presence of GMO. Interestingly, certain processed foods were tested positive for more than one transgenic events showing complex nature of GMOs in food samples. Results of this study clearly indicate the need for well-defined legislations and regulations on the marketing of approved GM food and its labeling to protect consumer's rights.

Financial sector taxation: Financial activities tax or financial transaction tax?

Directory of Open Access Journals (Sweden)

Danuše Nerudová

2011-01-01

Full Text Available The recent financial crises has revealed the need to improve and ensure the stability of the financial sector to reduce negative externalities, to ensure fair and substantial contribution of the financial sector to the public finances and the need to consolidate public finance. All those needs represent substantial arguments for the discussion about the introduction of financial sector taxation. There are discussed in the paper two possible schemes of financial sector taxation – financial transaction tax and financial activities tax. The aim of the paper is to research the possibility of the introduction of financial sector taxation, to discuss the pros and cons of two major candidates on financial sector taxation – financial transaction tax and financial activities tax and to suggest the possible candidate suitable for the implementation on the EU level. Financial transaction tax represents the tool suitable mainly on global level, for only in that case enables generate sufficient financial resources. From EU point of view is considered as less suitable, for it bears the risk of reallocation. Therefore the introduction of financial activities tax on EU level is considered as a better solution for the financial sector taxation in the EU, for financial sector is exempted from value added tax. With respect to the fact, that the implementation would represent the innovative approach to the financial sector taxation, there are no empirical proves and therefore this could be the subject of further research.

The Impact of Financial Sophistication on Adjustable Rate Mortgage Ownership

Science.gov (United States)

Smith, Hyrum; Finke, Michael S.; Huston, Sandra J.

2011-01-01

The influence of a financial sophistication scale on adjustable-rate mortgage (ARM) borrowing is explored. Descriptive statistics and regression analysis using recent data from the Survey of Consumer Finances reveal that ARM borrowing is driven by both the least and most financially sophisticated households but for different reasons. Less…

Estimating Dynamic Equilibrium Models using Macro and Financial Data

DEFF Research Database (Denmark)

Christensen, Bent Jesper; Posch, Olaf; van der Wel, Michel

We show that including financial market data at daily frequency, along with macro series at standard lower frequency, facilitates statistical inference on structural parameters in dynamic equilibrium models. Our continuous-time formulation conveniently accounts for the difference in observation...... of the estimators and estimate the model using 20 years of U.S. macro and financial data....

Financial development and energy consumption in Central and Eastern European frontier economies

International Nuclear Information System (INIS)

Sadorsky, Perry

2011-01-01

This study examines the impact of financial development on energy consumption in a sample of 9 Central and Eastern European frontier economies. Several different measures of financial development are examined including bank related variables and stock market variables. The empirical results, obtained from dynamic panel demand models, show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using banking variables like deposit money bank assets to GDP, financial system deposits to GDP, or liquid liabilities to GDP. Of the three stock market variables investigated, only one, stock market turnover, has a positive and statistically significant impact on energy consumption. Both short-run and long-run elasticities are presented. The implications of these results for energy policy are discussed. - Research Highlights: → Financial development affects energy consumption in 9 Central and Eastern European frontier economies. → Bank variables have a larger impact on energy consumption than do stock market variables. → Long run bank elasticities range from 0.117 to 0.276. → These results have implications for energy demand forecasts and greenhouse gas emissions.

FINANCIAL WELL BEING: A MULTIFACTORIAL ANALYSIS OF LUDOVICENSE’S BEHAVIOR

Directory of Open Access Journals (Sweden)

Anna Paula Carvalho Diniz

2015-12-01

Full Text Available The objective of this study is to analyze the influence of behavioral factors (materialism, financial behavior, financial attitude and financial knowledge and socioeconomic and demographic variables (gender, age, marital status, children, level of schooling, race, occupation and income in financial well-being. The study’s scenario is the city called São Luís, located in the state of Maranhão, where 629 questionnaires were obtained. To analyze the data, descriptive statistics, factor analysis and multiple linear regression have been used. Results indicate that people from Maranhão are not satisfied with their financial situation, and have presented a low level of financial well-being, which is positively influenced by aspects related to investment in saving account, financial attitude control and age.

Financial planning working capital ventures using software «analyzer bdds» sold on the basis of selection of optimal bond portfolio

Directory of Open Access Journals (Sweden)

N.J. Timofeeva

2011-05-01

Full Text Available This article examines the financial planning of working capital organizations, in particular presented a software implementation of the algorithm analyzes the budget forecast working capital, identify and take advantage of temporarily free money using a model of a decision on the choice of the optimal bond portfolio, consistent with the free flow of liquidity of the enterprise.

Financialization and financial profit

Directory of Open Access Journals (Sweden)

Arturo Guillén

2014-09-01

Full Text Available This article starts from the critical review of the concept of financial capital. I consider it is necessary not to confuse this category with of financialization, which has acquired a certificate of naturalization from the rise of neoliberalism. Although financial monopoly-financial capital is the hegemonic segment of the bourgeoisie in the major capitalist countries, their dominance does not imply, a fortiori, financialization of economic activity, since it depends of the conditions of the process reproduction of capital. The emergence of joint stock companies modified the formation of the average rate of profit. The "promoter profit" becomes one of the main forms of income of monopoly-financial capital. It is postulated that financial profit is a kind of "extraordinary surplus-value" which is appropriated by monopoly-financial capital by means of the monopolistic control it exerts on the issue and circulation of fictitious capital.

Diagnosing companies in financial difficulty based on the auditor’s report

Directory of Open Access Journals (Sweden)

Robert Zenzerović

2016-04-01

Full Text Available The approach used in this paper expands on existing research that focuses on devising prediction models for companies experiencing financial difficulties and which in turn serves as a criteria-based diagnosis tool for distinguishing healthy companies from those facing seriously financial difficulties. It draws on auditors’ reports on company financial statements that emphasize a company’s ability to continue as a going concern as the main criterion used to distinguish companies experiencing financial difficulties from companies that are not. Two closely-related hypotheses were tested in this paper. First, the authors tested the hypothesis that an auditor’s report accompanied by an explanatory paragraph pointing out issues associated with the going concern assumption is the proper criterion for differentiating companies experiencing financial difficulties from those that are not. Second, the central assumption that is tested relates to a combination of financial ratios whereby authors presume that an appropriate combination of financial ratios is a good analytical tool for distinguishing companies experiencing serious financial difficulties from those that are not. Research results conducted among 191 companies listed on the Zagreb Stock Exchange confirm both hypotheses. The LRA model – a diagnosis tool for identifying companies with financial problems, was also derived using logistic regression analysis. The statistical adequacy and quality of the model was tested using measures like Nagelkerke R2, type 1 and type 2 errors that appear when calculating the classification ability of the model. All measures indicated that model was statistically sufficient and validated its use as a diagnosis tool in recognizing the companies facing financial difficulties.

INTEGRATION OF FINANCIAL AND NON-FINANCIAL REPORTS UNDER MANAGEMENT CONDITIONS

Directory of Open Access Journals (Sweden)

Mihail PRODANCIUK

2013-02-01

Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models. The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

Integration of financial and non-financial reports under management conditions

Directory of Open Access Journals (Sweden)

Prodanciuk Mihail

2013-02-01

Full Text Available The paper presents the assessment of the development of integrated reports overseas and describes the stages of establishment of such a system. The form and structure of corporate reporting is developed, and is differentiated, reflecting the integrated information regarding aspects of financial and non-financial activity: statistical indicators, economical, financial and social, company strategy, future cash flows, the value of human capital, and the stability of the business model. Goals and objectives of corporate reports are determined, which consist in providing reliable information on all company activities in accordance with strategic objectives and management models.The structure of the integrated report takes into consideration the requirements of the management system, of the legislative bodies and other institutions, and is considered the basis for the development of branch reports models. Its structure will depend on the size of the legal-organizational form and the social value of the company in society. The author of the article suggests three approaches to achieving corporate reports in the section of social responsibility indicators; where each company chooses the form of reporting in accordance with the available categories that depend on the size and strategic policy. The suggested integrated reports are instrumental to the observance of the stable development doctrines and will become a tool that, in the near future, will ensure the company an effective interaction with financial markets and the stakeholders of market relations.

Availability of Paracetamol Sold Over-the-Counter in Europe

DEFF Research Database (Denmark)

Morthorst, Britt Reuter; Erlangsen, Annette; Nordentoft, Merete

2018-01-01

Due to the risk of hepatotoxicity when excessive amounts of paracetamol are consumed, Poisons Information Centers (PICs) frequently receive paracetamol-related enquiries. This study examined how widely pack size restrictions of paracetamol sold over-the-counter have been implemented in Europe...... and also availability of paracetamol through non-pharmacy outlets and their possible associations with frequency of poisoning enquiries. A cross-sectional European multicentre questionnaire study was performed using a questionnaire to identify the extent and nature of paracetamol pack size restrictions......, non-pharmacy outlet sales and the frequency of paracetamol-related enquiries to PICs. In total, 21 European countries participated. All PICs provided telephone hotline services. In 14 (67%) countries, pack size restrictions had been implemented in pharmacies (range: 8-30 grams). No significant...

Essays on high frequency financial econometrics

NARCIS (Netherlands)

Yang, X.

2015-01-01

It has long been demonstrated that continuous-time methods are powerful tools in financial modeling. Yet only in recent years, their counterparts in empirical analysis—high frequency econometrics—began to emerge with the availability of intra-day data and relevant statistical tools. This

What It's Worth: Strengthening the Financial Future of Families, Communities and the Nation

OpenAIRE

Cherie Stueve

2016-01-01

This book overviews the financial challenges of vulnerable Americans and creative programs that look beyond income as a metric of financial health is divided into four sections. The first section, “Where We Are,” describes the current financial statistics of households by demographic and economic era. The second (and largest) section, “Why Financial Well-Being Matters for All,” is broken into four topics: the economy, financial services system, and community; employment and business; health a...

Financial Literacy of 15-Year-Olds: Results from PISA 2015. Data Point. NCES 2017-086

Science.gov (United States)

Gonzales, Patrick; Sen, Anindita

2017-01-01

On May 24, the National Center for Education Statistics released Financial Literacy of 15-year-olds: Results from PISA 2015. The PISA assessment of financial literacy measured students' knowledge and understanding of fundamental elements of the financial world, including financial concepts, products, and risks, and their ability to apply what they…

Evaluating The State Of Financial Globalization:Ukraine’s Specific Features

Directory of Open Access Journals (Sweden)

Natalia Stukalo

2006-03-01

Full Text Available This article presents a system for evaluating the state of financial globalization in a given country. It identifies the contemporary distinctive features of globalization in the area of finance. It also systematizes available globalization indicators at all levels of the financial system. It collects and analyzes statistical data with regard to key financial globalization indicators for Ukraine and Russia as countries that will soon become members of the World Trade Organization. Based on this analysis, the article provides an overview of the contemporary distinctive features of the financial sector in these counties in the context of globalization.

Write-Skewed: Writing in an Introductory Statistics Course

Science.gov (United States)

Delcham, Hendrick; Sezer, Renan

2010-01-01

Statistics is used in almost every facet of our daily lives: crime reports, election results, environmental/climate change, advances in business, financial planning, and progress in multifarious research. Although understanding statistics is essential for efficient functioning in the modern world (Cerrito 1996), students often do not grasp…

Financial instability from local market measures

International Nuclear Information System (INIS)

Bardoscia, Marco; Livan, Giacomo; Marsili, Matteo

2012-01-01

We study the emergence of instabilities in a stylized model of a financial market, when different market actors calculate prices according to different (local) market measures. We derive typical properties for ensembles of large random markets using techniques borrowed from statistical mechanics of disordered systems. We show that, depending on the number of financial instruments available and on the heterogeneity of local measures, the market moves from an arbitrage-free phase to an unstable one, where the complexity of the market—as measured by the diversity of financial instruments—increases, and arbitrage opportunities arise. A sharp transition separates the two phases. Focusing on two different classes of local measures inspired by real market strategies, we are able to analytically compute the critical lines, corroborating our findings with numerical simulations. (paper)

Lithuanian financial system transformation in the context of globalization

Directory of Open Access Journals (Sweden)

Arturas Balkevicius

2013-10-01

Full Text Available Purpose: The purpose of the article is to discuss the transformation of the Lithuania finance system in the context of globalization. Exploring the interdependence between the financial system and the economy, in different periods. Analyze the country’s financial system transformation after the crisis period. Methods: Contribution use general scientific methods, especially analysis, synthesis, comparison, induction and deduction. Essential sources of information were professional publications , statistic data of state Statistics Department, Bank of Lithuania, Euro stat. Scientific aim: Main aim of this article is to analyze the transformation of the Lithuania financial system and fined out the country’s economic growth and the financial system correlation, the main factors having a both positive and negative impact on economic growth. Findings: Findings of this article are new information in this area, which can be useful for another research. The correlation between the banks ‚ loans and GDP. However, this does not apply at the time of the economy fall. Conclusions: Economic growth in the financial sector and economic development is best visible analyzing in the correlation between the banks ‚ loans and GDP. However, this does not apply at the time of the economy fall. Banks ‚ relative indicators better reflects the weight of the financial sector and the impact on the national economy. We can see that 2011 banks relative indicators dropped to 2006 level. This shows how much the financial sector’s contribution decreased to economic development. Banks’ loans demand fall down. Lithuania has taken strict fiscal discipline and austerity measures. This have produced results quite quickly, in 2010 GDP grew by 3.4 percent, and in 2011 even 11.5 percent. Lithuania’s economy is recovering, but the financial sector and in particular banks still not recovering. The economic crisis has intervened in the banking system and has been surviving

Evaluation of Parasitic Pollution in Fresh Unwashed Herbs Sold in Izeh City, Iran

Directory of Open Access Journals (Sweden)

Valipour Nouroozi

2015-11-01

Full Text Available Background Fresh herbs are a crucial part of a good diet. However, they can easily become contaminated with food-borne pathogens. Eating fresh unwashed or improperly washed herbs has a major role in transmission of some important parasitic diseases. Objectives This study was carried out to evaluate parasitic pollution in fresh unwashed herbs sold in Izeh city, Iran. Materials and Methods Four hundred samples of fresh unwashed herbs were purchased from a distributor in Izeh city during January 2014 to April 2015. Detergent solution was added to 240 g of each sample. The mixture was shaken and washed solution was filtered through 0.2 µm bottle-top filter. The filtrate was discarded and filter was placed in a 50 mL conical screw cap tube. Then, the detergent solution was added. Following vortex, filter was discarded. The sediment was examined by light microscope after centrifuge. Finally, data descriptive analyses were carried out. Results Parasitic pollution was detected in 3.5% of the examined samples, including Cryptosporidium spp. oocyst (1.5%, Giardia spp. cyst (1%, Blastocystis spp. cyst (0.5% and Taenia spp. egg (0.5%. Conclusions Parasitic contamination of fresh herbs sold in Izeh may pose a health risk to consumers if eaten as unwashed or improperly washed.

Yearbook sectoral financial ratios in mexico for business benchmarking

Directory of Open Access Journals (Sweden)

Deyanira Bernal Domínguez

2012-05-01

Full Text Available Financial analysis through ratios is a useful tool for improving organizational performance. Databases of financial information in Mexico are limited, therefore the importance of an annual publication of financial ratios per company and industry average. The objectives of this research are: describe the financial ratios with higher predictive potential and their formulas, as well as the design of a research instrument for measuring the relevance of the publication. A descriptive methodology was applied selecting through the analysis ofempirical studies, several ratios of liquidity, leverage, asset management, business cycle, performance and self-financing. The questionnaire contains 43 reagents to be applied to a statistically representative sample of 46 entrepreneurs in Culiacan, Sinaloa, Mexico.

Perceptions of Financial Aid: Black Students at a Predominantly White Institution

Science.gov (United States)

Tichavakunda, Antar A.

2017-01-01

This study provides qualitative context for statistics concerning Black college students and financial aid. Using the financial nexus model as a framework, this research draws upon interviews with 29 Black juniors and seniors at a selective, -private, and predominantly White university. The data suggest that students -generally exhibited high…

Empirical Assessment on Financial Regulations and Banking Sector Performance

Directory of Open Access Journals (Sweden)

Igbinosa S.

2017-09-01

Full Text Available This study examines financial regulation and banking sector performance in Nigeria. Specifically, the study determines the impact of reforms on banking sector performance and also assesses the nexus between capital adequacy and banking sector performance. Time series data for the period 1993 to 2014 was used. As an analytical tool, the study uses unit root test to determine the stationary state of the variables. We also employed the Johansson co-integration and error correction model (ECM statistical techniques to establish both short-run and long-run dynamic relationships between the endogenous and exogenous variables. The empirical findings indicate that financial regulation significantly impacts the banking sector performance while financial regulation has both short-run and long-run dynamic relationships with the banking sector performance in Nigeria. It was found that the four-period lag of capital adequacy negatively affects banking sector performance and is not statistically significant. The paper suggests that the Central Bank of Nigeria (CBN should continually make public the impacts that the various financial regulations and reforms have on the performance of Nigerian banks. Majority of the policies on financial regulation by the apex bank (CBN need to be long-run which can enable confidence of stakeholders, shareholders and the general public in the Nigerian banking industry when critically evaluated.

Enhanced capital-asset pricing model for the reconstruction of bipartite financial networks

NARCIS (Netherlands)

Squartini, Tiziano; Almog, Assaf; Caldarelli, Guido; Van Lelyveld, Iman; Garlaschelli, Diego; Cimini, Giulio

2017-01-01

Reconstructing patterns of interconnections from partial information is one of the most important issues in the statistical physics of complex networks. A paramount example is provided by financial networks. In fact, the spreading and amplification of financial distress in capital markets are

The art of company financial modelling

Directory of Open Access Journals (Sweden)

Zoran Lukić

2017-01-01

Full Text Available In corporate finance, the term financial modelling denotes a widely used technique of comprehensive customised quantification of a company’s entire operations. Even though not mathematically strict, such models exhibit descriptive, explanatory and predictive qualities. The paper elaborates on the main steps and principles for building financial models of companies. It also identifies required assumptions and certain statistical properties of well-constructed models. Furthermore, it describes the use of such models for decision support purposes, supplemented by an illustrative example. Finally, it discusses general characteristics and concerns associated with appropriate model construction and use.

The Moving Target: Student Financial Aid and Community College Student Retention

Science.gov (United States)

Kennamer, Michael A.; Katsinas, Stephen G.; Schumacker, Randall E.

2011-01-01

This article reviews recent literature on student financial aid as a retention tool at community colleges. Enrollment and tuition data from the National Center for Education Statistics (NCES) Integrated Postsecondary Education Data System (IPEDS), and federal direct grant student aid data from the IPEDS Student Financial Aid Survey are used to…

What It's Worth: Strengthening the Financial Future of Families, Communities and the Nation

Directory of Open Access Journals (Sweden)

Cherie Stueve

2016-09-01

Full Text Available This book overviews the financial challenges of vulnerable Americans and creative programs that look beyond income as a metric of financial health is divided into four sections. The first section, “Where We Are,” describes the current financial statistics of households by demographic and economic era. The second (and largest section, “Why Financial Well-Being Matters for All,” is broken into four topics: the economy, financial services system, and community; employment and business; health and social services; and education. Each illustrates the strong role financial well-being plays in other systems at the individual and community level.

The impact of financial development on energy consumption in emerging economies

International Nuclear Information System (INIS)

Sadorsky, Perry

2010-01-01

Financial development is often cited as a very important driver of economic growth in emerging economies and it is thus likely that financial development affects energy demand. This study uses generalized method of moments estimation techniques to examine the impact of financial development on energy consumption in a sample of emerging countries. Several different measures of financial development are examined. Using a panel data set on 22 emerging countries covering the period 1990-2006, the empirical results show a positive and statistically significant relationship between financial development and energy consumption when financial development is measured using stock market variables like stock market capitalization to GDP, stock market value traded to GDP, and stock market turnover. The implications of these results for energy policy are discussed.

Financial Development and Output Growth: A Panel Study for Asian Countries

Directory of Open Access Journals (Sweden)

Sangjoon Jun

2012-03-01

Full Text Available This paper investigates the relationship between financial markets and output growth for a panel of 27 Asian countries over 1960-2009. It utilizes the recently-developed panel cointegration techniques to test and estimate the long-run equilibrium relationship between real GDP and financial development proxies. Real GDP and financial development variables are found to have unit roots and to be cointegrated, based on various panel unit root tests and panel cointegration tests. We find that there is a statistically significant positive bi-directional cointegrating relationship between financial development and output growth by three distinct methods of panel cointegration estimation. Empirical findings suggest that financial market development promotes output growth and in turn output growth stimulates further financial development.

Effect of Financial Stress and Positive Financial Behaviors on Cost-Related Nonadherence to Health Regimens Among Adults in a Community-Based Setting.

Science.gov (United States)

Patel, Minal R; Kruger, Daniel J; Cupal, Suzanne; Zimmerman, Marc A

2016-04-07

Little is known about the role of positive financial behaviors (behaviors that allow maintenance of financial stability with financial resources) in mitigating cost-related nonadherence (CRN) to health regimens. This study examined the relationships between positive financial behaviors, financial stress, and CRN. Data came from the 2011 Speak to Your Health! Community Survey (n = 1,234). Descriptive statistics were computed to examine financial stress and CRN, by chronic condition and health insurance status. We used multivariate logistic regression models to examine the relationship between positive financial behaviors and financial stress and their interaction on a composite score of CRN, controlling for health insurance status, educational level, age, marital status, number of chronic conditions, and employment status. Thirty percent of the sample engaged in CRN. Participants reported moderate financial stress (mean, 13.85; standard deviation [SD] = 6.97), and moderate positive financial behavior (mean, 8.84; SD = 3.24). Participants with employer-sponsored insurance, Medicaid, Medicare, the Genesee Health Plan, high blood pressure, asthma, and diabetes had the highest proportion of CRN. The relationship between financial stress and CRN was not significantly different between those who reported lower versus higher levels of positive financial behavior (P = .32). Greater financial stress was associated with a greater likelihood of CRN (odds ratio [OR] = 2.49; 95% confidence interval [CI], 2.08-2.99). Higher level of positive financial behavior was associated with a lower likelihood of CRN (OR = 0.80; 95% CI, 0.67-0.94). Financial literacy as a means of promoting positive financial behavior may help reduce CRN. An intervention strategy focused on improving financial literacy may be relevant for high-risk groups who report high levels of financial stress.

Nutrition Standards for Food Service Guidelines for Foods Served or Sold in Municipal Government Buildings or Worksites, United States, 2014.

Science.gov (United States)

Onufrak, Stephen J; Zaganjor, Hatidza; Moore, Latetia V; Carlson, Susan; Kimmons, Joel; Galuska, Deborah

2016-12-22

The Institute of Medicine and Centers for Disease Control and Prevention have recommended that government agencies use nutrition standards for foods and beverages sold and provided at their facilities. In this study, we examine written nutrition standards for foods sold or served in local government buildings or worksites among US municipalities. We used data from a 2014 national survey of 1,945 municipal governments serving populations of 1,000 or more to assess the presence of written nutrition standards, the food groups or nutrients addressed by standards, and the populations served by facilities where standards are applied. The prevalence of standards was estimated by municipality population size, rural-urban status, census region, poverty prevalence, education level, and racial/ethnic composition. Overall, 3.2% of US municipalities reported nutrition standards with greater prevalence observed among large municipalities (12.8% of municipalities with ≥50,000 people vs 2.2% of municipalities with <2,500 people, P < .001). Prevalence differed by region, and standards were most common in the West (6.6%) and least common in the Midwest (2.0%, P = .003).The most common nutrition topics addressed in standards were offering low-calorie beverages, fruits and vegetables, and free drinking water. Most standards applied to facilities serving government employees (67%) or the general public (66%), with fewer serving institutionalized populations (23%). Few municipal governments reported having written nutrition standards for foods and beverages sold in their facilities in 2014. Implementing nutrition standards for foods sold or served by local governments is a strategy for increasing access to healthier foods and beverages among municipal employees and local residents.

Financial signal processing and machine learning

CERN Document Server

Kulkarni,Sanjeev R; Dmitry M. Malioutov

2016-01-01

The modern financial industry has been required to deal with large and diverse portfolios in a variety of asset classes often with limited market data available. Financial Signal Processing and Machine Learning unifies a number of recent advances made in signal processing and machine learning for the design and management of investment portfolios and financial engineering. This book bridges the gap between these disciplines, offering the latest information on key topics including characterizing statistical dependence and correlation in high dimensions, constructing effective and robust risk measures, and their use in portfolio optimization and rebalancing. The book focuses on signal processing approaches to model return, momentum, and mean reversion, addressing theoretical and implementation aspects. It highlights the connections between portfolio theory, sparse learning and compressed sensing, sparse eigen-portfolios, robust optimization, non-Gaussian data-driven risk measures, graphical models, causal analy...

Sweet and salty. An assessment of the snacks and beverages sold in vending machines on US post-secondary institution campuses.

Science.gov (United States)

Byrd-Bredbenner, Carol; Johnson, Michelle; Quick, Virginia M; Walsh, Jennifer; Greene, Geoffrey W; Hoerr, Sharon; Colby, Sarah M; Kattelmann, Kendra K; Phillips, Beatrice W; Kidd, Tandalayo; Horacek, Tanya M

2012-06-01

This study assessed the nutritional quality of snacks and beverages sold in vending machines. The contents of snack and beverage vending machines in 78 buildings on 11 US post-secondary education campuses were surveyed. Of the 2607 snack machine slots surveyed, the most common snacks vended were salty snacks (e.g., chips, pretzels) and sweets (i.e., candy and candy bars). The 1650 beverage machine slots assessed contained twice as many sugar-sweetened beverages as non-calorie-containing beverages. Only two institutions sold both milk and 100% juice in vending machines. The portion of snacks and beverages sold averaged more than 200 cal. Neither snacks nor beverages were nutrient dense. The majority of snacks were low in fiber and high in calories and fat and almost half were high in sugar. Most beverages were high in calories and sugar. This study's findings suggest that vending machines provide limited healthful choices. Findings from benchmark assessments of components of the food environment, like the vending options reported here, can provide valuable input to campus administrators, health services, food service, and students who want to establish campus policies to promote healthful eating. Copyright © 2012 Elsevier Ltd. All rights reserved.

A Seasonal Time-Series Model Based on Gene Expression Programming for Predicting Financial Distress.

Science.gov (United States)

Cheng, Ching-Hsue; Chan, Chia-Pang; Yang, Jun-He

2018-01-01

The issue of financial distress prediction plays an important and challenging research topic in the financial field. Currently, there have been many methods for predicting firm bankruptcy and financial crisis, including the artificial intelligence and the traditional statistical methods, and the past studies have shown that the prediction result of the artificial intelligence method is better than the traditional statistical method. Financial statements are quarterly reports; hence, the financial crisis of companies is seasonal time-series data, and the attribute data affecting the financial distress of companies is nonlinear and nonstationary time-series data with fluctuations. Therefore, this study employed the nonlinear attribute selection method to build a nonlinear financial distress prediction model: that is, this paper proposed a novel seasonal time-series gene expression programming model for predicting the financial distress of companies. The proposed model has several advantages including the following: (i) the proposed model is different from the previous models lacking the concept of time series; (ii) the proposed integrated attribute selection method can find the core attributes and reduce high dimensional data; and (iii) the proposed model can generate the rules and mathematical formulas of financial distress for providing references to the investors and decision makers. The result shows that the proposed method is better than the listing classifiers under three criteria; hence, the proposed model has competitive advantages in predicting the financial distress of companies.

Exploratory Modelling of Financial Reporting and Analysis Practices in Small Growth Enterprises

OpenAIRE

Richard G. P. McMahon; Leslie G. Davies; Nicholas M. Bluhm

1994-01-01

This paper reports an exploratory study of statistical modelling of historical financial reporting and analysis in a sample of small growth enterprises. The study sought to identify those factors that determine whether particular financial reporting and analysis practices are undertaken, and to represent these explanatory factors in expressions that reflect their relative and combined influence. Dichotomous logistic regression is employed to model financial analysis and polytomous logistic re...

Financial Literacy, Financial Education, and Economic Outcomes

Science.gov (United States)

Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.

2013-01-01

In this article, we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…

Parasitic contamination of fresh vegetables sold at central markets in Khartoum state, Sudan

OpenAIRE

Mohamed, Mona Ali; Siddig, Emmanuel Edwar; Elaagip, Arwa Hassan; Edris, Ali Mahmoud Mohammed; Nasr, Awad Ahmed

2016-01-01

Background Fresh vegetables are considered as vital nutrients of a healthy diet as they supply the body with essential supplements. The consumption of raw vegetables is the main way for transmission of intestinal parasitic organisms. This study was aimed at detecting the parasitic contamination in fresh vegetables sold in two central open-aired markets in Khartoum state, Sudan. Methods In this prospective cross-sectional study, a total of 260 fresh vegetable samples and 50 water samples used ...

The Trading Balance Sheet Of Romania - Two Decades With An Annual Adverse Sold

Directory of Open Access Journals (Sweden)

Simona Corina GUDEI

2011-03-01

Full Text Available The current communication, expressing the entirely special importance that must be granted to the fact that for two decades, year after year, the sold of the trading balance sheet of Romania was adverse. Moreover, it has increased greatly during the decade 2000-2009 towards the previous decade 1990-1999, respectively from 20 milliards dollars to 100 milliards of dollars, with especially serious consequences both on the external and on the internal economic balance.

Comparison of the models of financial distress prediction

Directory of Open Access Journals (Sweden)

Jiří Omelka

2013-01-01

Full Text Available Prediction of the financial distress is generally supposed as approximation if a business entity is closed on bankruptcy or at least on serious financial problems. Financial distress is defined as such a situation when a company is not able to satisfy its liabilities in any forms, or when its liabilities are higher than its assets. Classification of financial situation of business entities represents a multidisciplinary scientific issue that uses not only the economic theoretical bases but interacts to the statistical, respectively to econometric approaches as well.The first models of financial distress prediction have originated in the sixties of the 20th century. One of the most known is the Altman’s model followed by a range of others which are constructed on more or less conformable bases. In many existing models it is possible to find common elements which could be marked as elementary indicators of potential financial distress of a company. The objective of this article is, based on the comparison of existing models of prediction of financial distress, to define the set of basic indicators of company’s financial distress at conjoined identification of their critical aspects. The sample defined this way will be a background for future research focused on determination of one-dimensional model of financial distress prediction which would subsequently become a basis for construction of multi-dimensional prediction model.

A PERFORMANCE COMPARISON BETWEEN ARTIFICIAL NEURAL NETWORKS AND MULTIVARIATE STATISTICAL METHODS IN FORECASTING FINANCIAL STRENGTH RATING IN TURKISH BANKING SECTOR

OpenAIRE

MELEK ACAR BOYACIOĞLU; YAKUP KARA

2013-01-01

Financial strength rating indicates the fundamental financial strength of a bank. The aim of financial strength rating is to measure a bank’s fundamental financial strength excluding the external factors. External factors can stem from the working environment or can be linked with the outside protective support mechanisms. With the evaluation, the rating of a bank free from outside supportive factors is being sought. Also the financial fundamental, franchise value, the variety of assets and w...

The Competition between London Companies Regarding Their Financial Performance

Directory of Open Access Journals (Sweden)

Simionescu Mihaela

2016-06-01

Full Text Available There is a high level of competition between companies and the final result is often measured by their financial performance. The main purpose of this study is to evaluate the financial performance of a sample of companies from London. Statistical analysis is performed of 293 companies randomly selected from the population of firms resident in London, the economic indicators being registered for 2014. The main results indicated that most of the variation in financial performance is explained by the book-to-market ratio and cash-to-assets ratio. On the other hand, financial performance is also explained by cash flow and leverage. Most of the firms that were placed in the same group had a successful financial performance in 2014. Few companies located in the other cluster encountered some difficulties regarding cash flow and sales. This situation could be explained by the difficulties of facing the economic crisis. Thus the financial performance evaluation is useful in improving a firm’s financial indicators in order to achieve a higher profit. The diagnosis will help managers in taking the most suitable decisions to solve the financial problems by selecting the best strategies.

Trace elements in rock phosphates and P containing mineral and organo-mineral fertilizers sold in Germany

Energy Technology Data Exchange (ETDEWEB)

Kratz, Sylvia, E-mail: sylvia.kratz@jki.bund.de; Schick, Judith; Schnug, Ewald

2016-01-15

68 rock phosphates and 162 P containing (organo-)mineral fertilizers sold in Germany were evaluated with regard to trace element contents. While Al, As, B, Be, Cd, Cr, Mo, Ni, Pb, Sb, Se, Tl, U, and Zn were higher in sedimentary than in igneous rock phosphates, the opposite was true for Co, Cu, Sn, Mn, Ti, Fe, and Sr. Comparing element concentrations to the currently valid legal limit values defined by the German Fertilizer Ordinance, it was found that some PK and many straight P fertilizers (superphosphate, triple superphosphate, partly acidulated rock phosphates) exceeded the limit of 50 mg Cd/kg P{sub 2}O{sub 5}. Mean values for As, Ni, Pb, and Tl remained below legal limits in almost all cases. While no legal limit has been defined for U in Germany yet, the limit of 50 mg U/kg P{sub 2}O{sub 5} for P containing fertilizers proposed by the German Commission for the Protection of Soils was clearly exceeded by mean values for all fertilizer types analyzed. A large share of the samples evaluated in this work contained essential trace elements at high concentrations, with many of them not being declared as such. Furthermore, trace elements supplied with these fertilizers at a fertilization rate leveling P uptake would exceed trace element uptake by crops. This may become most relevant for B and Fe, since many crops are sensitive to an oversupply of B, and Fe loads exceeding plant uptake may immobilize P supplies for the crops by forming Fe phosphate salts. The sample set included two products made from thermochemically treated sewage sludge ash. The products displayed very high concentrations of Fe and Mn and exceeded the legal limit for Ni, emphasizing the necessity to continue research on heavy metal removal from recycled raw materials and the development of environmentally friendly and agriculturally efficient fertilizer products. - Highlights: • Mineral fertilizers (MF) sold in Germany often exceed legal limits for Cd • MF sold in Germany contain high

Electric power annual 1997. Volume 2

Energy Technology Data Exchange (ETDEWEB)

NONE

1998-10-01

The Electric Power Annual 1997, Volume 2 contains annual summary statistics at national, regional, and state levels for the electric power industry, including information on both electric utilities and nonutility power producers. Included are data for electric utility retail sales of electricity, associated revenue, and average revenue per kilowatthour of electricity sold; financial statistics; environmental statistics; power transactions; and demand-side management. Also included are data for US nonutility power producers on installed capacity; gross generation; emissions; and supply and disposition of energy. The objective of the publication is to provide industry decisionmakers, government policymakers, analysts, and the general public with historical data that may be used in understanding US electricity markets. 15 figs., 62 tabs.

A comment on measuring the Hurst exponent of financial time series

Science.gov (United States)

Couillard, Michel; Davison, Matt

2005-03-01

A fundamental hypothesis of quantitative finance is that stock price variations are independent and can be modeled using Brownian motion. In recent years, it was proposed to use rescaled range analysis and its characteristic value, the Hurst exponent, to test for independence in financial time series. Theoretically, independent time series should be characterized by a Hurst exponent of 1/2. However, finite Brownian motion data sets will always give a value of the Hurst exponent larger than 1/2 and without an appropriate statistical test such a value can mistakenly be interpreted as evidence of long term memory. We obtain a more precise statistical significance test for the Hurst exponent and apply it to real financial data sets. Our empirical analysis shows no long-term memory in some financial returns, suggesting that Brownian motion cannot be rejected as a model for price dynamics.

2011 statistical summaries : FTA grant assistance programs.

Science.gov (United States)

2013-05-01

The 2011 Statistical Summaries provides information about the Federal Transit Administrations (FTA) major financial aid programs for Federal Fiscal Year (FY) 2011. The report covers the following programs: Urbanized Area Formula, Non-urbanized Are...

2010 statistical summaries : FTA grant assistance programs.

Science.gov (United States)

2013-07-01

The 2010 Statistical Summaries provides information about the Federal Transit Administrations (FTA) major financial aid programs for Federal Fiscal Year (FY) 2010. The report covers the following programs: Urbanized Area Formula, Non-urbanized Are...

2012 statistical summaries : FTA grant assistance programs.

Science.gov (United States)

2013-12-01

The 2012 Statistical Summaries provides information about the Federal Transit Administrations (FTA) major financial aid programs for : Federal Fiscal Year (FY) 2012. The report covers the following programs: Urbanized Area Formula, Non-urbanized A...

Hierarchical structure of stock price fluctuations in financial markets

International Nuclear Information System (INIS)

Gao, Ya-Chun; Cai, Shi-Min; Wang, Bing-Hong

2012-01-01

The financial market and turbulence have been broadly compared on account of the same quantitative methods and several common stylized facts they share. In this paper, the She–Leveque (SL) hierarchy, proposed to explain the anomalous scaling exponents deviating from Kolmogorov monofractal scaling of the velocity fluctuation in fluid turbulence, is applied to study and quantify the hierarchical structure of stock price fluctuations in financial markets. We therefore observed certain interesting results: (i) the hierarchical structure related to multifractal scaling generally presents in all the stock price fluctuations we investigated. (ii) The quantitatively statistical parameters that describe SL hierarchy are different between developed financial markets and emerging ones, distinctively. (iii) For the high-frequency stock price fluctuation, the hierarchical structure varies with different time periods. All these results provide a novel analogy in turbulence and financial market dynamics and an insight to deeply understand multifractality in financial markets. (paper)

Hubungan Corporate Governance, Corporate Social Responsibilities dan Corporate Financial Performance Dalam Satu Continuum

OpenAIRE

Etty Murwaningsari

2009-01-01

This research aims to identify the influence of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance, and also to observe the possible influence of Corporate Social Responsibility on Corporate Financial Performance. This research examines 126 manufacturing companies which are listed in Indonesian Stock Exchange (ISX) and have issued an audited financial statement for 2006. The statist...

Seasonal variability of thermophilic Campylobacter spp. in raw milk sold by automatic vending machines in Lombardy Region

Directory of Open Access Journals (Sweden)

Barbara Bertasi

2016-06-01

Full Text Available In temperate climates, a seasonal trend was observed in the incidence of human campylobacteriosis cases, with peaks reported in spring and autumn in some countries, or in summer in others; a similar trend was observed in Campylobacter spp. dairy cattle faecal shedding, suggesting that cattle may play a role in the seasonal peak of human infection. The objectives of this study were to assess if a seasonal trend in thermophilic Campylobacter spp. contamination of raw milk exists and to evaluate a possible relation between this and the increase of human campylobacteriosis incidence in summer months. The results showed a mean prevalence of 1.6% of milk samples positive for thermophilic Campylobacter spp. with a wide range (0.0-3.1% in different months during the three years considered. The statistical analysis showed a significant difference (PCampylobacter spp. between warmer and cooler months (2.3 vs 0.6%. The evidence of a seasonal trend in thermophilic Campylobacter spp. contamination of raw milk sold for direct consumption, with an increase of the prevalence in warmer months, may represent one of the possible links between seasonal trend in cattle faecal shedding and seasonal trend in human campylobacteriosis.

An automated library financial management system

Science.gov (United States)

Dueker, S.; Gustafson, L.

1977-01-01

A computerized library acquisition system developed for control of informational materials acquired at NASA Ames Research Center is described. The system monitors the acquisition of both library and individual researchers' orders and supplies detailed financial, statistical, and bibliographical information. Applicability for other libraries and the future availability of the program is discussed.

Organizational Culture and the Financial Performance of Manufacturing Firms

OpenAIRE

Mahrooz Koochaki Golafzani; Ebrahim Chirani

2016-01-01

This paper intends to examine the relationship between organizational culture and the financial performance of manufacturing firms in the province of Guilan (Iran). To do so, a statistical sample with the size of 247 firms located at industrial towns/parks in Guilan was selected. The required data was collected through questionnaire. Then, the relationship between organization culture, including the clan culture, adhocracy culture, market culture and hierarchy culture, and the financial perfo...

FINANCIAL INSTRUMENTS FOR THE PROTECTION OF MOTHERS

Directory of Open Access Journals (Sweden)

ANA-PETRINA PĂUN

2016-10-01

Full Text Available The social policy of any state incorporates suitable financial tools that support parents and children. In this paper, we have presented the evolution of these forms of social protection, which have changed almost yearly over the past decade. The ones that I have considered particularly important are: the allowance for raising children up to 2 years or up to 3 years in the case of disabled children and the re-induction incentive. An important instrument of reintegration in the labour market, the re-induction incentive is presented in the main financial aspects and statistically speaking, I have analyzed its evolution in numbers and total value. In the second part of the thesis I have shown the social, legislative and financial aspects of the child raising allowance.

The influences of financial and non-financial factors on energy-saving behaviour: A field experiment in Japan

International Nuclear Information System (INIS)

Mizobuchi, Kenichi; Takeuchi, Kenji

2013-01-01

This study examines the influences of financial and non-financial factors on electricity-conservation behaviour. A random sample of 236 Japanese households participated in the field experiment and the participants were offered two interventions, such as monetary rewards, depending on their reduction in electricity consumption and comparative feedback. The average saving rates of the (i) reward-intervention group (5.9%) and the (ii) reward with comparative feedback group (8.2%) are statistically larger than those of the (iii) control group (1.7%). Our study demonstrates the following. First, our econometric analysis confirmed a significant response by households to financial incentives but a more inconclusive response to the treatment that provided non-financial, additional information. Second, we found a positive influence of treatment externalities across time and households on energy saving. Third, there is a heterogeneous treatment effect in the reward-intervention group, with the households having a high New Ecological Paradigm (NEP) score being more likely to respond to the reward programme and save electricity than those that do not. Finally, and most interestingly, differences in responses to the questionnaire before and after the experiment suggest that the participants had underestimated the marginal costs of saving electricity before they actually started to do so. - highlights: • We studied the effects of (non-)financial factors on household electricity use. • Financial factors had a significant effect; non-financial ones were inconclusive. • Externalities had a positive effect across time and households on saving energy. • There is a heterogeneous treatment effect in financial-reward intervention. • Before the experiment, participants underestimated the marginal costs of saving electricity

Financial integration and financial development in transition economies: What happens during financial crises?

Directory of Open Access Journals (Sweden)

Igor Masten

2011-12-01

Full Text Available

This paper provides an empirical analysis of the role of financial development and financial integration in the growth dynamics of transition countries. We focus on the role of financial integration in determining the impact of financial development on growth, distinguishing “normal times” from periods of financial crises. In addition to confirming the significant positive effect on growth exerted by financial development and financial integration, our estimates show that a higher degree of financial openness tends to reduce the contractionary effect of financial crises, by cushioning the effect on the domestic supply of credit. Consequently, the high reliance on international capital flows by transition countries does not necessarily increase their financial fragility. This implies that financial protectionism is a self-defeating policy, at least for transition countries.

A Seasonal Time-Series Model Based on Gene Expression Programming for Predicting Financial Distress

Science.gov (United States)

2018-01-01

The issue of financial distress prediction plays an important and challenging research topic in the financial field. Currently, there have been many methods for predicting firm bankruptcy and financial crisis, including the artificial intelligence and the traditional statistical methods, and the past studies have shown that the prediction result of the artificial intelligence method is better than the traditional statistical method. Financial statements are quarterly reports; hence, the financial crisis of companies is seasonal time-series data, and the attribute data affecting the financial distress of companies is nonlinear and nonstationary time-series data with fluctuations. Therefore, this study employed the nonlinear attribute selection method to build a nonlinear financial distress prediction model: that is, this paper proposed a novel seasonal time-series gene expression programming model for predicting the financial distress of companies. The proposed model has several advantages including the following: (i) the proposed model is different from the previous models lacking the concept of time series; (ii) the proposed integrated attribute selection method can find the core attributes and reduce high dimensional data; and (iii) the proposed model can generate the rules and mathematical formulas of financial distress for providing references to the investors and decision makers. The result shows that the proposed method is better than the listing classifiers under three criteria; hence, the proposed model has competitive advantages in predicting the financial distress of companies. PMID:29765399

A Seasonal Time-Series Model Based on Gene Expression Programming for Predicting Financial Distress

Directory of Open Access Journals (Sweden)

Ching-Hsue Cheng

2018-01-01

Full Text Available The issue of financial distress prediction plays an important and challenging research topic in the financial field. Currently, there have been many methods for predicting firm bankruptcy and financial crisis, including the artificial intelligence and the traditional statistical methods, and the past studies have shown that the prediction result of the artificial intelligence method is better than the traditional statistical method. Financial statements are quarterly reports; hence, the financial crisis of companies is seasonal time-series data, and the attribute data affecting the financial distress of companies is nonlinear and nonstationary time-series data with fluctuations. Therefore, this study employed the nonlinear attribute selection method to build a nonlinear financial distress prediction model: that is, this paper proposed a novel seasonal time-series gene expression programming model for predicting the financial distress of companies. The proposed model has several advantages including the following: (i the proposed model is different from the previous models lacking the concept of time series; (ii the proposed integrated attribute selection method can find the core attributes and reduce high dimensional data; and (iii the proposed model can generate the rules and mathematical formulas of financial distress for providing references to the investors and decision makers. The result shows that the proposed method is better than the listing classifiers under three criteria; hence, the proposed model has competitive advantages in predicting the financial distress of companies.

Electric power annual 1989. [Contains glossary

Energy Technology Data Exchange (ETDEWEB)

1991-01-17

This publication presents a summary of electric utility statistics at the national, regional and state levels. The Industry At A Glance'' section presents a profile of the electric power industry ownership and performance; a review of key statistics for the year; and projections for various aspects of the electric power industry through 2010. Subsequent sections present data on generating capability, including proposed capability additions; net generation; fossil-fuel statistics; electricity sales, revenue and average revenue per kilowatthour sold; financial statistics; environmental statistics; and electric power transactions. In addition, the appendices provide supplemental data on major disturbances and unusual occurrences. Each section contains related text and tables and refers the reader to the appropriate publication that contains more detailed data on the subject matter. 24 figs., 57 tabs.

FINANCIAL LITERACY AMONGSTAFRICAN GENERATION YSTUDENTS:ANEMPIRICALANALYSISOF SELECTEDDEMOGRAPIC FACTORS

Directory of Open Access Journals (Sweden)

Marko van Deventer

2017-01-01

Full Text Available The entire spectrum of society, includingGeneration Y, face the challenge ofmanaging their personalfinances in uncertain economic,financialand politicaltimes. Thischallengehighlights the importance of being equipped with thenecessary financial literacy to make informed financial decisions. Financialilliteracy is a global phenomenon that has become a topical issue. As a result,there has been a steady increase in the body of knowledge that pertains to theimportance and benefits of financial literacy and the consequences offinancialilliteracy.This study investigates differences inthe significantly sizedblackGeneration Y (hereafter referred to as African Generation Ystudent cohort’sfinancial literacy in terms ofselected demographic factors, namely gender, yearand field of study respectively, within the South African context. Following adescriptive research design and a quantitative research approach, data werecollected from a convenience sample of 385 African students registered at twoGauteng based public South African university campuses. Multiple-choicequestions,relatingto general financial knowledge, saving, spending and debt,were used to test the students’ financial literacy. Data analysis includeddescriptive statistics, an independent-samples t-test and one-way analysis ofvariance (ANOVA. The findings suggest thatAfrican Generation Y studentsmaybe categorised as having a relatively low level of financial literacyand that thesample’s financial literacydid not differ much in terms ofgender.The findings ofthis study is likely to inform policymakers, educators, universities and financialinstitutions on the most effective strategies to employ for implementationwithregards to differing financial literacy levels.

[Attempted suicide during the financial crisis in Athens].

Science.gov (United States)

Stavrianakos, K; Kontaxakis, V; Moussas, G; Paplos, K; Papaslanis, T; Havaki-Kontaxaki, B; Papadimitriou, Gn

2014-01-01

) and 95 in 2011, during the financial crisis (mean age 41.0 years, women 65%). There is an increase of suicide attempts by 35.71%. There were no statistically significant differences between the two periods regarding the gender and age of attempters. There was a statistically significant increase of unemployed (p=0.004), as well as of married/widowed/divorced (p=0.02) suicide attempters during the crisis. There was not statistically significant difference in the severity of suicide attempts before and during the economic crisis or the severity of psychopathology of the attempters. The financial crisis is probably associated with upward trend in attempted suicide of the Athens population. Most affected are those who are unemployed, married, widowed, divorced. Suicide prevention programs are essential for the accurate and timely identification and the immediate and effective management of this special high risk group of attempters during the financial crisis.

Isolation of pathogenic Escherichia coli from buffalo meat sold in Parbhani city, Maharashtra, India

OpenAIRE

M. S. Vaidya; N. M. Markandeya; R. N. Waghamare; C. S. Shekh; V. V. Deshmukh

2013-01-01

Aim: Isolation, characterization, in-vitro pathogenicity and antibiogram study of E.coli from buffalo meat sold in Parbhani city. Materials and Methods: Meat samples were collected from buffalo immediately after slaughter. Isolation, identification and enumeration of E. coli were done by following standard methods and protocols. Hemolysin test and Congo red binding assay were used to study in-vitro pathogenicity of E. coli isolates. Disc diffusion method was used to study antibiogram of patho...

Palytoxin Found in Palythoa sp. Zoanthids (Anthozoa, Hexacorallia) Sold in the Home Aquarium Trade

OpenAIRE

Deeds, Jonathan R.; Handy, Sara M.; White, Kevin D.; Reimer, James D.

2011-01-01

Zoanthids (Anthozoa, Hexacorallia) are colonial anemones that contain one of the deadliest toxins ever discovered, palytoxin (LD(50) in mice 300 ng/kg), but it is generally believed that highly toxic species are not sold in the home aquarium trade. We previously showed that an unintentionally introduced zoanthid in a home aquarium contained high concentrations of palytoxin and was likely responsible for a severe respiratory reaction when an individual attempted to eliminate the contaminant co...

MEMPREDIKSI FINANCIAL DISTRESS DENGAN BINARY LOGIT REGRESSION PERUSAHAAN TELEKOMUNIKASI

Directory of Open Access Journals (Sweden)

Tiara Widya Antikasari

2017-04-01

Full Text Available In this globalization era, sub–sector telecommunication industry has rapid development as time goes by with the number of customers’ growth. However, its growth is not balanced with operational revenue development. Therefore, it is important to analyze the financial distress in telecommunication companies in order to avoid bankruptcy. This research aimed to investigate the effect of financial ratios to predict probability of financial distress. Financial ratios indicator used profitability ratio, liquidity ratio, activity ratio, and leverage ratio. The population in this research was telecommunication companies listed in the Indonesia Stock Exchange periods 2009-2016. Based on purposive sampling method, the criteria of financial distress in this study was measured by using net operation negative two years, while statistic analysis used was logistic regression with a significance level of 10%. The result was that liquidity ratio (current ratio and activity ratio (total asset turnover ratio had a negative significant value, and profitability ratio(return on asset and leverage ratio (debt to total asset had positive significant value to predict financial distress.

Financial restatement trends in Brazil from 1997-2012

Directory of Open Access Journals (Sweden)

Vagner Antönio Marques

2016-12-01

Full Text Available This study  analyzes the characteristics of the financial restatements issued by Brazilian companies listed on the BM&FBovespa stock exchange from 1997 through 2012. The study,  descriptive in nature, employed a mixed, qualitative and quantitative approach in which data from 5608 financial statements and audit reports were analyzed using content analysis and descriptive statistics. The results evidenced that on average 25% of financial statements are republished. Only 17% of these restatements, however, are of the mandatory type and only 8.40% involve quantitative changes to the original financial statements. An increasing tendency to issue restatements was identified, accompanying the increase in the number of listed companies. However, 77.13% of the total restatements issued during the period involved qualitative data changes. This study contributes to the literature on the topic, revealing the movement undergone with respect to financial restatements during a period in which relevant changes were experienced in the regulatory environment, in particular the promulgation of the Sarbanes-Oxley Act (SOX and the adoption of International Standards (IFRS.

Financial Village Standing in Indonesian Financial System

Directory of Open Access Journals (Sweden)

Herry Purnomo

2015-12-01

Full Text Available Financial resources of the village that are sourced from a country or a Regional Finance Financial based Law Number 6 Year 2014 of The Village is the mandate of the law that must be allocated to the village. The interconnectedness of the financial position of the village in the financial system of the country or Region concerned the Financial administrative and territorial relations, and there is no setting directly regarding the finances of the village as part of the financial system of the country or the financial area. In respect of the elements of the crime of corruption deeds against financial irregularities of the village there are still disagreements on the interpretation of the law in trapping the perpetrators of corruption on the village chief that implies not satisfy the principle of legality and legal certainty in the ruling of the matter of financial irregularities. In fact, many of the village chief or Councilor caught the criminal offence of corruption over the use of financial irregularities. This research analyzes How the financial position of the village in the financial system of the country or region, as well as whether the financial resources of the village is derived from the state budget or region budget managed in village budget belongs to the category of village finances and whether tort against the financial management of the village can be categorized as a criminal act corruption. How To Cite: Purnomo, H. (2015. Financial Village Standing in Indonesian Financial System. Rechtsidee, 2(2, 121-140. doi:http://dx.doi.org/10.21070/jihr.v2i2.81

Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis.

Science.gov (United States)

Noman, Abu Hanifa Md; Gee, Chan Sok; Isa, Che Ruhana

2017-01-01

This study examines the influence of competition on the financial stability of the commercial banks of Association of Southeast Asian Nation (ASEAN) over the 1990 to 2014 period. Panzar-Rosse H-statistic, Lerner index and Herfindahl-Hirschman Index (HHI) are used as measures of competition, while Z-score, non-performing loan (NPL) ratio and equity ratio are used as measures of financial stability. Two-step system Generalized Method of Moments (GMM) estimates demonstrate that competition measured by H-statistic is positively related to Z-score and equity ratio, and negatively related to non-performing loan ratio. Conversely, market power measured by Lerner index is negatively related to Z-score and equity ratio and positively related to NPL ratio. These results strongly support the competition-stability view for ASEAN banks. We also capture the non-linear relationship between competition and financial stability by incorporating a quadratic term of competition in our models. The results show that the coefficient of the quadratic term of H-statistic is negative for the Z-score model given a positive coefficient of the linear term in the same model. These results support the non-linear relationship between competition and financial stability of the banking sector. The study contains significant policy implications for improving the financial stability of the commercial banks.

Financial attitudes, knowledge, and habits of chiropractic students: A descriptive survey

Science.gov (United States)

Lorence, Julie; Lawrence, Dana J.; Salsbury, Stacie A.; Goertz, Christine M.

2014-01-01

Objective: Our purpose was to describe the financial knowledge, habits and attitudes of chiropractic students. Methods: We designed a cross-sectional survey to measure basic financial knowledge, current financial habits, risk tolerance, and beliefs about future income among 250 students enrolled in business courses at one US chiropractic college. Descriptive statistical analyses were performed. Results: We received 57 questionnaires (23% response rate). Most respondents would accumulate over $125,000 in student loan debt by graduation. Financial knowledge was low (mean 77%). Most respondents (72%) scored as average financial risk takers. Chiropractic students reported recommended short-term habits such as having checking accounts (90%) and health insurance (63%) or paying monthly bills (88%) and credit cards (60%). Few saved money for unplanned expenses (39%) or long-term goals (26%), kept written budgets (32%), or had retirement accounts (19%). Conclusion: These chiropractic students demonstrated inadequate financial literacy and did not engage in many recommended financial habits. PMID:24587498

Assessing the Financial Sustainability of China’s Rural Pension System

Directory of Open Access Journals (Sweden)

Lijian Wang

2014-05-01

Full Text Available Considering the rapid growth of China’s elderly rural population, establishing both an adequate and a financially sustainable rural pension system is a major challenge. Focusing on financial sustainability, this article defines this concept of financial sustainability before constructing sound actuarial models for China’s rural pension system. Based on these models and statistical data, the analysis finds that the rural pension funding gap should rise from 97.80 billion Yuan in 2014 to 3062.31 billion Yuan in 2049, which represents an annual growth rate of 10.34%. This implies that, as it stands, the rural pension system in China is not financially sustainable. Finally, the article explains how this problem could be fixed through policy recommendations based on recent international experiences.

Indexation and causation of financial markets

CERN Document Server

Tanokura, Yoko

2015-01-01

This book presents a new statistical method of constructing a price index of a financial asset where the price distributions are skewed and heavy-tailed and investigates the effectiveness of the method. In order to fully reflect the movements of prices or returns on a financial asset, the index should reflect their distributions. However, they are often heavy-tailed and possibly skewed, and identifying them directly is not easy. This book first develops an index construction method depending on the price distributions, by using nonstationary time series analysis. Firstly, the long-term trend of the distributions of the optimal Box–Cox transformed prices is estimated by fitting a trend model with time-varying observation noises. By applying state space modeling, the estimation is performed and missing observations are automatically interpolated. Finally, the index is defined by taking the inverse Box–Cox transformation of the optimal long-term trend. This book applies the method to various financial data. ...

FINANCIAL INSTABILITY, FINANCIAL DEVELOPMENT AND POVERTY

Directory of Open Access Journals (Sweden)

Ionescu Cristian

2012-12-01

Full Text Available There is a positive relationship between financial development and economic growth in short-run and long-run. Financial development is beneficial to the reduction of poverty. But the financial instability which accompanies financial development is is costly for the poor and reduces the positive effect of financial development on the reduction of poverty. The paper aims to analyze in detail the relationship and the (direct and indirect effects between these variables, taking into account their economic and social importance. It is also highlighted the correlation between the financial economy and the real economy, emphasizing the impact on social welfare involved by the interaction of the above mentioned variables.

Differences in Students' Reading Comprehension of International Financial Reporting Standards: A South African Case

Science.gov (United States)

Coetzee, Stephen A.; Janse van Rensburg, Cecile; Schmulian, Astrid

2016-01-01

This study explores differences in students' reading comprehension of International Financial Reporting Standards in a South African financial reporting class with a heterogeneous student cohort. Statistically significant differences were identified for prior academic performance, language of instruction, first language and enrolment in the…

The Economic Efficiency of Financial Markets

Science.gov (United States)

Wang, Yougui

In this paper, we investigate the economic efficiency of markets and specify its applicability to financial markets. The statistical expressions of supply and demand of a market are formulated in terms of willingness prices. By introducing probability of realized exchange, we also formulate the realized market surplus. It can be proved that only when the market is in equilibrium the realized surplus can reach its maximum value. The market efficiency can be measured by the ratio of realized surplus to its maximum value. For a financial market, the market participants are composed of two groups: producers and speculators. The former brings the surplus into the market and the latter provides liquidity to make them realized.

Studies in Theoretical and Applied Statistics

CERN Document Server

Pratesi, Monica; Ruiz-Gazen, Anne

2018-01-01

This book includes a wide selection of the papers presented at the 48th Scientific Meeting of the Italian Statistical Society (SIS2016), held in Salerno on 8-10 June 2016. Covering a wide variety of topics ranging from modern data sources and survey design issues to measuring sustainable development, it provides a comprehensive overview of the current Italian scientific research in the fields of open data and big data in public administration and official statistics, survey sampling, ordinal and symbolic data, statistical models and methods for network data, time series forecasting, spatial analysis, environmental statistics, economic and financial data analysis, statistics in the education system, and sustainable development. Intended for researchers interested in theoretical and empirical issues, this volume provides interesting starting points for further research.

Business strategy and financial structure: an empirical analysis of acute care hospitals.

Science.gov (United States)

Ginn, G O; Young, G J; Beekun, R I

1995-01-01

This study investigated the relationship between business strategy and financial structure in the U.S. hospital industry. We studied two dimensions of financial structure--liquidity and leverage. Liquidity was assessed by the acid ratio, and leverage was assessed using the equity funding ratio. Drawing from managerial, finance, and resource dependence perspectives, we developed and tested hypotheses about the relationship between Miles and Snow strategy types and financial structure. Relevant contextual financial and organizational variables were controlled for statistically through the Multivariate Analysis of Covariance technique. The relationship between business strategy and financial structure was found to be significant. Among the Miles and Snow strategy types, defenders were found to have relatively high liquidity and low leverage. Prospectors typically had low liquidity and high leverage. Implications for financial planning, competitive assessment, and reimbursement policy are discussed.

Financial Literacy and Financial Behaviour

NARCIS (Netherlands)

Sayinzoga, Aussi; Bulte, Erwin H.; Lensink, Robert

2016-01-01

We organise a field experiment with smallholder farmers in Rwanda to measure the impact of financial literacy training on financial knowledge and behaviour. The training increased financial literacy of participants, changed their savings and borrowing behaviour and had a positive effect on the

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

Directory of Open Access Journals (Sweden)

Sigit Setiawan

2015-05-01

Full Text Available This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relatively better than its financial depth, especially for financial markets, in which Indonesia ranks in the lower average group. From literature reviews, it can be inferred that the main factor driving the poor financial depth in Indonesia is non-competitiveness of the institutions; whereas the driving force of poor financial access in Indonesia are geographical constraints, poverty, a high income gap, and a less than effective national financial development policy.

Financial analysis as a financial management instrument

Directory of Open Access Journals (Sweden)

Stehlíková Beáta

2001-12-01

Full Text Available The financial market is one of the elements of the market-oriented economy. The financial analysis is a fundamental element of the financial controlling business. The purpose of this article is to inform briefly about horizontal and vertical financial statements analysis as the source of competitive advantage of the firm. The article is divided into two parts. First describes financial analysis and financial statements generally. Second, it presents a practical contribution of the horizontal and vertical financial statements analysis at the controlled businesses as financial management tools, which identify the financial position, market behaviour, correlations between the net profit and the prohibitively cost and operating profit, the financial activities profit, the income tax etc.Business, which the analysed firm operates in asks a provable claim on the high value of fixed assets. The capital composition of the firm is call to typify for the state-owned enterprise that was transformed to private joint-stock companies. Analysis is specially pleading for the needs considering the price of the borrowed capital in the capital structure rating. Fault factor ø value talks about needs for the cost regulation. Stair-step conception used for counting of the net profit in the accountant period indicates the financial profit, alternatively loss, as the distinguished pre-tax profit element. Picture about firm’s financial results can be completed with the information about the income tax value. Form of financial analyses presented in the article entablature the accents on the necessity to compare several accounting period and on the necessity of complex understanding of statements accounting slide “en bloc”.Financial analyse makes the decision makers possible to screen potential partners before the cooperation starts. On the other side, it makes a possibility to influence the production process, sales and financial management during the accounting

Mathematical and statistical methods for actuarial sciences and finance

CERN Document Server

Sibillo, Marilena

2014-01-01

The interaction between mathematicians and statisticians working in the actuarial and financial fields is producing numerous meaningful scientific results. This volume, comprising a series of four-page papers, gathers new ideas relating to mathematical and statistical methods in the actuarial sciences and finance. The book covers a variety of topics of interest from both theoretical and applied perspectives, including: actuarial models; alternative testing approaches; behavioral finance; clustering techniques; coherent and non-coherent risk measures; credit-scoring approaches; data envelopment analysis; dynamic stochastic programming; financial contagion models; financial ratios; intelligent financial trading systems; mixture normality approaches; Monte Carlo-based methodologies; multicriteria methods; nonlinear parameter estimation techniques; nonlinear threshold models; particle swarm optimization; performance measures; portfolio optimization; pricing methods for structured and non-structured derivatives; r...

Theory of Financial Risk and Derivative Pricing - 2nd Edition

Science.gov (United States)

Bouchaud, Jean-Philippe; Potters, Marc

2003-12-01

Foreword; Preface; 1. Probability theory: basic notions; 2. Maximum and addition of random variables; 3. Continuous time limit, Ito calculus and path integrals; 4. Analysis of empirical data; 5. Financial products and financial markets; 6. Statistics of real prices: basic results; 7. Non-linear correlations and volatility fluctuations; 8. Skewness and price-volatility correlations; 9. Cross-correlations; 10. Risk measures; 11. Extreme correlations and variety; 12. Optimal portfolios; 13. Futures and options: fundamental concepts; 14. Options: hedging and residual risk; 15. Options: the role of drift and correlations; 16. Options: the Black and Scholes model; 17. Options: some more specific problems; 18. Options: minimum variance Monte-Carlo; 19. The yield curve; 20. Simple mechanisms for anomalous price statistics; Index of most important symbols; Index.

The Undergraduate Statistics Major--A Prelude to Actuarial Science Training.

Science.gov (United States)

Ratliff, Michael I.; Williams, Raymond E.

Recently there has been increased interest related to the Actuarial Science field. An actuary is a business professional who uses mathematical skills to define, analyze, and solve financial and social problems. This paper examines: (1) the interface between Statistical and Actuarial Science training; (2) statistical courses corresponding to…

Predicting Financial Distress and Closure in Rural Hospitals.

Science.gov (United States)

Holmes, George M; Kaufman, Brystana G; Pink, George H

2017-06-01

Annual rates of rural hospital closure have been increasing since 2010, and hospitals that close have poor financial performance relative to those that remain open. This study develops and validates a latent index of financial distress to forecast the probability of financial distress and closure within 2 years for rural hospitals. Hospital and community characteristics are used to predict the risk of financial distress 2 years in the future. Financial and community data were drawn for 2,466 rural hospitals from 2000 through 2013. We tested and validated a model predicting a latent index of financial distress (FDI), measured by unprofitability, equity decline, insolvency, and closure. Using the predicted FDI score, hospitals are assigned to high, medium-high, medium-low, and low risk of financial distress for use by practitioners. The FDI forecasts 8.01% of rural hospitals to be at high risk of financial distress in 2015, 16.3% as mid-high, 46.8% as mid-low, and 28.9% as low risk. The rate of closure for hospitals in the high-risk category is 4 times the rate in the mid-high category and 28 times that in the mid-low category. The ability of the FDI to discriminate hospitals experiencing financial distress is supported by a c-statistic of .74 in a validation sample. This methodology offers improved specificity and predictive power relative to existing measures of financial distress applied to rural hospitals. This risk assessment tool may inform programs at the federal, state, and local levels that provide funding or support to rural hospitals. © 2016 National Rural Health Association.

Financial satisfaction and financial stressors in marital satisfaction.

Science.gov (United States)

Archuleta, Kristy L; Britt, Sonya L; Tonn, Teresa J; Grable, John E

2011-04-01

Using a sample of 310 married respondents from one U.S. Midwestern state, a test was conducted to examine the association of financial satisfaction and financial stressors in a spouse's decision to stay married to the same person or leave the relationship. The role of demographic and socioeconomic variables, religiosity, psychological constructs, financial satisfaction, and financial stressors as factors influencing marital satisfaction was tested. Financial stressors were measured using a list of financial stressors adapted from the literature. Financial satisfaction was measured with a one-item scale. The Kansas Marital Satisfaction Scale was used as a validation tool to assess whether individuals would marry or not marry again. Religiosity and financial satisfaction were positively associated with marital satisfaction. A negative interaction between financial satisfaction and financial stressors was also noted. Findings suggest that respondents who are financially satisfied tend to be more stable in their marriages.

Financial Health Indicators: An Analysis Of Financial Statement Information To Determine The Financial Health Of DOD Contractors

Science.gov (United States)

2016-12-01

examples of fraud risk factors, including the opportunity for top management to commit fraud due to ineffective monitoring of management as a result of...Jefferson Davis Highway, Suite 1204, Arlington, VA 22202-4302, and to the Office of Management and Budget, Paperwork Reduction Project (0704-0188...Officer COGS Cost of Goods Sold COSO Committee of Sponsoring Organizations DOD Department of Defense FAR Federal Acquisition Regulations GAAP

Palytoxin found in Palythoa sp. zoanthids (Anthozoa, Hexacorallia sold in the home aquarium trade.

Directory of Open Access Journals (Sweden)

Jonathan R Deeds

2011-04-01

Full Text Available Zoanthids (Anthozoa, Hexacorallia are colonial anemones that contain one of the deadliest toxins ever discovered, palytoxin (LD(50 in mice 300 ng/kg, but it is generally believed that highly toxic species are not sold in the home aquarium trade. We previously showed that an unintentionally introduced zoanthid in a home aquarium contained high concentrations of palytoxin and was likely responsible for a severe respiratory reaction when an individual attempted to eliminate the contaminant colonies using boiling water. To assess the availability and potential exposure of palytoxin to marine aquarium hobbyists, we analyzed zoanthid samples collected from local aquarium stores for palytoxin using liquid chromatography and high resolution mass spectrometry and attempted to identify the specimens through genetic analysis of 16S and cytochrome c oxidase 1 (COI markers. We found four specimens of the same apparent species of zoanthid, that we described previously to be responsible for a severe respiratory reaction in a home aquarium, to be available in three aquarium stores in the Washington D.C. area. We found all of these specimens (n = 4 to be highly toxic with palytoxin or palytoxin-like compounds (range 0.5-3.5 mg crude toxin/g zoanthid. One of the most potent non-protein compounds ever discovered is present in dangerous quantities in a select species of zoanthid commonly sold in the home aquarium trade.

Palytoxin found in Palythoa sp. zoanthids (Anthozoa, Hexacorallia) sold in the home aquarium trade.

Science.gov (United States)

Deeds, Jonathan R; Handy, Sara M; White, Kevin D; Reimer, James D

2011-04-04

Zoanthids (Anthozoa, Hexacorallia) are colonial anemones that contain one of the deadliest toxins ever discovered, palytoxin (LD(50) in mice 300 ng/kg), but it is generally believed that highly toxic species are not sold in the home aquarium trade. We previously showed that an unintentionally introduced zoanthid in a home aquarium contained high concentrations of palytoxin and was likely responsible for a severe respiratory reaction when an individual attempted to eliminate the contaminant colonies using boiling water. To assess the availability and potential exposure of palytoxin to marine aquarium hobbyists, we analyzed zoanthid samples collected from local aquarium stores for palytoxin using liquid chromatography and high resolution mass spectrometry and attempted to identify the specimens through genetic analysis of 16S and cytochrome c oxidase 1 (COI) markers. We found four specimens of the same apparent species of zoanthid, that we described previously to be responsible for a severe respiratory reaction in a home aquarium, to be available in three aquarium stores in the Washington D.C. area. We found all of these specimens (n = 4) to be highly toxic with palytoxin or palytoxin-like compounds (range 0.5-3.5 mg crude toxin/g zoanthid). One of the most potent non-protein compounds ever discovered is present in dangerous quantities in a select species of zoanthid commonly sold in the home aquarium trade.

Editorial Note: Review Papers for Journal of Risk and Financial Management (JRFM

Directory of Open Access Journals (Sweden)

Michael McAleer

2018-04-01

Full Text Available The Journal of Risk and Financial Management (JRFM was inaugurated in 2008 and has continued publishing successfully with Volume 11 in 2018. Since the journal was established, JRFM has published in excess of 110 topical and interesting theoretical and empirical papers in financial economics, financial econometrics, banking, finance, mathematical finance, statistical finance, accounting, decision sciences, information management, tourism economics and finance, international rankings of journals in financial economics, and bibliometric rankings of journals in cognate disciplines. Papers published in the journal range from novel technical and theoretical papers to innovative empirical contributions. The journal wishes to encourage critical review papers on topical subjects in any of the topics mentioned above in financial economics and in cognate disciplines.

The financial crisis in an operational risk management context—A review of causes and influencing factors

International Nuclear Information System (INIS)

Andersen, L.B.; Häger, D.; Maberg, S.; Næss, M.B.; Tungland, M.

2012-01-01

Global macroeconomic imbalance combined with deregulation of US banks and increasing US real estate prices formed the basis for aggressive growth in worldwide trading of so called Collateralized Debt Obligations (CDO), i.e. similar loans pooled to create a financial derivative that can be bought or sold. The CDOs consisted mainly of prime and subprime housing loans, where the latter type is characterized by a high probability for default. Due to the growing market demand for this derivative and the subsequent shortage of prime loans, the subprime share in the CDOs increased from 43% to 71% from 2003 to 2007. Surprisingly the credit rating agencies did not change the top level (AAA) credit rating of the CDOs in the same period of time. How was this possible? And how could the tremendously resourceful firms that insured the derivatives by selling so called Credit Default Swaps to CDO owners avoid understanding the enormous risk they took on? What later was to be called the financial crisis emerges in the spring of 2008 in line with the fall in US real estate prices and subsequent evaporation of the CDO market. The chain of events that led to numerous bankruptcies and threw the world into a recession not seen since the early 1930s has been labeled a system crisis, liquidity crisis, and a crisis of confidence (in the financial markets) among others. In this paper we survey how, and to what extent, operational risk exposure in the organizations of mortgage brokers and banks, insurance companies, credit rating agencies, and investment banks contributed to the financial crisis. Bayesian Network analysis of causes and influencing factors in these four types of organizations indicates that operational risk exposure played a crucial role in triggering the financial crisis. Our findings suggest that the financial crisis for a large part was the result of an industry wide failure to manage risk in general, and operational risk in particular.

Financial liberalization and economic growth : A meta-analysis

NARCIS (Netherlands)

Bumann, Silke; Hermes, Niels; Lensink, Robert

This study provides a systematic analysis of the empirical literature on the relationship between financial liberalization and economic growth by conducting a meta-analysis, based on 441 t-statistics reported in 60 empirical studies. We focus on explaining the heterogeneity of results in our sample

Option pricing from wavelet-filtered financial series

Science.gov (United States)

de Almeida, V. T. X.; Moriconi, L.

2012-10-01

We perform wavelet decomposition of high frequency financial time series into large and small time scale components. Taking the FTSE100 index as a case study, and working with the Haar basis, it turns out that the small scale component defined by most (≃99.6%) of the wavelet coefficients can be neglected for the purpose of option premium evaluation. The relevance of the hugely compressed information provided by low-pass wavelet-filtering is related to the fact that the non-gaussian statistical structure of the original financial time series is essentially preserved for expiration times which are larger than just one trading day.

Modern trends of development of the world economy and financial competitiveness of enterprises

Directory of Open Access Journals (Sweden)

Volkova Nadezhda

2017-01-01

Full Text Available The article considers modern trends in the development of the global economy, the dynamics of the activity of the domestic economy. The statistical data of the share of loss-making enterprises on the domestic market are analyzed. The importance of competitiveness and financial stability of enterprises in modern conditions is considered, the relationship between competitiveness and financial stability is indicated. The notion of financial competitiveness is formulated. Financial competitiveness is analyzed from the point of view of enterprise management and on the parameters for assessing the financial stability of enterprises. Methods for assessing the financial competitiveness of enterprises have been identified. The primary calculation of financial competitiveness indicators for PJSC “SF Almaz” was carried out based on the selected methods. The analysis of the obtained calculation results is carried out. Methods are proposed to ensure financial competitiveness of Russian companies.

The impact of risk factors on the financial performance of the commercial banking sector in Barbados

Directory of Open Access Journals (Sweden)

Anthony Wood

2018-03-01

Full Text Available The objective of this paper is to determine the impact of risk factors on the financial performance of the commercial banking sector in Barbados using quarterly data for the period 2000 to 2015. The empirical results indicate that Capital Risk, Credit Risk, Liquidity Risk, Interest Rate Risk and Operational Risk have statistically significant impacts on financial performance. The only risk variable which does not derive this result is Country Risk. In addition, of those variables which proxy external factors, only GDP Growth has a statistically insignificant influence on financial performance. Credit risk exerted a negative impact on the banks’ financial performance, thus the banks must ensure they adopt appropriate measures to minimise the impact of this risk. Higher levels of capital impacted positively on the banking sector’s profitability. This paper is the first effort employing such an extensive dataset based on Barbados’ commercial banking sector and shows the main factors that influence commercial banks’ financial performance in this developing economy.

SALMONELLA SPECIE AND TOTAL VIABLE BACTERIAL LOAD IN ROASTED CHICKENS SOLD IN JOS-NIGERIA

OpenAIRE

Carol Okoli; Okonji M.C; Ugoh S.C; Okolo S.N; Okoli A.C; Alu A.J

2007-01-01

The study was to investigate for the presence of Salmonella specie and total viable aerobic bacterial load in roasted chickens sold in Jos. The study was carried out on twenty five chicken samples. No salmonella specie was isolated from the samples. However, other bacterial organisms were isolates, viz: 9(36%) of the samples yielded E.coli; 5(20%) yielded Citobacter species; 3(12%) yielded Proteus species and 6(24%) yielded Klebsiella species while 2(8%) showed no growth. An average total via...

Hypermarket's adapting at the financial crisis conditions

Directory of Open Access Journals (Sweden)

Ion Gr. IONESCU

2013-11-01

Full Text Available The financial crisis is a global phenomenon that has marked the evolution of all economic sectors. The drastic change of the consumer behavior has led the trade companies to choose between two survival strategies: the product development strategy and the exit strategy. Carrefour company bases its strategy on five values deeply rooted in the consumer`s conscience: an aggressive pricing policy, based on discount; a range of 50000 items sold under the concept “everything under one roof”, quality, modernity and innovation. The strategy rests on three pillars: customer orientation, transformation and innovation. The product policy is focused on exploiting the products which belong to Carrefour trademarks and the pricing strategy allows the customer to purchase a variety of quality products, at low prices. The promotions acquire an aggressive tint in the company`s marketing strategy, the success being guaranteed by their ability to allow consumers to maintain a regular and economical consumption. For this company, the knowledge of the customer`s psychology is an advantage which allows the implementation of some psychological trics for sales growth. The strategies implemented by Carrefour enable the company`s survival in a changing competitive environment and generate profit. This result proves that Carrefour deserves the market leading place.

HYPERMARKET'S ADAPTING AT THE FINANCIAL CRISIS CONDITIONS

Directory of Open Access Journals (Sweden)

Ion Gr. IONESCU

2013-10-01

Full Text Available The financial crisis is a global phenomenon that has marked the evolution of all economic sectors. The drastic change of the consumer behavior has led the trade companies to choose between two survival strategies: the product development strategy and the exit strategy.Carrefour company bases its strategy on five values deeply rooted in the consumer`s conscience: an aggressive pricing policy, based on discount; a range of 50000 items sold under the concept “everything under one roof”, quality, modernity and innovation. The strategy rests on three pillars: customer orientation, transformation and innovation. The product policy is focused on exploiting the products which belong to Carrefour trademarks and the pricing strategy allows the customer to purchase a variety of quality products, at low prices. The promotions acquire an aggressive tint in the company`s marketing strategy, the success being guaranteed by their ability to allow consumers to maintain a regular and economical consumption. For this company, the knowledge of the customer`s psychology is an advantage which allows the implementation of some psychological trics for sales growth. The strategies implemented by Carrefour enable the company`s survival in a changing competitive environment and generate profit. This result proves that Carrefour deserves the market leading place.

Linkages between financial development, financial instability, financial liberalisation and economic growth in Africa

OpenAIRE

Enowbi Batuo, M.; Mlambo, Kupukile; Asongu, Simplice

2017-01-01

In the aftermath of the 2008 global financial crisis, the implications of financial liberalisation for stability and economic growth has come under increased scrutiny. One strand of literature posits a positive relationship between financial liberalisation and economic growth and development. However, others emphasise the link between financial liberalisation is intrinsically associated with financial instability which may be harmful to economic growth and development. This study assesses ...

FINANCIAL STABILITY OF BANKS IN TIMES OF CRISIS

Directory of Open Access Journals (Sweden)

Svetlana Lanets

2015-11-01

Full Text Available This paper is aimed at drawing attention to the current situation and further development of the banking sector in Russia. In particular, it seeks to discuss ways to improve the financial stability of banks. The article looks at the banking system, describes the important role of banks in the economy of the country and establishes correlation between stability of banks and socioeconomic development of the country. It is underlined that the stability of banks is one of the key factors in economic growth. The article analyzes how the banking system has settled after the financial crisis. The focus of the article is on the characteristics of the current financial crisis, compares it to the previous ones and describes the impact of the crisis to the banks. In particular, in the frame of this publication we present the analysis of the features of crisis impact on regional banks and the possibility of losing them in near future. This paper emphasizes the impact of the banking system on the country's economy and demonstrates the importance of financial stability of the banks. Moreover the article underlines a set of financial – economic/bank – government approaches to the issue of improving financial stability in the contemporary financial crisis. The paper summarizes the government role in the time of modern financial crisis and describes the existing strategies of the state. At the same time article shows the dual role of the government activities in preventing to put the finance sector under such stress as on the one hand it helps banks to increase the capitalization of banks while on the other hand it introduces Basel 3 principles, which reduce capital. The study is based on the methods of analysis, comparison, statistical data and theoretical generalization. The scientific and theoretical part of the survey is based on the official statistics and data from the Central Bank. We believe that the issue of bank’s stability, especially in this

First report of Toxoplasma gondii infection in market-sold adult chickens, ducks and pigeons in northwest China

Directory of Open Access Journals (Sweden)

Cong Wei

2012-06-01

Full Text Available Abstract Background Toxoplasma gondii infection is a global concern, affecting a wide range of warm-blooded animals and humans worldwide, including poultry. Domestic and companion birds are considered to play an important role in the transmission of T. gondii to humans and other animals. However, little information on T. gondii infection in domestic birds in Lanzhou, northwest China was available. Therefore, this study was performed to determine the seroprevalence of T. gondii infection in domestic birds in Lanzhou, northwest China. Methods In the present study, the seroprevalence of T. gondii antibodies in 413 (305 caged and 108 free-range adult chickens, 334 (111 caged and 223 free-range adult ducks and 312 adult pigeons in Lanzhou, northwest China, were examined using the modified agglutination test (MAT. Results 30 (7.26% chickens, 38 (11.38% ducks and 37 (11.86% pigeons were found to be positive for T. gondii antibodies at the cut-off of 1:5. The prevalences in caged and free-range chickens were 6.23% and 10.19% respectively, however, statistical analysis showed that the difference was not significant (P > 0.05. The seroprevalences in caged and free-range ducks were 6.31% and 13.90% respectively, but the difference was not statistically significant (P > 0.05. Conclusions The results of the present survey indicated the presence of T. gondii infection in adult chickens, ducks and pigeons sold for meat in poultry markets in Lanzhou, northwest China, which poses a potential risk for T. gondii infection in humans and other animals in this region. This is the first seroprevalence study of T. gondii infection in domestic birds in this region.

Financial Literacy and Financial Planning in France

Directory of Open Access Journals (Sweden)

Luc Arrondel

2013-07-01

Full Text Available We study financial literacy in France using the PATER survey and following the Lusardi and Mitchell (2011c approach. We find that some subpopulations are less financially literate than others: women, young and old people as well as less-educated people are more likely to face difficulties when dealing with fundamental financial concepts such as risk diversification and inflation and interest compounding. We also find some differences in financial knowledge depending on the political opinion of the respondents. Finally we show that these differences in financial knowledge are correlated with differences in the propensity to plan: people who score higher on the financial literacy questions are more likely to be engaged in the preparation of a clearly defined financial plan.

Does competition improve financial stability of the banking sector in ASEAN countries? An empirical analysis

Science.gov (United States)

Gee, Chan Sok; Isa, Che Ruhana

2017-01-01

This study examines the influence of competition on the financial stability of the commercial banks of Association of Southeast Asian Nation (ASEAN) over the 1990 to 2014 period. Panzar-Rosse H-statistic, Lerner index and Herfindahl-Hirschman Index (HHI) are used as measures of competition, while Z-score, non-performing loan (NPL) ratio and equity ratio are used as measures of financial stability. Two-step system Generalized Method of Moments (GMM) estimates demonstrate that competition measured by H-statistic is positively related to Z-score and equity ratio, and negatively related to non-performing loan ratio. Conversely, market power measured by Lerner index is negatively related to Z-score and equity ratio and positively related to NPL ratio. These results strongly support the competition-stability view for ASEAN banks. We also capture the non-linear relationship between competition and financial stability by incorporating a quadratic term of competition in our models. The results show that the coefficient of the quadratic term of H-statistic is negative for the Z-score model given a positive coefficient of the linear term in the same model. These results support the non-linear relationship between competition and financial stability of the banking sector. The study contains significant policy implications for improving the financial stability of the commercial banks. PMID:28486548

Sodium, Sugar and Fat Content of Complimentary Infant and Toddler Foods Sold in the United States, 2015

Science.gov (United States)

In 2012, 72% of commercial toddler meals contained >210 mg/serving of sodium and >70% of infant and toddler snacks, desserts, and juice drinks contained one or more added sugars. The objective is to update the sodium, sugar and fat values of commercial infant and toddler foods sold in the U.S. in 20...

United States Department of Energy Office of Nuclear Energy, Isotope Production and Distribution Program financial statements, September 30, 1996 and 1995

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-04-01

The charter of the Department of Energy (DOE) Isotope Production and Distribution Program (Isotope Program) covers the production and sale of radioactive and stable isotopes, associated byproducts, surplus materials such as lithium, and related isotope services. Service provided include, but are not limited to, irradiation services, target preparation and processing, source encapsulation and other special preparations, analyses, chemical separations, and leasing of stable isotopes for research purposes. Isotope Program products and services are sold worldwide for use in a wide variety of research, development, biomedical, and industrial applications. This report presents the results of the independent certified public accountants` audit of the Isotope Production and Distribution Program`s (Isotope) financial statements as of September 30, 1996.

Comparison between an exclusive in vitro-produced embryo transfer system and artificial insemination for genetic, technical, and financial herd performance.

Science.gov (United States)

Kaniyamattam, K; Block, J; Hansen, P J; De Vries, A

2017-07-01

The objective of this study was to implement an in vitro-produced embryo transfer (IVP-ET) system in an existing stochastic dynamic dairy simulation model with multitrait genetics to evaluate the genetic, technical, and financial performance of a dairy herd implementing an exclusive IVP-ET or artificial insemination (AI) system. In the AI system, sexed semen was used on the genetically best heifers only. In the IVP-ET system, all of the animals in the herd were impregnated with female sexed embryos created through in vitro fertilization of oocytes collected from animals of superior genetics for different traits of interest. Each donor was assumed to yield on average 4.25 transferable embryos per collection. The remaining animals in the herd were used as recipients and received either a fresh embryo or a frozen embryo when fresh embryos were not available. Selection of donors was random or based on the greatest estimated breeding value (EBV) of lifetime net merit (NM$), milk yield, or daughter pregnancy rate. For both the IVP-ET and AI systems, culling of surplus heifer calves not needed to replace culled cows was based on the lowest EBV for the same traits. A herd of 1,000 milking cows was simulated 15 yr over time after the start of the IVP-ET system. The default cost to produce and transfer 1 embryo was set at $165. Prices of fresh embryos at which an exclusive IVP-ET system financially breaks even with the comparable AI system in yr 15 and for an investment period of 15 yr were also estimated. More surplus heifer calves were sold from the IVP-ET systems than from the comparable AI systems. The surplus calves from the IVP-ET systems were also genetically superior to the surplus calves from the comparable AI systems, which might be reflected in their market value as a premium price. The most profitable scenario among the 4 IVP-ET scenarios in yr 15 was the one in which NM$ was maximized in the herd. This scenario had an additional profit of $8/cow compared with a

Corporate Investments in Asian Emerging Markets: Financial Conditions, Financial Development, and Financial Constraints

OpenAIRE

Wang, Jianxin; Gochoco-Bautista, Maria Socorro; Sotocinal, Noli

2013-01-01

Motivated by the literature on the finance–growth nexus, this paper explores the mechanisms through which finance affects corporate investments and capital accumulation. We separate the effects of financial conditions from those of financial development. Based on a sample of firms from five Asian emerging economies, we find that (1) financial conditions and financial development affect corporate investments through different channels. Financial conditions affect firms' growth opportunities an...

Seasonal Variability of Thermophilic Campylobacter Spp. in Raw Milk Sold by Automatic Vending Machines in Lombardy Region.

Science.gov (United States)

Bertasi, Barbara; Losio, Marina Nadia; Daminelli, Paolo; Finazzi, Guido; Serraino, Andrea; Piva, Silvia; Giacometti, Federica; Massella, Elisa; Ostanello, Fabio

2016-06-03

In temperate climates, a seasonal trend was observed in the incidence of human campylobacteriosis cases, with peaks reported in spring and autumn in some countries, or in summer in others; a similar trend was observed in Campylobacter spp. dairy cattle faecal shedding, suggesting that cattle may play a role in the seasonal peak of human infection. The objectives of this study were to assess if a seasonal trend in thermophilic Campylobacter spp. contamination of raw milk exists and to evaluate a possible relation between this and the increase of human campylobacteriosis incidence in summer months. The results showed a mean prevalence of 1.6% of milk samples positive for thermophilic Campylobacter spp. with a wide range (0.0-3.1%) in different months during the three years considered. The statistical analysis showed a significant difference (P<0.01) of the prevalence of positive samples for thermophilic Campylobacter spp. between warmer and cooler months (2.3 vs 0.6%). The evidence of a seasonal trend in thermophilic Campylobacter spp. contamination of raw milk sold for direct consumption, with an increase of the prevalence in warmer months, may represent one of the possible links between seasonal trend in cattle faecal shedding and seasonal trend in human campylobacteriosis.

Understanding Financial Statements. Financial Matters. Board Basics.

Science.gov (United States)

McCarthy, John H.; Turner, Robert M.

1998-01-01

This booklet for trustees of higher education institutions offers guidelines to help trustees understand the institution's financial statements. Individual sections describe the three major financial statements and cover topics such as: (1) standards of the Financial Accounting Standards Board; (2) the "statement of financial position,"…

The reservoir engineering report in financial transactions: 'a useful tool - neither panacea nor placebo'

International Nuclear Information System (INIS)

Porter, T.W.

1996-01-01

The important role that independent reservoir engineering reports play in the oil and gas industry, was discussed. Among other things, such reports often form the basis upon which oil and gas properties are valued, bought and sold, and of course, they are necessary for the industry to gain access to sources of capital. However, interpretation plays a critical role in the process, and very different conclusions can be drawn by equally reputable and qualified engineers. Because of this, financial investors insist upon independent reservoir engineering reports (and then frequently ignore the limitations and qualifications which are stated in the report). Some of the important limitations stated in reservoir engineering reports were discussed, along with the risks inherent in reservoir engineering reports, and the strategies for minimizing those risks. The engineer's professional responsibilities and potential liabilities in the matter of reserves estimates, were re-stated

Does financial literacy improve financial inclusion? Cross country evidence

OpenAIRE

Grohmann, Antonia; Klühs, Theres; Menkhoff, Lukas

2017-01-01

While financial inclusion is typically addressed by improving the financial infrastructure we show that financial literacy, representing the demand-side of financial markets, also has a beneficial effect. We study this effect at the cross-country level, which allows to consider institutional variation. Regarding "access to finance", financial infrastructure and financial literacy are mainly substitutes. However, regarding the "use of financial services", the effect of higher financial literac...

Presence of Streptococcus faecalis in the White Cheese Sold in Kahramanmaraş (Turkish with English Abstract)

OpenAIRE

Erdoğrul, Özlem Turgay; Dığak, Metin

2014-01-01

In this study the presence of Streptococcus faecalis in the white cheeses made from pasteurize milk sold in Kahramanmaraş were examined. For this purpose, 22 cheese samples were taken. At the end of this study, all of the samples have Streptococcus faecalis (100%). It was concluded that the examined white cheese samples were inadequate from in reads of hygienic quality by Streptococcus faecalis.

Quality of Financial Policies and Financial System Stress

OpenAIRE

Udaibir S Das; Plamen Yossifov; Richard Podpiera; Dmitriy L Rozhkov

2005-01-01

In this paper, we develop multi-country indices of financial system stress and quality of financial policies and use them in regression analysis of the determinants of financial stress. We find that countries with higher quality of financial policies are better able to contain the effects of macroeconomic pressures on the overall level of stress in the financial system. They are also in a better position to ensure sustainable development of the financial system.

Why Financial Advice Cannot Substitute for Financial Literacy?

OpenAIRE

M. Debbich

2015-01-01

This paper examines the ability of financial advice provided by sellers of financial services to substitute for financial literacy of customers. I set up a simple theoretical model in which an informed financial advisor communicates with a less informed customer of financial services. Given the existence of a conflict of interest from the advisor's perspective, the model predicts that only well financially sophisticated customers receive relevant information from the advisor. This fact tends ...

Identification of the Level of Financial Security of an Insurance Company

Directory of Open Access Journals (Sweden)

Kozmenko Serhiy M.

2014-02-01

Full Text Available The article is devoted to theoretical and practical aspects of identification of financial security of the insurer. The article justifies urgency of identification of the level of financial security of the insurer and its qualitative assessment. It offers a scientific and methodical approach to identification of the level of financial security of the insurer on the basis of the conducted analysis of advantages and shortcomings of the existing approaches. The basis of the developed methods is a generalised assessment of the level of financial security of the insurer, which is offered to be carried out on the basis of calculation of statistical and dynamic integral indicators of financial security of the insurance company. The obtained integral assessments allow making a conclusion about efficiency of the selected strategy of the insurer and its ability to oppose to negative influence of threats to financial security. Results of calculation of integral indicators of financial security of the insurer allow identification of influence of fraud as the main threat to financial security of domestic insurance companies. The proposed approach was realised in practice of Ukrainian insurers and proved its efficiency.

Financial Determinants for Improving Public Sector Accountability: A Meta-Analytic Study

Directory of Open Access Journals (Sweden)

Laura Alcaide MUÑOZ

2013-12-01

Full Text Available The economic crisis has highlighted the need to pay close attention to the disclosure of financial information by public administration institutions; this is an element contributing to the control, accountability and responsibility and thus to achieving greater financial stability and sustainability. Although the disclosure of public financial information has traditionally been linked with financial variables, previous researches in this respect have been somewhat inconsistent in their findings, and conclusive evidence has yet to be provided regarding these factors and their influence on the level of disclosure. The present meta-analysis tries to reveal the existence of a statistically significant association between certain financial variables and the disclosure of public financial information, although the strength and sign of this association will depend on the context under analysis. The results obtained indicate that, depending on the context in which public managers are operating, they may have different attitudes toward the disclosure of public financial information; the medium employed for the dissemination and public indebtedness are also significant factors to this disclosure. Therefore, results reveal a variable degree of predisposition among public managers to adopt policies aimed at increasing the disclosure of public financial information.

Complex Data Modeling and Computationally Intensive Statistical Methods

CERN Document Server

Mantovan, Pietro

2010-01-01

The last years have seen the advent and development of many devices able to record and store an always increasing amount of complex and high dimensional data; 3D images generated by medical scanners or satellite remote sensing, DNA microarrays, real time financial data, system control datasets. The analysis of this data poses new challenging problems and requires the development of novel statistical models and computational methods, fueling many fascinating and fast growing research areas of modern statistics. The book offers a wide variety of statistical methods and is addressed to statistici

The Financial Crisis: Origins, Causes And Conclusions

Directory of Open Access Journals (Sweden)

Eneida Permeti

2015-03-01

Full Text Available The crisis in recent years took start in response to a crisis of the real estate market in the United States in 2007. The year 2009 has seen an economic crisis and between 2010 and 2011 it was known the spreading of the crisis sovereign debt and public finances of many countries. The financial markets failed in their main task: the allocation of risk. The products and services traded in the financial market are characterized by the immateriality and legal complexity. It means a high uncertainty degree and a high risk. Therefore is very important to protect the investors and this means: give them the right information, right legislation, market confidence and a product that respond to their needs. The crisis causes are: weaknesses in the regulatory, malfunction of the rating agencies, political errors and conflicts of interest. This means that we need: more rules, more capital, less debt, more transparency. The financial markets and the economy have always moved in harmony and savers have undertaken a countercyclical behavior, against trend or against the cycle and for investing in financial markets with the probability in favor we need a map that comes from the statistics.

Time averaging, ageing and delay analysis of financial time series

Science.gov (United States)

Cherstvy, Andrey G.; Vinod, Deepak; Aghion, Erez; Chechkin, Aleksei V.; Metzler, Ralf

2017-06-01

We introduce three strategies for the analysis of financial time series based on time averaged observables. These comprise the time averaged mean squared displacement (MSD) as well as the ageing and delay time methods for varying fractions of the financial time series. We explore these concepts via statistical analysis of historic time series for several Dow Jones Industrial indices for the period from the 1960s to 2015. Remarkably, we discover a simple universal law for the delay time averaged MSD. The observed features of the financial time series dynamics agree well with our analytical results for the time averaged measurables for geometric Brownian motion, underlying the famed Black-Scholes-Merton model. The concepts we promote here are shown to be useful for financial data analysis and enable one to unveil new universal features of stock market dynamics.

Financial System of Malaysia: the Concept of Financial Dispute

Directory of Open Access Journals (Sweden)

Evgenia E. Frolova

2017-01-01

Full Text Available Purpose: the article examines the main problems associated the new regulatory acts of Malaysia – the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013; The characteristics of the legal status of the "Ombudsman for financial services" are listed, types of financial disputes subject to settlement under the "financial ombudsman scheme" are listed, parties to the financial dispute are identified. To achieve this goal, the article must solve the following tasks: to determine whether there are institutions in Malaysia that provide services for resolving financial disputes; to investigate the main problems associated with the definition of the concept and types of financial dispute, the conditions for the transfer of a financial dispute to the competent authority. Methods: this article is based on an interdisciplinary concept of research, which allowed to distinguish the distinctive features of the legal regulation of the settlement of financial disputes in Malaysia. Results: according to the provisions of the new laws of Malaysia, namely the Financial Services Act of 2013 and the Islamic Financial Services Act of 2013, a financial dispute should be understood as a dispute, to which the parties are a financial consumer and a financial service provider provider. Financial disputes include disputes in the field of insurance and Islamic insurance, as well as disputes over bank cards, bank accounts, ATMs, Internet banking, mobile banking, and others. The main body for the settlement of financial disputes is the Financial Ombudsman. The competence of the financial ombudsman is limited by the amount of the claim of 250,000 ringgit (about 4.5 million rubles, under insurance claims – 10,000 ringgit, in the field of unauthorized transactions – 25,000 ringgit. The procedure for resolving a financial dispute, which in Malaysia is referred to as the "scheme of a financial ombudsman", is established by the Central Bank of Malaysia

CSR and Financial Performance: The Case of Polish Small and Medium Manufacturers

Directory of Open Access Journals (Sweden)

Zaborek Piotr

2014-09-01

Full Text Available The paper explores the hypothesized link between involvement in social responsibility and financial performance. In particular, it looks at this relationship among Polish small and medium manufacturing companies that operate in food, beverage and cosmetics industries. The statistical analysis involves developing and testing structural model on the basis of data from a survey of 187 managers supplemented by validated financial metrics from an external database. The outcomes suggests the existence of a weak but statistically significant positive correlation between the CSR involvement construct and sales profit margin (β=0.2. However, CSR seems to have no discernible direct effect on ROA. The study, as the first project of this kind in Poland, adds to the sparse body of literature on financial outcomes of CSR in small and medium enterprises from emerging economies. Another distinguishing feature of this research is its methodological approach which compares favorably to many previous studies in terms of robustness.

What are GPs' preferences for financial and non-financial incentives in cancer screening? Evidence for breast, cervical, and colorectal cancers.

Science.gov (United States)

Sicsic, Jonathan; Krucien, Nicolas; Franc, Carine

2016-10-01

General practitioners (GPs) play a key role in the delivery of preventive and screening services for breast, cervical, and colorectal cancers. In practice, GPs' involvement varies considerably across types of cancer and among GPs, raising important questions about the determinants of GPs' implication in screening activities: what is the relative impact of financial and non-financial incentives? Are GPs' preferences for financial and non-financial incentives cancer-specific? Is there preference heterogeneity and how much does it differ according to the screening context? This study investigates the determinants of GPs' involvement in cancer screening activities using the discrete choice experiment (DCE) methodology. A representative sample of 402 GPs' was recruited in France between March and April 2014. Marginal rates of substitution were used to compare GPs' preferences for being involved in screening activities across three types of cancers: breast, cervical, and colorectal. Variability of preferences was investigated using Hierarchical Bayes mixed logit models. The results indicate that GPs are sensitive to both financial and non-financial incentives, such as a compensated training and systematic transmission of information about screened patients, aimed to facilitate communication between doctors and patients. There is also evidence that the level and variability of preferences differ across screening contexts, although the variations are not statistically significant on average. GPs appear to be relatively more sensitive to financial incentives for being involved in colorectal cancer screening, whereas they have higher and more heterogeneous preferences for non-financial incentives in breast and cervical cancers. Our study provides new findings for policymakers interested in prioritizing levers to increase the supply of cancer screening services in general practice. Copyright © 2016 Elsevier Ltd. All rights reserved.

Fluctuation behaviors of financial return volatility duration

Science.gov (United States)

Niu, Hongli; Wang, Jun; Lu, Yunfan

2016-04-01

It is of significantly crucial to understand the return volatility of financial markets because it helps to quantify the investment risk, optimize the portfolio, and provide a key input of option pricing models. The characteristics of isolated high volatility events above certain threshold in price fluctuations and the distributions of return intervals between these events arouse great interest in financial research. In the present work, we introduce a new concept of daily return volatility duration, which is defined as the shortest passage time when the future volatility intensity is above or below the current volatility intensity (without predefining a threshold). The statistical properties of the daily return volatility durations for seven representative stock indices from the world financial markets are investigated. Some useful and interesting empirical results of these volatility duration series about the probability distributions, memory effects and multifractal properties are obtained. These results also show that the proposed stock volatility series analysis is a meaningful and beneficial trial.

Model of formation of low-risk stock portfolio in modern financial markets

Directory of Open Access Journals (Sweden)

Дмитро Сергійович Богач

2016-03-01

Full Text Available The basic principles of formation of an investment portfolio in modern financial markets are determined. A method of forming stock portfolio due to the statistical properties of stationary process and relations between the behavior of stocks and economic sector, characterizing these actions, is proposed. Optimal points of recalculation of model depends on changes in current trends in the financial market is described

THE REAL ESTATE INVESTMENTS AND THE FINANCIAL CRISIS IN ROMANIA

OpenAIRE

Ana POPA; Laura GIURCA VASILESCU

2009-01-01

This paper is based on a wide range of researches and statistics data, regarding the enormous stock real estate boom that started around 1982 and picked up incredible speed after 1995. First of all, many economists argue that this boom represents a speculative bubble, because it is not grounded in sensible economic fundamentals. Secondly, this boom must be placed it in the context of financial crisis starting in 2007. In fact, the global financial crisis has begun with the north-American subp...

Household expenditures on dietary supplements sold for weight loss, muscle building, and sexual function: Disproportionate burden by gender and income.

Science.gov (United States)

Austin, S Bryn; Yu, Kimberly; Liu, Selena Hua; Dong, Fan; Tefft, Nathan

2017-06-01

Dietary supplements sold for weight loss (WL), muscle building (MB), and sexual function (SF) are not medically recommended. They have been shown to be ineffective in many cases and pose serious health risks to consumers due to adulteration with banned substances, prescription pharmaceuticals, and other dangerous chemicals. Yet no prior research has investigated how these products may disproportionately burden individuals and families by gender and socioeconomic position across households. We investigated household (HH) cost burden of dietary supplements sold for WL, MB, and SF in a cross-sectional study using data from 60,538 U.S. households (HH) in 2012 Nielsen/IRi National Consumer Panel, calculating annual HH expenditures on WL, MB, and SF supplements and expenditures as proportions of total annual HH income. We examined sociodemographic patterns in HH expenditures using Wald tests of mean differences across subgroups. Among HH with any expenditures on WL, MB, or SF supplements, annual HH first and ninth expenditure deciles were, respectively: WL $5.99, $145.36; MB $6.99, $141.93; and SF $4.98, $88.52. Conditional on any purchases of the products, female-male-headed HH spent more on WL supplements and male-headed HH spend more on MB and SF supplements compared to other HH types ( p -values supplements types ( p -values supplements ( p -values supplements sold for WL, MB, and SF disproportionately burden HH by income and gender.

The Usefulness of Financial Statements in Making Financial Diagnosis

Directory of Open Access Journals (Sweden)

Mitica Pepi

2016-01-01

Full Text Available Our research aims to develop an analysis of the usefulness of financial statements and financial investment in making the diagnosis. Financial analysis is by definition an activity that performance condition is diagnosed entity of the financial year. Financial analysis shall be determined by strengths and weaknesses of financial management based on which will underpin future strategy of the entity to maintain and develop it into a competitive environment. Results of financial analysis depends on the quality, accuracy, relevance and effectiveness of economic information collected and processed. The primary sources of information for financial analysis are the financial statements, which are considered as raw material in the analysis.

Financial Intermediaries and Economic Growth: The Nigerian Evidence

Directory of Open Access Journals (Sweden)

Oba Efayena

2014-06-01

Full Text Available This study seeks to examine the role of financial intermediaries and to find out whether financial intermediaries impact on economic growth in Nigeria. The study adopts the Harrod-Domar growth model which states that economic growth will proceed at the rate which society can mobilize domestic savings resources coupled with the productivity of the investment. The study employed the use of secondary data for the period 1981 to 2011 which were sourced from the CBN statistical bulletin. Nigerian banks being the dominant financial intermediaries, loans credits and advances from banks were used as proxy for the independent variable. Gross domestic product (GDP was used as proxy for economic growth. Using the technique of correlation analysis in determining the association between loan credits and advances, and the GDP, the study reveals a relatively high positive correlation between financial intermediaries and economic growth in the Nigerian economy. The study recommends that Nigerian banks should lend higher proportion of their loanable funds to small and medium enterprises (SMEs and should invest in information technology and human capital.

GOVERNMENTAL FINANCIAL REPORTS: BETWEEN VARIETY AND INTEGRATION

Directory of Open Access Journals (Sweden)

Andrei R. CRIŞAN

2014-06-01

Full Text Available Governments in general provide two main types of financial information: Government Finance Statistics (GFS, used for macroeconomic analysis and General Purpose Financial Reports (GPFR, more or less according with International Public Sector Accounting Standards, used for making decisions in the public sector entities. The aim of this paper is to make a comparison between GFS and GPFR to extract the similarities and differences between them. The documents of GFS and GPFS will be compared row by row, relieving the common and the different components. Our proposal is to create a unique informational system which generates both GFS and GPFS. This system could bring significant benefits such as saving time or reducing costs.

Does financial education impact financial literacy and financial behavior, and if so, when?

OpenAIRE

Kaiser, Tim; Menkhoff, Lukas

2017-01-01

A meta-analysis of 126 impact evaluation studies finds that financial education significantly impacts financial behavior and, to an even larger extent, financial literacy. These results also hold for the subsample of randomized experiments (RCTs). However, intervention impacts are highly heterogeneous: financial education is less effective for low-income clients as well as in low- and lowe...

Financial markets as adaptive systems

Science.gov (United States)

Potters, M.; Cont, R.; Bouchaud, J.-P.

1998-02-01

We show, by studying in detail the market prices of options on liquid markets, that the market has empirically corrected the simple, but inadequate Black-Scholes formula to account for two important statistical features of asset fluctuations: "fat tails" and correlations in the scale of fluctuations. These aspects, although not included in the pricing models, are very precisely reflected in the price fixed by the market as a whole. Financial markets thus behave as rather efficient adaptive systems.

Measuring financial performance: an overview of financial statements.

Science.gov (United States)

Dalsted, N L

1995-07-01

Financial management has emerged as a critical component in the long-term viability of today's ranches and farms. Proper and timely financial reporting and analysis of financial statements are valuable tools that agricultural producers can use to monitor, coordinate, and plan their operational production and marketing schemes and strategies. A side note to preparation of financial statements. With the concerns over lender liability issues associated with statements either assisted with or prepared by a lending officer, agricultural producers will be responsible for preparing their own statements. The lending institutions may prepare their own statements in their assessment of the financial condition of a business and or individual, but, ultimately, the responsibility of financial statements is the borrower's. Some of the material presented in this article provides important input for use in such analytical programs as the National Cattlemen's Association, Integrated Resource Committees, and Standard Performance Analysis (SPA). SPA techniques and associated software have been or currently are under development for cow-calf, stocker, seedstock, and sheep enterprises. Critical to the analysis is having complete and correct financial statements. These analytical programs build on the financial statements. These analytical programs build on the financial statements as recommended by the FFSTF. Proper financial reporting is critical not only to a SPA assessment but also to the overall financial management of today's farms and ranches. Recognizing the importance of financial management in production agriculture is not enough, taking a proactive stance in one's financial plan is paramount to success. Failure to do so will only enhance the exit rates of producers from production agriculture.

Financial management practices and attitudes of dental hygienists: a descriptive study.

Science.gov (United States)

Russell, Katherine; Stramoski, Sandra

2011-01-01

The purpose of this study was to determine the financial management goals and practices of registered dental hygienists, their satisfaction with their current financial situations and their attitudes about savings, investments and retirement. A 40 question electronic survey was completed by 388 registered dental hygienists. The descriptive instrument assessed financial practices, attitudes, goals and beliefs, retirement mindset, savings habits, debt tendencies and demographic characteristics of respondents. Statistical analyses compared respondents' beliefs about their financial independence and security with their current financial practices. Analyses included: independent samples t-tests, chi-square analysis and ANOVA. Most dental hygienists believed themselves to be financially independent and reported satisfaction with their current financial situation. Significant relationships existed between respondents' satisfaction with their current financial situations and their financial attitudes and practices (saving regularly and having limited debt). Those who indicated they had personally saved for retirement were more likely to view these savings as their largest source of income during retirement, as opposed to Social Security benefits. A majority agreed that financial management education should be included in the dental hygiene curriculum, and that they would attend a continuing education course on the subject if offered. The results of this study suggest that hygienists have confidence in their ability to provide secure financial futures for themselves. Hygienists who practiced sound financial planning, such as adhering to monthly budgets, having wills, lowering debt and saving regularly, reported a higher level of financial security than those who did not. Most respondents expressed interest in receiving education about financial management through the dental hygiene curriculum and continuing education courses.

Financial Analysis of the Financial Institutions Sector in Kosovo

Directory of Open Access Journals (Sweden)

Vlora Prenaj

2015-12-01

Full Text Available Paper work “Financial analysis of the financial institutions sector in Kosovo” treats financial sector in Kosovo. Paper work contains the current position of the economy, economic prospects and macroeconomic projections for the financial sector in Kosovo, future potential and possibilities of financial sector in Kosovo. The main goal of this research is financial analysis of Kosovo financial institutions sector - overview of key indicators. This research evaluates the performances of commercial bank’s profitability, which have operated in the market during the period 2006-2012. This research is conducted through financial analysis coefficients: Return on Equity, Return on assets and Cost to Income. Test t-Student is used to analyze the profitability for the period 2006/2007 before the financial crisis and the period 2011/2012 after financial crisis.

Statistical regularities of Carbon emission trading market: Evidence from European Union allowances

Science.gov (United States)

Zheng, Zeyu; Xiao, Rui; Shi, Haibo; Li, Guihong; Zhou, Xiaofeng

2015-05-01

As an emerging financial market, the trading value of carbon emission trading market has definitely increased. In recent years, the carbon emission allowances have already become a way of investment. They are bought and sold not only by carbon emitters but also by investors. In this paper, we analyzed the price fluctuations of the European Union allowances (EUA) futures in European Climate Exchange (ECX) market from 2007 to 2011. The symmetric and power-law probability density function of return time series was displayed. We found that there are only short-range correlations in price changes (return), while long-range correlations in the absolute of price changes (volatility). Further, detrended fluctuation analysis (DFA) approach was applied with focus on long-range autocorrelations and Hurst exponent. We observed long-range power-law autocorrelations in the volatility that quantify risk, and found that they decay much more slowly than the autocorrelation of return time series. Our analysis also showed that the significant cross correlations exist between return time series of EUA and many other returns. These cross correlations exist in a wide range of fields, including stock markets, energy concerned commodities futures, and financial futures. The significant cross-correlations between energy concerned futures and EUA indicate the physical relationship between carbon emission and energy production process. Additionally, the cross-correlations between financial futures and EUA indicate that the speculation behavior may become an important factor that can affect the price of EUA. Finally we modeled the long-range volatility time series of EUA with a particular version of the GARCH process, and the result also suggests long-range volatility autocorrelations.

An Intelligent Model for Pairs Trading Using Genetic Algorithms.

Science.gov (United States)

Huang, Chien-Feng; Hsu, Chi-Jen; Chen, Chi-Chung; Chang, Bao Rong; Li, Chen-An

2015-01-01

Pairs trading is an important and challenging research area in computational finance, in which pairs of stocks are bought and sold in pair combinations for arbitrage opportunities. Traditional methods that solve this set of problems mostly rely on statistical methods such as regression. In contrast to the statistical approaches, recent advances in computational intelligence (CI) are leading to promising opportunities for solving problems in the financial applications more effectively. In this paper, we present a novel methodology for pairs trading using genetic algorithms (GA). Our results showed that the GA-based models are able to significantly outperform the benchmark and our proposed method is capable of generating robust models to tackle the dynamic characteristics in the financial application studied. Based upon the promising results obtained, we expect this GA-based method to advance the research in computational intelligence for finance and provide an effective solution to pairs trading for investment in practice.

Financial controlling in non-profit organizations. The case of Slovak Republic

Directory of Open Access Journals (Sweden)

Gabriela Vaceková

2013-06-01

Full Text Available The aim of financial controlling is to secure liquidity and financial stability of an organization. It is very important especially for NPOs. They are not founded primarily for the purpose of making profit, so their financial policy gives priority to continuously provide liquidity. The paper presents partial results of a pilot primary research of utilization of financial controlling tools in governmental and nongovernmental non-profit organizations in the conditions of Slovak Republic. Primary data were obtained by the sociological method of a structured questionnaire. The analysis was carried out by adequate mathematical and statistical methods for processing qualitative data and ordinal variables. The presented paper provides a new insight into the studied problem while generating a primary information basis for further scientific study and research work in this field.

Financial Economy and Financial System: Basis of Structural Interconnection

Directory of Open Access Journals (Sweden)

Khorosheva Olena I.

2014-02-01

Full Text Available The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an aggregate of financial economies and financial market. The article justifies a necessity of expansion of boundaries of perception of the state financial economy, which is offered to include public financial economy of the state level and the set of financial economies of the state as a subject of economic activity. Such an approach forms a base for justification of the synthesis of participation of the state in financial relations as the owner and as the basic macro-economic regulator. Prospects of further study in this direction are: development of classification of financial economies; revelation of specific features of impact of shadow finance on development of the national financial economy; and assessment of possibilities of inclusion of structured financial products into the system of values of financial economies in Ukraine.

Fluctuation behaviors of financial time series by a stochastic Ising system on a Sierpinski carpet lattice

Science.gov (United States)

Fang, Wen; Wang, Jun

2013-09-01

We develop a financial market model using an Ising spin system on a Sierpinski carpet lattice that breaks the equal status of each spin. To study the fluctuation behavior of the financial model, we present numerical research based on Monte Carlo simulation in conjunction with the statistical analysis and multifractal analysis of the financial time series. We extract the multifractal spectra by selecting various lattice size values of the Sierpinski carpet, and the inverse temperature of the Ising dynamic system. We also investigate the statistical fluctuation behavior, the time-varying volatility clustering, and the multifractality of returns for the indices SSE, SZSE, DJIA, IXIC, S&P500, HSI, N225, and for the simulation data derived from the Ising model on the Sierpinski carpet lattice. A numerical study of the model’s dynamical properties reveals that this financial model reproduces important features of the empirical data.

East Asian Financial Cycles: Asian vs. Global Financial Crises

OpenAIRE

Akira Kohsaka; Jun-ichi Shinkai

2014-01-01

We examine the role of financial shocks in business cycles in general and in financial crises in particular in East Asia (Indonesia, Korea, Malaysia and Thailand) since the 1990s. Estimating a Financial Conditions Index, we found that financial shocks explain most of business downturns in all the economies in the Asian Financial Crisis (AFC) in 1997-98, but that the effects of financial shocks are diverse across economies in the Global Financial Crisis (GFC) in 2008-09. In the GFC, the financ...

Financialization may affect the therapeutic relationship in psychotherapy

Directory of Open Access Journals (Sweden)

Marcin Jacek Jabłoński

2015-04-01

Full Text Available Background: The therapeutic relationship is one of the most important and independent predictors in psychotherapy. Therapeutic relationships take place in a social environment, which shapes the mentality of therapists. One of the important aspects of this environment is financialization, which is considered to be the most significant socioeconomic phenomenon characteristic of capitalism. The aim of this paper is to discuss the effect of financialization on the attitudes of psychotherapists and on the quality of care they provide. Discussion: The paper presents a theoretical analysis of the relationship between the primary constituents of the therapeutic relationship (i.e. trust, realness, individuality of approach, honesty, truth, ethics, the good of the patient and the phenomena characteristic of the process of financialization (such as replacement of relationship for transaction, distrust, advertisement, statistics, profitability, acceptance of a lie, relativism, consumptionism, perception of own benefits. Summary: Financialization can change the therapeutic relationship through indiscriminate introjection of financialization by the therapist. The primary cognitive and behavioural effect of this process is a shift in the proportions between the foundations of therapeutic relationship towards the foundations of financialization (as defined in this article. To the best of our knowledge, this is the first article presenting the correlation between financialization and psychotherapy.

FINANCIAL STABILITY OF SMALL BUSINESS: THE ESTIMATION AND DYNAMICS OF REGIONAL DEVELOPMENT

Directory of Open Access Journals (Sweden)

A.U. Makarova

2008-03-01

Full Text Available In clause the problem of an estimation of financial stability of the enterprises of small business is considered. It is offered to use traditional indicators of an estimation of the financial stability, describing it in the short-term period, and such indicators as equation of monetary streams, qualitative risk-management, a level äèâåðñèôèêàöèè business and competitive position of the company for an estimation of stability in the long-term period. On the basis of data of statistical supervision over small enterprises the estimation of dynamics of results of financial activity and financial stability of small enterprises of Sverdlovsk area is lead to 2001 – 2005 is drawn a conclusion about low parameters of solvency and financial stability of small enterprises of region in comparison with normative parameters and data on the large and average enterprises. The measures directed on increase of financial stability of the enterprises of small business are offered.

The structure and resilience of financial market networks.

Science.gov (United States)

Peron, Thomas Kaue Dal'Maso; Costa, Luciano da Fontoura; Rodrigues, Francisco A

2012-03-01

Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience.

The structure and resilience of financial market networks

Science.gov (United States)

Kauê Dal'Maso Peron, Thomas; da Fontoura Costa, Luciano; Rodrigues, Francisco A.

2012-03-01

Financial markets can be viewed as a highly complex evolving system that is very sensitive to economic instabilities. The complex organization of the market can be represented in a suitable fashion in terms of complex networks, which can be constructed from stock prices such that each pair of stocks is connected by a weighted edge that encodes the distance between them. In this work, we propose an approach to analyze the topological and dynamic evolution of financial networks based on the stock correlation matrices. An entropy-related measurement is adopted to quantify the robustness of the evolving financial market organization. It is verified that the network topological organization suffers strong variation during financial instabilities and the networks in such periods become less robust. A statistical robust regression model is proposed to quantity the relationship between the network structure and resilience. The obtained coefficients of such model indicate that the average shortest path length is the measurement most related to network resilience coefficient. This result indicates that a collective behavior is observed between stocks during financial crisis. More specifically, stocks tend to synchronize their price evolution, leading to a high correlation between pair of stock prices, which contributes to the increase in distance between them and, consequently, decrease the network resilience.

Corporate financial restructuring in Asia: implications for financial stability

OpenAIRE

Michael Pomerleano

2007-01-01

Corporate financial fragility preceding the Asian financial crisis heightened vulnerabilities. Many countries in the region undertook significant corporate financial restructuring after the crisis, with some countries bouncing back much faster than others. These sounder corporate financial practices bode well for financial stability.

FINANCIAL INFORMATION, EFFECTS OF FINANCIAL INFORMATION ON ECONOMIC DECISION

Directory of Open Access Journals (Sweden)

TAK ISA

2010-12-01

Full Text Available Financial information has, indisputably, an important effect in economics. To form an effective capital market, financial information must be reliable and accurate. Misleading financial information always has a negative impact on economic decision taken by users. It is known that financial information as the cornerstone of financial markets, can improve economic performance in several ways. Nowadays we are facing economic crisis due to irregularities of presentation of financial statements to users. Misunderstandings cause economic recession. Detection of fraudulent financial information, is an important issue facing the auditing profession. Currently, bankruptcy of companies around the world, leaves millions of people without jobs, this is caused by financial information which is manipulated by companies. The purpose of this paper is to analyze the effects of errors and manipulation committed in the financial information sector on the real economy. Also one of the purposes of this paper is to analyze error and fraud in financial statements how it effects the real economy and the reasons for committing fraud in financial statements. Also, several suggestions are included in this study about actions that can be taken to prevent errors and manipulation in financial information.

Financial Liberalization and Financial Fragility

OpenAIRE

Enrica Detragiache; Asli Demirgüç-Kunt

1998-01-01

The authors study the empirical relationship between banking crises and financial liberalization using a panel of data for 53 countries for 1980-95. They find that banking crises are more likely to occur in liberalized financial systems. But financial liberalization's impact on a fragile banking sector is weaker where the institutional environment is strong--especially where there is respect for the rule of law, a low level of corruption, and good contract enforcement. They examine evidence o...

THE IMPACT OF THE GLOBAL FINANCIAL CRISIS ON CHINA’S TOURISM

OpenAIRE

MELINDA PLESCAN; MARIUS GAVRILETEA

2009-01-01

Statistics from the China National Tourism Administration show that China's inbound tourism declined overall in January this year due to the global financial crisis. It is understood that affected by the global economic depression, China's inbound, outbound and domestic travel markets are all in a weak state this year. China’s tourism industry experienced a hard time in 2008 due to natural disasters and the global financial crisis. Looking ahead, the structural adjustment will probably show u...

Disclosure of Non-Financial Information: Relevant to Financial Analysts?

OpenAIRE

ORENS, Raf; LYBAERT, Nadine

2013-01-01

The decline in the relevance of financial statement information to value firms leads to calls from organizational stakeholders to convey non-financial information in order to be able to judge firms' financial performance and value. This literature review aims to report extant literature findings on the use of corporate non-financial information by sell-side financial analysts, the information intermediaries between corporate management and investors. Prior studies highlight that financial ana...

Financial globalisation uncertainty/instability is good for financial development

OpenAIRE

Asongu, Simplice A.; Koomson, Isaac; Tchamyou, Vanessa S.

2015-01-01

Purpose – This study assesses the effect of time-dynamic financial globalisation uncertainty on financial development in 53 African countries for the period 2000-2011. Design/methodology/approach – Financial globalisation uncertainty is estimated as time-dynamic to capture business cycle disturbances while all dimensions identified by the Financial Development and Structure Database of the World Bank are employed, namely: financial depth (money supply and liquid liabilities), financial sy...

Quantitative Literacy at Michigan State University, 2: Connection to Financial Literacy

Directory of Open Access Journals (Sweden)

Dennis Gilliland

2011-07-01

Full Text Available The lack of capability of making financial decisions has been recently described for the adult United States population. A concerted effort to increase awareness of this crisis, to improve education in quantitative and financial literacy, and to simplify financial decision-making processes is critical to the solution. This paper describes a study that was undertaken to explore the relationship between quantitative literacy and financial literacy for entering college freshmen. In summer 2010, incoming freshmen to Michigan State University were assessed. Well-tested financial literacy items and validated quantitative literacy assessment instruments were administered to 531 subjects. Logistic regression models were used to assess the relationship between level of financial literacy and independent variables including quantitative literacy score, ACT mathematics score, and demographic variables including gender. The study establishes a strong positive association between quantitative literacy and financial literacy on top of the effects of the other independent variables. Adding one percent to the performance on a quantitative literacy assessment changes the odds for being at the highest level of financial literacy by a factor estimated to be 1.05. Gender is found to have a large, statistically significant effect as well with being female changing the odds by a factor estimated to be 0.49.

Agricultural Finance Statistics, 1960-83

OpenAIRE

Amols, George; Kaiser, Wilson

1984-01-01

This bulletin presents farm financial statistics, including outstanding farm 4ebt by State and lender and average interest rates for agricultural loans charged by selected lenders for 1960-83. Farm debt includes both real estate and nonrea1 estate debt. Lenders include Commodity Credit Corporation (CCC), Federal land banks, production credit associations, Federal intermediate credit banks, commercial banks, life insurance companies, Farmers Home Administration, and individuals and others.

College Students and Financial Distress: Exploring Debt, Financial Satisfaction, and Financial Anxiety

Science.gov (United States)

Archuleta, Kristy L.; Dale, Anita; Spann, Scott M.

2013-01-01

The impact of financial concerns on overall mental health has become a popular topic among researchers and practitioners. In this exploratory study, possible associations of financial anxiety were explored using a sample of 180 college students who sought services at a university peer financial counseling center in a Midwestern state. Of…

An ARIMA-Intervention Analysis Model for the Financial Crisis in China's Manufacturing Industry

Directory of Open Access Journals (Sweden)

W.H. Ip

2009-10-01

Full Text Available Triggered by the subprime mortgage crisis in the United States (U.S., a financial tsunami has spread rapidly around the globe, from the U.S. to Europe and the rest of the world, causing the world economy to enter a recession. China is no exception, and has suffered a sharp reduction in the growth of its export and manufacturing sectors. In this paper, we attempt to model and analyze the impact of financial crisis on the manufacturing industry in China using data collected from March 2005 to November 2008 by the China Statistical Databases of the National Bureau of Statistics of China. The results indicate that China's manufacturing industry may have to tolerate a significant negative effect caused by the global financial crisis over a period of time, with its gross industrial output value declining continually throughout 2008 and 2009 before reaching a state of equilibrium. The intervention effect is described in this study as temporary but immediate and abrupt. It is found that the ARIMA-Intervention model is more precise at explaining and analyzing the intervention effects of the financial tsunami.

Evaluating a Financial Assessment Tool: The Financial Checkup

OpenAIRE

Johnson, Alena C.

2001-01-01

The purpose of this study was to evaluate The Financial Checkup program. The program consisted of a booklet called The Financial Checkup and a 1-1 y, hour workshop explaining the booklet. The booklet helps individuals evaluate their financial situation on an annual basis. It includes a net worth statement, an income and expense statement, financial ratios, a revolving savings worksheet, a retirement worksheet, a life insurance worksheet, a financial goals worksheet, and a budget worksheet. Th...

Uluslararası Finansal Raporlama Standartlarının Finansal Analize Etkisi: İMKB’ye Yönelik Bir Araştırma = The Impact of International Financial Reporting Standards on Financial Analysis: A Study on IMKB (Istanbul Stock Exhange

Directory of Open Access Journals (Sweden)

Ali İhsan AKGÜN

2013-01-01

Full Text Available The information in financial statements should be correct, comprehensible and comparable enough, in terms of financial analysis, to fulfill the needs of financial information users. When different purposes of financial statement users are taken into consideration, Turkish Accounting Standards (TAS and Turkish Financial Reporting Standards (TFRS applications have important impacts on financial statements of enterprises and the analysis of these statements. In the actual study, the impact of International Financial Reporting Standards (IFRS on the financial statement analysis of enterprises registered in Istanbul Stock Exchange (IMKB was examined. The study, the effect of IFRS on the enterprises registered in IMKB was examined thorough a questionnaire. Factor analysis was made on the SPSS 19 statistics program.

ROLE OF FINANCIAL INSTITUTIONS IN THE PUBLIC-PRIVATE PARTNERSHIPS DEVELOPMENT

Directory of Open Access Journals (Sweden)

Ion POTLOG

2015-12-01

Full Text Available Public-Private Partnership represents institutional and organizational alliance of the state and business, consisting of financial actors interaction, legal, social and policy oriented joint public and private resources from different sources into a single complex to solve strategic socio-economic problems of country. The aim of the research is to demonstrate the importance of financial institutions in publicprivate partnership projects implementation. Research methodology – in order to achieve the expected results, author applied recognized methods and techniques applied as economic investigations: comparative method, statistical method, logical analysis method. The research results, expressed by knowledge through mentioned field can be applied to improve the process of attracting local and international financial institutions to ensure success in public-private partnerships projects in Republic of Moldova.

SHPPS 2006: School Health Policies and Programs Study--Foods and Beverages Sold Outside of the School Meals Programs

Science.gov (United States)

Centers for Disease Control and Prevention, 2007

2007-01-01

The School health Policies and Programs Study (SHPPS) is a national survey periodically conducted to assess school health policies and programs at the state, district, school, and classroom levels. This brief reports study results in the area of foods and beverages sold outside of the school meals program. (Contains 3 tables, 1 figure, and 2…

Financial Coaching's Potential for Enhancing Family Financial Security

Science.gov (United States)

Collins, J. Michael; Olive, Peggy; O'Rourke, Collin M.

2013-01-01

Financial coaching is an emerging complement to financial education and counseling. As defined in this article, financial coaching is a process whereby participants set goals, commit to taking certain actions by specific dates, and are then held accountable by the coach. In this way, financial coaching is designed to help participants bridge the…

Statistical Yearbook of Norway 2012

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-07-01

The Statistical Yearbook of Norway 2012 contains statistics on Norway and main figures for the Nordic countries and other countries selected from international statistics. The international over-views are integrated with the other tables and figures. The selection of tables in this edition is mostly the same as in the 2011 edition. The yearbook's 480 tables and figures present the main trends in official statistics in most areas of society. The list of tables and figures and an index at the back of the book provide easy access to relevant information. In addition, source information and Internet addresses below the tables make the yearbook a good starting point for those who are looking for more detailed statistics. The statistics are based on data gathered in statistical surveys and from administrative data, which, in cooperation with other public institutions, have been made available for statistical purposes. Some tables have been prepared in their entirety by other public institutions. The statistics follow approved principles, standards and classifications that are in line with international recommendations and guidelines. Content: 00. General subjects; 01. Environment; 02. Population; 03. Health and social conditions; 04. Education; 05. Personal economy and housing conditions; 06. Labour market; 07. Recreational, cultural and sporting activities; 08. Prices and indices; 09. National Economy and external trade; 10. Industrial activities; 11. Financial markets; 12. Public finances; Geographical survey.(eb)

Statistical Yearbook of Norway 2012

Energy Technology Data Exchange (ETDEWEB)

NONE

2012-07-01

The Statistical Yearbook of Norway 2012 contains statistics on Norway and main figures for the Nordic countries and other countries selected from international statistics. The international over-views are integrated with the other tables and figures. The selection of tables in this edition is mostly the same as in the 2011 edition. The yearbook's 480 tables and figures present the main trends in official statistics in most areas of society. The list of tables and figures and an index at the back of the book provide easy access to relevant information. In addition, source information and Internet addresses below the tables make the yearbook a good starting point for those who are looking for more detailed statistics. The statistics are based on data gathered in statistical surveys and from administrative data, which, in cooperation with other public institutions, have been made available for statistical purposes. Some tables have been prepared in their entirety by other public institutions. The statistics follow approved principles, standards and classifications that are in line with international recommendations and guidelines. Content: 00. General subjects; 01. Environment; 02. Population; 03. Health and social conditions; 04. Education; 05. Personal economy and housing conditions; 06. Labour market; 07. Recreational, cultural and sporting activities; 08. Prices and indices; 09. National Economy and external trade; 10. Industrial activities; 11. Financial markets; 12. Public finances; Geographical survey.(eb)

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

Sigit Setiawan

2015-01-01

This study is intended to analyze the current levels of financial depth and financial access in Indonesia and to analyze the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

Materiality from financial towards non-financial reporting

OpenAIRE

Chiara Mio

2013-01-01

The article aims at discussing the evolution of the concept of materiality in financial and, more specifically, non-financial reporting. Materiality will play a central role in the next years in order for reports to reach conciseness, which is at present one of the main goals both financial and non-financial reporting (in particular Integrated Reporting) aims to achieve. The article reviews the most relevant materiality frameworks and definitions and provides further insights for the advancem...

The Current Global Financial Crisis 2008-2012

Directory of Open Access Journals (Sweden)

Albulena Shala

2013-12-01

Full Text Available The current global financial crisis is considered as one of the biggest crises after the crisis of the years of 30’s. The global financial crisis has affected all countries including developed and developing ones. It also has affected all the industries. Population with the low-income faced the greatest consequences. The last hope for the survival of the market economy was to undertake important steps for the nationalization of bankrupted banks and companies, thereby developing policies for the preservation of jobs. Through this analysis, we have included briefly some of the development followed the period of 2008 and onwards. A summary of statistics for some important economic indicators such as employment, exporting and importing is covered in this study as well.

Late Financial Distress Process Stages and Financial Ratios

DEFF Research Database (Denmark)

Sormunen, Nina; Laitinen, Teija

2012-01-01

stage affects the classification ability of single financial ratios and financial distress prediction models in short-term financial distress prediction. The study shows that the auditor's GC task could be supported by paying attention to the financial distress process stage. The implications...... of these findings for auditors and every stakeholder of business firms are considered....

Electric power statistics from independence to establishment

International Nuclear Information System (INIS)

1997-02-01

This paper reports power statistics from independence to establishment pf KEPIC. It has the lists of electricity industry, electric equipment on the whole country power equipment at the independence and development of power facility, power generation about merit of power plants, demand according to types and use, power loss, charge for electric power distribution, power generation and generating cost, financial lists on income measurement and financing, meteorological phenomena and amount of rainfall electric power development, international statistics on major countries power generation and compare power rates with general price.

FINANCIAL DEPTH AND FINANCIAL ACCESS IN INDONESIA

OpenAIRE

Sigit Setiawan

2015-01-01

This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

Financial Depth and Financial Access in Indonesia

OpenAIRE

Setiawan, Sigit

2015-01-01

This study is intended to analyse the current levels of financial depth and financial access in Indonesia and to analyse the factors affecting them. The analysis method used was a combination of descriptive quantitative, benchmarking, and literature reviews. The conclusion is that the financial depth in Indonesia has not shown a satisfactory level since it was the lowest, or the second lowest ranked country among the sampled countries. Meanwhile, the financial access in Indonesia is relativel...

Financial sustainability of PV implementation in Swaziland

International Nuclear Information System (INIS)

Westra, C.A.; Van Roekel, G.M.; Lasschuit, P.E.

2001-10-01

During the past 10 years, more than 700 Solar Home Systems have been implemented by this project in Swaziland, southern Africa. The implementation process started with household energy surveys, the results of which showing significant energy needs for cooking, lighting and basic communication applications (i.e. radio/TV), particularly in rural areas. An implementation project of Solar Home Systems was set up to start rural electrification with solar PV and focused on lighting and small electrical demands. The national government, whose own resources were limited, supported the project as an important step towards addressing the country's range of energy needs. Together with a local company, Swazitronix, a joint venture was established to facilitate the implementation project. With a project loan from the Dutch social bank, the Triodosbank, standard Solar Home Systems were sold, assembled, installed and serviced. Customers paid the full cost of their PV systems and services. Awareness and education issues also formed key aspects of the project. During a later project phase, credit financing instruments were introduced providing a final element of experience crucial to future project implementation. The project's relative success and experiences (i.e. 82% loan repayment rate, detailed review of the causes behind loan defaults, and monitoring survey results) are detailed herein, providing valuable lessons regarding financial sustainability, the linchpin of successful PV implementation. 8 refs

Social Capital, Financial Knowledge, and Hispanic Student College Choices

Science.gov (United States)

O'Connor, Noga; Hammack, Floyd M.; Scott, Marc A.

2010-01-01

Hispanic students are significantly over-represented in community colleges compared to White and Black students. This paper uses a powerful but underutilized statistical technique, the Oaxaca decomposition, to explore the impact of social capital, as manifested through college financial information, on Hispanic student enrollment in 4-year and…

Financial guarantees and public debt in South Africa

Directory of Open Access Journals (Sweden)

Ogutu Miruka

2015-09-01

Full Text Available A few years since the worst of the Euro sovereign debt crisis, many nations, from Cyprus to Ireland, including South Africa are re-visiting their public debt management to avert or lessen the impact of similar such happenings in the future. There are a number of studies on risk assessments of fiscal sustainability; however, few focus on contingent liabilities and even fewer on financial guarantees. In South Africa, financial guarantees have consistently comprised just above or below 50% of all contingent liabilities since the early days of majoritarian rule. In lieu of this, the paper analyses the risks posed by financial guarantees to fiscal sustainability in South Africa. We estimate the effect of financial guarantees on public debt in South Africa via the Engle Granger and causality model with quarterly time series data obtained from the South African Reserve Bank (SARB as well as the National Treasury. The data covers the April 1997 to December 2011 period. All econometric methods were executed using the statistical software package E-Views 7. We found that no long run relationship exists between national net loan debt and financial guarantees in South Africa. The pass rate of financial guarantees significantly affects its present value. The pass rate of financial guarantees has a predicting ability in determining the present value of national net loan debt. These findings may be contrary to what would be expected in the case of South Africa considering that the country is managing the issuance of financial guarantees prudently and that at present levels, there is no need for a radical policy shift. The study therefore offers a lesson to similar merging economies on the good governance of contingent liabilities.

Ways of improvement of financial provision of industrial development

Directory of Open Access Journals (Sweden)

Shemyakina Natalya V.

2013-03-01

Full Text Available The article conducts the study of the state of financial provision of industrial development under modern conditions and justifies main ways of improvement and prospects of investment financing of technical development of the production potential. Classical theses and fundamental works of foreign and domestic scientists, statistical indicators and results of author’s studies of the problems of financing of technical development of industry became the methodological basis of the study. Using the conducted analysis of the state of financing the industrial development in Ukraine, potential sources of financial resources of development of the production potential (profit, depreciation, means of financial institutions and leasing, condition of the state financial support of technical development of the industrial sector and taking into account the modern experience of foreign countries, the article justifies main ways of improvement of the financial provision of industrial development. The proposed ways of improvement of financial provision of industrial development are based on: orientation at the modern model with attraction of all potential investment sources; state-private co-financing of investment projects of production development; de-centralisation of the state support through the use of various channels of support of the processes of industrial development; and formation of the market infrastructure of ensuring of financing of the innovation and investment process in industry.

Multiscale volatility duration characteristics on financial multi-continuum percolation dynamics

Science.gov (United States)

Wang, Min; Wang, Jun

A random stock price model based on the multi-continuum percolation system is developed to investigate the nonlinear dynamics of stock price volatility duration, in an attempt to explain various statistical facts found in financial data, and have a deeper understanding of mechanisms in the financial market. The continuum percolation system is usually referred to be a random coverage process or a Boolean model, it is a member of a class of statistical physics systems. In this paper, the multi-continuum percolation (with different values of radius) is employed to model and reproduce the dispersal of information among the investors. To testify the rationality of the proposed model, the nonlinear analyses of return volatility duration series are preformed by multifractal detrending moving average analysis and Zipf analysis. The comparison empirical results indicate the similar nonlinear behaviors for the proposed model and the actual Chinese stock market.

Adolescents' Financial Literacy: The Role of Financial Socialization Agents, Financial Experiences, and Money Attitudes in Shaping Financial Literacy among South Korean Youth

Science.gov (United States)

Sohn, Sang-Hee; Joo, So-Hyun; Grable, John E.; Lee, Seonglim; Kim, Minjeung

2012-01-01

The purpose of this study was to test the relationships between financial socialization agents, financial experiences, money attitudes, demographic characteristics, and the financial literacy of Korean adolescents. Using the 2006 Korean National Financial Literacy Test Survey for Adolescents (N = 1185), a series of regression analyses were…

LMSS SERVICES FINANCIAL REPORT PROGRAM

Science.gov (United States)

Chamberlain, R. G.

1994-01-01

The objective of this Services Finance Report program is to provide a means for comparing alternative designs of LMSS systems or other services systems. This program is actually a Multiplan worksheet. The labels used in the worksheet were chosen for a satellite-based cellular communication service (LMSS - Land Mobile Satellite System) but the analysis is not restricted to such cases. A comprehensive financial model is used to calculate a 'figure of merit' which can be used to compare effects of equipment and operating costs, pricing strategy, and customer demand for different systems. The program also calculates the price that a company would have to charge customers to meet all its expenses and make a specified profit. A price estimate can be obtained for almost any service which is heavily dependent on capital investment and which has operating costs that depend on the amount of service sold. The economic analysis has two main components: supplier finances and customer finances. Supplier finances include amortization, interest, insurance, taxes, and operating and maintenance expenses. Customer finances include usage rate, subscription fees, equipment costs, and estimated traffic. Prices can defined as real or nominal to account for effects of escalation and inflation, and the profits can be regulated or unrestricted This program is written for interactive execution with Multiplan (version 1.2) and has been implemented on an IBM PC series computer operating under DOS (version 2.11). The LMSS worksheet has a space requirement of approximately 38K of 8 bit bytes. This worksheet was developed in 1984.

Financial Ratios and Perceived Household Financial Satisfaction

Directory of Open Access Journals (Sweden)

Scott Garrett

2013-08-01

Full Text Available This paper tests the relative strength of three objective measures of financial health (using the solvency, liquidity, and investment asset ratio in predicting a household’s subjective feeling of current financial satisfaction. Using a sample of 6,923 respondents in the 2008 Health and Retirement Study this paper presents evidence of two main findings: 1 the solvency ratio is most strongly associated with financial satisfaction levels based on a cross-sectional design and 2 changes in the investment asset ratio are most strongly associated with changes in financial satisfaction over time.

A Financial Analysis of Brazilian Hospitals Between 2006 and 2011

Directory of Open Access Journals (Sweden)

Antônio Artur de Souza

2014-12-01

Full Text Available This paper presents the results of a research that aimed at developing a financial analysis of a sample of Brazilian hospitals between 2006 and 2011. The data were collected from financial statements of 23 hospitals and from the Database of United Health System. These secondary data were analyzed through the following techniques: descriptive statistics, Spearman’s correlation, Kolmogorov-Smirnov’s test, Kruskal-Wallis’ test and Chi-square’s test. It was verified that the sample presents unsatisfactory general results about financial performance, especially when related to financial ratios of profitability and return. However, the analysis of different categories of hospitals displays relevant and significant divergences, especially about the type of hospitals: publics and voluntaries ones. The voluntary hospitals present higher liquidity ratios and the best profitability and their capital structure usually focus on long term financing obtained from external agents. These evidences suggest that those organizations focus on financial leverage to achieve better results without deteriorate their liquidity. On the other hand, the public hospitals present lower liquidity as well as worse profitability and return ratios. It was verified that the large-sized hospitals usually present lower financial ratios (liquidity, profitability and return than the medium-sized hospitals.

Using Financial Investment Measures to Proactively Engage Students in the Introductory Business Statistics Course

Science.gov (United States)

Berenson, Mark L.; Koppel, Nicole B.; Lord, Richard A.; Chapdelaine, Laura L.

2018-01-01

Typically, the core-required undergraduate business statistics course covers a broad spectrum of topics with applications pertaining to all functional areas of business. The recently updated American Statistical Association's GAISE (Guidelines for Assessment and Instruction in Statistics Education) College Report once again stresses the…

Modeling Financial Time Series Based on a Market Microstructure Model with Leverage Effect

OpenAIRE

Yanhui Xi; Hui Peng; Yemei Qin

2016-01-01

The basic market microstructure model specifies that the price/return innovation and the volatility innovation are independent Gaussian white noise processes. However, the financial leverage effect has been found to be statistically significant in many financial time series. In this paper, a novel market microstructure model with leverage effects is proposed. The model specification assumed a negative correlation in the errors between the price/return innovation and the volatility innovation....

Financial Distress in Small and Medium Enterprises (SMES of Bangladesh: Determinants and Remedial Measures

Directory of Open Access Journals (Sweden)

Mohammad Saleh JAHUR

2012-06-01

Full Text Available Financial distress in SMEs is a common phenomenon across the world, which has been a subject matter of academicians, professionals and government. Although SMEs are contributing to the economy in the form of employment, supply of products and services by using indigenous technologies, social entrepreneurship, income generating activities etc. SMEs are found most vulnerable to the macro-economic as well as internal management crises. Consequently, they fall into financial distress. In view of this, the present study has been undertaken aiming at identifying the causes of financial distress in SMEs of Bangladesh. The study has employed both financial and statistical techniques for analyzing the data collected for the study. The study has identified some potential problem areas related to financial distress such as rate adequacy, sales trends, indebtedness, management capability, financial planning, etc. The study has also identified some most important causes of financial distress such as fund management & resource crunch, poor accounting system, poor financial control, poor productivity and profitability and management succession. The study has finally come out some strategic and policy related measures for both viable and financially distressed SMEs for preventing them from the exposition to financial and operating risk.

THE FINANCIAL SECTOR IN THE FINANCIAL SYSTEM ECONOMY: THEORETICAL ASPECTS

Directory of Open Access Journals (Sweden)

Yu. Kovalenko

2015-06-01

Full Text Available Broad and narrow approaches of the financial system are obtained. The difference between the financial system and the financial sector (the fi-nancial corporations sector is shown. Organizational and institutional matrix of the financial system of the economy is proposed. Key positions of institutional sectors classification of Ukraine’s economy are analyzed, as well as the System of National Accounts with respect to the financial sec-tor of corporations. The structure of the sector of financial corporations in Ukraine is defined.

Efficiency of Mechanisms for Ensuring Financial Stability in Developed Countries

Directory of Open Access Journals (Sweden)

Mizjuk Bohdan M.

2016-08-01

Full Text Available The aim of the article is to identify relationships between the monetary policy and long-term financial stability. The main method of the study is retrospective analysis of macroeconomic and financial performance of the United States and other developed countries. It has been shown that neither Neo-Keynesian nor monetarist approaches are able to provide long-term financial stability under simultaneous low levels of volatility of GDP and inflation. In addition, the policy of inflation targeting in developed countries is not able to eliminate the risk of significant macro-economic recessions. The article states that the cause of the recessions is a systemic risk growth due to concentration of financial resources in the banking sector and in the hands of owners of non-financial corporations. This concentration has two effects: 1 growth of moral hazard at crediting; 2 decrease in the effective demand on the part of households. Redistribution of financial resources among different macro-economic groups of agents does not happen in a short period of time and is a result of the long-term monetary policy. Since the modern economic statistics has certain methodological problems with calculation of the Gini coefficient, such indicator as a share of wages in GDP is proposed in the article for studying the dynamics of uneven distribution of financial resources in the United States. The conducted retrospective analysis of the US monetary policy showed that an important system indicator of uniformity of financial resources distribution among macroeconomic agents falls out of sight of regulators. Distribution of macroeconomic risks depends on distribution of financial resources in the system, which determines its financial stability. The article justifies the need for developing the monetary policy methods that would simultaneously minimize the volatility of the GDP, inflation and maintain a uniform distribution of financial resources at an acceptable level.

Machine learning and statistical techniques : an application to the prediction of insolvency in Spanish non-life insurance companies

OpenAIRE

Díaz, Zuleyka; Segovia, María Jesús; Fernández, José

2005-01-01

Prediction of insurance companies insolvency has arisen as an important problem in the field of financial research. Most methods applied in the past to tackle this issue are traditional statistical techniques which use financial ratios as explicative variables. However, these variables often do not satisfy statistical assumptions, which complicates the application of the mentioned methods. In this paper, a comparative study of the performance of two non-parametric machine learning techniques ...

Strengthening financial management, providing financial safeguard mechanism

International Nuclear Information System (INIS)

Sun Wumei

2010-01-01

This article reviewed the history of Zhong He Shanxi Uranium Enrichment Company, summarizing an efficient and systematical financial management method during both construction period and operational period of the company. It related to fundamental financial management structure building, integrated budgeting, fund management, cost management, asset management, tax planning and HR management. of financial staffs. (author)

75 FR 18788 - Circular Welded Carbon Steel Pipes and Tubes from Thailand: Preliminary Results and Rescission...

Science.gov (United States)

2010-04-13

... calculated on non-consolidated producer-specific financial statements, rather than the consolidated financial statements. c. We adjusted the cost of goods sold denominators used in the G&A and financial expense rates to... in this proceeding are requested to submit with the argument: (1) statement of the issues; and (2) a...

76 FR 4993 - Agency Information Collection; Activity Under OMB Review; Report of Financial and Operating...

Science.gov (United States)

2011-01-27

... for Small Aircraft Operators AGENCY: Bureau of Transportation Statistics (BTS), DOT. ACTION: Notice... continuing need for and usefulness of BTS collecting financial, traffic and operating statistics from small... address whether BTS accurately estimated the reporting burden and if there are other ways to enhance the...

Financial Stress, Financial Literacy, Counselling and the Risk of Homelessness

Directory of Open Access Journals (Sweden)

Adam Steen

2013-09-01

Full Text Available Poor financial literacy may lead to poor life choices. These life choices can create or contribute to financial stress with adverse consequences - not the least of which may be homelessness. These issues are relatively well understood, but there is limited research on the link between financial stress, financial literacy and counselling, and homelessness. Specifically, there has been little research on how improved financial literacy and appropriate financial counselling might help to prevent homelessness. This paper synthesises existing literature on this topic and considers these issues using the ABCX family stress model of Hill (1958 using data from an Australian program aimed at alleviating family homelessness, the Home Advice Program. We provide evidence that suggests that case management and support which incorporates financial counselling and financial literacy can assist in moderating the impact of financial stress and help those at risk of homelessness. The findings have implications for public policy in the areas of financial education, consumer finance, and social services provision.

Quality evaluation of commercially sold table water samples in Michael Okpara University of Agriculture, Umudike, Nigeria and surrounding environments

Directory of Open Access Journals (Sweden)

D.O. Okorie

2015-01-01

Full Text Available In Michael Okpara University of Agriculture, Umudike, Nigeria (MOUAU and surrounding environments, table water of different brands is commercially hawked by vendors. To the best of our knowledge, there is no scientific documentation on the quality of these water samples. Hence this study which evaluated the quality of different brands of water samples commercially sold in MOUAU and surrounding environments. The physicochemical properties (pH, total dissolved solids (TDS, biochemical oxygen demand (BOD, total hardness, dissolved oxygen, Cl, NO3, ammonium nitrogen (NH3N, turbidity, total suspended solids (TSS, Ca, Mg, Na and K of the water samples as indices of their quality were carried out using standard techniques. Results obtained from this study indicated that most of the chemical constituents of these table water samples commercially sold in Umudike environment conformed to the standards given by the Nigerian Industrial Standard (NIS, World Health Organization (WHO and American Public Health Association (APHA, respectively, while values obtained for ammonium nitrogen in these water samples calls for serious checks on methods of their production and delivery to the end users.

Determinants of the Financial Performances of Commercial Banks in Ethiopia: From Internal Corporate Governance Practice Perspective

Directory of Open Access Journals (Sweden)

Olani Bekele Sakilu

2015-03-01

Full Text Available ABSTRACT The purpose of this study is to examine the determinants of the financial performances of commercial banks in Ethiopia from an internal corporate governance practices perspective using time series data covering the period of 2008-2013. In the study, financial performance is measured by ROA and ROE of the banks. The study finds that qualified directors in the board, directors with prior experience in banking, chief executive officer compensation and existence of risk management committee in the board have a statistically significant and positive effect on banks’ performance in terms of both ROA and ROE; whereas ownership dispersion has a statistically significant and negative effect on banks performance.  The effect of frequency of board meeting on financial performance of bank is positive and significant in terms of ROA, but significant and negative in terms of ROE.  On the other hand, variables such as board size, female director in the board, and the existence of audit committee in the board did not have a statistically significant effect on bank’s performance.

RECENT CONTRIBUTIONS OF THE STATISTICAL PHYSICS IN THE RESEARCH OF BANKING, STOCK EXCHANGE AND FOREIGN EXCHANGE MARKETS

Directory of Open Access Journals (Sweden)

PIRVU DANIELA

2016-04-01

Full Text Available This paper proposes a framework for exploring the main research approaches of the financial markets, conducted in the past years by statistical physics specialists. It, also, presents the global financial developments in the last few years, as well as a review of the most important steps in the development of the physical and mathematical modelling of the socioeconomic phenomena. In this regard, we analysed research findings published in the notable international journals. Our research demonstrated that the econophysical models developed in the past few years for the description of the financial phenomena and processes do not provide satisfactory results for the construction of complete solutions able to answer the nowadays financial challenges. We believe that research instrumentation of statistical physics has developed significantly lately and the research approaches in this field should continue and should be enhanced.

Does financial aid help or harm developing countries: Case of Albania

Directory of Open Access Journals (Sweden)

Eglantina Hysa

2014-11-01

Full Text Available Development aid is a financial aid given by governments, NGOs, global and regional unions, or private entities to support the development of developing countries, as a consequence also of Albania as one of them. Its main reason is decreasing poverty and encouraging development. Many literatures reveal evidences of the impact these financial aids have on the economic growth of a country. This paper creates a link between the research done and the practice by making a detailed description of the phenomena and making clear how the effects are derived. It further analyzes the economic development of Albania in terms of net income during the last 30 years, and the corresponding financial aid allocation for each year. Starting with the interpretation of the financial aid amount allocated each year; this research paper also extends the information regarding the fields of economy where this aid is invested. The descriptive statistics shows that financial aid has noticeably increased from year to year and its impact on the economy as well.

Bacteriological And Nutritional Analysis Of Groundnut Cake Sold In An Open Market In Samaru Zaria-Kaduna State

Directory of Open Access Journals (Sweden)

Oko

2015-05-01

Full Text Available Abstract Bacteriological and nutritional analysis of groundnut cake powder sold in open market at Samaru-Zaria was studied. The samples collected from four zones of the study area were analysed for possible microbiological contamination and its nutritional quality. The results indicated a microbial load of 1.93 x 105 cfug and 1.94 x 105 cfug for zones A and B respectively 1.01 x 105 cfug for zone C and 2.37 x 105 cfug for zone D. The bacterial isolates found to be associated with the groundnut cake powder in this study included Klebsiella oxytoca Staphylococcus aureus Bacillus cereus E. coli P. aeruginosa and Streptococcus feacalis. The nutrients content of the sample included carbohydrates 55.15 moisture 12.65 lipid 15.40 protein 12.60 ash 3.95 and crude fibre 0.25. Groundnut cake sold in the study area is highly contaminated with bacteria except for samples from zone C which is within the Food and Drugs Agency FDA recommendation of 1.0 x 105cfuml as allowable microbial contamination for food. The high level of microbial contamination is a serious cause for concern as it may trigger epidemics. However the product is highly nutritious.

Nonlinear multi-analysis of agent-based financial market dynamics by epidemic system

Science.gov (United States)

Lu, Yunfan; Wang, Jun; Niu, Hongli

2015-10-01

Based on the epidemic dynamical system, we construct a new agent-based financial time series model. In order to check and testify its rationality, we compare the statistical properties of the time series model with the real stock market indices, Shanghai Stock Exchange Composite Index and Shenzhen Stock Exchange Component Index. For analyzing the statistical properties, we combine the multi-parameter analysis with the tail distribution analysis, the modified rescaled range analysis, and the multifractal detrended fluctuation analysis. For a better perspective, the three-dimensional diagrams are used to present the analysis results. The empirical research in this paper indicates that the long-range dependence property and the multifractal phenomenon exist in the real returns and the proposed model. Therefore, the new agent-based financial model can recurrence some important features of real stock markets.

Prediction of financial crises by means of rough sets and decision trees

Directory of Open Access Journals (Sweden)

Zuleyka Díaz-Martínez

2011-03-01

Full Text Available This paper tries to further investigate the factors behind a financial crisis. By using a large sample of countries in the period 1981 to 1999, it intends to apply two methods coming from the Artificial Intelligence (Rough Sets theory and C4.5 algorithm and analyze the role of a set of macroeconomic and financial variables in explaining banking crises. These variables are both quantitative and qualitative. These methods do not require variables or data used to satisfy any assumptions. Statistical methods traditionally employed call for the explicative variables to satisfy statistical assumptions which is quite difficult to happen. This fact complicates the analysis. We obtained good results based on the classification accuracies (80% of correctly classified countries from an independent sample, which proves the suitability of both methods.

The relationship between institutional and management ownership and financial flexibility in Iran

Directory of Open Access Journals (Sweden)

Mahdi Salehi

2016-11-01

Full Text Available The aim of the current study is to investigate the factors affecting the companies’ ownership structure and the effect of financial health and flexibility on these factors. The statistical technique used to test the hypothesis proposed in this research is panel data. R software used to test the hypotheses. The statistical sample consists of 786 observations in 8 industries as automotive industry, chemical, rubber and plastics, pharmaceuticals, cement-lime plaster, food except sugar, basic metals and machinery over the years 2009-2014. The findings show that a positive interrelation exists between the management share, percentage of institutional owners, rate of return and percent of company growth, and the company’s financial flexibility strengthens the relationship between the percentage of institutional owners’ share and managers’ share.

39 CFR 233.5 - Requesting financial records from a financial institution.

Science.gov (United States)

2010-07-01

... INSPECTION SERVICE AUTHORITY § 233.5 Requesting financial records from a financial institution. (a... Department of the U.S. Postal Service to request financial records from a financial institution pursuant to... authorized to request financial records of any customer from a financial institution pursuant to a formal...

An assessment of the impact of climate change on the financial performance of South African companies

Directory of Open Access Journals (Sweden)

M. Moyo

2015-04-01

Full Text Available South African companies face uncertainty about whether they should commit resources to mitigate vulnerabilities and exploit opportunities arising from climate change. There is ambiguity over whether responding to climate change materially affects the financial sustainability of South African companies. The study sought to establish the extent to which responding to climate change impacts financial performance. Secondary analysis of historic data was used to compare the climate-change performance of 70 Johannesburg Stock Exchange listed companies to indicators of their financial performance. The research concluded that there is a positive and statistically significant correlation between climate-change performance and financial performance.

Mislabelling of Döner kebab sold in Italy

Directory of Open Access Journals (Sweden)

Gaetano Liuzzo

2016-11-01

Full Text Available The aim of this study was to assess whether Döner kebabs sold in Italy comply with legal labelling requirements. A checklist of EU labelling requirements was drawn up and nine labels of Döner kebab marketed in the province of Modena were collected to evaluate the mandatory information laid down in article 9 of Regulation (EU No 1169/2011 together with the mandatory requirements of Regulation (EC 853/2004 for meat preparations. The study showed that different additives are commonly used in Döner kebabs, including E 621 (monosodium glutamate. This additive is not included among the ingredients authorized for the meat preparation food category. Eight frozen Döner kebab samples were taken and a visual assessment and a histologic examination were performed to verify potential changes in the meat’s inner muscle fibre structure that could allow the product to be considered among meat preparations or meat products. The Döner kebab labels showed several systematically deficient regulatory requirements in both extrinsic defects (not related to food composition and aspects concerning the protection of consumers’ health. Histological examination showed that the tissue was moderately swollen, but the muscle fibre structure was intact. Kebab can be reasonably classified as a meat preparation thereby precluding the use monosodium glutamate (E 621 as an ingredient.

Pedagogical Experience of Teaching Financial Coaching

Directory of Open Access Journals (Sweden)

Lucy M. Delgadillo

2015-12-01

Full Text Available This study reports on the pedagogical experience of teaching a financial coaching course to personal and family finance undergraduate students at XXXX State University. The paper describes the conceptualization of the class, including theoretical frameworks, ethical considerations, practitioner’s models, learning objectives, and competencies. The assessment of the course provided data used by the instructor to refine and adjust future course content and assignments. Quantitative data was collected in pre- and post-tests assessments. The quantitative assessment shows statistically significant gains in specific coaching skills and competencies. The qualitative assessment indicates that, at the end of the course, students had better understanding of the coaching code of ethics and better communication and listening skills. The peer-to-peer coaching exercise was apparently very fear-provoking but valuable for the students. Challenges for teaching financial coaching by future instructors are discussed in the last section

Effects of narasin (Skycis) on live performance and carcass traits of finishing pigs sold in a three-phase marketing system.

Science.gov (United States)

Arkfeld, E K; Carr, S N; Rincker, P J; Gruber, S L; Allee, G L; Dilger, A C; Boler, D D

2015-10-01

The objective was to evaluate the effect of feeding narasin (Skycis; Elanco Animal Health, Greenfield, IN) on growth performance and carcass characteristics of finishing pigs sold in a 3-phase marketing system. Pigs ( = 1,232) were housed in 56 single-sex pens (22 pigs/pen) divided into 2 even blocks based on initiation of treatment. Each treatment × sex combination was replicated 14 times. Pigs were fed either 0 mg/kg narasin (control) or 15 mg/kg narasin for up to 85 d of finishing (initiated at an average of 52.95 kg BW). In each pen, 18% (4 pigs per pen) of pigs were sold in the first marketing group (Day 64 of dietary treatment), 50% (11 of the original 22) were sold in the second marketing group (Day 78), and 32% (the remaining 7 pigs) were sold in the third marketing group (Day 85). Data were analyzed as a randomized complete block design with pen as the experimental unit. The model included the fixed effects of diet, sex, and their interaction. Block and replicate nested within block were random variables. Carcass data from pigs in marketing group 3 of block 2 was not collected due to inclement weather. Narasin had no effect on growth performance traits ( ≥ 0.15) in phases 1 (Days 1-28) or 2 (Days 29-56), regardless of sex. Barrows fed narasin had a 2.0% greater overall (Day 0-85) ADG than barrows fed the control diet ( carcass composition in marketing groups 1 and 2. Narasin-fed barrows in marketing group 3 had 0.9 percentage units lower ( carcass lean compared with barrows fed control diets (51.0 vs. 52.0%); no difference existed in gilts ( = 0.21). This is likely due to narasin-fed barrows of marketing group 3 tending ( = 0.06) to have 7.7% greater fat depth than control barrows of marketing group 3. Pooled effects (across all 3 marketing groups) of feeding narasin tended ( = 0.08) to reduce loin depth by 1.1% (60.00 vs. 60.66 mm), but there were no effects on fat depth ( = 0.24) or estimated carcass lean ( = 0.11). Overall, narasin can be used during

Financial Statements Analysis

OpenAIRE

Tănase Alin-Eliodor

2014-01-01

This article focuses on analyzing of a consolidated financial statements of a hypothetically SME. The interpretation of the financial position and performances is based on the more than 40 financial key ratios computed by using financial data from consolidated income statement, consolidated financial position and cash flow. However additional data from notes to financial statements are provided.

Distributions of owner-occupiers' housing wealth, debt and interest expenditure ratios as financial soundness indicators

DEFF Research Database (Denmark)

Lunde, Jens

The Danish housing market boomed from 1993 to the end of 2006. The house price increases from 2003 to 2006 were especially dramatic and cannot be explained satisfactorily by `fundamentals'. Moreover, the owner-occupiers are highly indebted; Denmark is the nation with the highest household debt....../GDP, highest total liabilities/net wealth and highest mortgage debt/net non-financial wealth ratios among 15 OECD countries. Obviously, an analysis of the financial soundness of owner-occupiers is topical in order to analyse financial stability in society. The financial soundness of Danish owner......-occupier families is analysed using relevant financial indicators for the owner-occupiers' capital structure and interest payments. Tax statistics for the owner-occupier families are used here. In a financial soundness perspective macro data are of limited importance as they express total and average changes...

Isolation of pathogenic Escherichia coli from buffalo meat sold in Parbhani city, Maharashtra, India

Directory of Open Access Journals (Sweden)

M. S. Vaidya

2013-10-01

Full Text Available Aim: Isolation, characterization, in-vitro pathogenicity and antibiogram study of E.coli from buffalo meat sold in Parbhani city. Materials and Methods: Meat samples were collected from buffalo immediately after slaughter. Isolation, identification and enumeration of E. coli were done by following standard methods and protocols. Hemolysin test and Congo red binding assay were used to study in-vitro pathogenicity of E. coli isolates. Disc diffusion method was used to study antibiogram of pathogenic E. coli isolates. Results: A total of 250 buffalo meat samples were collected and processed. A total of 22 (8.80 percent E. coli isolates were isolated with average differential count of 1.231 ± 0.136 log cfu/g on EMB agar. All the E. coli isolates were confirmed by 10 Grams staining, biochemical reactions and sugar fermentation and motility tests. A total of 9 (3.6 percent E. coli isolates were found to be pathogenic by in-vitro pathogenicity testing. Antibiogram studies of pathogenic E. coli isolates showed that all 9 isolates were sensitive to gentamycin (20 ± 1.49 mm while 7 isolate showed resistance to enrofloxacin (18.22 ± 3.58 mm and tetracycline (11.44 ± 2.04 mm. Conclusion: Buffalo meat sold in Parbhani city is an important source of E. coli infection to human population. A total of 9 pathogenic E. coli were isolated from buffalo meat immediately after slaughter. All isolates were characterized and confirmed pathogenic by in-vitro pathogenicity tests. Antibiogram studies of all isolates revealed sensitivity to gentamicin and resistance to tetracycline and enrofloxacin. [Vet World 2013; 6(5.000: 277-279

Topological isomorphisms of human brain and financial market networks

Directory of Open Access Journals (Sweden)

Petra E Vértes

2011-09-01

Full Text Available Although metaphorical and conceptual connections between the human brain and the financial markets have often been drawn, rigorous physical or mathematical underpinnings of this analogy remain largely unexplored. Here, we apply a statistical and graph theoretic approach to the study of two datasets - the timeseries of 90 stocks from the New York Stock Exchange over a three-year period, and the fMRI-derived timeseries acquired from 90 brain regions over the course of a 10 min-long functional MRI scan of resting brain function in healthy volunteers. Despite the many obvious substantive differences between these two datasets, graphical analysis demonstrated striking commonalities in terms of global network topological properties. Both the human brain and the market networks were non-random, small-world, modular, hierarchical systems with fat-tailed degree distributions indicating the presence of highly connected hubs. These properties could not be trivially explained by the univariate time series statistics of stock price returns. This degree of topological isomorphism suggests that brains and markets can be regarded broadly as members of the same family of networks. The two systems, however, were not topologically identical. The financial market was more efficient and more modular - more highly optimised for information processing - than the brain networks; but also less robust to systemic disintegration as a result of hub deletion. We conclude that the conceptual connections between brains and markets are not merely metaphorical; rather these two information processing systems can be rigorously compared in the same mathematical language and turn out often to share important topological properties in common to some degree. There will be interesting scientific arbitrage opportunities in further work at the graph theoretically-mediated interface between systems neuroscience and the statistical physics of financial markets.

Topological isomorphisms of human brain and financial market networks.

Science.gov (United States)

Vértes, Petra E; Nicol, Ruth M; Chapman, Sandra C; Watkins, Nicholas W; Robertson, Duncan A; Bullmore, Edward T

2011-01-01

Although metaphorical and conceptual connections between the human brain and the financial markets have often been drawn, rigorous physical or mathematical underpinnings of this analogy remain largely unexplored. Here, we apply a statistical and graph theoretic approach to the study of two datasets - the time series of 90 stocks from the New York stock exchange over a 3-year period, and the fMRI-derived time series acquired from 90 brain regions over the course of a 10-min-long functional MRI scan of resting brain function in healthy volunteers. Despite the many obvious substantive differences between these two datasets, graphical analysis demonstrated striking commonalities in terms of global network topological properties. Both the human brain and the market networks were non-random, small-world, modular, hierarchical systems with fat-tailed degree distributions indicating the presence of highly connected hubs. These properties could not be trivially explained by the univariate time series statistics of stock price returns. This degree of topological isomorphism suggests that brains and markets can be regarded broadly as members of the same family of networks. The two systems, however, were not topologically identical. The financial market was more efficient and more modular - more highly optimized for information processing - than the brain networks; but also less robust to systemic disintegration as a result of hub deletion. We conclude that the conceptual connections between brains and markets are not merely metaphorical; rather these two information processing systems can be rigorously compared in the same mathematical language and turn out often to share important topological properties in common to some degree. There will be interesting scientific arbitrage opportunities in further work at the graph-theoretically mediated interface between systems neuroscience and the statistical physics of financial markets.

Agent-based models of financial markets

Energy Technology Data Exchange (ETDEWEB)

Samanidou, E [Department of Economics, University of Kiel, Olshausenstrasse 40, D-24118 Kiel (Germany); Zschischang, E [HSH Nord Bank, Portfolio Mngmt. and Inv., Martensdamm 6, D-24103 Kiel (Germany); Stauffer, D [Institute for Theoretical Physics, Cologne University, D-50923 Koeln (Germany); Lux, T [Department of Economics, University of Kiel, Olshausenstrasse 40, D-24118 Kiel (Germany)

2007-03-15

This review deals with several microscopic ('agent-based') models of financial markets which have been studied by economists and physicists over the last decade: Kim-Markowitz, Levy-Levy-Solomon, Cont-Bouchaud, Solomon-Weisbuch, Lux-Marchesi, Donangelo-Sneppen and Solomon-Levy-Huang. After an overview of simulation approaches in financial economics, we first give a summary of the Donangelo-Sneppen model of monetary exchange and compare it with related models in economics literature. Our selective review then outlines the main ingredients of some influential early models of multi-agent dynamics in financial markets (Kim-Markowitz, Levy-Levy-Solomon). As will be seen, these contributions draw their inspiration from the complex appearance of investors' interactions in real-life markets. Their main aim is to reproduce (and, thereby, provide possible explanations) for the spectacular bubbles and crashes seen in certain historical episodes, but they lack (like almost all the work before 1998 or so) a perspective in terms of the universal statistical features of financial time series. In fact, awareness of a set of such regularities (power-law tails of the distribution of returns, temporal scaling of volatility) only gradually appeared over the nineties. With the more precise description of the formerly relatively vague characteristics (e.g. moving from the notion of fat tails to the more concrete one of a power law with index around three), it became clear that financial market dynamics give rise to some kind of universal scaling law. Showing similarities with scaling laws for other systems with many interacting sub-units, an exploration of financial markets as multi-agent systems appeared to be a natural consequence. This topic has been pursued by quite a number of contributions appearing in both the physics and economics literature since the late nineties. From the wealth of different flavours of multi-agent models that have appeared up to now, we

Agent-based models of financial markets

Science.gov (United States)

Samanidou, E.; Zschischang, E.; Stauffer, D.; Lux, T.

2007-03-01

This review deals with several microscopic ('agent-based') models of financial markets which have been studied by economists and physicists over the last decade: Kim-Markowitz, Levy-Levy-Solomon, Cont-Bouchaud, Solomon-Weisbuch, Lux-Marchesi, Donangelo-Sneppen and Solomon-Levy-Huang. After an overview of simulation approaches in financial economics, we first give a summary of the Donangelo-Sneppen model of monetary exchange and compare it with related models in economics literature. Our selective review then outlines the main ingredients of some influential early models of multi-agent dynamics in financial markets (Kim-Markowitz, Levy-Levy-Solomon). As will be seen, these contributions draw their inspiration from the complex appearance of investors' interactions in real-life markets. Their main aim is to reproduce (and, thereby, provide possible explanations) for the spectacular bubbles and crashes seen in certain historical episodes, but they lack (like almost all the work before 1998 or so) a perspective in terms of the universal statistical features of financial time series. In fact, awareness of a set of such regularities (power-law tails of the distribution of returns, temporal scaling of volatility) only gradually appeared over the nineties. With the more precise description of the formerly relatively vague characteristics (e.g. moving from the notion of fat tails to the more concrete one of a power law with index around three), it became clear that financial market dynamics give rise to some kind of universal scaling law. Showing similarities with scaling laws for other systems with many interacting sub-units, an exploration of financial markets as multi-agent systems appeared to be a natural consequence. This topic has been pursued by quite a number of contributions appearing in both the physics and economics literature since the late nineties. From the wealth of different flavours of multi-agent models that have appeared up to now, we discuss the Cont

Agent-based models of financial markets

International Nuclear Information System (INIS)

Samanidou, E; Zschischang, E; Stauffer, D; Lux, T

2007-01-01

This review deals with several microscopic ('agent-based') models of financial markets which have been studied by economists and physicists over the last decade: Kim-Markowitz, Levy-Levy-Solomon, Cont-Bouchaud, Solomon-Weisbuch, Lux-Marchesi, Donangelo-Sneppen and Solomon-Levy-Huang. After an overview of simulation approaches in financial economics, we first give a summary of the Donangelo-Sneppen model of monetary exchange and compare it with related models in economics literature. Our selective review then outlines the main ingredients of some influential early models of multi-agent dynamics in financial markets (Kim-Markowitz, Levy-Levy-Solomon). As will be seen, these contributions draw their inspiration from the complex appearance of investors' interactions in real-life markets. Their main aim is to reproduce (and, thereby, provide possible explanations) for the spectacular bubbles and crashes seen in certain historical episodes, but they lack (like almost all the work before 1998 or so) a perspective in terms of the universal statistical features of financial time series. In fact, awareness of a set of such regularities (power-law tails of the distribution of returns, temporal scaling of volatility) only gradually appeared over the nineties. With the more precise description of the formerly relatively vague characteristics (e.g. moving from the notion of fat tails to the more concrete one of a power law with index around three), it became clear that financial market dynamics give rise to some kind of universal scaling law. Showing similarities with scaling laws for other systems with many interacting sub-units, an exploration of financial markets as multi-agent systems appeared to be a natural consequence. This topic has been pursued by quite a number of contributions appearing in both the physics and economics literature since the late nineties. From the wealth of different flavours of multi-agent models that have appeared up to now, we discuss the Cont

EXPLORING LINKS AMONG INVENTORY AND FINANCIAL PERFORMANCE IN THE AGRICULTURAL MACHINERY INDUSTRY

Directory of Open Access Journals (Sweden)

Dimitris Folinas

2014-10-01

Full Text Available The paper aims to investigate the effects of Inventory Turnover and Inventory Days on firm performance in the United Kingdom agricultural machinery industry by examining past literature reviews and empirical evidence of a primary research. Specific performance measures such as Earnings before Interest and Tax to Sales Ratio, Gross Profit to Sales Ratio, and Return on Assets are examined by conducting statistical analyses to determine the correlations between inventory and financial performance in agricultural machinery industry. The analysis of Inventory Turnover with financial performance measures doesn’t indicate any links between these variables. Furthermore, based on the results, Inventory Days plays a role in the financial performance of organisations however to varying degrees.

Financial performance as a decision criterion of credit scoring models selection [doi: 10.21529/RECADM.2017004

Directory of Open Access Journals (Sweden)

Rodrigo Alves Silva

2017-09-01

Full Text Available This paper aims to show the importance of the use of financial metrics in decision-making of credit scoring models selection. In order to achieve such, we considered an automatic approval system approach and we carried out a performance analysis of the financial metrics on the theoretical portfolios generated by seven credit scoring models based on main statistical learning techniques. The models were estimated on German Credit dataset and the results were analyzed based on four metrics: total accuracy, error cost, risk adjusted return on capital and Sharpe index. The results show that total accuracy, widely used as a criterion for selecting credit scoring models, is unable to select the most profitable model for the company, indicating the need to incorporate financial metrics into the credit scoring model selection process. Keywords Credit risk; Model’s selection; Statistical learning.

Statistics of extreme events in Chinese stock markets

International Nuclear Information System (INIS)

Wu Gan-Hua; Qiu Lu; Li Xin-Li; Yang Yue; Yang Hui-Jie; Jiang Yan; Stephen Mutua

2014-01-01

We investigate the impact of financial factors on daily volume recurrent time intervals in the developing Chinese stock markets. The tails of probability distribution functions (PDFs) of volume recurrent intervals behave as a power-law, and the scaling exponent decreases with the increase of stock lifetime, which are similar to those in the US stock markets, and they are typical representatives of developed markets. The difference is that the power-law exponent values remain almost the same with the changes of market capitalization, mean volume, and mean trading value, respectively. These findings enrich the results for event statistics for financial markets. (interdisciplinary physics and related areas of science and technology)

THE ROLE OF FINANCIAL EDUCATION IN DEVELOPING THE FINANCIAL SERVICES MARKET

OpenAIRE

Ivanka Daneva

2015-01-01

Considering the current complexity of financial markets and of financial instruments and services, financial education is part of population’s financial literacy and it ranks as paramount factor in the complex for the financial markets development.

Correlated randomness: Some examples of exotic statistical physics

Indian Academy of Sciences (India)

journal of. May 2005 physics pp. 645–660. Correlated randomness: Some examples of exotic statistical physics .... The key idea is that scale invariance is a statement not about algebraic .... Very recently an article appeared in Phys. Rev. ... One quarter of any newspaper with a financial section is filled with economic fluc-.

Link between job satisfaction and financial performance

Directory of Open Access Journals (Sweden)

Rafaella Duarte Miranda

2016-12-01

Full Text Available The search for organizational continuity highlights the need for balance between concern not only for profitability but for employees as collaborators, with emphasis on the idea that efficient people build an effective company. In this way, there may be a possible reciprocity between a company's financial performance and the probability of it being classified among the best companies to work for. The purpose of this study is verify whether the financial performance of companies listed on the BM&FBovespa stock exchange influences the probability of their classification as best companies to work for in the survey of employee satisfaction carried out by the periodical Exame Você S/A. Based on statistical tests and estimation of logistic regressions, findings permit the inference that the independent variables return on equity - ROE and value added to workers/employees were statistically significant and positively correlated with an increase in the probability of the sample companies being classified as best companies to work for. In other words, the greater the profitability of the resources invested by shareholders and the greater the portion of the wealth created by the company distributed to the employees, the greater the probability of the company to be classified as one of the best companies to work for.

Financial literacy and financial literacy education : what might be the components of an effective financial literacy curriculum?

OpenAIRE

Lee, Nirmala

2010-01-01

Abstract There is concern about lack of financial literacy and need for financial literacy education, but little or no attempt to understand their nature. Three questions were asked: 'What is financial literacy?', 'What is financial literacy education?' and 'What might be the components of an effective financial literacy curriculum?'. Adopting an inductive grounded theory approach and a pragmatist philosophy, in association with real-world organisations such as the National ...

Income and financial aid effects on persistence and degree attainment in public colleges

Directory of Open Access Journals (Sweden)

Alicia C. Dowd

2004-05-01

Full Text Available This study examined the distribution of financial aid among financially dependent four-year college students and the effectiveness of different types of financial aid in promoting student persistence and timely bachelor’s degree attainment. The findings of descriptive statistical and logistic regression analyses using the NCES Beginning Postsecondary Students (1990-94 data show that subsidized loans taken in the first year of college have a positive effect on persistence. The first-year distribution of aid does not close the income gap in bachelor’s degree attainment. Living on campus and first-year grade point average are the most important predictors of timely degree completion.

Two different flavours of complexity in financial data

Science.gov (United States)

Buonocore, R. J.; Musmeci, N.; Aste, T.; Matteo, T. Di

2016-12-01

We discuss two elements that define the complexity of financial time series: one is the multiscaling property, which is linked to how the statistics of a single time-series changes with the time horizon; the second is the structure of dependency between time-series, which accounts for the collective behaviour, i.e. the market structure. Financial time-series have statistical properties which change with the time horizon and the quantification of such multiscaling property has been successful to distinguish among different degrees of development of markets, monitor the stability of firms and estimate risk. The study of the structure of dependency between time-series with the use of information filtering graphs can reveal important insight on the market structure highlighting risks, stress and portfolio management strategies. In this contribution we highlight achievements, major successes and discuss major challenges and open problems in the study of these two elements of complexity, hoping to attract the interest of more researchers in this research area. We indeed believe that with the advent of the Big Data era, the need and the further development of such approaches, designed to deal with systems with many degrees of freedom, have become more urgent.

Electric power annual, 1991

International Nuclear Information System (INIS)

1993-01-01

The Electric Power Annual is prepared by the Survey Management Division; Office of Coal, Nuclear, Electric and Alternate Fuels; Energy Information Administration (EIA); US Department of Energy. The 1991 edition has been enhanced to include statistics on electric utility demand-side management and nonutility supply. ''The US Electric Power Industry at a Glance'' section presents a profile of the electric power industry ownership and performance, and a review of key statistics for the year. Subsequent sections present data on generating capability, including proposed capability additions; net generation; fossil-fuel statistics; electricity sales, revenue, and average revenue per kilowatthour sold; financial statistics; environmental statistics; electric power transactions; demand-side management; and nonutility power producers. In addition, the appendices provide supplemental data on major disturbances and unusual occurrences in US electricity power systems. Each section contains related text and tables and refers the reader to the appropriate publication that contains more detailed data on the subject matter. Monetary values in this publication are expressed in nominal terms

Electric power annual, 1990

International Nuclear Information System (INIS)

1992-01-01

The Electric Power Annual presents a summary of electric utility statistics at the national, regional and State levels. The objective of the publication is to provide industry decisionmakers, government policy-makers, analysts and the general public with historical data that may be used in understanding US electricity markets. ''The Industry at a Glance'' section presents a profile of the electric power industry ownership and performance; a review of key statistics for the year; and projections for various aspects of the electric power industry through 2010. Subsequent sections present data on generating capability, including proposed capability additions; net generation; fossil-fuel statistics; electricity sales, revenue, and average revenue per kilowatthour sold; financial statistics; environmental statistics; and electric power transactions. In addition, appendices provide supplemental data on major disturbances and unusual occurrences. Each section contains related text and tables and refers the reader to the appropriate publication that contains more detailed data on the subject matter

Financial Literacy as the Foundation for Individual Financial Behavior

Science.gov (United States)

Dwiastanti, Anis

2015-01-01

Research that is dealing with financial literacy turns to be such an important thing to be conducted. It is due to the fact that financial literacy level of Indonesian society is still very low. A good financial literacy is necessary for every individual to manage his/her finances to achieve prosperity. To have a good level of financial literacy,…

Financial Literacy, Financial Education and Economic Outcomes. NBER Working Paper No. 18412

Science.gov (United States)

Hastings, Justine S.; Madrian, Brigitte C.; Skimmyhorn, William L.

2012-01-01

In this article we review the literature on financial literacy, financial education, and consumer financial outcomes. We consider how financial literacy is measured in the current literature, and examine how well the existing literature addresses whether financial education improves financial literacy or personal financial outcomes. We discuss the…

SPLINE LINEAR REGRESSION USED FOR EVALUATING FINANCIAL ASSETS 1

Directory of Open Access Journals (Sweden)

Liviu GEAMBAŞU

2010-12-01

Full Text Available One of the most important preoccupations of financial markets participants was and still is the problem of determining more precise the trend of financial assets prices. For solving this problem there were written many scientific papers and were developed many mathematical and statistical models in order to better determine the financial assets price trend. If until recently the simple linear models were largely used due to their facile utilization, the financial crises that affected the world economy starting with 2008 highlight the necessity of adapting the mathematical models to variation of economy. A simple to use model but adapted to economic life realities is the spline linear regression. This type of regression keeps the continuity of regression function, but split the studied data in intervals with homogenous characteristics. The characteristics of each interval are highlighted and also the evolution of market over all the intervals, resulting reduced standard errors. The first objective of the article is the theoretical presentation of the spline linear regression, also referring to scientific national and international papers related to this subject. The second objective is applying the theoretical model to data from the Bucharest Stock Exchange

THE INTERFACE BETWEEN FINANCIAL AND MANAGEMENT ACCOUNTING

Directory of Open Access Journals (Sweden)

Elena HLACIUC

2017-12-01

Full Text Available The purpose of this article is to offer useful information about the about the two branches of accounting, management accounting and financial accounting. The role of management accounting is to make the life easier for managers and to facilitate decisions that have to take on the production process or the smooth running of the business. The managers are in a continues need of various information, from the evolution of economics processes of the companies they are leading, up to the external environment. They required data information by different techniques, statistics, graphs, mathematical calculations, to substantiate the decision to take by data value, and not just rely on technical or quantitative. Financial accounting do not offer detailed information about the evolution or informational needs of managers, this is designed external users, like: state institutions, the competition, banks, suppliers, customers who do not require daily information about the entity. Instead, the manager request the detailed information, at irregular intervals, about the production process, the labor productivity, activity reports, internal entity, which often is not available to external users of accounting information. The financial accounting is based on several conventions, laws, standards, helping financial data are comparable over time or between similar entities. The financial accounting offers information about the performance and financial position of the entity and making it intelligible at the same time by all the users. In the case of management accounting, the information do not have an standard presentation, the reports offers information about money, the moment when those have to be paid and the moment when they come back, as receipts. The management accounting it provides futures information and what will happen, in contrast to financial accounting, who provides information about the past and what just happened. Management information uses tools

[Survey of the presence of Listeria monocytogenes in meat products sold in retail].

Science.gov (United States)

Langiano, E; Lanni, L; Atrei, P; De Vito, E

2007-01-01

The present study evaluates the presence of Listeria spp and particularly of L. monocytogenes in bovine, pork and poultry meats sold by retail in supermarkets and butchers in the city of Cassino. The sensibility to the antibiotics mostly used in the veterinary practice has been tested on the isolated strains. The different species of Listeria have shown a considerable variation of isolation based on the meat's typology and on the different store's provenance. Moreover our results show greater degree of contamination than the data currently available the Italian literature. In our study poultry meat is the most contaminated one. We can assert that omissions and poor caring errors in the manipulation and conservation of meat expose the customer to an even higher risk of infection.

Cointegration-based financial networks study in Chinese stock market

Science.gov (United States)

Tu, Chengyi

2014-05-01

We propose a method based on cointegration instead of correlation to construct financial complex network in Chinese stock market. The network is obtained starting from the matrix of p-value calculated by Engle-Granger cointegration test between all pairs of stocks. Then some tools for filtering information in complex network are implemented to prune the complete graph described by the above matrix, such as setting a level of statistical significance as a threshold and Planar Maximally Filtered Graph. We also calculate Partial Correlation Planar Graph of these stocks to compare the above networks. Last, we analyze these directed, weighted and non-symmetric networks by using standard methods of network analysis, including degree centrality, PageRank, HITS, local clustering coefficient, K-shell and strongly and weakly connected components. The results shed a new light on the underlying mechanisms and driving forces in a financial market and deepen our understanding of financial complex network.

Financial networks based on Granger causality: A case study

Science.gov (United States)

Papana, Angeliki; Kyrtsou, Catherine; Kugiumtzis, Dimitris; Diks, Cees

2017-09-01

Connectivity analysis is performed on a long financial record of 21 international stock indices employing a linear and a nonlinear causality measure, the conditional Granger causality index (CGCI) and the partial mutual information on mixed embedding (PMIME), respectively. Both measures aim to specify the direction of the interrelationships among the international stock indexes and portray the links of the resulting networks, by the presence of direct couplings between variables exploiting all available information. However, their differences are assessed due to the presence of nonlinearity. The weighted networks formed with respect to the causality measures are transformed to binary ones using a significance test. The financial networks are formed on sliding windows in order to examine the network characteristics and trace changes in the connectivity structure. Subsequently, two statistical network quantities are calculated; the average degree and the average shortest path length. The empirical findings reveal interesting time-varying properties of the constructed network, which are clearly dependent on the nature of the financial cycle.

Financial Stress and Financial Counseling: Helping College Students

Science.gov (United States)

Britt, Sonya L.; Canale, Anthony; Fernatt, Fred; Stutz, Kristen; Tibbetts, Racquel

2015-01-01

This study had two distinct purposes. First, to determine the predictors of financial stress among college students who sought free peer-based financial counseling from a large Midwestern university (N = 675). Secondly, to determine the effectiveness of the particular financial counseling center from a subsample of those who sought help (N = 97).…

Has Financial Statement Information become Less Relevant?

DEFF Research Database (Denmark)

Thinggaard, Frank; Damkier, Jesper

This paper presents insights into the question of whether accounting information based on the EU’s Accounting Directives has become less value-relevant to investors over time. The study is based on a research design first used by Francis and Schipper (1999), where value-relevance is measured......? The sample is based on non-financial companies listed on the Copenhagen Stock Exchange in the period 1984-2002. Our analyses show that all the applied accounting measures are value-relevant as investment strategies based on the information earn positive market-adjusted returns in our sample period....... The results provide some indication of a decline in the value-relevance of earnings information in the 1984-2001 period, and mixed, but not statistically reliable, evidence for accounting measures where book value information and asset values are also extracted from financial statements. The results seem...

Fiscal Policy Problems Under Conditions Of Financial Liberalization

Directory of Open Access Journals (Sweden)

Valentina Urazayeva

2014-01-01

Full Text Available The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".

FISCAL POLICY PROBLEMS UNDER CONDITIONS OF FINANCIAL LIBERALIZATION

Directory of Open Access Journals (Sweden)

Valentina Urazayeva

2014-01-01

Full Text Available The article under the title deals with the difficulties in pursuing national fiscal policy in conditions of international financial liberalization. The author analyzes the nature of liberalization of international capital flows and its positive and negative consequences for the economies of the countries which participate in global capital movement. The author especially highlights the fact that international financial liberalization often leads to economic crises and what is even more important to their rapid spread between countries due to their growing financial interdependence. The author distinguishes two groups of fiscal policy problems in conditions of international financial liberalization. The first group includes problems arising due to quick spread of the crises due to eliminating restrictions on crossborder capital flows. These are reduction in taxes and at the same time increase in budget spending, which often happens unexpectedly and substantially impedes fiscal policy. To illustrate these points the author refers to the statistics on Spain, the USA and the OECD as a whole. Moreover countries face another range of problems regardless of the business cycle phase. In the short term it is the necessity of large scale structural economic reforms to achieve the required level of financial liberalization, which often is a heavy burden on the state budget. In the long term the attention is paid to the problem of tax competition between countries, which affects the instruments of fiscal policy. The author notes that the negative consequences of global financial liberalization are relevant not only for recipient countries but for donor countries as well and emphasizes such a burning issue as "capital flight".

Potential effects of the next 100 billion hamburgers sold by McDonald's.

Science.gov (United States)

Spencer, Elsa H; Frank, Erica; McIntosh, Nichole F

2005-05-01

McDonald's has sold >100 billion beef-based hamburgers worldwide with a potentially considerable health impact. This paper explores whether there would be any advantages if the next 100 billion burgers were instead plant-based burgers. Nutrient composition of the beef hamburger patty and the McVeggie burger patty were obtained from the McDonald's website; sales data were obtained from the McDonald's customer service. Consuming 100 billion McDonald's beef burgers versus the same company's McVeggie burgers would provide, approximately, on average, an additional 550 million pounds of saturated fat and 1.2 billion total pounds of fat, as well as 1 billion fewer pounds of fiber, 660 million fewer pounds of protein, and no difference in calories. These data suggest that the McDonald's new McVeggie burger represents a less harmful fast-food choice than the beef burger.

Framework for financial ratio analysis of audited federal financial reports

OpenAIRE

Brady, Richard T.

1999-01-01

Federal agencies have traditionally prepared financial reports to monitor and report the obligation and expenditure of federal funding. With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations. The disclosure of this type of information, it was believed, would enable decision-makers to understand the financial implications of budgetary, policy and...

Survey of emergency medicine resident debt status and financial planning preparedness.

Science.gov (United States)

Glaspy, Jeffrey N; Ma, O John; Steele, Mark T; Hall, Jacqueline

2005-01-01

Most resident physicians accrue significant financial debt throughout their medical and graduate medical education. The objective of this study was to analyze emergency medicine resident debt status, financial planning actions, and educational experiences for financial planning and debt management. A 22-item questionnaire was sent to all 123 Accreditation Council on Graduate Medical Education-accredited emergency medicine residency programs in July 2001. Two follow-up mailings were made to increase the response rate. The survey addressed four areas of resident debt and financial planning: 1) accrued debt, 2) moonlighting activity, 3) financial planning/debt management education, and 4) financial planning actions. Descriptive statistics were used to analyze the data. Survey responses were obtained from 67.4% (1,707/2,532) of emergency medicine residents in 89 of 123 (72.4%) residency programs. Nearly one half (768/1,707) of respondents have accrued more than 100,000 dollars of debt. Fifty-eight percent (990/1,707) of all residents reported that moonlighting would be necessary to meet their financial needs, and more than 33% (640/1,707) presently moonlight to supplement their income. Nearly one half (832/1,707) of residents actively invested money, of which online trading was the most common method (23.3%). Most residents reported that they received no debt management education during residency (82.1%) or medical school (63.7%). Furthermore, 79.1% (1,351/1,707) of residents reported that they received no financial planning lectures during residency, although 84.2% (1,438/1,707) reported that debt management and financial planning education should be available during residency. Most emergency medicine residency programs do not provide their residents with financial planning education. Most residents have accrued significant debt and believe that more financial planning and debt management education is needed during residency.

APPLICATION OF FINANCIAL ETHICS IN ANNUAL FINANCIAL REPORTING OF BANKS

Directory of Open Access Journals (Sweden)

Ayuba A. Aminu

2016-03-01

Full Text Available The importance of financial ethics and its application in financial reporting of banks cannot be ignored as it assists in building public confidence and fostering professionalism. However, the non-compliance and conformity with Nigerian Financial Regulatory Authorities prudential guidelines in the preparation of financial statements lead to incomplete or false information. The objective of the study is to examine the application of financial ethics in annual financial reporting of banks. The study employed primary and secondary data and stratified and purposive sampling techniques were used in which 20 questionnaires were administered to respondents. ANOVA and chi-square were in analysis and the findings revealed that there are significant unethical practices in the preparation of financial reports of banks in Nigeria. The study recommends that more emphasis and attention should be given to ethical standards in all banks and banks should give out clear reports of their financial activities to the regulatory authorities.

Financial Planners: Educating Widows in Personal Financial Planning

Science.gov (United States)

Korb, Brian R.

2010-01-01

Widows constitute a growing segment of the U.S. population; however, very little has been done to educate them on the basics of personal financial planning. The creation and implementation of financial planning education programs for widows can help them become more financially literate and free them from anxiety and fear. Interviews with eight…

Does Financial Inclusion Induce Financial Stability? Evidence from Cross-country Analysis

Directory of Open Access Journals (Sweden)

Md. Nur Alam Siddik

2018-04-01

Full Text Available In recent times, financial inclusion and financial stability issue have become a priority on policy agendas across the world. However, there is relative dearth of empirical studies addressing and establishing the link between the same. This study fills this gap. Using panel data of 2001-2013, this study empirically investigated whether financial inclusion contributes to country’s financial stability, measured by Z-score. Robust results from GMM dynamic panel data estimator show that financial inclusion variables as measured by number of SME borrowers to total borrowers and ratio of outstanding SME loans to total loans have significant positive contributions to financial stability. Findings also indicate that GDP per capita, liquidity, proportion of private credit to GDP are positively and proportion of domestic credit provided to private sector and financial crisis are negatively associated with financial stability. Empirical findings of this study is of greater significance to the policymakers as it will invoke the attention of governments and policymakers to undertake such policies to accelerate financial inclusion of their countries which in turn will lead to country’s greater financial stability. This study also contributes to empirical literatures of the issue of financial inclusion and financial stability by reconfirming (or otherwise findings of previous studies.

Bye, Bye Financial Repression, Hello Financial Deepening: The Anatomy of a Financial Boom

OpenAIRE

João Manoel Pinho de Mello; Márcio Gomes Pinto Garcia

2011-01-01

Since the conquest of hyperinflation, with the Real Plan, in 1994, the Brazilian financial system has grown from early infancy to late adolescence. We describe the process of maturing with emphasis on the defining features of the Brazilian financial system over the last 20 years: 1) stabilization and the subsequent financial crisis; 2) universality of banks; 3) market segmentation through public lending; 4) institutional improvement. Further paraphrasing Díaz Alejandro (1984), we raise some h...

An index of financial safety of China

Directory of Open Access Journals (Sweden)

Xiaojun Jia

2015-04-01

Full Text Available Purpose: This paper combines a synthetic index system by the variables and evaluates China’s financial safety through the change of indexes in a comprehensive way. First of all, it builds the financial industry evaluation index system composed of 25indicators in terms of the operation of the financial industry and external economic environment and particularly takes into consideration factors which might trigger liquidity risks such as off-balance-sheet business, interbank business and shadow banking; then it selects 10 indicators to conduct empirical analysis and identifies the indicator weight through principal component analysis; finally it combines the financial safety indexes through the linear weighted comprehensive evaluation model.Design/methodology/approach: Synthesis of indexes is made by constructing a proper comprehensive evaluation mathematical model, integrating a number of evaluation indexes into one comprehensive evaluation index and then obtaining corresponding comprehensive evaluation results. In this paper, it selects 10 indexes to conduct empirical analysis and identifies the index weight through principal component analysis; finally it combines the financial safety indexes through the linear weighted comprehensive evaluation model. Principal component analysis (PCA is a statistical procedure that uses an orthogonal transformation to convert a set of observations of possibly correlated variables into a set of values of linearly uncorrelated variables called principal components. PCA was invented in 1901 and was later independently developed (and named by Harold Hotelling in the 1930s.Findings: From 2003 to 2013 China’s financial safety indexes fluctuated. From 2003 to 2007 indexes rose, which indicates China’s financial safety status gradually improved; from 2007 to 2009 indexes declined, which indicates due to the impact of subprime crisis, China’s financial safety status took a turn for the worse; from 2009 to 2012

Determination of some heavy metals in selected cosmetic products sold in kano metropolis, Nigeria

Directory of Open Access Journals (Sweden)

Ali Sani

Full Text Available The study was aimed at assessing the levels of some toxic metals in different cosmetic products sold at different shopping malls and markets in Kano Metropolis. The cosmetic items included ten face powder, ten skin lightening creams and ten lipsticks of various prices. The cosmetics were digested and analyzed for heavy metals (manganese, nickel, copper, cadmium, chromium and lead using atomic absorption spectrophotometer. The range of the concentrations in skin lightening creams is 4.90–24.51, 3.68–11.03, 4.24–8.48, 0.14–1.32, 0–0.05 and 0.05–0.14 mg kg−1 for Mn, Ni, Cu, Cd, Cr and Pb respectively. The range in face powders are 4.90–44.12, 3.68–11.03, 4.24–8.48, 0.07–1.74, 0–0.03 and 0.08–0.33 mg kg−1 for Mn, Ni, Cu, Cd, Cr and Pb respectively. The concentration ranges in lipsticks are 2.45–22.06, 0–11.03, 4.24–12.71, 0.07–1.67, 0–0.05 and 0–0.19 mg kg−1 for Mn, Ni, Cu, Cd, Cr and Pb respectively. T test showed no statistical significant difference in concentrations of metals between the expensive and cheap cosmetic products. It is obvious from the present study that the use of these cosmetic products exposes users to low concentrations of toxic heavy metals which could constitute potential health risk to users since they are known to accumulate in biological systems over time. Similarly, regular monitoring of other heavy metals and chemicals used in the manufacture of cosmetics products which may cause health risks to users should be emphasized. Keywords: Heavy metals, Cosmetics, Concentration, Monitoring

Characteristics of the transmission of autoregressive sub-patterns in financial time series

Science.gov (United States)

Gao, Xiangyun; An, Haizhong; Fang, Wei; Huang, Xuan; Li, Huajiao; Zhong, Weiqiong

2014-09-01

There are many types of autoregressive patterns in financial time series, and they form a transmission process. Here, we define autoregressive patterns quantitatively through an econometrical regression model. We present a computational algorithm that sets the autoregressive patterns as nodes and transmissions between patterns as edges, and then converts the transmission process of autoregressive patterns in a time series into a network. We utilised daily Shanghai (securities) composite index time series to study the transmission characteristics of autoregressive patterns. We found statistically significant evidence that the financial market is not random and that there are similar characteristics between parts and whole time series. A few types of autoregressive sub-patterns and transmission patterns drive the oscillations of the financial market. A clustering effect on fluctuations appears in the transmission process, and certain non-major autoregressive sub-patterns have high media capabilities in the financial time series. Different stock indexes exhibit similar characteristics in the transmission of fluctuation information. This work not only proposes a distinctive perspective for analysing financial time series but also provides important information for investors.

Volatility behavior of visibility graph EMD financial time series from Ising interacting system

Science.gov (United States)

Zhang, Bo; Wang, Jun; Fang, Wen

2015-08-01

A financial market dynamics model is developed and investigated by stochastic Ising system, where the Ising model is the most popular ferromagnetic model in statistical physics systems. Applying two graph based analysis and multiscale entropy method, we investigate and compare the statistical volatility behavior of return time series and the corresponding IMF series derived from the empirical mode decomposition (EMD) method. And the real stock market indices are considered to be comparatively studied with the simulation data of the proposed model. Further, we find that the degree distribution of visibility graph for the simulation series has the power law tails, and the assortative network exhibits the mixing pattern property. All these features are in agreement with the real market data, the research confirms that the financial model established by the Ising system is reasonable.

Public hospitals in financial distress: Is privatization a strategic choice?

Science.gov (United States)

Ramamonjiarivelo, Zo; Weech-Maldonado, Robert; Hearld, Larry; Menachemi, Nir; Epané, Josué Patien; O'Connor, Stephen

2015-01-01

As safety net providers, public hospitals operate in more challenging environments than private hospitals. Such environments put public hospitals at greater risk of financial distress, which may result in privatization and deterioration of the safety net. The purpose of this study was to investigate whether financial distress is associated with privatization among public hospitals. We used panel data merged from the American Hospital Association Annual Survey, Medicare Cost Reports, Area Resource File, and Local Area Unemployment Statistics. Our study population consisted of all U.S. nonfederal acute care public hospitals in 1997 tracked through 2009, resulting in 6,426 hospital-year observations. The dependent variable "privatization" was defined as conversion from public status to either private not-for-profit or private for-profit status. The main independent variable, "financial distress," was based on the Altman Z-score methodology. Control variables included market and organizational factors. Two random-effects logistic regression models with state and year fixed-effects were constructed. The independent and control variables were lagged by 1 year and 2 years for Models 1 and 2, respectively. Public hospitals in financial distress had greater odds of being privatized than public hospitals not in financial distress: (OR = 4.53, p resources and may provide financial relief to government entities from the burden of continuously funding a hospital operating at a loss, which in turn may help keep the hospital open and preserve access to care for the community. Privatizing a financially distressed public hospital may be a better strategic alternative than closure. The Altman Z-score could be used as a managerial tool to monitor hospitals' financial condition and take corrective actions.

Financial Literacy and Financial Education: Review and Policy Implications

OpenAIRE

Annamaria Lusardi

2006-01-01

In recent years, as workers have gained an unprecedented degree of control over their pensions and savings, the importance of financial literacy and financial education has increased considerably. Large changes in the structure of financial markets, labor markets, and demographics in developed countries have led to this change. Consumers have a bewildering array of complex financial products – from reverse mortgages to annuities – to choose from, making saving decisions increasingly complex. ...

How do different cigarette design features influence the standard tar yields of popular cigarette brands sold in different countries?

Science.gov (United States)

O'Connor, R J; Hammond, D; McNeill, A; King, B; Kozlowski, L T; Giovino, G A; Cummings, K M

2008-09-01

To examine the associations among cigarette design features and tar yields of leading cigarette brands sold in the United States, Canada, Australia and the United Kingdom. Government reports and numbers listed on packs were used to obtain data on International Organization for Standardization (ISO)/Federal Trade Commission (FTC) yields for the tar of 172 cigarette varieties sold in the United States, Canada, Australia and the United Kingdom. We used standardised methods to measure the following 11 cigarette design parameters: filter ventilation, cigarette pressure drop, filter pressure drop, tobacco rod length, filter length, cigarette diameter, tipping paper length, tobacco weight, filter weight, rod density and filter density. Filter ventilation was found to be the predominant design feature accounting for the variations between brands in ISO/FTC tar yields in each of the four countries. After accounting for filter ventilation, design parameters such as overwrap length, tobacco weight and rod density played comparatively minor roles in determining tar yields. Variation in ISO/FTC tar yields are predicted by a limited set of cigarette design features, especially filter ventilation, suggesting that governments should consider mandatory disclosure of cigarette design parameters as part of comprehensive tobacco product regulations.

77 FR 26585 - Steel Partners Holdings L.P.; Notice of Application

Science.gov (United States)

2012-05-04

... Delaware Corporation formed in 1997 as a holding company for Rose's Stores, Inc. In 1997, WebFinancial sold Rose's Stores, Inc. and, in 1998, WebFinancial became the owner of a 100% interest in WebBank, a Utah industrial loan bank. SPH became the successor of WebFinancial by a merger on December 31, 2008. SPH was a...

The Influence of Industry Funding and Other Financial Conflicts of Interest on the Outcomes and Quality of Systematic Reviews

DEFF Research Database (Denmark)

Hansen, Camilla; Lundh, Andreas; Rasmussen, Kristine

design that investigated samples of systematic reviews with and without industry funding or other financial conflicts of interest, published up to November 2016. For studies to be eligible, they had to investigate at least 1 of our outcomes: effect size estimates, statistically favorable results......, favorable conclusions, and methodological quality. Two review authors independently extracted data and assessed risk of bias in relation to study inclusion, data extraction, and comparability of the investigated systematic reviews. We reported our findings on effect size estimates qualitatively. We...... size estimates and frequency of statistically favorable results were similar between systematic reviews with and without financial conflicts of interest (Table). Systematic reviews with financial conflicts of interest more often had favorable conclusions compared with systematic reviews without...

7 CFR 205.308 - Agricultural products in other than packaged form at the point of retail sale that are sold...

Science.gov (United States)

2010-01-01

... 7 Agriculture 3 2010-01-01 2010-01-01 false Agricultural products in other than packaged form at the point of retail sale that are sold, labeled, or represented as â100 percent organicâ or âorganic.â... Information § 205.308 Agricultural products in other than packaged form at the point of retail sale that are...

Financial Derivatives

OpenAIRE

Janečková, Alena

2011-01-01

1 Abstract/ Financial derivatives The purpose of this thesis is to provide an introduction to financial derivatives which has been, from the legal perspective, described in a not satisfactory manner as quite little literature that can be found about this topic. The main objectives of this thesis are to define the term "financial derivatives" and its particular types and to analyse legal nature of these financial instruments. The last objective is to try to draft future law regulation of finan...

Financial top 100

International Nuclear Information System (INIS)

Jaremko, G.

1999-01-01

The way in which the oil industry has rebounded from a difficult financial year was discussed. In 1998, oil prices fell by about 30 per cent from 1997 prices to average US$14.40. In the second quarter of 1999, the rebounding international markets raised oil prices by about one-third to an average US$17.60. Recent surveys have shown that the oil and gas industry will experience major changes in the decade ahead. It was forecasted that in 25 years, total Canadian oil production could near three million barrels per day, an increase of 36 per cent from today's 2.2 million. However, as conventional reserves are running out, production of conventional oil is expected to be diminished by about two-thirds. Naturally-occurring, light refinery-ready oil is forecasted to come mostly from the east coast, whereas western output will be dominated by oil sands. Natural gas will continue to be a huge growth opportunity in the west because of new pipeline expansions and exports to the United States. This paper presented a list of Canada's financial top 100 oil and gas companies which emerged with the best endurance. The list included statistics from 1997 and 1998 for gross revenues, total assets, net income, cash/operating activities, capital expenditures, closing share prices (with percentage change), and market capitalization. 1 fig., 1 tab

Statistical analyses of the performance of Macedonian investment and pension funds

Directory of Open Access Journals (Sweden)

Petar Taleski

2015-10-01

Full Text Available The foundation of the post-modern portfolio theory is creating a portfolio based on a desired target return. This specifically applies to the performance of investment and pension funds that provide a rate of return meeting payment requirements from investment funds. A desired target return is the goal of an investment or pension fund. It is the primary benchmark used to measure performances, dynamic monitoring and evaluation of the risk–return ratio on investment funds. The analysis in this paper is based on monthly returns of Macedonian investment and pension funds (June 2011 - June 2014. Such analysis utilizes the basic, but highly informative statistical characteristic moments like skewness, kurtosis, Jarque–Bera, and Chebyishev’s Inequality. The objective of this study is to perform a trough analysis, utilizing the above mentioned and other types of statistical techniques (Sharpe, Sortino, omega, upside potential, Calmar, Sterling to draw relevant conclusions regarding the risks and characteristic moments in Macedonian investment and pension funds. Pension funds are the second largest segment of the financial system, and has great potential for further growth due to constant inflows from pension insurance. The importance of investment funds for the financial system in the Republic of Macedonia is still small, although open-end investment funds have been the fastest growing segment of the financial system. Statistical analysis has shown that pension funds have delivered a significantly positive volatility-adjusted risk premium in the analyzed period more so than investment funds.

FINANCIAL BALANCE - BASIC TOOL IN APPROACHING FINANCIAL DIAGNOSIS FOR FIRM VALUATION

OpenAIRE

Dorel BERCEANU; Nicolae SICHIGEA; Marcel DRĂCEA

2010-01-01

This paper addresses a very topical issue, namely the importance in assessing the company's financial accounts. Thus, after a brief role in evaluating company financial diagnosis and approaches related to the concept of financial balance, we presented the financial balance sheet in terms of logic building financial stability analysis. At the end of the paper were presented some conclusions.

The Accounting Network: How Financial Institutions React to Systemic Crisis.

Science.gov (United States)

Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio

2016-01-01

The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.

The Accounting Network: How Financial Institutions React to Systemic Crisis

Science.gov (United States)

Puliga, Michelangelo; Flori, Andrea; Pappalardo, Giuseppe; Chessa, Alessandro; Pammolli, Fabio

2016-01-01

The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies’ financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001–2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio) capable of trading off the size of the sample (coverage) and the representativeness of the financial statements (accuracy). We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities’ heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis. PMID:27736865

Financial risk of the biotech industry versus the pharmaceutical industry.

Science.gov (United States)

Golec, Joseph; Vernon, John A

2009-01-01

The biotech industry now accounts for a substantial and growing proportion of total R&D spending on new medicines. However, compared with the pharmaceutical industry, the biotech industry is financially fragile. This article illustrates the financial fragility of the biotech and pharmaceutical industries in the US and the implications of this fragility for the effects that government regulation could have on biotech firms. Graphical analysis and statistical tests were used to show how the biotech industry differs from the pharmaceutical industry. The two industries' characteristics were measured and compared, along with various measures of firms' financial risk and sensitivity to government regulation. Data from firms' financial statements provided accounting-based measures and firms' stock returns applied to a multifactor asset pricing model provided financial market measures. The biotech industry was by far the most research-intensive industry in the US, averaging 38% R&D intensity (ratio of R&D spending to total firm assets) over the past 25 years, compared with an average of 25% for the pharmaceutical industry and 3% for all other industries. Biotech firms exhibited lower and more volatile profits and higher market-related and size-related risk, and they suffered more negative stock returns in response to threatened government price regulation. Biotech firms' financial risks increase their costs of capital and make them more sensitive to government regulations that affect their financial prospects. As biotech products grow to represent a larger share of new medicines, general stock market conditions and government regulations could have a greater impact on the level of innovation of new medicines.

The Accounting Network: How Financial Institutions React to Systemic Crisis.

Directory of Open Access Journals (Sweden)

Michelangelo Puliga

Full Text Available The role of Network Theory in the study of the financial crisis has been widely spotted in the latest years. It has been shown how the network topology and the dynamics running on top of it can trigger the outbreak of large systemic crisis. Following this methodological perspective we introduce here the Accounting Network, i.e. the network we can extract through vector similarities techniques from companies' financial statements. We build the Accounting Network on a large database of worldwide banks in the period 2001-2013, covering the onset of the global financial crisis of mid-2007. After a careful data cleaning, we apply a quality check in the construction of the network, introducing a parameter (the Quality Ratio capable of trading off the size of the sample (coverage and the representativeness of the financial statements (accuracy. We compute several basic network statistics and check, with the Louvain community detection algorithm, for emerging communities of banks. Remarkably enough sensible regional aggregations show up with the Japanese and the US clusters dominating the community structure, although the presence of a geographically mixed community points to a gradual convergence of banks into similar supranational practices. Finally, a Principal Component Analysis procedure reveals the main economic components that influence communities' heterogeneity. Even using the most basic vector similarity hypotheses on the composition of the financial statements, the signature of the financial crisis clearly arises across the years around 2008. We finally discuss how the Accounting Networks can be improved to reflect the best practices in the financial statement analysis.

Financial Development, Financial Structure, and Macroeconomic Volatility: Evidence from China

Directory of Open Access Journals (Sweden)

Feng Wei

2016-11-01

Full Text Available Using annual data from 1997–2014 of 30 provinces, municipalities, and autonomous regions, subdividing trended and cyclical volatility of macroeconomics and inflation, considering different indicators of financial development and financial structure, this paper investigated the impact of financial development and financial structure on macroeconomic volatility. The empirical results found that (1 the trended and cyclical volatility of the previous macroeconomic period had a significantly positive impact on that of the current period, and the impact of trended volatility was greater than that of cyclical volatility; (2 financial development had a significantly negative impact on macroeconomic cyclical volatility through inflation cyclical volatility, but inflation trended volatility would amplify macroeconomic volatility; financial markets have no significant effect on macroeconomic volatility; financial structure measured with the ratio of stock market turnover and the efficiency of the financial development had a significant positive impact on macroeconomic cyclical volatility; and (3 inflation trended volatility had a significantly negative impact on macroeconomic cyclical volatility and trended volatility, while inflation cyclical volatility had a significantly positive impact on macroeconomic cyclical volatility.

Financial and Non Financial Factors on Going-Concern Opinion

Directory of Open Access Journals (Sweden)

Junaidi Junaidi

2012-09-01

Full Text Available Company's ability to survive is a fundamental uncertainty faced in the preparation and auditing financial statements. Provision of going-concern opinion on these financial statements the company is still being debated. Public Accountant Professional Standards in section 341 states that the auditor is responsible for evaluating whether there is a major doubt on the ability of entities in the continued survival of the appropriate period of time, not more than one year from the date of the financial statements being audited. This research analyzed the financial and non financial factors that affected the provision of going-concern opinion. This research used samples of 63 companies with 315 observations, taken from years 2005-2009. The logistic regression analysis showed that the company's financial condition variables, mitigating evidence, and disclosure significantly influence the acceptance of going-concern opinion. Enterprise risk was not significant at propensity of going-concern opinion.

Emerging properties of financial time series in the ``Game of Life''

Science.gov (United States)

Hernández-Montoya, A. R.; Coronel-Brizio, H. F.; Stevens-Ramírez, G. A.; Rodríguez-Achach, M.; Politi, M.; Scalas, E.

2011-12-01

We explore the spatial complexity of Conway’s “Game of Life,” a prototypical cellular automaton by means of a geometrical procedure generating a two-dimensional random walk from a bidimensional lattice with periodical boundaries. The one-dimensional projection of this process is analyzed and it turns out that some of its statistical properties resemble the so-called stylized facts observed in financial time series. The scope and meaning of this result are discussed from the viewpoint of complex systems. In particular, we stress how the supposed peculiarities of financial time series are, often, overrated in their importance.

A Hybrid Analysis Approach to Improve Financial Distress Forecasting: Empirical Evidence from Iran

Directory of Open Access Journals (Sweden)

Shakiba Khademolqorani

2015-01-01

Full Text Available Bankruptcy prediction is an important problem facing financial decision support for stakeholders of firms, including auditors, managers, shareholders, debt-holders, and potential investors, as well as academic researchers. Popular discourse on financial distress forecasting focuses on developing the discrete models to improve the prediction. The aim of this paper is to develop a novel hybrid financial distress model based on combining various statistical and machine learning methods. Then multiple attribute decision making method is exploited to choose the optimized model from the implemented ones. Proposed approaches have also been applied in Iranian companies that performed previous models and it can be consolidated with the help of the hybrid approach.

Environmental performance and financial report integrity: challenges for the mining sector in Indonesia

Science.gov (United States)

Mayangsari, S.

2018-01-01

This study investigates the influence of environmental performance on the financial report integrity. The statistics used were primary data from interviews with senior members of the mining sector regarding environmental issues, as well as secondary data using Financial Report 2016. The samples were listed mining companies with semester data. Questionnaires were used to measure their perceptions of the challenges concerning climate change faced by the mining sector. The results of this research show that regulatory interventions will be critical to environmental issues. This study employed KLD as a proxy for environmental performance, correlated with other variables regarding the integrity of disclosure. The outcome indicates that environmental issues will increase the integrity of financial reports.

Imperatives of Bridging the Audit Expectation Gap and Enhancing the Credibility of Corporate Financial Information

Directory of Open Access Journals (Sweden)

John Otalor

2013-07-01

Full Text Available he study sought to ascertain if reducing the audit expectation gap would led to greater public confidence in corporate financial information. Self-administered questionnaires were used in the study. The data generated from the responses of the subjects were analyzed using descriptive and statistical analysis through the computer (Eview3.1.   The result showed that the higher the audit expectation gap, the higher the negative impact on the credibility of corporate financial reports. Thus, audit expectation gap creates doubt on the reliability of financial statements. Based on the findings and conclusion, it was recommended that the scope of auditors’ responsibilities should be expanded; companies should create a forum for regular interface between management, auditors and financial statement users to enhance confidence in financial reports and strengthening the audit committee and regulatory oversight of auditors to enhance their respective performances.

Financial Policies and the Prevention of Financial Crises in Emerging Market Countries

OpenAIRE

Frederic S. Mishkin

2001-01-01

This paper outlines a set of financial policies that can help make financial crises less likely in emerging market countries. To justify these policies, the paper first explains what a financial crisis is, the factors that promote a financial crisis and the dynamics of a financial crisis. It then examines twelve basic areas of financial policies to prevent financial crises: 1) prudential supervision, 2) accounting and disclosure requirements, 3) legal and judicial systems, 4) market-based dis...

A financial network perspective of financial institutions' systemic risk contributions

Science.gov (United States)

Huang, Wei-Qiang; Zhuang, Xin-Tian; Yao, Shuang; Uryasev, Stan

2016-08-01

This study considers the effects of the financial institutions' local topology structure in the financial network on their systemic risk contribution using data from the Chinese stock market. We first measure the systemic risk contribution with the Conditional Value-at-Risk (CoVaR) which is estimated by applying dynamic conditional correlation multivariate GARCH model (DCC-MVGARCH). Financial networks are constructed from dynamic conditional correlations (DCC) with graph filtering method of minimum spanning trees (MSTs). Then we investigate dynamics of systemic risk contributions of financial institution. Also we study dynamics of financial institution's local topology structure in the financial network. Finally, we analyze the quantitative relationships between the local topology structure and systemic risk contribution with panel data regression analysis. We find that financial institutions with greater node strength, larger node betweenness centrality, larger node closeness centrality and larger node clustering coefficient tend to be associated with larger systemic risk contributions.

Perceptions of the software skills of graduates by employers in the financial services industry

Science.gov (United States)

Kyng, Tim; Tickle, Leonie; Wood, Leigh N.

2013-12-01

Software, particularly spreadsheet software, is ubiquitous in the financial services workplace. Yet little is known about the extent to which universities should, and do, prepare graduates for this aspect of the modern workplace. We have investigated this issue through a survey of financial services employers of graduates, the results of which are reported in this paper, as well as surveys of university graduates and academics, reported previously. Financial services employers rate software skills as important, would like their employees to be more highly skilled in the use of such software, and tend to prefer 'on-the-job' training rather than university training for statistical, database and specialized actuarial/financial software. There is a perception among graduates that employers do not provide adequate formal workplace training in the use of technical software.

Self-confidence in financial analysis: a study of younger and older male professional analysts.

Science.gov (United States)

Webster, R L; Ellis, T S

2001-06-01

Measures of reported self-confidence in performing financial analysis by 59 professional male analysts, 31 born between 1946 and 1964 and 28 born between 1965 and 1976, were investigated and reported. Self-confidence in one's ability is important in the securities industry because it affects recommendations and decisions to buy, sell, and hold securities. The respondents analyzed a set of multiyear corporate financial statements and reported their self-confidence in six separate financial areas. Data from the 59 male financial analysts were tallied and analyzed using both univariate and multivariate statistical tests. Rated self-confidence was not significantly different for the younger and the older men. These results are not consistent with a similar prior study of female analysts in which younger women showed significantly higher self-confidence than older women.

The Relationship of Corporate Governance, Corporate Social Responsibilities and Corporate Financial Performance in One Continuum

OpenAIRE

Murwaningsari, Etty

2010-01-01

This study aims to identify the impact of Good Corporate Governance, represented by institutional ownership and managerial ownership, on Corporate Social Responsibility and Corporate Financial Performance.It examines 126 manufacturing companies listed at the Indonesian Stock Exchange (IDX) and have issued audited financial statements for 2006. The statistical method used to test the hypothesis is Path Analysis. The main results suggest that Good Corporate Governance has effects on both Corpor...

FINANCIAL REPORTING IN PUBLIC INSTITUTIONS AND NON-FINANCIAL ENTITIES. SIMILARITIES AND DIFFERENCES

OpenAIRE

Daniela Vitan

2011-01-01

The present paperwork contains issues regarding financial reporting at the public institutions and non – financial entities. The main aspects are regarding the obligation of all entities to present the financial statements, the content of financial statements in public institutions and non-financial entities. Also, is presented the similarities and the differences aspects between financial reporting of these two patrimonial entities.

Workplace Financial Education Facilitates Improvement in Personal Financial Behaviors

Science.gov (United States)

Prawitz, Aimee D.; Cohart, Judith

2014-01-01

Based on the life-cycle theory of consumption, this quasi-experimental study of 995 employees examined changes in financial behaviors following employee-needs-driven workplace financial education. Repeated-measures ANOVA compared participants and non-participants on perceived financial wellness and savings ratios; main effects indicated that both…

Financial mathematics

CERN Document Server

Jothi, A Lenin

2009-01-01

Financial services, particularly banking and insurance services is the prominent sector for the development of a nation. After the liberalisation of financial sector in India, the scope of getting career opportunities has been widened. It is heartening to note that various universities in India have introduced professional courses on banking and insurance. A new field of applied mathematics has come into prominence under the name of Financial Mathematics. Financial mathematics has attained much importance in the recent years because of the role played by mathematical concepts in decision - m

EVIDENCE FROM THE GERMAN CAPITAL MARKET REGARDING THE VALUE RELEVANCE OF CONSOLIDATED VERSUS PARENT COMPANY FINANCIAL STATEMENTS

Directory of Open Access Journals (Sweden)

Muller Victor - Octavian

2011-07-01

Full Text Available Financial statements main objective is to give information on the financial position, performance and changes in financial position of the reporting entity, which is useful to investors and other users in making economic decisions. In order to be useful, financial information needs to be relevant to the decision-making process of users in general, and investors in particular. Hence, the following question arises logically which of the two sets best serves the information needs of investors (and other categories of users, respectively which of the two sets is more relevant for investors? Of course, the possibility of both sets at the same time best serving the information needs should not be ruled out. In our scientific endeavor we conducted an empirical association study on the problem of market value relevance of consolidated financial statements and of individual financial statements of the parent company, searching for an answer to the above question. In this sense, we analyze the absolute and relative market value relevance of consolidated accounting information of listed companies on the Frankfurt Stock Exchange (one of the largest three stock markets in the European Union between 2003 and 2008. Through this empirical study we intend to contribute to the relatively limited literature on this topic with a comparative time analysis of the absolute and incremental relevance of financial information supplied by the two categories of financial statements (group and individual. The results obtained indicate a statistically significant superiority of the relevance of consolidated statements (in detriment of individual ones. However, we could not statistically prove a superior value relevance of information provided together by consolidated and parent company financial statements as opposed to consolidated information. On the one hand, these results prove the importance (usefulness of consolidated financial statements especially for investors on

Framework for Financial Ratio Analysis of Audited Federal Financial Reports

National Research Council Canada - National Science Library

Brady, Richard

1999-01-01

.... With the passage of the Chief Financial Officers Act of 1990, Congress called for the production of financial statements that fully disclose a federal entity's financial position and results of operations...

Prevalence of Staphylococcal Enterotoxins in Ready-to-Eat Foods Sold in Istanbul.

Science.gov (United States)

Ulusoy, Beyza H; Çakmak Sancar, Burcu; Öztürk, Muhsin

2017-10-01

The aim of this study was to investigate the prevalence of staphylococcal enterotoxins (SEs) in ready-to-eat (RTE) foods sold in Istanbul, Turkey. A total of 5,241 samples were randomly collected from various caterers, hotels, and restaurants from 2014 to 2016. The samples were classified into four groups: (i) various cooked RTE meat and vegetable meals, (ii) various RTE salads, charcuterie, and cold appetizers, (iii) various cooked RTE bakery products (pasta, pastries, pizza, pita, ravioli, etc.), and (iv) any cooked RTE sweets and desserts (pudding, custard, cream, ashura, etc.). The samples were examined for the presence of SEs by 3M Tecra Staph Enterotoxin Visual Immunoassay method, which is a manual enzyme-linked immunosorbent assay method. Among all samples, only 1 (0.019%) RTE meal (vegetable meal with meat) was found to be contaminated with SEs, a good result in terms of staphylococcal food poisoning risk and public health.

A Model of System and Strategic Financial Analysis of the Crimean Health Resorts

Directory of Open Access Journals (Sweden)

Vadim Anatolyevich Malyshenko

2016-06-01

Full Text Available The subject matter of the research is the system of strategically focused financial analysis regarding an assessment of the financial condition of the enterprise. The hypothesis of the study is to assume the possibility of developing the financial and strategic model of the comprehensive assessment of the financial condition taking into account the integrated impact of environmental factors (general for the most Crimean health resorts. The methodology of the work is based on the most general principles of system analysis. The basic method of the research is the matrix method as the most common one for the system analysis. The graphical and statistical methods are also used. The result of the work is the comprehensive method of financial analysis developed as a model based on the matrix relation between the original visual profile of the internal environment and the dynamic type of external environment. The difference of the visual model of financial state from the existing graphic methods consists in fixing of the new strategic types of financial state on the basis of financial stability in visually grouped areas of financial coefficients in theme groups (configurationsprofiles with certain combinations of the forms and sizes. The new analytical instrument of «frigate model» can be applied in all analytical activities of the health resorts departments related to the analytical assessment of financial state. The advantage of «frigate model» in comparison with a classical method of the forming of the types of financial condition is that the proposed model allows to allocate more differentiated types and in addition, to identify the stages of enterprise life cycle based on the relative indicators of the analysis of financial state (objects-coefficients, and not just on the financial management. Through this, the consistency of interaction between the financial analysis and management is achieved.

Financial Economy and Financial System: Basis of Structural Interconnection

OpenAIRE

Khorosheva Olena I.

2014-01-01

The goal of the article lies in identification of grounds of interconnection of the financial economy and financial system. The study was conducted with consideration of main provisions of the theory of finance and concept of financial economy, which is a set of means used in the process of reproduction of finance by their owner for formation and / or maintenance of the own system of values in the viable state. For the first time ever the structure of the financial system is identified as an ...

Financial Literacy and Financial Sophistication in the Older Population

Science.gov (United States)

Lusardi, Annamaria; Mitchell, Olivia S.; Curto, Vilsa

2017-01-01

Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications. PMID:28553191

Financial Literacy and Financial Sophistication in the Older Population.

Science.gov (United States)

Lusardi, Annamaria; Mitchell, Olivia S; Curto, Vilsa

2014-10-01

Using a special-purpose module implemented in the Health and Retirement Study, we evaluate financial sophistication in the American population over the age of 50. We combine several financial literacy questions into an overall index to highlight which questions best capture financial sophistication and examine the sensitivity of financial literacy responses to framing effects. Results show that many older respondents are not financially sophisticated: they fail to grasp essential aspects of risk diversification, asset valuation, portfolio choice, and investment fees. Subgroups with notable deficits include women, the least educated, non-Whites, and those over age 75. In view of the fact that retirees increasingly must take on responsibility for their own retirement security, such meager levels of knowledge have potentially serious and negative implications.

RISK MANAGEMENT WITH FINANCIAL DERIVATIVES: EMPIRICAL EVIDENCE FROM ROMANIAN NON-FINANCIAL FIRMS

Directory of Open Access Journals (Sweden)

Sorin Gabriel Anton

2016-12-01

Full Text Available Financial risk management has rapidly evolved over the past two decades and has become an indispensable function in many institutions from different area of activities. In the last two decades, as the financial markets have become more and more mature, an increasing number of firms from emerging economies have chosen to use derivatives to hedge financial risks. As a result, risk management with financial derivatives has attracted much attention recently, becoming an important topic in the financial literature. However, we know little about the use of financial derivatives by firms from emerging economies and about the effect of these instruments on firms’ risk and value. The aim of the paper is to provide new insights into the use of financial derivatives for hedging purpose by non-financial firms from emerging markets. We analyzed risk management practices on a sample of 68 non-financial firms listed at Bucharest Stock Exchange (BSE over a long time frame (2001 to 2011. We found that Romanian non-financial firms from our sample are exposed mainly to commodity price risk, currency risk, interest rate risk, and liquidity risk. More than half of the firms in our sample (55.88% publish in their annual reports the goal of risk management process. Our results show that 10.29% of non-financial firms in our sample use financial derivatives to hedge their currency, interest rate or commodity price risks. We also found that the volatility caused by the global financial crisis determined many firms to use financial derivatives over the period 2007-2011. Nevertheless, the use of financial derivatives by Romanian non-financial firms is low relative to values registered for other emerging economies. The most important factors that hindered the use of financial derivatives have been the low liquidity of exchange derivatives markets, high hedging costs, and the lack of risk management expertise. The traditional approach of managing risks individually is