WorldWideScience

Sample records for solicitation2005 full funding

  1. Full State Funding and the Distribution of Educational Resources in Hawaii

    Science.gov (United States)

    Hight, Joseph E.

    1974-01-01

    A regression analysis of per pupil current expenditures across public elementary schools in Hawaii indicates that Hawaii's system of full State funding of its schools has not completely eliminated a positive correlation between expenditures and family income. This correlation is the result of a direct relation between teacher salary expenditures…

  2. Cutting the Gordian Knot: A Proposal for Full State Funding of Elementary Education in Illinois. MacArthur/Spencer Series Number 13.

    Science.gov (United States)

    Arnold, Robert

    Property tax relief for the Illinois taxpayer, predicated on full state funding of elementary education, is advocated in this paper. A consequence of full state funding is the reduction of property taxes for education and creation of an educational income tax. Effects at the elementary level are equity and adequacy; at the secondary level, school…

  3. Funding System of Full-Time Higher Education and Technical Efficiency: Case of the University of Ljubljana

    Science.gov (United States)

    Tajnikar, Maks; Debevec, Jasmina

    2008-01-01

    The present paper tackles the issue of the higher education funding system in Slovenia. Its main attribute is that institutions are classified into study groups according to their fields of education, and funds granted by the state are based on their weights or study group factors (SGF). Analysis conducted using data envelopment analysis tested…

  4. Guided by Principles. Shaping the State of California's Role in K-12 Public School Facility Funding. Full Policy Research Working Paper

    Science.gov (United States)

    Vincent, Jeffrey M.; Gross, Liz S.

    2015-01-01

    K-12 public school facilities need regular investment to ensure student health and safety and support educational programming. Yet, the future of K-12 school facility funding in California is uncertain. A strong state-local partnership has existed that funded new construction, modernization, and other investments in public school facilities across…

  5. Offshore Investment Funds

    Directory of Open Access Journals (Sweden)

    Shang-Jin Wei

    1999-12-01

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

  6. INDEXING AND INDEX FUNDS

    Directory of Open Access Journals (Sweden)

    HAKAN SARITAŞ

    2013-06-01

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

  7. Innovative funding solution for special projects: Crowd funding

    Directory of Open Access Journals (Sweden)

    Sentot Imam Wahjono

    2015-06-01

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

  8. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

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

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

    OpenAIRE

    Bartosz Bartniczak

    2009-01-01

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

  10. Pension Fund

    CERN Multimedia

    2005-01-01

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

  11. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

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

  12. Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

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

  13. Pension Fund

    CERN Multimedia

    2006-01-01

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

  14. Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

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

  15. Funding innovation

    CERN Multimedia

    Marina Giampietro

    2012-01-01

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

  16. Pension Fund

    CERN Multimedia

    2004-01-01

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

  17. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

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

  18. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

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

  19. Pension fund

    CERN Multimedia

    2006-01-01

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

  20. PENSION FUND

    CERN Multimedia

    1999-01-01

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

  1. Pension Fund

    CERN Multimedia

    HR Department

    2008-01-01

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

  2. Pension Fund

    CERN Multimedia

    2003-01-01

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

  3. Pension Fund

    CERN Multimedia

    2003-01-01

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

  4. PENSION FUND

    CERN Multimedia

    2002-01-01

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

  5. Pension Fund

    CERN Multimedia

    2006-01-01

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

  6. Pension Fund

    CERN Multimedia

    2006-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Petru STEFEA

    2013-10-01

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

  8. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

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

  9. Mutual Fund Performances of Polish Domestic Equity Fund Managers

    Directory of Open Access Journals (Sweden)

    ömer faruk tan

    2015-10-01

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

  10. PENSION FUND

    CERN Multimedia

    2002-01-01

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

  11. Pension Fund

    CERN Multimedia

    Pension Fund

    2006-01-01

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

  12. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

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

  13. Pension Fund

    CERN Multimedia

    2004-01-01

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

  14. Pension Fund

    CERN Multimedia

    2003-01-01

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

  15. PENSION FUND

    CERN Multimedia

    Administration of the Fund

    2001-01-01

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

  16. Pension fund

    CERN Multimedia

    Staff Association

    2014-01-01

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

  17. Consolidating Financial Statements of the Defense Finance and Accounting Service Revolving Fund of the Defense Business Operations Fund-FY 1992

    National Research Council Canada - National Science Library

    1993-01-01

    ...) Revolving Fund of the Defense Business Operations Fund (the Fund). The revolving Fund was created to provide finance and accounting services to DoD customers, charging them the full cost of those services...

  18. Open-end Investment Funds in Croatia

    Directory of Open Access Journals (Sweden)

    Bojan Morić Milovanović

    2006-03-01

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

  19. A National Nuclear Fund was created

    International Nuclear Information System (INIS)

    Svolik, S.

    2006-01-01

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

  20. Danish mutual fund performance

    DEFF Research Database (Denmark)

    Christensen, Michael

    2013-01-01

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

  1. Rating mutual funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

    2007-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Daniela Gaftoniuc

    2010-12-01

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

  3. Picking Funds with Confidence

    DEFF Research Database (Denmark)

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

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

  4. Rating Mutual Funds

    DEFF Research Database (Denmark)

    Bechmann, Ken L.; Rangvid, Jesper

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

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

    Directory of Open Access Journals (Sweden)

    Nesrin ALPTEKIN

    2009-07-01

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

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

    Science.gov (United States)

    Billingsley, Christina

    2011-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Edward Lehner

    2017-12-01

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

  8. Securing decommissioning funds. Why organization matters?

    International Nuclear Information System (INIS)

    Tchapga, F.

    2005-01-01

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

  9. HEDGE FUND MANAGERIAL INCENTIVES AND PERFORMANCE

    Directory of Open Access Journals (Sweden)

    Nor Hadaliza ABD RAHMAN

    2011-07-01

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

  10. The funding black hole

    CERN Multimedia

    2008-01-01

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

  11. Fanconi Anemia Research Fund

    Science.gov (United States)

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

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

    Directory of Open Access Journals (Sweden)

    J.M. Nevin

    2003-12-01

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

  13. Pension funds' herding

    NARCIS (Netherlands)

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

    2016-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Radu, I.

    2012-01-01

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

  15. Are fund of hedge fund returns asymmetric?

    OpenAIRE

    Lynch, Margaret; Hutson, Elaine; Stevenson, Max

    2004-01-01

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

  16. Fund management plan

    International Nuclear Information System (INIS)

    1984-08-01

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

  17. A Fund of Wisdom

    DEFF Research Database (Denmark)

    Seabrooke, Leonard; Broome, André

    2006-01-01

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

  18. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

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

  19. Regulating hedge funds.

    OpenAIRE

    Daníelsson, J.; Zigrand, JP.

    2007-01-01

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

  20. Improvement of Classification of Enterprise Circulating Funds

    Directory of Open Access Journals (Sweden)

    Rohanova Hanna O.

    2014-02-01

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

  1. Funding models for outreach ophthalmology services.

    Science.gov (United States)

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

    2011-01-01

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

  2. NREL Funding Reductions

    Science.gov (United States)

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

  3. The Phony Funding Crisis

    Science.gov (United States)

    Guthrie, James W.; Peng, Arthur

    2010-01-01

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

  4. Fund management plan

    International Nuclear Information System (INIS)

    1983-05-01

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

  5. Educational Technology Funding Models

    Science.gov (United States)

    Mark, Amy E.

    2008-01-01

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

  6. Activity Fund Accounting.

    Science.gov (United States)

    Cool, David W.

    1983-01-01

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

  7. Amazon Fund: financing deforestation avoidance

    Directory of Open Access Journals (Sweden)

    Jacques Marcovitch

    2014-06-01

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

  8. Nuclear Waste Fund management

    International Nuclear Information System (INIS)

    Rosselli, R.

    1984-01-01

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

  9. Financial Crisis and Corporate Social Responsible Mutual Fund Flows

    Directory of Open Access Journals (Sweden)

    Sitikantha Parida

    2018-01-01

    Full Text Available In this paper, we investigate investment flows into mutual funds that hold more high corporate social responsible stocks (top CSR funds vs. mutual funds that hold more low corporate social responsible stocks (bottom CSR funds. Using a large sample of equity mutual funds spanning 2003–2012, we find that top CSR funds on average receive about 5% less investment per annum compared to the other funds; whereas bottom CSR funds receive about 5.6% more investments. These relative negative and positive flows into the top and bottom CSR funds respectively were larger during the pre-financial crisis period (2003–2007. This trend, however, reversed during the financial crisis (2008–2009. Top CSR funds attracted about 8.7% more investments during the financial crisis compared to the pre-crisis period; whereas bottom CSR funds received about 9.8% less investment. This higher investment into the top CSR funds during the crisis seems to have disappeared during the post-crisis period (2009–2012. Additional analysis shows that the corporate social ratings of top CSR funds improved through the crisis, whereas it deteriorated for the bottom CSR funds. Our findings are consistent with the “flight to quality” phenomenon observed in financial markets during market crises, indicating that investors perceive top CSR fund investments as relatively safe or of higher quality and hence, invest more in them during financial crises.

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

    OpenAIRE

    Fang, Jieyan

    2012-01-01

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

  11. Impact of Competition on Mutual Fund Marketing Expenses

    Directory of Open Access Journals (Sweden)

    Sitikantha Parida

    2018-03-01

    Full Text Available In this paper, I study the impact of market competition on mutual fund marketing expenses. In a sample of US domestic equity mutual funds, I find that marketing expenses decrease with the competition. This effect is stronger for top-performing funds. These results are counterintuitive, as one would ordinarily expect funds to incur more marketing expenses in response to pressure from competing funds. However, these results support the narrative that mutual funds employ marketing to draw attention to their performance in a tournament-like market, where the top-performing funds (the winners are rewarded with disproportionately high new investments. Higher competition decreases the chances of each fund to outperform the others and adversely affect their ability to attract new investments, and the funds respond by decreasing marketing expenses. Thus, competition appears to have implications for investor search cost.

  12. Ultrametricity in Fund of Funds Diversification

    OpenAIRE

    Susinno, Gabriele; Miceli, Maria Augusta

    2003-01-01

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

  13. THE PERFORMANCE OF MUTUAL FUNDS IN SLOVAKIA

    Directory of Open Access Journals (Sweden)

    F. Tudorache

    2016-11-01

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

  14. Hedge Funds As a Alternative Investment Opportunities

    Directory of Open Access Journals (Sweden)

    Michał Falkowski

    2009-09-01

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

  15. Understaning the "funding effect"

    Science.gov (United States)

    Oreskes, N.

    2016-12-01

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

  16. 75 FR 55541 - NOAA Regional Ocean Partnership Funding Program-FY2011 Funding Competition

    Science.gov (United States)

    2010-09-13

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

  17. CERN Pension Fund move

    CERN Multimedia

    HR Department

    2007-01-01

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

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

    OpenAIRE

    Shenyan Gu; Tina Zhang

    2015-01-01

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

  19. Mutual Fund Performance: Evidence From South Africa

    Directory of Open Access Journals (Sweden)

    Ömer Faruk Tan

    2015-11-01

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

  20. Performance Evaluation of Investment (Mutual Funds

    Directory of Open Access Journals (Sweden)

    Povilas Vyšniauskas

    2014-12-01

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

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

    Directory of Open Access Journals (Sweden)

    Mercedes Alda García

    2012-06-01

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

  2. Genomics Research: World Survey of Public Funding

    Directory of Open Access Journals (Sweden)

    Cook-Deegan Robert M

    2008-10-01

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

  3. General IDRC Funding Guidelines

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

    Loretta Rocca

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

  4. Mutual aid fund commission

    CERN Multimedia

    Staff Association

    2011-01-01

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

  5. Funding begets biodiversity

    DEFF Research Database (Denmark)

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

    2011-01-01

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

  6. Pension Fund Performance in East Asia: A Comparative Study

    Directory of Open Access Journals (Sweden)

    Zamri Ahmad

    2015-06-01

    Full Text Available This paper discusses and analyzes asset allocation and performance of the major pension funds in four East Asia countries, namely Malaysia, Singapore, Hong Kong and South Korea. The respective funds for these countries are Employee Provident Fund (EPF, Central Provident Fund (CPF, Mandatory Pension Fund (MPF and National Pension Service (NPS. The impact of some economic crises on the fund performance will also be assessed. Besides looking at the individual countries, a comparison of the performance among all the funds will also be done. From the analyses, it is found that the CPF is the most conservative pension fund as it invested most of its funds in fixed income and the investments were made in the local markets, while MPF is the most aggressive pension fund as most of its funds were invested in equities. Performance of the funds was measured in terms of return on investment (ROI. All funds recorded the lowest ROI during the subprime crisis in 2008. Besides the subprime crisis, these funds were also affected by the Japanese earthquake as lower ROI were also observed in 2011.

  7. Annual Pension Fund Update

    CERN Multimedia

    Pension Fund

    2011-01-01

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

  8. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

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

  9. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

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

  10. Indian mutual fund industry: Opportunities and challenges

    Directory of Open Access Journals (Sweden)

    Jayant R. Kale

    2012-12-01

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

  11. Comparing Working-Capital Funding and Mission Funding for Naval Shipyards

    National Research Council Canada - National Science Library

    Frisk, Daniel; Trunkey, R. D

    2007-01-01

    ...) to direct appropriations. Previously, under the NWCF's revolving-fund approach, the shipyards set prices for maintenance and repair services that were intended to cover their full operating costs, and the Navy's Atlantic...

  12. Funding Decommissioning - UK Experience

    International Nuclear Information System (INIS)

    MacKerron, Gordon

    2006-01-01

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

  13. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

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

  14. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

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

  15. ELECTIONS - Pension Fund

    CERN Multimedia

    2006-01-01

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

  16. ELECTIONS PENSION FUND

    CERN Multimedia

    2001-01-01

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

  17. DEVELOPMENT OF KOSOVO PENSION SAVING TRUST FUND

    Directory of Open Access Journals (Sweden)

    Ymer Havolli

    2016-11-01

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

  18. Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2008-01-01

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

  19. Pension Fund governing board

    CERN Multimedia

    HR Department

    2008-01-01

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

  20. Casemix funding in Australia.

    Science.gov (United States)

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

    1998-06-01

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

  1. COMMERCIAL FUND, RECOGNITION AND ASSESSMENT

    Directory of Open Access Journals (Sweden)

    VIOREL TRIF

    2010-01-01

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

  2. The Performance-based Funding Scheme of Universities

    Directory of Open Access Journals (Sweden)

    Juha KETTUNEN

    2016-05-01

    Full Text Available The purpose of this study is to analyse the effectiveness of the performance-based funding scheme of the Finnish universities that was adopted at the beginning of 2013. The political decision-makers expect that the funding scheme will create incentives for the universities to improve performance, but these funding schemes have largely failed in many other countries, primarily because public funding is only a small share of the total funding of universities. This study is interesting because Finnish universities have no tuition fees, unlike in many other countries, and the state allocates funding based on the objectives achieved. The empirical evidence of the graduation rates indicates that graduation rates increased when a new scheme was adopted, especially among male students, who have more room for improvement than female students. The new performance-based funding scheme allocates the funding according to the output-based indicators and limits the scope of strategic planning and the autonomy of the university. The performance-based funding scheme is transformed to the strategy map of the balanced scorecard. The new funding scheme steers universities in many respects but leaves the research and teaching skills to the discretion of the universities. The new scheme has also diminished the importance of the performance agreements between the university and the Ministry. The scheme increases the incentives for universities to improve the processes and structures in order to attain as much public funding as possible. It is optimal for the central administration of the university to allocate resources to faculties and other organisational units following the criteria of the performance-based funding scheme. The new funding scheme has made the universities compete with each other, because the total funding to the universities is allocated to each university according to the funding scheme. There is a tendency that the funding schemes are occasionally

  3. Funding strategies for wilderness management

    Science.gov (United States)

    Carolyn Alkire

    2000-01-01

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

  4. THE ALLOCATION OF EUROPEAN FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Ana Monica POP

    2014-04-01

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

  5. Evaluating Selection and Timing Ability of a Mutual Fund

    Directory of Open Access Journals (Sweden)

    Duguleană L.

    2009-12-01

    Full Text Available The paper presents the methodology and a case study to evaluate the performance of a mutual fund by taking a look at the timing and selection abilities of a portfolio manager. Separating the timing and selection abilities of the fund manager is taken into consideration by two major models. The data about the mutual fund chosen for study is the German blue chip fund “DWS Deutsche Aktien Typ O”, which includes most of the DAX 30 companies. The data consists of 117 monthly observations of the fund returns from January 1999 to September 2008. We used EViews to analyse the data.

  6. RECONSTRUCTION OF PENSION FUND PERFORMANCE MODEL AS AN EFFORT TO WORTHY PENSION FUND GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Apriyanto Gaguk

    2017-08-01

    Full Text Available This study aims to reconstruct the performance assessment model on Pension Fund by modifying Baldrige Assessment method that is adjusted to the conditions in Dana Pensiun A (Pension Fund A in order to realize Good Pension Fund Governance. This study design uses case study analysis. The research sites were conducted in Dana Pensiun A. The informants in the study included the employer, supervisory board, pension fund management, active and passive pension fund participant as well as financial services authority elements as the regulator. The result of this research is a construction of a comprehensive and profound retirement performance assessment model with attention to aspects of growth and fair distribution. The model includes the parameters of leadership, strategic planning, stakeholders focus, measurement, analysis, and knowledge management, workforce focus, standard operational procedure focus, result, just and fair distribution of wealth and power.

  7. Hedge Fund Contagion and Liquidity

    OpenAIRE

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

    2008-01-01

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

  8. Funding Ammunition Ports

    Science.gov (United States)

    2012-01-01

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

  9. Trading fund opportunities

    International Nuclear Information System (INIS)

    Anon.

    1986-01-01

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

  10. Higher Education Funding Formulas.

    Science.gov (United States)

    McKeown-Moak, Mary P.

    1999-01-01

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

  11. Colombian oil fund

    International Nuclear Information System (INIS)

    Tellez, Mauricio

    2005-01-01

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

  12. Aspects of manager, portfolio allocation, and fund performance in Brazil

    Directory of Open Access Journals (Sweden)

    Cláudia Olímpia Neves Mamede Maestri

    Full Text Available ABSTRACT This paper intends to contribute to the literature on investment funds in emerging markets by looking at the performance of multimarket funds in Brazil from a manager perspective. The aim of the paper was to analyze whether some characteristics of investment fund managers, as well as their portfolio holdings, can affect fund performance. In emerging countries both portfolio asset allocation and manager characteristics can help explain differences in the fund performance, which increases the relevance of this study. Therefore, the impact of this research lies in its revealing a significant relationship between risk-adjusted return and the portion of portfolios allocated to fixed or variable income, which seems that have not been explored in the context of emerging economies yet. A total of 6,002 multimarket funds were analyzed, covering the period between September 2009 and December 2015, using panel data with robust standard errors clustered by funds. We also employed robust statistics in order to assess some potential biases due to outliers, by analyzing the breakdown point in the estimated models. It should be noted that portfolio composition (allocation of portfolios into variable income and fixed income was the most important factor in explaining a potential change in the performance of Brazilian multimarket funds. Also important were the effectiveness of the management of these funds, that is, the best risk-adjusted returns were delivered by less experienced managers, funds investing more in fixed income, managers with more funds under management, and larger funds.

  13. Performance Evaluation of Equity Mutual Funds in Indonesia

    Directory of Open Access Journals (Sweden)

    Irene Rini Demi Pangestuti

    2017-11-01

    Full Text Available Mutual funds considered as an investment alternative for investors. One type of mutual fund that attracts many investors was the equity mutual funds. Equity mutual fund is a type of mutual funds that most part of the investment consists of stocks in the capital market so the risk rate was higher than the other types of mutual funds. For its different characteristic, the measurement for equity funds performance did not be same with other types of mutual funds. As a stock portfolio, equity mutual funds can be measured by portfolio measurement methods such as Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index, Adjusted Jensen Index, and Sortino Ratio. This study was conducted by using all of those performance measurements as most research in Indonesia was conducted by using limited performance measurements (focusing on Sharpe Index, Treynor Ratio, and Jensen Index. This study aims to evaluated the performance of 42 equity mutual funds available in Indonesia by employing Sharpe Index, Treynor Ratio, Jensen Index, Adjusted Sharpe Index (ASI, Adjusted Jensen Index (AJI, and Sortino Ratio because most previous researches in Indonesian setting disregards ASI and AJI. In general, it was concluded that the SAM Indonesian Equity was the best performing equity fund during the study period. It was further found that most equity mutual fund studied have been well diversified.

  14. Full closure strategic analysis.

    Science.gov (United States)

    2014-07-01

    The full closure strategic analysis was conducted to create a decision process whereby full roadway : closures for construction and maintenance activities can be evaluated and approved or denied by CDOT : Traffic personnel. The study reviewed current...

  15. Funding in Spain

    International Nuclear Information System (INIS)

    Santiago, Juan Luis

    2006-01-01

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

  16. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Virgilijus Sakalauskas

    2011-12-01

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

  17. Research of Factors Affecting Pension Funds Efficiency

    Directory of Open Access Journals (Sweden)

    Marius Liutvinavičius

    2013-08-01

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

  18. Sovereign Wealth Funds: Issue of transparency

    Directory of Open Access Journals (Sweden)

    Petrović Daliborka

    2015-01-01

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

  19. The Control of the Implementation and Management of European Funds

    Directory of Open Access Journals (Sweden)

    Vasile Burja

    2018-03-01

    Full Text Available Effective implementation and management of European funds is of major importance for the new members of the European Union. Controlling these funds aims to increase the performance of their use. European regulations require Member States to take appropriate measures to properly maintain and operate their management and control systems so that they can offer the necessary assurances regarding the correct use of the allocated funds. This article highlights the importance of control exercised within institutions that implement and manage European funds. There have been many irregularities in the implementation of projects funded by European funds. In order to determine the most frequent types of irregularities, a questionnaire was applied to the experts responsible for controlling European funds in intermediary bodies. In this article we will present the results obtained after the centralization of expert responses and the importance of control in the prevention of irregularities and fraud.

  20. New Solutions to the Funding Dilemma of Technology Startups

    Directory of Open Access Journals (Sweden)

    Ali Kousari

    2011-05-01

    Full Text Available This article explores the current funding challenges facing technology startups and describes new models based on smaller investments and collective action. First, the advantages and disadvantages of traditional startup funding models are presented, with an emphasis on venture capital and angel investment. Next, an overview of existing seed funds, or seed accelerators, shows how entrepreneurs can leverage this approach to access subsequent rounds of funding and create successful ventures. Then, an overview of crowd funding is provided, including examples of companies that have adopted this approach to funding startups and their founders. Finally, the article presents the basis of a new approach that uses crowd funding as means of attracting investors to collectives. In these business ecosystems, startups are exposed to less risk and investors can benefit from attractive returns by investing in these promising startups.

  1. Market timing and selectivity performance of mutual funds in Ghana

    Directory of Open Access Journals (Sweden)

    Abubakar Musah

    2014-07-01

    Full Text Available The growing interest in mutual funds in Ghana has been tremendous over the last decade as evidenced by the continuous increases in number and total funds under management. However, no empirical work has been done on the selectivity and timing ability of the mutual fund managers. Using monthly returns data hand-collected from the reports of the mutual fund managers for the period January 2007-December 2012, this paper examines the market timing and selectivity ability of mutual fund managers in Ghana using the classic Treynor-Mazuy (1966 model and Henriksson- Merton (1981 model. The results suggest that, in general mutual fund managers in Ghana are not able to effectively select stocks and also are not able to predict both the magnitude and direction of future market returns. More specifically, all of the sample mutual fund managers attain significant negative selectivity coefficients and also most of them attain insignificant negative timing coefficients.

  2. Program development fund

    International Nuclear Information System (INIS)

    1989-03-01

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

  3. Pension Fund award

    CERN Multimedia

    Antonella Del Rosso

    2013-01-01

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

  4. Kryolize - KT Fund Project

    CERN Multimedia

    CERN. Geneva

    2016-01-01

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

  5. A cause worth funding

    CERN Multimedia

    1999-01-01

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

  6. Pension Fund Governing Board

    CERN Multimedia

    HR Department

    2008-01-01

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

  7. PENSION FUND - ELECTIONS

    CERN Multimedia

    2000-01-01

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

  8. ADMINISTRATIVE EXPENDITURES OF SOCIAL SECURITY FUNDS IN UKRAINE

    Directory of Open Access Journals (Sweden)

    Nataliia Ivanchuk

    2017-12-01

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

  9. Full page insight

    DEFF Research Database (Denmark)

    Cortsen, Rikke Platz

    2014-01-01

    Alan Moore and his collaborating artists often manipulate time and space by drawing upon the formal elements of comics and making alternative constellations. This article looks at an element that is used frequently in comics of all kinds – the full page – and discusses how it helps shape spatio......, something that it shares with the full page in comics. Through an analysis of several full pages from Moore titles like Swamp Thing, From Hell, Watchmen and Promethea, it is made clear why the full page provides an apt vehicle for an apocalypse in comics....

  10. IMPACT OF ROMANIAN HIGHER EDUCATION FUNDING POLICY ON UNIVERSITY EFFICIENCY

    Directory of Open Access Journals (Sweden)

    CRETAN Georgiana Camelia

    2015-07-01

    Full Text Available The issues of higher education funding policy and university operating efficiency are hot points on the actual public agenda worldwide as the pressures exercised upon the public resources increased, especially in the aftermath of the last economic crisis. Concerned with the improvement of the funding mechanism through which government allocates the public funds in order to meet the national core objectives within the area of higher education, the policy makers adjusted the funding policy by diversifying the criteria used in distributing the funds to public universities. Thus, the aim of this research is to underline both the impact and the consequences the public funding patterns of higher education have on the relative efficiency of public funded higher education institutions, across time. Moreover, the research conducted aims to determine whether the changes occurred within the Romanian public funding methodology of higher education institutions improved the relative efficiency scores of public funded universities, before and after the economic crisis of 2008. Thus, on one hand we have underlined the changes brought to the Romanian public funding mechanism of higher education during the years of 2007, 2009 and 2010 compared to the year of 2006, using the content analysis, and on the other hand we assessed and compared the relative efficiency scores of each selected public funded university using a multiple input - multiple output linear programming model, by employing the Data Envelopment Analysis technique. The findings of the research undertaken emphasized that a more performance oriented funding mechanism improves the efficiency scores of public universities. The results of the research undertaken could be used either by the policy makers within the area of higher education or by the administrative management of public universities in order to correlate the funding with the results obtained and/or the objectives assumed by both the

  11. Funding Opportunity: Genomic Data Centers

    Science.gov (United States)

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

  12. Namibia - Vocational Training Grant Fund

    Data.gov (United States)

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

  13. PERFORMANCE MEASUREMENT OF UCITS INVESTMENT FUNDS IN CROATIA

    Directory of Open Access Journals (Sweden)

    Marko Curkovic

    2017-03-01

    Full Text Available UCITS investment funds represent an important investment opportunity for retail, as well for institutional investors in the European Union. The aim of this paper is to analyse the performance of the UCITS investment funds in Croatia and to detect relatively homogeneous groups among the UCITS funds based on its performance. The analysis includes 55 UCITS, in the period from the beginning of 2011 until the end of 2014, and it is conducted on daily data of share prices, available from Bloomberg terminal. Analysis is performed separately within the groups of different investment fund by investment strategy. The research methodology is based on the calculation of various indicators of absolute and relative risk-adjusted performance and riskiness of the funds. In general, based on analysis of performance measures, it can be concluded that funds with higher values of net assets were more successful compared to the funds with below-average asset values. Also, funds with below-average values of net assets were more volatile. At the same time, funds run by foreign own management companies were more successful by the absolute performance measures, compared to funds run by management companies with domestic ownership. On the other hand, those funds were more volatile, as well.

  14. Performance Evaluation of Some Index Funds-Indian Perspective

    Directory of Open Access Journals (Sweden)

    Pranav Mishra

    2016-04-01

    Full Text Available The popularity of the index funds as an investment option has increased manifolds ever since they were introduced. This is primarily because of the merits that the investor enjoys through passive style of funds management. This includes the low cost involved in managing such funds and the significant tax savings. Most of the researchers have compared the performance of the actively managed funds with that of index funds. However the index funds of US and for that reason other parts of the world are different from that of India. Unlike other countries in India the benchmark indices comprise of very less number of securities and thus are unable to represent the entire economy. So in Indian context comparison of performance of actively managed funds with index funds is not logical. Therefore this paper attempts to make an intra-class performance evaluation of some Indian index funds based on some statistics. The study includes the use of graphical interpretations coupled with statistical tools like R-square and tracking error values. Two models of tracking error have been employed to test empirically the performance of the selected index funds. The study is useful for those interested in mutual funds, which includes researchers, academicians, and financial advisors. The paper suits the requirement and the situations prevalent in Indian economy during the period under study.

  15. Early stage fuel cell funding

    International Nuclear Information System (INIS)

    Bergeron, C.

    2004-01-01

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

  16. ALTERNATIVE FUNDING THECNIQUES. COMPARATIVE ANALYSIS

    Directory of Open Access Journals (Sweden)

    Elena Mihaela ILIESCU

    2018-05-01

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

  17. Decommissioning funding: ethics, implementation, uncertainties

    International Nuclear Information System (INIS)

    2006-01-01

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

  18. Investible benchmarks & hedge fund liquidity

    OpenAIRE

    Freed, Marc S; McMillan, Ben

    2011-01-01

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

  19. Advantage from Funding Durable Centers Leasing

    Directory of Open Access Journals (Sweden)

    Alina Zając

    2009-09-01

    Full Text Available In present market conditions huge number of businessmen has problems from gain over from banks capital on purchase of durable centers not only, but also on develop - ment and operating activity Individual can use with different forms funding investment, it which is between different leasing.

  20. PERFORMANCE AND CHARACTERISTICS OF MUTUAL FUNDS: EVIDENCE FROM THE PORTUGUESE MARKET

    Directory of Open Access Journals (Sweden)

    Júlio Lobão

    2015-12-01

    Full Text Available In this paper we aim to study the relation between fund performance and fund attributes in the Portuguese market. The sample includes 124 equity funds, bond funds and money market funds that traded in the 2004-2011 period. A comprehensive set of fund-specific characteristics, never used before in conjunction in the literature, was considered. The methodology which was adopted had two distinct phases. Firstly, we compared the returns of each category of funds with the appropriate reference markets. Secondly, the fund performance, measured by the Jensen’s alpha, was used in a multi-factor model with panel data in which the independent variables were the fund attributes. The results show that Portuguese funds were, in general, not able to beat the benchmarks which is consistent with the existence of efficient financial markets. Only the fixed income mutual funds performed well. Moreover, it is possible to conclude that, for each category of mutual funds, their characteristics are useful to the investor in the moment of choosing the best funds. For example, in the case of funds that invest in Portuguese stocks, the best performance occurs among older and larger funds, funds with higher costs, funds with good past performance and funds whose trading activity is low.

  1. Bitter Sweetness For Fund Managers

    Institute of Scientific and Technical Information of China (English)

    2007-01-01

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

  2. The Funding of Virtual Universities

    Science.gov (United States)

    Poulin, Russell; Michelau, Demaree K.

    2009-01-01

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

  3. Performance-Based Funding Brief

    Science.gov (United States)

    Washington Higher Education Coordinating Board, 2011

    2011-01-01

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

  4. Full Service Leasing

    OpenAIRE

    Richter, Ján

    2009-01-01

    Aim of this master thesis is to describe the service of Full Service Leasing, as a modern form of financing and management of assets, primarily automobile fleet. Description of full service leasing is designed as a comprehensive and complete guide to support reader's position when deciding to finance and manage a fleet by this service. Whether the reader is an entrepreneur, CFO, fleet manager, new employee of leasing company, or anyone who is interested in this service, this master thesis wil...

  5. Socially responsible investments in mutual funds

    Directory of Open Access Journals (Sweden)

    Funaru, M.

    2011-01-01

    Full Text Available This paper aims to add contribution to the socially responsible investments (from now on called “SRI” research by examining the significance of this type of investment in terms of ethical or financial prior behaviour. Using the sample of European market of socially responsible investments funds, we first explore the SRI market dimension compared to the global data on SRI. We also investigate whether the ethical recognition is more important rather than the financial performance. Applied to the European social responsible investment fund market, the paper investigates the difference between these two aspects of behaviour and underlies the importance of socially responsible investments in promoting a sustainable development.

  6. Ranking mutual funds using Sortino method

    Directory of Open Access Journals (Sweden)

    Khosro Faghani Makrani

    2014-04-01

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

  7. Public Funding of Political Parties

    DEFF Research Database (Denmark)

    Ortuno-Ortin, Ignacio; Schultz, Christian

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

  8. Optimal distribution of science funding

    Science.gov (United States)

    Huang, Ding-wei

    2018-07-01

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

  9. Impact of externally funded projects on development of research ...

    African Journals Online (AJOL)

    Impact of externally funded projects on development of research capability of national agricultural research system. S K Sharma. Abstract. No Abstract. Full Text: EMAIL FREE FULL TEXT EMAIL FREE FULL TEXT · DOWNLOAD FULL TEXT DOWNLOAD FULL TEXT · AJOL African Journals Online. HOW TO USE AJOL.

  10. Library Services Funding Assessment

    Science.gov (United States)

    Lorig, Jonathan A.

    2004-01-01

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

  11. Compressive full waveform lidar

    Science.gov (United States)

    Yang, Weiyi; Ke, Jun

    2017-05-01

    To avoid high bandwidth detector, fast speed A/D converter, and large size memory disk, a compressive full waveform LIDAR system, which uses a temporally modulated laser instead of a pulsed laser, is studied in this paper. Full waveform data from NEON (National Ecological Observatory Network) are used. Random binary patterns are used to modulate the source. To achieve 0.15 m ranging resolution, a 100 MSPS A/D converter is assumed to make measurements. SPIRAL algorithm with canonical basis is employed when Poisson noise is considered in the low illuminated condition.

  12. Governing Board of the Pension Fund

    CERN Multimedia

    HR Department

    2007-01-01

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

  13. Mass transit : FTA could relieve New Starts program funding constraints

    Science.gov (United States)

    2001-08-01

    The Transportation Equity Act for the 21st Century (TEA-21) authorized $6 billion in "guaranteed" funding for the New Starts program (full funding grant agreements to help pay certain rail, bus, and trolley projects) through fiscal year 2003. The Fed...

  14. Sovereign Wealth Funds – the New Challenge for Corporate Governance

    Directory of Open Access Journals (Sweden)

    Dariusz Urban

    2010-10-01

    Full Text Available The article discusses Sovereign Wealth Funds with reference do the process of corporate governance. In the first part the paper presents the rise, growth and current investment activity of those funds. In the second section the author consider reasons for implementation of corporate governance best practices. The last part of the paper compares Santiago Principles with OECD principles of corporate governance.

  15. ACCOUNTING SYSTEM OF THE MARKET OF UNIT INVESTMENT FUNDS

    Directory of Open Access Journals (Sweden)

    Olga A. Zhdanova

    2013-01-01

    Full Text Available Functions and interrelations of depositary, specialized depositary and registrar operating in the market of unit investment funds are presented and studied in the article. The conclusion is drawn on possibility of introduction of concept of accounting system in the market of unit investment funds.

  16. International funding opportunities for ideas of collaboration projects in OOHP

    Directory of Open Access Journals (Sweden)

    Ilin, Corina

    2012-04-01

    Full Text Available The present paper is presenting the exploratory workshop organized by the OOHP Master team in December 2011, which opened paths for theoretical knowledge and for collaboration with researchers having international prestige. Also, the paper presents funding opportunities available in national grants, and the strategy chosen by the team to prepare a two-step access to funds.

  17. PECULIARITIES OF PERFORMANCE MEASUREMENT IN SOVEREIGN WEALTH FUNDS

    Directory of Open Access Journals (Sweden)

    M. Onopko

    2014-01-01

    Full Text Available Sovereign wealth funds as the subjects of economic relations are analyzed and the main approaches to the assessment of their activities are discussed. The dependence of the performance measurement system and the strategic objectives of the funds and economic policy objectives of the government is indicated.

  18. Full faith in myself

    Indian Academy of Sciences (India)

    Lawrence

    Full faith in myself. Meenakshi Banerjee. 12. Ihad my schooling at the Irish Convent, Loreto, in Asansol,. West Bengal. Perhaps the earliest memories I have are of myself as a very determined child with a deep appreciation of and inquisitiveness regarding nature although not understanding most of it at that tender age.

  19. Behavioural aspects influencing the performance of Turkish fund managers

    Directory of Open Access Journals (Sweden)

    Bruno S. Sergi

    2009-11-01

    Full Text Available Using original survey data collected by the authors in 2005 we investigate the determinants of Turkish fund managers’ performance as measured by the number of clients that a fund manager has, the number of investment funds that the manager is responsible for and the size of the manager’s portfolio. All three measures of Turkish fund manager performance systematically vary with fund manager characteristics. This is consistent with Chevalier and Ellison’s (1999 finding for the USA that some managers are better than others. Further, the number of training courses attended by a manager and years of experience (in a particular organisation and/or as a fund manager are found to positively influence all three measures of performance. This may suggest that senior managers and those with more training are given more responsibility than less experienced and less trained managers.

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

    OpenAIRE

    Siadat, Medya; Hammarlid, Ola

    2017-01-01

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

  1. Risk analytics for hedge funds

    Science.gov (United States)

    Pareek, Ankur

    2005-05-01

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

  2. Plate Full of Color

    Centers for Disease Control (CDC) Podcasts

    The Eagle Books are a series of four books that are brought to life by wise animal characters - Mr. Eagle, Miss Rabbit, and Coyote - who engage Rain That Dances and his young friends in the joy of physical activity, eating healthy foods, and learning from their elders about health and diabetes prevention. Plate Full of Color teaches the value of eating a variety of colorful and healthy foods.

  3. Fund Raising for Haiti

    CERN Multimedia

    Association du personnel

    2010-01-01

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

  4. Nuclear Waste Fund management

    International Nuclear Information System (INIS)

    Hobart, L.

    1984-01-01

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

  5. Navy Ship Procurement: Alternative Funding Approaches - Background and Options for Congress

    National Research Council Canada - National Science Library

    O'Rourke, Ronald

    2005-01-01

    Some observers have proposed procuring Navy ships using incremental funding or advance appropriations rather than the traditional full funding approach that has been used to procure most Navy ships...

  6. Navy Ship Procurement: Alternative Funding Approaches - Background and Options for Congress

    National Research Council Canada - National Science Library

    O'Rourke, Ronald

    2006-01-01

    Some observers have proposed procuring Navy ships using incremental funding or advance appropriations rather than the traditional full funding approach that has been used to procure most Navy ships...

  7. Funding models for financing water infrastructure in South Africa: framework and critical analysis of alternatives

    CSIR Research Space (South Africa)

    Ruiters, C

    2013-04-01

    Full Text Available by putting in place new institutional structures and funding models for effective strategies leading to prompt water infrastructure provision. The research identified several funding models for financing water infrastructure development projects. The existing...

  8. Does Independent Schools Funding Make a Mockery of the Public Schools Funding Formula? BCTF Research Report. RR2015-01 rev2

    Science.gov (United States)

    White, Margaret; Kuehn, Larry

    2015-01-01

    This report describes the methodology used by the Ministry of Education to calculate per Full-Time Equivalent (FTE) student funding for independent schools and discusses the underlying inequities when the public school funding formula is applied to funding for private schools. Vancouver school district is provided as a case example to work through…

  9. Money Related Decommissioning and Funding Decision Making

    International Nuclear Information System (INIS)

    Goodman, Lynne S.

    2008-01-01

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

  10. Plate Full of Color

    Centers for Disease Control (CDC) Podcasts

    2008-08-04

    The Eagle Books are a series of four books that are brought to life by wise animal characters - Mr. Eagle, Miss Rabbit, and Coyote - who engage Rain That Dances and his young friends in the joy of physical activity, eating healthy foods, and learning from their elders about health and diabetes prevention. Plate Full of Color teaches the value of eating a variety of colorful and healthy foods.  Created: 8/4/2008 by National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP).   Date Released: 8/5/2008.

  11. Managerial multitasking in the mutual fund industry

    OpenAIRE

    Agarwal, Vikas; Ma, Linlin; Mullally, Kevin

    2015-01-01

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

  12. ROMANIAN ADMINISTRATIVE CAPACITY OF EUROPEAN FUNDS ABSOBTION

    Directory of Open Access Journals (Sweden)

    Irina Bosie (Ungureanu

    2011-12-01

    Full Text Available The capacity to absorb European funds is part of a state complex integrated admninistrative capacity, a component of a state as a whole. The analysis in this article starts from the theoretical development by studying the reports made by the Romanian Government, correlated with the European Union reports on funds and Romanian legislation. This analysis of the EU's structural funds, highlights the importance of accessing them and the degree to which Romania and member countries benefits of income support.European funds are meant to supplement a member of the Union funds to the extent that they are accessed through the projects. Money allocated on type of operation is distributed in amounts proportionate to that state needs. Money distributed will be justified by their realization of infrastructure projects, environment, transport, human resources development, rural and regional development.Theoretical research lay the foundation for determining administrative capacity in Romania from the first time of defining the concept until now. Empirical research reveals the degree of absorption of which is that Romania has in comparison with some EU countries, former socialist countries present democratic states.The absorption capacity of European funds determine the strength of a state administrative management issues in the management of monetary dated. Power in handling management administrative problems can be efficient in higher manner and it’s represented by cost-benefit analysis and the degree of satisfaction of citizen interest. As public services are financially supported and developed, the degree of citizen satisfaction is greater in an implemented decentralized administrative system.

  13. Emptiness and Fullness

    DEFF Research Database (Denmark)

    Bregnbæk, Susanne; Bunkenborg, Mikkel

    As critical voices question the quality, authenticity, and value of people, goods, and words in post-Mao China, accusations of emptiness render things open to new investments of meaning, substance, and value. Exploring the production of lack and desire through fine-grained ethnography, this volume...... examines how diagnoses of emptiness operate in a range of very different domains in contemporary China: In the ostensibly meritocratic exam system and the rhetoric of officials, in underground churches, housing bubbles, and nationalist fantasies, in bodies possessed by spirits and evaluations of jade......, there is a pervasive concern with states of lack and emptiness and the contributions suggest that this play of emptiness and fullness is crucial to ongoing constructions of quality, value, and subjectivity in China....

  14. MASS TRANSIT: FTA Could Relieve New Starts Program Funding Constraints

    National Research Council Canada - National Science Library

    2001-01-01

    .... Much of this investment has come through the Federal Transit Administration's (FTA) New Starts program, which helps pay for certain rail, bus, and trolley projects through full-funding grant agreements...

  15. KT Fund: Five years of funding for impact

    CERN Multimedia

    CERN Bulletin

    2015-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Elbie Louw

    2017-08-01

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

  17. Selectivity Skills of Mutual Fund Managers in India: An Analysis

    Directory of Open Access Journals (Sweden)

    Bilal Ahmad Pandow

    2016-12-01

    Full Text Available Stock selection is the nucleus in the investment management process. It involves identifying and selecting undervalued securities which among other things requires the successful forecasting of the company specific events or an ability to predict the general behavior of security prices in the future. If the fund manager is able to identify and select the undervalued securities for the portfolio, then it will be possible for the fund manager to increase the returns of the schemes and vice versa. In practice fund managers are expected to earn superior returns for unit holders consistently as being professionals therefore possess superior skills to collect and analyze the data with the purpose to select the right type of securities for the portfolio. The present work is based on the review of tens of studies both foreign and Indian studies relating to mutual funds. The mutual fund industry in India consists of public sector, private sector and foreign funds. All the three sectors were studied to compare the selectivity and timing performance on the basis of sponsorship of funds. However, from these only active funds belongings to Growth, Income, Balanced and Tax-Saving Schemes were selected for the study. In this paper stock selectivity skills of sample fund managers were tested by using Jensen’s Alpha and Fama’s net selectivity measure.

  18. Full metal jacket!

    CERN Document Server

    Laëtitia Pedroso

    2011-01-01

    Ten years ago, standard issue clothing only gave CERN firemen partial protection but today our fire-fighters are equipped with state-of-the-art, full personal protective equipment.   CERN's Fire Brigade team. For many years, the members of CERN's Fire Brigade went on call-outs clad in their work trousers and fire-rescue coats, which only afforded them partial protection. Today, textile manufacturing techniques have moved on a long way and CERN's firemen are now kitted out with state-of-the-art personal protective equipment. The coat and trousers are three-layered, comprising fire-resistant aramide, a protective membrane and a thermal lining. The CERN Fire Brigade' new state-of-the-art personal protection equipment. "This equipment is fully compliant with the standards in force and is therefore resistant to cuts, abrasion, electrical arcs with thermal effects and, of course, fire," explains Patrick Berlinghi, the CERN Fire Brigade's Logistics Officer. You might think that su...

  19. Policies for full employment

    DEFF Research Database (Denmark)

    de Koning, Jaap; Layard, Richard; Nickel, Stephen

    European unemployment is too high, and employment is too low. Over 7½ per cent of Europe's workforce is unemployed, and only two thirds of people aged 15-64 are in work. At the Lisbon summit two years ago the heads of government set the target that by 2010 the employment rate should rise from 64...... per cent to at least 70 per cent. And for older workers between 55 and 64 the employment rate should rise from 38 per cent to at least one half. These are ambitious targets. They will require two big changes: more people must seek work, and among those seeking work a higher proportion must get a job....... So we need higher participation, and (for full employment) we need a much lower unemployment rate. Can it be done? A mere glance at the experience of different European countries shows that it can. As Table 1 shows, four E.U. countries already exceed the overall target for 2010 (Britain, Denmark...

  20. Status of funded actions

    International Nuclear Information System (INIS)

    2004-01-01

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

  1. Funding stalls ARETS work

    International Nuclear Information System (INIS)

    Anon.

    1997-01-01

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

  2. Humboldt SK pilot biodigester receives funding

    Energy Technology Data Exchange (ETDEWEB)

    Anon.

    2005-09-30

    The Canada-Saskatchewan Western Economic Partnership Agreement (WEPA) will provide funding for Canada's first pilot-scale biodigester to be built in Humboldt, Saskatchewan. The $208,138 pilot facility will use household garbage as well as agricultural waste such as manure and livestock operations, abattoirs and food processing to create heat or power and fertilizer. Support for this bio-energy facility, which could also reduce greenhouse gases, will come from the Prairie Agricultural Machinery Institute which has received $186,138 from Canada and Saskatchewan in the form of cost-shared federal-provincial funding. The pilot plant will test different combinations of waste material feedstocks and the characteristics of the resulting gas end products. The pilot facility will also provide design information for full-scale biodigester manufacturers in Canada. It is expected that 25 full-scale biodigesters will be constructed in Canada in the near future.

  3. Drug Revolving Fund-Based

    African Journals Online (AJOL)

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

  4. Adequacy Model for School Funding

    Science.gov (United States)

    Banicki, Guy; Murphy, Gregg

    2014-01-01

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

  5. The Management of Village Fund Finances

    Directory of Open Access Journals (Sweden)

    Inten Meutia

    2017-03-01

    Full Text Available The purpose of this research is to know the implementation of fund management of village fund in Ogan Ilir Regency, South Sumatera. The population in this study were 224 villages in Ogan Ilir Regency that received the allocation of Village Funds in 2016. The purposive sampling technique was applied to obtain samples and produce 26 villages. The analysis will be carried out with a quantitative and qualitative description process. Based on the data obtained, the researcher tries to describe or describe systematically, accurately, and factually about matters relating to the field as fact, nature, and relationship between phenomena. Quantitative techniques will also use frequency analysis that aims to provide an overview of the general condition. The results reveal that the financial management aspects are generally in accordance with those set out in Permendagri 113/2014 and have complied with the basic principles of financial management. Reporting and accountability remain a problem for some villages. Not all of the villages studied have aspects of human resource reporting and accountability. Taking into account the composition of village budgeting, the village does not meet the rules that require a ratio of 70:30, this results in inequality in the implementation of rural development. The conclusion of this research is that the implementation of village fund management in Ogan Ilur Regency has been running well according to Permendagri 113/2014.

  6. Decommissioning Funding: Ethics, Implementation, Uncertainties

    International Nuclear Information System (INIS)

    2007-01-01

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

  7. Funding emergency care: Australian style.

    Science.gov (United States)

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

    2014-08-01

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

  8. Funding oil and gas ventures

    International Nuclear Information System (INIS)

    Billingsley, L.T.

    1992-01-01

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

  9. Random matrix theory and fund of funds portfolio optimisation

    Science.gov (United States)

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

    2007-08-01

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

  10. Status of funded actions

    International Nuclear Information System (INIS)

    2003-01-01

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

  11. 49 CFR 268.7 - Federal/State share and restrictions on the uses of Federal Maglev Funds.

    Science.gov (United States)

    2010-10-01

    ... of Federal Maglev Funds. 268.7 Section 268.7 Transportation Other Regulations Relating to... Federal Maglev Funds. (a) Federal share. The Federal share of Full Projects Costs shall be not more than 2...) Restrictions on the uses of Federal Maglev Funds. (1) Federal Maglev Funds may be applied only to Eligible...

  12. EU POLICY ON EDUCATION FUNDING

    Directory of Open Access Journals (Sweden)

    Elena Cristina PANA

    2014-04-01

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

  13. INVESTMENT FUNDS INDUSTRY IN ROMANIA

    Directory of Open Access Journals (Sweden)

    Adela Ionescu

    2013-11-01

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

  14. LEGISLATION AND MANAGEMENT FUND FOR MOSQUE IN MANADO, INDONESIA

    Directory of Open Access Journals (Sweden)

    Deicy Natalia Karamoy

    2012-05-01

    Full Text Available This paper aims to analyze the development of religious institutions as foundations or agencies virtue (Non-profit Organizations, which manage funds mosques and churches under the Act No. 28 of 2004 (Act 28/2004. The problem, though these agencies manage the funds mosques and churches as houses of worship, but still apply some cases broken trust and abuse in care funds. Content analysis will be made based on two data sources. First, it is the secondary data obtained than the Law 28/2004 and reports inscribed. Second is the primary data obtained from fieldwork. Revenue study is expected to back up the bodies of virtue for the management of funds increased more mosques in Manado, Indonesia. Conversely, if the enactment cases of study broken trust and misappropriation of funds in a thin, it acts in accordance with the laws that exist in Indonesia can be taken.

  15. INVESTMENT PORTFOLIO MANAGEMENT PECULIARITIES OF NON-STATE PENSION FUNDS

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2015-07-01

    Full Text Available Non-state pension fund is a institution of social security, the primary purpose of which is the payment of pensions to members of the system of private pension provision. The insurance and pension funds in Republic of Moldova is just beginning. In this regard, a study was conducted in different countries on experience with non-state pension insurance. The results, being generalized, can be used in Republic of Moldova. Non-state pension fund has a multiple core: financial institution, fund, social institution, insurer and institutional investor. Non-governmental pension funds were highly integrated in public policy in most countries around the world aimed at expanding the supplementary pension insurance. Therefore, it becomes very important to solve the issue of formation and investment portfolio management in these financial institutions.

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

    African Journals Online (AJOL)

    2018-03-01

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

  17. 25 CFR 39.1203 - Future consideration of contract school operation and maintenance funding.

    Science.gov (United States)

    2010-04-01

    ... EDUCATION THE INDIAN SCHOOL EQUALIZATION PROGRAM Contract School Operation and Maintenance Fund § 39.1203 Future consideration of contract school operation and maintenance funding. The Assistant Secretary shall arrange for full funding for operation and maintenance of contract schools by fiscal year 1981. ...

  18. REGIONAL VENTURE FUND OF THE URAL FEDERAL DISTRICT: CREATION AND STRATEGY OF DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    N.A. Victorov

    2007-03-01

    Full Text Available The article describes both types of Russian venture funds and forms of the state participation in venture investment. Besides, the article mentions the scheme of regional venture fund creation in Ural district, principles of its participants` interaction and some management issues. Moreover, we can see here the fund's development which includes market, technological, integration and investment components.

  19. 76 FR 80407 - Notice of Funding Opportunity and Solicitation for Grant Application (SGA) for Workforce...

    Science.gov (United States)

    2011-12-23

    ... job seeker and employer customers and cost- effectiveness. ETA expects to fund approximately 20 to 30... Innovation Fund Grants AGENCY: Employment and Training Administration, Labor. ACTION: Notice of Solicitation... Innovation Fund grants authorized by the Full-Year Continuing Appropriations Act, 2011 (Pub. L. 112-10) to...

  20. Funding bombshell hits UK physics

    Science.gov (United States)

    Banks, Michael; Durrani, Matin

    2008-01-01

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

  1. 12 CFR 615.5010 - Funding Corporation.

    Science.gov (United States)

    2010-01-01

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

  2. Stock investment funds in Brazil: performance and management expertise

    Directory of Open Access Journals (Sweden)

    Paulo Rogério Faustino Matos

    2012-01-01

    Full Text Available This article analyzes the stock investment fund market in Brazil and proposes dynamic rankings constructed from different risk-return metrics, during the period from 1998 to 2009. We find an uncommon level of persistence, mainly among the best performing funds, due to the expertise of the managers. The quadrimestral rebalancing of the portfolios based on these rankings permits inferring that in scenarios characterized as economic booms or recovery of financial markets, the strategies with equal participation in winner funds provides significantly higher average monthly gains, reduction of risk associated with diversification and consequently enhanced performance in relation to market or sector benchmarks. This evidence is robust to the use of different performance metrics for fund selection, indicating that active investors in winning funds demand good performance not only in terms of the Sharpe ratio, but also with respect to other metrics, such as the Treynor, Calmar and Sortino ratios. In these optimistic scenarios, only the industrial sector index (INDX provided returns compatible with those of these fund’s portfolios. However, during periods of crisis, no strategy involving the funds managed to provide hedge levels characteristic of the electric energy sector index (IEE, so it can be said that the majority of investing strategies are dominated in gain-risk criteria by sector or market indexes, with the exception of value-weighted portfolios composed of losing funds, a signal that the usual passive investors in large funds indexed to the Ibovespa can be presenting a greater level of inertia.

  3. Mutual fund performance: A synthesis of taxonomic and methodological issues

    Directory of Open Access Journals (Sweden)

    S.G. Badrinath

    2010-12-01

    Full Text Available This paper provides a comprehensive taxonomy of mutual funds and discusses the relative importance of these fund types. While most academic research focuses on US equity funds, we provide results for many more asset classes with this taxonomy—fixed income, balanced, global, International, sector, market-neutral and long-short funds. For each, we start by reporting statistics on the number of funds and their total net asset values at different intervals over the last four decades. We then identify short and long-term patterns in annual returns to mutual funds. We study the cross-sectional and time-series properties of the distribution of investor flows into different types of mutual funds, describe the relationship between flows and performance and discuss its implications for the strategic behaviour of managers and investors. We estimate and interpret fund performance alphas using both the single-factor and four-factor Fama-French models for each taxonomy type. Finally we describe the state of academic research on portfolio performance evaluation tilted towards an applied audience.

  4. Assistance to schoolized childhood: the school fund

    Directory of Open Access Journals (Sweden)

    Sélia Ana Zonin

    2018-03-01

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

  5. Performance Persistence of Equity Funds in Hungary

    Directory of Open Access Journals (Sweden)

    Dariusz Filip

    2011-03-01

    Full Text Available This study examines the phenomenon of performance persistence of equity funds in Hungary in two time perspectives: 1-year and 6-month perspectives. The empirical results confirm the occurrence of performance dependence in consecutive periods. There is also a strong evidence of short-term persistence in the total horizon of the study (from the beginning of 2000 to the end of 2009, and in several sub-periods. The 1-year persistence was also found in the tested sample and, in general, depended on the measure applied. Furthermore, I observed performance reversal, which can be partly explained by trend changes in the financial markets. The persistence of equity funds performance in Hungary is shaped by market factors rather than the diversity of managerial characteristics.

  6. FINANCING PUBLIC TRANSPORT SERVICES FROM PUBLIC FUNDS

    Directory of Open Access Journals (Sweden)

    Miloš POLIAK

    2017-12-01

    Full Text Available The paper deals with the issue of efficiency of public passenger transport through financial support from public funds from the perspective of improving road safety. The aim is to verify the hypothesis that financing public passenger transport from public funds is a significant tool to influence the number of passengers carried by individual automobile transport, and thus it can be used a tool for influencing road safety in a particular territory. The first part of the paper analyses the sources for financial support of public passenger transport. The next part describes the assumptions for improving road safety through increasing the support of public passenger transport. The last part analyses possible impacts of financing public passenger transport on the road safety in relation to the specified hypothesis.

  7. Corporate Governance and Pension Fund Performance

    Directory of Open Access Journals (Sweden)

    Oskar Kowalewski

    2012-03-01

    Full Text Available This study provides new evidence on the impact of governance on the performance of privately defined contribution pension plans. Using a hand collected data set on governance factors, the study shows that the external and internal governance mechanisms in pension plans are weak. One explanation for this weakness is the potential conflict between the pension beneficiaries and the fund’s owner, which depends on who bears the investment risk in the pension plan. Hence, different governance factors are found to be important for pension fund return on invested assets and also for its economic performance. Consequently, the overall policy conclusion is that more focus should be put on the governance of the pension funds, taking into account the different interests of the beneficiaries and owners as it may determine their performance.

  8. Fund Allocation in Complex Rehabilitation Programs

    Directory of Open Access Journals (Sweden)

    Tarek Hegazy

    2013-12-01

    Full Text Available Civil Infrastructure assets require continuous renewal actions to sustain their operability and safety. Allocating limited renewal funds amongst numerous building components, however, represents a large-scale optimization problem and earlier efforts utilized genetic algorithms (GAs to optimize medium size problems yet exhibit steep performance degradation as problem size increases. In this research, after experimenting with various approaches of segmenting a large problem into multiple smaller sub-problems, clustered segmentation proved to be the most promising. The paper discusses the underlying life cycle analysis model, the various segmentation methods, and the optimization results using the improved GAs + clustered segmentation, which proved to be able to optimize asset renewals for 50,000 components with no noticeable performance degradation. The proposed method is simple and logical, and can be used on variety of asset types to improve infrastructure fund allocation. Future extension of this research is then highlighted.

  9. Pacific Coastal Salmon Recovery Fund

    Data.gov (United States)

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

  10. Drinking Water State Revolving Fund

    Data.gov (United States)

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

  11. Report from the Pension Fund

    CERN Multimedia

    2012-01-01

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

  12. Evaluation of Performance of Investment Funds Based on Decision Models (DEA

    Directory of Open Access Journals (Sweden)

    Alireza Samet

    2016-12-01

    Full Text Available Selection of a suitable investment funds is very important from investors' point of view and may have a significant impact on the profit or loss of the funds. Therefore, evaluation of performance of investment funds to choose the most suitable fund will be given special emphasis. One of the new techniques for evaluating the performance of the Funds based on efficiency is the Data Envelopment Analysis technique. Accordingly, the present study is aimed to analyze and evaluate the performance of investment Funds in capital market of Iran, using the technique of efficiency evaluation through data envelopment analysis technique (DEA. This research is a descriptive - applicable study and to analyze the efficiency and effectiveness, 53 investment funds in the capital market of Iran in 2013 were considered as the sample. To analyze the efficiency of these funds, data envelopment analysis (DEA is used. Research findings showed that in 2013, of a total of 53 examined funds, 11 funds were in the efficiency situation and the other 42 funds were in a state of inefficiency. Also the reference funds and virtual composited funds of all inefficient funds were evaluated.

  13. RESOLUTION OF 10th September 2010 concerning the PENSION FUND

    CERN Multimedia

    GAC

    2010-01-01

    The members of the GAC-EPA committee, after having taken note of the proposals by the Direction with a view to restoring the full funding of the Fund,   Considering:   that the CERN pension scheme is a defined-benefit scheme, that since 2005, the indexation of pensions has become a defined benefit, that the payment by the Fund of pensions and their indexation is guaranteed by the Organization (see Article I 3.03 of the Rules of the Pension Fund), regardless of the financial situation of the Fund, that during the existence of the Organization, Council, according to Article VII of the Convention, must define the Member State contributions, so as to allow the Organization to honour its financial obligations, that two Council resolutions1 reaffirm that the Member States have the responsibility to ensure the uninterrupted payment of pensions until the extinguishment of the rights of the last beneficiary, that by no means do the Rules of the Fund impose full funding, and...

  14. Company Stock in Pension Funds

    OpenAIRE

    Even, William E.; Macpherson, David

    2004-01-01

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

  15. Revisiting Mutual Fund Performance Evaluation

    OpenAIRE

    Angelidis, Timotheos; Giamouridis, Daniel; Tessaromatis, Nikolaos

    2012-01-01

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

  16. Pension Funds and Financial Innovation

    OpenAIRE

    Zvi Bodie

    1989-01-01

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

  17. European Funds Fraud: The Impact on the Process of Absorption of Structural and Cohesion Funds in Romania

    Directory of Open Access Journals (Sweden)

    Dumitru BELDIMAN

    2016-06-01

    Full Text Available The increase of the degree of absorption of European funds offered to Romania by the European Union represents one of its main objectives in the present and future situation. One of the main reasons that the funds are so important is the fact that, taking into consideration the microeconomic and macroeconomic situation that Romania is in, it represents an alternative financing mechanism of the economy that Romania can benefit in very advantageous conditions. Even under these conditions Romania- within 2007-2013 period of programming – couldn’t benefit from it by attracting as many structural and cohesion funds as possible, at least in comparison to other member states. In our opinion, that of the authors’ one of the reasons that led to such a low rate of absorption, alongside with the low administrative capacity of the state is the excessive bureaucracy, an inefficient legislative framework which is not harmonized with the European one, the lack of experience in using and administrating of European funds, the beneficiaries’ incapacity to sustain the financial support of the project (to assure the co-financing of the project, a low involvement of Romanian banking institutions in the process of supporting the beneficiaries of European funds. Another cause is the European funds fraud that happened in Romania. In the present article, the authors have decided to analyze the influence of European funds fraud on the degree of absorption of structural and cohesion funds in Romania.

  18. The Closed-End Funds Puzzle: A Survey Review

    Directory of Open Access Journals (Sweden)

    Marta Charrón

    2009-09-01

    Full Text Available The main objective of this paper is to explore the most salient research aimed at explaining the closed-end fund puzzle from both the traditional and behavioral finance perspectives. It provides a better understanding of closed-end fund behavior and motivates further research of closed-end funds, market efficiency, asset pricing and the traditional and behavioral finance paradigms. So far, none of the possible explanations from either traditional finance or behavioral finance have been able to fully account for the occurrence of the puzzle. It continues to be an important issue in the long standing debate between traditional finance and behavioral finance.

  19. 7 CFR 771.12 - Funding applications.

    Science.gov (United States)

    2010-01-01

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

  20. The rise of Asian sovereign wealth funds

    OpenAIRE

    Borst, Nicholas

    2015-01-01

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

  1. Comparative Analysis of A, B Type and Exchange Traded Funds Performances with Mutual Fund Performance Measures, Regression Analysis and Manova Technique.

    Directory of Open Access Journals (Sweden)

    Mehmet Arslan

    2010-06-01

    Full Text Available The objective of the study is to evaluate risk- reward relationship and relative performances of the 4 different groups of mutual funds. To this end, daily return data of these 12 mutual funds (3 type variable fund; 3 B type variable fund; 3 A type stock fund and 3 A type Exchange traded fund together with daily market index (imkb100 return and daily return of riskless rate for the period from January 2006 to Feb 2010. The 180-day maturity T-Bill has been selected to represent riskless rate. To determine performances of mutual funds; Sharpe ratio, M2 measure, Treynor index, Jensen index, Sortino ratio, T2 ratio, Valuation ratio has been applied and these indicators produced conflicting results in ranking mutual funds. Then timingand selection capability of the fund manager has been determined by applying simple regression and Quadratic regression. Interestingly all funds found to have positive coefficient, indicating positive election capability of managers; but in terms of timing capability only one fund managers showed success. Finally, to determine extent to which mean returns are differs between mutual funds, market index (imkb100 and riskless rate (180 day TBill results of the analysis revealed that mean returns of individual security returns differs at P≤0,01 level. That shows instability in returns and poor ex-ante forecast modeling capability.

  2. VERIFICATION PROCEDURE EUROPEAN FUNDED PROJECTS THROUGH FINANCIAL AUDITS

    Directory of Open Access Journals (Sweden)

    Riana Iren RADU

    2014-06-01

    Full Text Available The work developed by the authors assumes a definite need for reflection on funding mechanisms and macroeconomic management at all levels of budget deficit, amid the economic crisis unprecedented in the recent history of Romania and the whole of Europe. In this direction, this paper attempts to highlight issues that arise in terms of absorption of European funds for economic development based on this absorption emphasizing the role of grants in the economy and the need to audit projects.

  3. The role of the Housing Fund of the Republic Slovenia

    Directory of Open Access Journals (Sweden)

    Mira Becele

    1995-01-01

    Full Text Available Basic data about the Housing Fund is given, outlining the principles and requirements for loan allocation. Such loans are available both to individuals and non-profit housing organizations. The Housing Fund is making efforts to supplement and extend the institutional structure of the housing sector by introducing a housing savings bank, by issuing long-term debenture bonds, and through foreign borrowing.

  4. ACCOUNTING OF AGRICULTURAL ACTIVITIES AND EUROPEAN FUNDS

    Directory of Open Access Journals (Sweden)

    Daniel Petru VARTEIU

    2017-12-01

    Full Text Available The economical operations developed by the beneficiaries of European funds projects, are registered in accounting, based on justifying documents, in accordance with the national and international legislation in effect. The beneficiaries of European funds projects may be organized starting from the simplest form of organisation, which takes the form of self – employed person (SEP till the most complex form of organisation such as trading companies (T.C.. The Romanian institutions which finance agricultural activities are Ministry of Agriculture and Rural Development (M.A.R.D which subordinates Rural Investment Finance Agency (R.I.F.A and Payment and Intervention Agency in Agriculture (P.I.A.A. The Ministry of Agriculture and Rural Development has an authority role, of management (AM for the National Rural Development Program (N.R.D.P and for the Fisheries Operational Program (F.O.P. The funds obtained from the European Union and from Romanian institutions for the development of agricultural activities are registered in accounting as grants, in the category of grants afferent to assets or afferent to incomes.

  5. Funding Innovation in Poland through Crowdfunding

    Directory of Open Access Journals (Sweden)

    Katarzyna Kozioł-Nadolna

    2016-01-01

    Full Text Available Funding innovative projects is one of the most serious problems faced by business owners in Poland. Therefore, due to the difficulties of obtaining external sources of financing, crowdfunding may constitute a new source of fundraising for innovative ventures. Therefore, crowdfunding – as a way of raising capital for projects – is the subject of the discussion in this article. The research aim of the article is to identify and evaluate crowdfunding platforms as well as the innovative projects carried out by these platforms in Poland in 2014-2016. The first part characterizes crowdfunding as a source of funding innovation and presents the nature of crowdfunding, its characteristics and models. The empirical part is based on inductive-deductive inference, desk research, i.e. the analysis of crowdfunding market in Poland in two research periods and a case study analysis. The article shows the results of the research on the Polish crowdfunding market in 2014-2016. The author also presents a case study of funding innovation on the Kickstarter.com platform by a Polish company Sher.ly.

  6. Governing Board of the Pension Fund

    CERN Multimedia

    2007-01-01

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

  7. Specific Features in Accessing European Funding

    Directory of Open Access Journals (Sweden)

    Elena Alexandra CĂLDĂRARU

    2011-12-01

    Full Text Available Abstract: European Funds are the European Union financial instruments in order to assist Member States in reducing the existing disparities between regions and between countries, and for harmonization with the economic, social and cultural European standards. This paper intends to present some general characteristics applicable to the most important financing programs, and also to outline certain features of the main financing lines, referring to investment projects development and their implementation, based on the Applicant Guides analysis. The paper treats institutional, legal, financial, technical, social and environmental aspects and outlines proposals and recommendations to achieve a better EU funds absorption and also a higher success rate of initiated projects. In knowledge-based economy circumstances, training consultancy specialists, that represent the intellectual capital in this area, will ensure the professional management of the developing process, submission and ongoing competitive projects, and will help enhance the funds absorption at national level. Thus, the European support for investments in ensuring sustainable growth will help overcoming the difficulties encountered by our country, and will sustain the Romanian economy recovery.

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

    Energy Technology Data Exchange (ETDEWEB)

    Buxton, Abbi; Campanale, Mark; Cotula, Lorenzo

    2012-01-15

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

  9. Pension Fund - ELECTIONS - Irene SEIS

    CERN Document Server

    2002-01-01

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

  10. Economic Nature of Monetary Funds of Households

    Directory of Open Access Journals (Sweden)

    Vladimir Vladimirovich Glukhov

    2015-12-01

    Full Text Available In a market economy, household is characterized by the situation in which its members become owners of their tangible and intangible assets or are only declared to be them. Many provisions of the macroeconomy could change significantly if the issues of household and family finances were paid as much attention as economic problems of the state and entities. Finance households are an economic basis for the state and for business entities of different ownership forms, because they are managed by people who are part of families representing the interests of certain individuals. The issues of formation and distribution of Russian households’ intra-cash assets, including shadow ones, are now one of the most topical issues, not only in theory but also in practice of economic science. And at the same time these issues remain virtually unexplored. Social risk of intra-family shadow funds consists in the fact that the models of economic behavior acquired by the individual in the household are transferred to an external social field, and implemented according to the occupied power status. Shadow monetary funds created in the household represent part of the money which is derived from the family budget, and they imply the existence of latent side of financial relations among its members. The purpose of this article is studying the mеchanisms of decision-making on the establishment of both collective and individual monetary funds within the family budget, including the shadow funds (so-called “zanachkа” of individuals, not accounted for in the family budget.

  11. EUROPEAN FUNDING - IMPACT ON RESEARCH CAPACITY IN CROATIA

    Directory of Open Access Journals (Sweden)

    Vesna Kotarski

    2016-10-01

    Full Text Available Limited national budgetary resources for R&D in period from 2007 to 2013 imposed a need for Croatian researchers to apply for European research grants. A challenge for effective absorption of European Structural and Investment Funds in the period 2014 to 2020, highlight a need to assess the impact of this external funding on research capacity in Croatia in 2007-2013 period. Qualitative interviews with grant recipients from Ruder Boskovic Institute revealed intangible achievements in terms of research career, enhanced interaction and knowledge transfer to business community, improved research management competences and possibilities for collaboration with internationally recognized research teams. Similar results from studies carried out in other countries indicates the importance of intangible achievements of research grants, which are becoming more and more relevant in the context of public policies (networking, cooperation, strategic planning, knowledge management. The use of EU funds is an extremely complex process which requires a change of approach to the use of public funds and the introduction of the principle of transparency of procedures for all stakeholders in the process, equal access to information and sound financial management. Weaknesses of the Croatian scientific system and absence of will to support excellent research through competitive funding present real threats to successful participation of Croatian researchers in the European framework programs and other external research funding programs. Findings of the study provide valuable insight for national authorities in terms of effective management of national research and innovation programs while maximizing the potential impact of EU funds allocated.

  12. STRUCTURAL FUNDS ABSORPTION GROWTH BY IMPROVING THEIR MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Pautu Sorina

    2012-12-01

    Full Text Available Grant project management is now a trend in the institutions of various types in Romania due to the opportunities offered by the EU through structural Instruments. Absorbing European funds is a challenge for Romania. The Managing Authority for Structural Instruments, together with the subordinated institutions present deficiencies in their coordination and implementation, the effect being a slow process of absorption of structural and cohesion funds. Taking action to enhance absorption of Structural and Cohesion Funds was done later; some measures are neither effective nor efficient. One of the major problems in implementing the Structural Funds is the continuous change of their national legislation. Therefore it is necessary to take measures to increase the absorption of structural funds and also the national adoption of a stable legal framework applicable to Structural Funds, guides of the applicant and clearly established project calls, without any latest changes, creating a transparent system of project proposals assessment and results communication of assessments to their beneficiaries, the payments required by the reimbursement requests within 45 days specified in the contract and not just their validation, terms compliance in approval notifications and addenda to the contract funding, proper training of the personnel from the intermediate organizations and linking information provided by their staff.

  13. THE MARKET OF ELECTRICAL POWER MUTUAL INVESTMENT FUNDS IN THE CONDITIONS OF REFORM OF ELECTRICAL POWER BRANCH OF RUSSIA

    Directory of Open Access Journals (Sweden)

    Olga A. Zhdanova

    2015-01-01

    Full Text Available In article the quantitative and qualitativeanalysis of the Russian market of electrical power mutual investment funds (Mutual funds is carried out, problems andprospects of its development in modernconditions are revealed.

  14. Investor Attrition and Fund Flows in Mutual Funds

    DEFF Research Database (Denmark)

    Christoffersen, Susan E. K.; Xu, Haoyu

    2017-01-01

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

  15. Gas tax fund and public transit fund outcomes report

    International Nuclear Information System (INIS)

    2009-01-01

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

  16. Research funding should reward unpredictability

    CERN Multimedia

    2008-01-01

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

  17. 28 CFR 23.30 - Funding guidelines.

    Science.gov (United States)

    2010-07-01

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

  18. 24 CFR 214.311 - Funding.

    Science.gov (United States)

    2010-04-01

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

  19. 33 CFR 135.9 - Fund address.

    Science.gov (United States)

    2010-07-01

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

  20. 12 CFR 619.9185 - Funding Corporation.

    Science.gov (United States)

    2010-01-01

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

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

    OpenAIRE

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

    2018-01-01

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

  2. Management of Portfolio Investment Held by Pension Funds

    Directory of Open Access Journals (Sweden)

    Dan Armeanu

    2008-09-01

    Full Text Available As a result of the fact that pension funds are financial intermediaries, the value of their assets and liabilities is influenced by changing conditions in financial markets. The market image of a pension fund (and hence its perceived value are closely tied to the “financial health” of the fund. Setting up and managing complex investment portfolios requires that pension administrators use scientific models of portfolio selection and optimization based on the risk-expected return relationship. Most investment portfolios are modified in time as result of changing stock prices and investment policy objectives. Having established investment policy guidelines, the administrators of pension funds have to determine the structure of their portfolios so that the latter meet legal requirements.

  3. The lessons of the crisis on pension funds portfolio management

    Directory of Open Access Journals (Sweden)

    Dan CONSTANTINESCU

    2012-12-01

    Full Text Available Portfolio management in crisis conditions showed that major turbulence come from within the financial system. In such a context, a first answer to the investors (and pension funds make no exception manifests itself through the growth of liquidity preferences. Recent studies have shown that monetary political shocks have a considerable effect over the dynamic and composition of the capital flows, with influences that reach the structure on categories of assets of the pension funds’ portfolio. For example, due to an interesting profile of the risk-profit ratio, listed private equity (LPE funds are more and more attractive for the institutional investors, among which are the pension funds administrators. Last but not least, the existence of an insuring system of the participants’ contributions and/or benefits to the pension funds is extremely useful, considering that it is able to harmonize a large variety of interests.

  4. Trends In Funding Higher Education In Romania And EU

    Directory of Open Access Journals (Sweden)

    Raluca Mariana Dragoescu

    2014-05-01

    Full Text Available Education is one of the determinants of the economic growth in any state, education funding representing thus a very important aspect in public policies. In this article we present the general principles of funding higher education in Romania and how it evolved over the last decade, stressing that the public higher education has been consistently underfunded. We also present an overview of the evolution of the main statistical indicators that characterize higher education in Romania, the number of universities and faculties, the number of students, number of teachers, revealing discrepancies between their evolution and the evolution of funding. We compared the funding of higher education in Romania and EU countries highlighting the fact that Romania should pay a special attention to higher education to achieve the performancen of other EU member countries.

  5. UNIT TRUST FUND'S INITIAL SERVICE CHARGE AND ITS DETERMINANTS

    Directory of Open Access Journals (Sweden)

    Nur Adiana Hiau Abdullah

    2006-01-01

    Full Text Available This paper examines the variables that might explain the initial service charge (ISC imposed on unit-holders of Malaysian unit trust funds in the year 1999. By using 39 openend unit trust funds, customer service and board structure variables are found to have asignificant effect in explaining the variations of ISC. Financial performance variables do not seem to have any influence on the level of ISC charged to the unit-holders. Our results also showed that funds which charged higher ISC do not necessarily provide higher returns to investors. Furthermore, there are unit trust funds that are having an initial service charge beyond the maximum 10% level required by the Securities Commissions or did not fulfil the independent directors requirement.

  6. ANALYSIS OF EFFICIENCY OF INVESTMENT IN THE EU AGRICULTURAL FUNDS

    Directory of Open Access Journals (Sweden)

    Bojan Krstić

    2014-12-01

    Full Text Available The purpose of this paper is understanding of the importance of financial support for agricultural development and achieved results. The aim is an assessment of the importance of the European Union funds intended for agricultural and rural development. In accordance with the purpose and objectives of the research, we analyze the efficiency of investment in the European Union agricultural funds. Also, the interdependence between agriculture expenditures from the European Union funds and results achieved in agriculture in the European Union countries is examined in this paper. Homogeneity of the European Union countries, according to agricultural expenditures and agricultural results is analyzed. The results of this research highlight the importance of financial support provided from the European Union funds for agricultural and rural development.

  7. Long-Short Fund Performance Evaluation in Brazil

    Directory of Open Access Journals (Sweden)

    Fábio Augusto Reis Gomes

    2010-12-01

    Full Text Available Long-Short Funds should be able to provide positive returns, above the opportunity cost and independent of market conditions, once they can have both long and short positions. For this reason, this study aims to evaluate the Long-Short funds in Brazil, assessing whether customers of these products are buying just market returns (Beta, or if there is excess return (alpha independent of the stock market. Analyzing a sample of 76 funds from January 2, 2001 to March 31, 2008, using daily and monthly data, we found evidence that a small number of funds are able to generate excess return. Besides, this excess does not exhibit persistence. Finally, there is little or no evidence for market timing.

  8. Information asymmetry, mutual funds and earnings management: Evidence from China

    Directory of Open Access Journals (Sweden)

    Yunhao Dai

    2013-09-01

    Full Text Available This paper investigates how information asymmetry and mutual fund ownership affect listed companies’ earnings management. We show that (1 reducing information asymmetry improves firms’ earnings management behavior; (2 relative to short-term mutual funds, long-term mutual funds promote earnings quality by adopting a monitoring role; and (3 by dividing firms into high/low information asymmetry groups, we find that the information environment significantly increases the effect of long-term mutual funds on firms’ earnings management. In this paper, we provide new evidence for the role that institutional investors play in a typical emerging capital market. Our results have clear policy implications: to increase earnings quality, it is essential to improve information transparency and develop long-term institutional investors.

  9. Macroeconomic Considerations and Motives of Sovereign Wealth Funds Activity

    Directory of Open Access Journals (Sweden)

    Dariusz Urban

    2011-06-01

    Full Text Available Sovereign wealth funds are entities regarded as an institutional innovation in the international financial market. Due to the nature of the ownership rights, the investment activity of such entities is still highly controversial. Objections against sovereign wealth funds included the alleged extraeconomic goals of their activity. This article attempts to show that the establishment development and operation of sovereign wealth funds are determined by economic factors. The study presents a description of the international monetary system and the motives for building foreign exchange reserves by countries. It has been evidenced on the basis of the most recent data that some countries have reserves considerably exceeding the level regarded as optimal for the economy. The article presents benefits for the economy from the use of sovereign wealth funds to manage excessive foreign exchange reserves.

  10. Measuring the performance of mutual funds: A case study

    Directory of Open Access Journals (Sweden)

    Jakšić Milena

    2015-01-01

    Full Text Available In this paper we evaluate the performance of eight open-end mutual funds in the Republic of Serbia for the period 2009-2012, with the aim of testing the justification of active portfolio management of mutual funds, and determining the selection capability of Serbian portfolio managers. Risk-weighted returns of mutual funds are compared with the risk-weighted return of the leading Belgrade Stock Exchange index, Belex15, whereas the following are used as performance measures: Sharpe ratio (Si, Treynor ratio (Ti, and Jensen's or Alpha index (αi. The results suggest that the portfolio of Serbian mutual funds has inferior performance compared to the market portfolio, which indicates the lack of selection capabilities of domestic portfolio managers.

  11. Compensation for the victims of violence from the public funds

    Directory of Open Access Journals (Sweden)

    Mrvić-Petrović Nataša

    2013-01-01

    Full Text Available In the Republic of Serbia there is still neither a public fund for the compensation of the victims of the violent crime, nor do the until now undertaken reform of the penal law respect in the necessary measure the interests of the victims. The documents of the UN, the European Council and the EU contain guidelines for the foundation of funds for the public compensation of the victims of violence, and the comparative European experiences indicate by their action the existing system of social protection is completed. The authors analyses the reasons for the introduction of these funds and they plead for the compensation of the victims from public funds to be enabled for the reason of justice and humanity, according to the idea of prosperity within a state of prosperity. That reason should have priority in relation to other, pragmatic, criminal-political reasons and the obligation of the domestic legislation to (formally adjust itself to the European standards.

  12. Asset Allocation of Mutual Fund Investors

    OpenAIRE

    Dengpan Luo

    2003-01-01

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

  13. Mutual Fund Competition and Stock Market Liquidity

    OpenAIRE

    Massa, Massimo

    2004-01-01

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

  14. European Regulatory Framework for Money Market Funds

    OpenAIRE

    Portuese, Aurelien; MacNeil, Iain

    2014-01-01

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

  15. LBGTQ Funding Strategies and Opportunities

    Science.gov (United States)

    Vincent, Nelson C.

    2004-01-01

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

  16. Funding and Implementing Universal Access

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

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

  17. Pension funds in The Netherlands

    NARCIS (Netherlands)

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

    2012-01-01

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

  18. School Funding System and Equity

    Science.gov (United States)

    Tabatadze, Shalva; Gorgadze, Natia

    2014-01-01

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

  19. Adequate Funding for Educational Technology

    Science.gov (United States)

    Angle, Jason B.

    2010-01-01

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

  20. Fund Raising: An International Feast.

    Science.gov (United States)

    Babb, Valorie; Marshall, Gene

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

  1. NEN Division Funding Gap Analysis

    International Nuclear Information System (INIS)

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

    2012-01-01

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

  2. Analyzing media coverage of the global fund diseases compared with lower funded diseases (childhood pneumonia, diarrhea and measles.

    Directory of Open Access Journals (Sweden)

    David L Hudacek

    Full Text Available BACKGROUND: Pneumonia, diarrhea and measles are the leading causes of death in children worldwide, but have a disproportionately low share of international funding and media attention. In comparison, AIDS, tuberculosis and malaria--diseases that also significantly affect children--receive considerably more funding and have relatively high media coverage. This study investigates the potential relationship between media agenda setting and funding levels in the context of the actual burden of disease. METHODS: The news databases Lexis Nexis, Factiva, and Google News Archive were searched for the diseases AIDS, TB and Malaria and for lower funded pediatric diseases: childhood pneumonia, diarrhea, and measles. A sample of news articles across geographic regions was also analyzed using a qualitative narrative frame analysis of how the media stories were told. RESULTS: There were significantly more articles addressing the Global Fund diseases compared to the lower funded pediatric diseases between 1981 and 2008 (1,344,150 versus 291,865 articles. There were also notable differences in the framing of media narratives: 1 There was a high proportion of articles with the primary purpose of raising awareness for AIDS, TB and malaria (46.2% compared with only 17.9% of the pediatric disease articles. 2 Nearly two-thirds (61.5% of the AIDS, tuberculosis and malaria articles used a human rights, legal or social justice frame, compared with 46.2% for the lower funded pediatric disease articles, which primarily used an ethical or moral frame. CONCLUSION: This study demonstrates that lower funded pediatric diseases are presented differently in the media, both quantitatively and qualitatively, than higher funded, higher profile diseases.

  3. Full-scope training simulators

    International Nuclear Information System (INIS)

    Ugedo, E.

    1986-01-01

    The following topics to be covered in this report are: Reasons justifying the use of full-scope simulators for operator qualification. Full-scope simulator description: the control room, the physical models, the computer complex, the instructor's console. Main features of full-scope simulators. Merits of simulator training. The role of full-scope simulators in the training programs. The process of ordering and acquiring a full-scope simulator. Maintaining and updating simulator capabilities. (orig./GL)

  4. Venture funding for science-based African health innovation

    Directory of Open Access Journals (Sweden)

    Daar Abdallah S

    2010-12-01

    Full Text Available Abstract Background While venture funding has been applied to biotechnology and health in high-income countries, it is still nascent in these fields in developing countries, and particularly in Africa. Yet the need for implementing innovative solutions to health challenges is greatest in Africa, with its enormous burden of communicable disease. Issues such as risk, investment opportunities, return on investment requirements, and quantifying health impact are critical in assessing venture capital’s potential for supporting health innovation. This paper uses lessons learned from five venture capital firms from Kenya, South Africa, China, India, and the US to suggest design principles for African health venture funds. Discussion The case study method was used to explore relevant funds, and lessons for the African context. The health venture funds in this study included publicly-owned organizations, corporations, social enterprises, and subsidiaries of foreign venture firms. The size and type of investments varied widely. The primary investor in four funds was the International Finance Corporation. Three of the funds aimed primarily for financial returns, one aimed primarily for social and health returns, and one had mixed aims. Lessons learned include the importance of measuring and supporting both social and financial returns; the need to engage both upstream capital such as government risk-funding and downstream capital from the private sector; and the existence of many challenges including difficulty of raising capital, low human resource capacity, regulatory barriers, and risky business environments. Based on these lessons, design principles for appropriate venture funding are suggested. Summary Based on the cases studied and relevant experiences elsewhere, there is a case for venture funding as one support mechanism for science-based African health innovation, with opportunities for risk-tolerant investors to make financial as well as social

  5. 34 CFR 674.17 - Federal interest in allocated funds-transfer of Fund.

    Science.gov (United States)

    2010-07-01

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

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

    NARCIS (Netherlands)

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

    2013-01-01

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

  7. Mutual Fund Performances of Polish Domestic Equity Fund Managers

    OpenAIRE

    Tan, Ömer Faruk; Ünal, Gözde

    2015-01-01

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

  8. "Epidemiological criminology": coming full circle.

    Science.gov (United States)

    Akers, Timothy A; Lanier, Mark M

    2009-03-01

    Members of the public health and criminal justice disciplines often work with marginalized populations: people at high risk of drug use, health problems, incarceration, and other difficulties. As these fields increasingly overlap, distinctions between them are blurred, as numerous research reports and funding trends document. However, explicit theoretical and methodological linkages between the 2 disciplines remain rare. A new paradigm that links methods and statistical models of public health with those of their criminal justice counterparts is needed, as are increased linkages between epidemiological analogies, theories, and models and the corresponding tools of criminology. We outline disciplinary commonalities and distinctions, present policy examples that integrate similarities, and propose "epidemiological criminology" as a bridging framework.

  9. Full Employment in Industrialized Countries.

    Science.gov (United States)

    Britton, Andrew

    1997-01-01

    Argues that full employment must be acceptable on both social and economic grounds. Examines profound changes in industrialized economies since the 1970s and the diversity of employment contracts. Suggests that difficult policy decisions surround full employment. (SK)

  10. The Profile of a Polish Mutual Fund Manager

    Directory of Open Access Journals (Sweden)

    Dariusz Filip

    2018-05-01

    Full Text Available Aim/purpose - The purpose of this paper is to identify the characteristics that are typical of mutual fund managers. Design/methodology/approach - The study concentrates on a set of socio-demographic data, such as: age, gender, education, experience, and professional qualifications of 336 portfolio managers. The applied research strategy relies on an analysis concerning a set of statistical metrics describing the population under examination. Findings - The average Polish fund manager is a 37-year-old man, a holder of a stock-broker or investment adviser license. He obtained the authorization from the Polish Financial Supervision Authority (KNF a few years after graduating from the Warsaw School of Economics (SGH. He has 11 years' experience in financial markets and 7 years' experience in the mutual fund industry. Research implications/limitations - The identification of managerial characteristics for the purpose of creating a profile of a Polish mutual fund manager will provide an important basis for further surveys and analyses aimed to evaluate the effectiveness of mutual funds. Originality/value/contribution - There are no investigations within the discussed area in Polish studies. Therefore, the identification of the characteristics that are typical of mutual fund managers will make a contribution to the finance literature.(original abstract

  11. The Evaluation of Mutual Fund Performance in Lithuania Considering Risk and Timing Ability

    Directory of Open Access Journals (Sweden)

    Irma Gavrilova

    2011-07-01

    Full Text Available Over the last decade, Lithuania has witnessed a growing interest in investment promoted by the need to successfully manage available funds. Direct investments (e. g. buying and selling stocks require a specific knowledge of investment instruments. Therefore, an ordinary investor finds investment in mutual funds easier and cheaper. Usually the most important questions to the investor include measuring the results of a fund and the quality of the actions performed by the fund managers. The article evaluates the rates of mutual fund performance and identifies their shortages. The methods for evaluating investment return according to the level of risk and timing ability of the fund managers are presented using the Sharpe ratio and Treynor-Mazuy model on the basis of which mutual funds in Lithuania are analyzed.Article in Lithuanian

  12. Ambiguity and Investment Decisions: An Empirical Analysis on Mutual Fund Investor Behaviour

    Directory of Open Access Journals (Sweden)

    Chao Tang

    2017-09-01

    Full Text Available The paper empirically studies the relationship between ambiguity and mutual fund investor behaviour. Theoretical models for investment decisions incorporating ambiguity motivate our analyses. While the models indicate that investors would less likely to invest in financial markets when ambiguity increases, there is rare empirical evidence in natural occurring financial data to examine this hypothesis. In this paper, we test the hypothesis with equity fund flow data as for investment decisions and ambiguity with the degree of disagreement in equity analysts’ prediction about asset returns. Our results support the hypothesis that increases in ambiguity could lead to less fund flows and this result remains consistently when adding various control variables affecting fund flows. Besides, we find that heterogeneous impacts of ambiguity: equity funds with high yield targets and active management style are affected more than funds investing in stable stocks; funds with larger proportion of institutional investors are more sensitive and affected by the ambiguity.

  13. Program development fund: FY 1987

    Energy Technology Data Exchange (ETDEWEB)

    1989-03-01

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

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

    Directory of Open Access Journals (Sweden)

    Dražen Novaković

    2015-07-01

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

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

    OpenAIRE

    Ooi, Elizabeth Meishan

    2017-01-01

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

  16. 43 CFR 426.6 - Leasing and full-cost pricing.

    Science.gov (United States)

    2010-10-01

    ...) deficits funded. O&M deficits funded are the annual O&M costs including project-use pumping power allocated... payments due the United States. (6) In determining full-cost charges, the following factors will be... of the contract, whichever is later, to the anticipated date of project repayment; and (D) In cases...

  17. 23 CFR 650.413 - Funding.

    Science.gov (United States)

    2010-04-01

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

  18. 2001-2008 BBG Funding Overview

    Data.gov (United States)

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

  19. Federal Funding Accountability and Transparency Act

    Science.gov (United States)

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

  20. 7 CFR 240.10 - Unobligated funds.

    Science.gov (United States)

    2010-01-01

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

  1. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

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

  2. Mutual Fund Flight-to-Liquidity

    DEFF Research Database (Denmark)

    Rzeznik, Aleksandra

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

  3. Development of funding project risk management tools.

    Science.gov (United States)

    2013-11-01

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

  4. Cancer Moonshot Funding Obligations FY 2017

    Science.gov (United States)

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

  5. Clean Water State Revolving Fund Infographic

    Science.gov (United States)

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

  6. Drinking Water State Revolving Fund Infographic

    Science.gov (United States)

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

  7. 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.

  8. Performance persistence in institutional investment management: The case of Chinese equity funds

    Directory of Open Access Journals (Sweden)

    Zia-ur-Rehman Rao

    2016-09-01

    Full Text Available This paper investigates the performance and persistence in performance of equity funds in China. We apply the capital asset pricing model (CAPM and the Carhart four-factor model to examine 520 equity funds for an eleven-year period with 39,449 observations. To investigate persistence, the entire sample is divided into ten portfolios (deciles on the basis of lagged one-year performance and then observed over the next 12 months. We find that equity funds in China outperform their benchmark market but do not find any evidence of persistence in the performance of equity funds. Top-performing (worst-performing funds do not continue to perform well (worse in the following year. Top-performing funds are younger and have lower expense ratios than the worst-performing funds. However, the size of the top-performing funds and the worst-performing funds show no significant difference. Our results suggest that past performance of equity funds is not predictive of future fund performance.

  9. How Full is Full Employment? : How Tools and Not Theory Explained Full Employment

    NARCIS (Netherlands)

    Rodenburg, P.

    2016-01-01

    The post-war debate on full employment policy was blurred and unclear since the concept of full employment itself was theoretically unclear and un-operational. Unable to theoretically determine the unemployment level of full employment, economists tried to find more empirically based ways to

  10. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

    Full Text Available National laws governing collective investment undertakings were updated as a result of European secondary law modernization with a view to approximating the conditions of competition between those undertakings at Community level, while at the same time ensuring more effective and more uniform protection for unit-holders. Such coordination intended to facilitate the removal of the restrictions on the free movement of units of UCITS in the internal market. For the purposes of internal regulation UCITS means an undertaking: (a with the sole object of collective investment in transferable securities or in other liquid financial assets of capital raised from the public and which operate on the principle of risk-spreading; and (b with units which are, at the request of holders, repurchased or redeemed, directly or indirectly, out of those undertakings’ assets. The UCITS may be constituted in accordance with contract law (as common funds managed by management companies, trust law (as unit trusts, or statute (as investment companies. Key investor information should be provided as a specific document to investors, before the subscription of the UCITS, in order to help them to reach informed investment decisions. Investment funds enjoy in Romania a new regulatory framework: the contract of common society hosted by new Civil Code and the new Emergency Ordinance regarding UCITS.

  11. Mutual funds: temporary problem or permanent morass?

    OpenAIRE

    Paula A. Tkac

    2004-01-01

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

  12. Optimizing retirement funds : an institutional perspective

    OpenAIRE

    2012-01-01

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

  13. Hedge Funds as Investors of Last Resort?

    OpenAIRE

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

    2009-01-01

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

  14. Comparison of investment opportunities in mutual funds

    OpenAIRE

    NOVÁKOVÁ, Petra

    2012-01-01

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

  15. Liquidity Hoarding and Inefficient Abundant Funding

    OpenAIRE

    Enisse Kharroubi

    2015-01-01

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

  16. Can Chinese Mutual Fund Time Market Liquidity?

    OpenAIRE

    LI, Xiaoqing

    2012-01-01

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

  17. Do Hedge Funds Supply or Demand Liquidity?

    OpenAIRE

    Petri Jylhä; Kalle Rinne; Matti Suominen

    2014-01-01

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

  18. Improvement of Classification of Enterprise Circulating Funds

    OpenAIRE

    Rohanova Hanna O.

    2014-01-01

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

  19. Fund managers’ contracts and short-termism

    OpenAIRE

    Casamatta, Catherine; Pouget, Sébastien

    2009-01-01

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

  20. Market conditions and hedge fund survival

    OpenAIRE

    Mark A. Carlson; Jason Steinman

    2008-01-01

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

  1. The evolution and regulation of hedge funds.

    OpenAIRE

    Crockett, A.

    2007-01-01

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

  2. Gender contributes to personal research funding success in the Netherlands

    NARCIS (Netherlands)

    van der Lee, R; Ellemers, N.

    2015-01-01

    We examined the application and review materials of three calls (n = 2,823) of a prestigious grant for personal research funding in a national full population of early career scientists awarded by the Netherlands Organization for Scientific Research (NWO). Results showed evidence of gender bias in

  3. Financial management of non-state pension fund forms and methods

    Directory of Open Access Journals (Sweden)

    Iureva Irina Anatolevna

    2014-04-01

    Full Text Available The main direction that determines the efficiency of non-governmental pension funds operation is the investment of pension reserves funds. It is possible to improve the regulation of investment process of non-governmental pension funds by expanding the assortment of tools available for investment. This will make it possible not only to achieve assets increase for the purpose of future fulfillment of obligations of paying non-governmental pensions to participants, but also contribute to financial market stabilization.

  4. Sources of funding for community schemes

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1999-11-01

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

  5. 36 CFR 330.7 - Funding.

    Science.gov (United States)

    2010-07-01

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

  6. 24 CFR 115.306 - Training funds.

    Science.gov (United States)

    2010-04-01

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

  7. The Persistence of Mutual Fund Performance.

    OpenAIRE

    Grinblatt, Mark; Titman, Sheridan

    1992-01-01

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

  8. 34 CFR 668.162 - Requesting funds.

    Science.gov (United States)

    2010-07-01

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

  9. A Brief History of California School Funding

    Science.gov (United States)

    Canfield, Jacquie

    2013-01-01

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

  10. The peer performance ratios of hedge funds

    NARCIS (Netherlands)

    Ardia, David; Boudt, Kris

    2018-01-01

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

  11. 78 FR 65341 - Discretionary Grant Funds

    Science.gov (United States)

    2013-10-31

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

  12. 7 CFR 3430.205 - Funding restrictions.

    Science.gov (United States)

    2010-01-01

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

  13. Current Developments in Community College Performance Funding

    Science.gov (United States)

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

    2014-01-01

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

  14. 24 CFR 401.472 - Rehabilitation funding.

    Science.gov (United States)

    2010-04-01

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

  15. Performance control of Chinese investment funds

    NARCIS (Netherlands)

    Cao, X.

    2002-01-01

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

  16. Mutual fund volatility timing and management fees

    NARCIS (Netherlands)

    Giambona, E.; Golec, J.

    2009-01-01

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

  17. 75 FR 10059 - Money Market Fund Reform

    Science.gov (United States)

    2010-03-04

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

  18. 75 FR 9120 - Electronic Fund Transfers

    Science.gov (United States)

    2010-03-01

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

  19. 40 CFR 35.272 - Funding coordination.

    Science.gov (United States)

    2010-07-01

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

  20. 40 CFR 35.691 - Funding coordination.

    Science.gov (United States)

    2010-07-01

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

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

    Institute of Scientific and Technical Information of China (English)

    YAN Wu; XIONG Hang

    2016-01-01

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

  2. Bureaucracy blights funding in Europe

    Science.gov (United States)

    Banks, Michael

    2009-04-01

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

  3. PERFORMANCE EVALUATION OF PENSION FUNDS WITH FUZZY EXPERT SYSTEM

    Directory of Open Access Journals (Sweden)

    SERDAR KORUKOĞLU

    2013-06-01

    Full Text Available Financial rating and ranking firms often use linguistic instead of numerical values. When input data are mostly qualitative and are based on subjective knowledge of experts, the Fuzzy Set Theory provides a solid mathematical model to represent and handle these data. The aim of this study is developing a fuzzy expert model to evaluate the performance of the pension funds by using their risk and return values. The method is used for evaluating the performance of the randomly selected of twenty seven Turkish pension funds. The obtained results proved that the fuzzy expert system is appropriate and consistent for performance evaluation.

  4. Distribution of regional public funds: the Nuble case

    Directory of Open Access Journals (Sweden)

    Rodrigo Andrés Candia Silva

    2017-12-01

    Full Text Available This aim of this study is to propose general guideless to build a model to improve equity on (Regional Development National Fund FNRD’s intraregional distribution, which may be tested by taking advantage of the creation of new region of Nuble. The model could yield indicators to lead investment, set up criteria to complement project evaluation and operational considerations. The analysis of FNDR´s resource allocation data per commune showed a greater concentration in large cities, which neither contributes to addressing the territorial inequalities that already exist, nor to fulfilling the objectives of this fund.

  5. External Monitoring and Dynamic Behavior in Mutual Funds

    Directory of Open Access Journals (Sweden)

    Jian Wang

    2016-01-01

    Full Text Available This paper studies the impact of external monitoring on the behavior in mutual funds. Specifically, we investigate how and why external monitoring can alleviate contracting inefficiency caused by information asymmetry between investors and the manager. It is shown that efficiency loss emerges when investors contract with the manager just relying on her investment return history. The establishment of external monitoring that provides investors more information about the manager’s ability can improve contracting efficiency, which converges to first-best as external monitoring strengthens. These results provide strong support for tightening supervision in mutual fund industry.

  6. PERSISTENCE IN PERFORMANCE FOR MUTUAL FUNDS IN PERIODS OF CRISIS

    Directory of Open Access Journals (Sweden)

    Theodoros KARGIDIS

    2012-09-01

    Full Text Available The study investigates the persistence in performance for a sample of South European funds, domiciled in Portugal, Italy, Greece and Spain. Employing the Sharpe ratio, risk adjusted performance is measured in an attempt to judge the influence of the 2008 crisis and the current debt crisis on funds’ inclination to persist in their previous returns record. Examination period extends from January 2004 to December 2010 incorporating stages of relative stability in the stock and bond markets while also capturing the early stages of the eurozone crisis. We categorize funds as winners and losers in consecutive 6-monthly periods, thus being able to judge persistence in the short run, while our results suggest that the identification of winners and losers could enable us to investigate the possibility to gain investment advantages through this finding. Overall results suggest evidence of persistent results, whether positive or negative, both during the 2008 crisis and the current debt crisis, leading us to deduce that factors leading to performance persistence are not affected by market changes, since medium to long term persistence bypasses any temporary market mischief. This finding could be of use for fund managers aiming at establishing viable investment strategies, at their epicenter being the exploitation of such clues, suggesting persistence in returns. A fund of funds manager employing funds both in equities and fixed income could potentially choose to invest exclusively or more heavily in the winners of previous periods and avoid accordingly poor performers, thus achieving higher returns on average. For this purpose simple investment strategies are employed where we test the outcome of an investment strategy that would invest on fixed income securities by choosing those funds that were winners in the distribution of returns in the previous 6-monthly period, while disinvesting from poor performers and funds switching sides in performance

  7. Funding for malaria control 2006–2010: A comprehensive global assessment

    Directory of Open Access Journals (Sweden)

    Pigott David M

    2012-07-01

    Full Text Available Abstract Background The last decade has seen a dramatic increase in international and domestic funding for malaria control, coupled with important declines in malaria incidence and mortality in some regions of the world. As the ongoing climate of financial uncertainty places strains on investment in global health, there is an increasing need to audit the origin, recipients and geographical distribution of funding for malaria control relative to populations at risk of the disease. Methods A comprehensive review of malaria control funding from international donors, bilateral sources and national governments was undertaken to reconstruct total funding by country for each year 2006 to 2010. Regions at risk from Plasmodium falciparum and/or Plasmodium vivax transmission were identified using global risk maps for 2010 and funding was assessed relative to populations at risk. Those nations with unequal funding relative to a regional average were identified and potential explanations highlighted, such as differences in national policies, government inaction or donor neglect. Results US$8.9 billion was disbursed for malaria control and elimination programmes over the study period. Africa had the largest levels of funding per capita-at-risk, with most nations supported primarily by international aid. Countries of the Americas, in contrast, were supported typically through national government funding. Disbursements and government funding in Asia were far lower with a large variation in funding patterns. Nations with relatively high and low levels of funding are discussed. Conclusions Global funding for malaria control is substantially less than required. Inequity in funding is pronounced in some regions particularly when considering the distinct goals of malaria control and malaria elimination. Efforts to sustain and increase international investment in malaria control should be informed by evidence-based assessment of funding equity.

  8. Funding for reactor decommissioning: the NRC perspective

    International Nuclear Information System (INIS)

    Wood, R.S.

    1981-01-01

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

  9. The Irish Enterprise Funding Environment, April 2012

    OpenAIRE

    2012-01-01

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

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

    Science.gov (United States)

    Neu, Dean; Taylor, Alison

    2000-01-01

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

  11. 25 CFR 170.925 - Is ERFO funding supplemental to IRR Program funding?

    Science.gov (United States)

    2010-04-01

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

  12. PENSION FUNDS EVOLUTION, REFORMS AND TRENDS IN SOUTHAFRICA

    Directory of Open Access Journals (Sweden)

    Nthabiseng Moleko

    2017-07-01

    Full Text Available This paper presents a graphical and descriptive analysis of the historical trends ofthe South African pension fund sector in order to provide insights andunderstanding ofnon-banking finance. Using a combination of secondary data anda desk review of existing literature, we provide in-depth analysis of the differenttypes and number of pension funds, industry trends, policy reforms and legislativeframeworks enacted by theSouth African government for the development of thesector. The study identified the evolution of the pension fund industry to be in fourphases coinciding with different waves of industry policy reforms, namely: theinfancy phase (1911-1958; institutionalisation phase (1959-1984; separation andcontinued separation phase (1985-1994; and corporatisation and amalgamation(1995-2015 The industry growth analysis indicated that a compounded annualgrowth rate of 14 percent is the highest annual growth overthe past decade and thisgrowth exceeds the global market average of 6.5 percent over the same period. Theindustry trend analysis is indicative of an upward trend in terms of funds’membership with the trendline showing a steep rise to over 15 million membersfrom under 10 million memberships with the space of a decade. However, thenumber of pension funds operating in the industry has declined due to a steadymove towards umbrella funds. Although the South African pension fund industry isnot only movingin the right direction but also considered a beacon of successaround the world, there remains huge potential for growth of the sector. Therefore,maintaining sound regulatory policies and government interventions will continueto ensure that pension fundsare well managed and bad practices discouraged in thesector through the oversight functions of government regulatory institutions such asthe Pension Fund Registrar and Financial Services Board.

  13. The Domino Effects of Federal Research Funding.

    Science.gov (United States)

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

    2016-01-01

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

  14. Revolving fund for energy saving

    International Nuclear Information System (INIS)

    Prebensen, K.

    1993-01-01

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

  15. Empirical study on mutual fund objective classification.

    Science.gov (United States)

    Jin, Xue-jun; Yang, Xiao-lan

    2004-05-01

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

  16. Creative partnerships for funding nursing research.

    Science.gov (United States)

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

    2011-02-01

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

  17. Developed Turbulence: From Full Simulations to Full Mode Reductions

    NARCIS (Netherlands)

    Grossmann, Siegfried; Lohse, Detlef; Reeh, Achim

    1996-01-01

    Developed Navier-Stokes turbulence is simulated with varying wave-vector mode reductions. The flatness and the skewness of the velocity derivative depend on the degree of mode reduction. They show a crossover towards the value of the full numerical simulation when the viscous subrange starts to be

  18. Analysis of the Structure Ratios of the Funding Sources

    Directory of Open Access Journals (Sweden)

    Maria Daniela Bondoc

    2014-06-01

    Full Text Available The funding sources of the assets and liabilities in the balance sheet include equity capitals and the debts of the entity. The analysis of the structure rates of the funding sources allows for making assessments related to the funding policy, highlighting the financial autonomy and how resources are provided. Using the literature specializing in economic and financial analysis, this paper aims at presenting these rates that focus, on the one hand, to reflect the degree of financial dependence (the rate of financial stability, the rate of global financial autonomy, the rate of on-term financial autonomy and on the other hand the debt structure (the rate of short-term debts, the global indebtedness rate, the on-term indebtedness rate. Based on the financial statements of an entity in the Argeş County, I analysed these indicators, and I drew conclusions and made assessments related to the autonomy, indebtedness and financial stability of the studied entity.

  19. Fiscal sustainability and the State Oil Fund in Azerbaijan

    Directory of Open Access Journals (Sweden)

    Kenan Aslanli

    2015-07-01

    Full Text Available Azerbaijan, like many resource-rich countries, decided to set up a sovereign wealth fund in order to avoid income volatility, to achieve intergenerational equity and to transform resource wealth into more productive assets. Azerbaijan established the State Oil Fund of the Azerbaijan Republic (SOFAZ in late 1999 to accumulate income from hydrocarbon exports. SOFAZ has gradually become the leading part of the country's public finance system. Azerbaijan was the first country to fulfill all requirements of the Extractive Industries Transparency Initiative (EITI, an international agreement to implement global standards of transparency in the resource extracting sectors. However, SOFAZ's contribution to an effective resource revenue management and long-run economic development is still questionable: transparency applies only to the income side of Azerbaijan's oil fund while the expenditure side remains opaque. Unlimited and unconditional transfers from SOFAZ to the state budget have threatened fiscal sustainability and the overall macroeconomic equilibrium.

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

    Directory of Open Access Journals (Sweden)

    Saibal Gosh

    2011-06-01

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

  1. ESG Issues among Fund Managers—Factors and Motives

    Directory of Open Access Journals (Sweden)

    Justyna Przychodzen

    2016-10-01

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

  2. The international liability funds in the maritime field

    Directory of Open Access Journals (Sweden)

    Mišo Mudrić

    2009-08-01

    Full Text Available This Paper aims to explore the current system of the international liability funds in the maritime field. Through the systematic economical, legal and political analysis of the current and envisaged international, regional and national liability funds connected to the pollution of the seas, an overview of the function, efficiency and critical considerations of the chosen liability funds will be presented. A comparison between the international system of the compensation for the oil pollution damage (and the pending hazardous and noxious substances compensation model, and that of the United States is necessary, in order to determine a difference in approaches these two systems use to tackle the burning issues of oil (and hazardous and noxious substances spills. A special consideration will be devoted to the questions of limited or unlimited liability, scope and strength of the Protection & Indemnity insurance and reinsurance market, problems of the channeling of the liability, moral hazard of the financial caps, and the general lack of the liability funds in the maritime field. Finally, an attempt will be made to consolidate the difference in opinions regarding the previously mentioned issues, and to predict the possible routes of changes awaiting the fund compensation systems.

  3. Supplementing Resident Research Funding Through a Partnership With Local Industry.

    Science.gov (United States)

    Skube, Steven J; Arsoniadis, Elliot G; Jahansouz, Cyrus; Novitsky, Sherri; Chipman, Jeffrey G

    2018-01-17

    To develop a model for the supplementation of resident research funding through a resident-hosted clinical immersion with local industry. Designated research residents hosted multiple groups of engineers and business professionals from local industry in general surgery-focused clinical immersion weeks. The participants in these week-long programs are educated about general surgery and brought to the operating room to observe a variety of surgeries. This study was performed at the University of Minnesota, in Minneapolis, Minnesota, at a tertiary medical center. Ten designated research residents hosted general surgery immersion programs. Fifty-seven engineers and business professionals from 5 different local biomedical firms have participated in this program. General surgery research residents (in collaboration with the University of Minnesota's Institute for Engineering in Medicine) have hosted 9 clinical immersion programs since starting the collaborative in 2015. Immersion participant response to the experiences was very positive. Two full-time resident research positions can be funded annually through participation in this program. With decreasing funding available for surgical research, particularly resident research, innovative ways to fund resident research are needed. The general surgery clinical immersion program at the University of Minnesota has proven its value as a supplement for resident research funding and may be a sustainable model for the future. Copyright © 2018 Association of Program Directors in Surgery. Published by Elsevier Inc. All rights reserved.

  4. CONSIDERATIONS REGARDING THE EVOLUTION OF EUROPEAN FUNDS ABSORPTION IN ROMANIA

    Directory of Open Access Journals (Sweden)

    IOANA TATIANA STANESE

    2017-11-01

    Full Text Available This paper analyzes the evolution of the absorption of European funds in Romania reported to the closure period of the operational programms related to the European Union cohesion policy during the years 2007 – 2013. This programming period officially concluded only at the end of year 2015. Considering the financial aspects of the 2007- 2013 programming period for European funds the analysis focuses exclusively on the Structural and Cohesion Funds and the absorption rate of these funds in Romania, namely 90.44%, recorded in March 2017. Nearly 3 years from the start of the new programming period 2014-2020 related to the European Union’s cohesion policy, there is a direct link between the quality of public administration’s activity and the application of the principle of investment programming. Despite a slow and difficult start, we can observe an accelerated trend over the last few hundred meters. Identifying priority projects at national and regional level, followed by a alteration and adaptation of strategic documents such as National Reform Programs, could be a solution for Romania to gain a more rigorous planning that leads to a higher and faster absorption of European funds in the current programming period 2014-2020.

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

    OpenAIRE

    Jonathan B. Berk; Ian Tonks

    2007-01-01

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

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

    OpenAIRE

    Belghitar, Yacine; Clark, Ephraim; Deshmukh, Nitin

    2017-01-01

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

  7. PRINCIPLES OF FORMATION OF INNOVATIVE MODEL OF EFFICIENCY OF BUDGET FUNDS USE

    Directory of Open Access Journals (Sweden)

    Elena I. Chibisova

    2013-01-01

    Full Text Available The article describes the innovative approach to use of performance indicators to improve the quality of efficiency control of budget funds use, it is offered to create the inner budgetary administrative system of control on the effectiveness and appropriateness of the budgetary funds use.

  8. Sorting mutual funds with respect to process-oriented social responsibility: A FLOWSORT application

    Directory of Open Access Journals (Sweden)

    Tim Verheyden

    2014-08-01

    Full Text Available We establish a robust FLOWSORT-based tool to sort mutual funds with respect to process-oriented social responsibility and recommend the use of limiting profiles with open classes. The tool provides an alternative for the limited dichotomous classification of funds, i.e. socially responsible investing (SRI versus conventional funds. By allowing for more heterogeneity in social responsibility the sorting tool is promising for scholars to improve fund performance measurements, and useful for governments to better regulate the supply of SRI products.

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

    Directory of Open Access Journals (Sweden)

    Martin Rohleder

    2015-02-01

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

  10. Performance of mutual equity funds in Brazil – A bootstrap analysis

    Directory of Open Access Journals (Sweden)

    Marco Antonio Laes

    2014-09-01

    Full Text Available This article reports a study on the performance of mutual equity funds in Brazil from January 2002 to August 2012. For the analyses, Carhart's four-factor model is used as the benchmark for performance, and bootstrap procedures are applied to separate skill from luck. The results show that returns of the best performers are more due to luck than skill of their managers. For the bottom ranked funds, on the contrary, there is statistical evidence that their poor performance is caused mainly by bad management, rather than by bad luck. It is also showed that the largest funds perform better than the small or middle-sized funds.

  11. The Adoption of Open Access Funds Among Canadian Academic Research Libraries, 2008-2012

    Directory of Open Access Journals (Sweden)

    Crystal Hampson

    2014-11-01

    Full Text Available As a result of changes in scholarly communication created by the open access movement, some academic libraries established open access (OA publishing funds. OA funds are monies set aside at an institution to fund open access publishing of the results of scholarly research. OA funds are a recent innovation in the type of services offered by academic libraries. Adoption of an innovation can be examined in the light of established theories of innovation adoption among social systems. To examine academic libraries’ responses to OA publishing charges, this article explores the adoption of OA funds among Canadian academic research libraries from 2008 to 2012 by analyzing results from a series of previously published surveys. The findings are then examined in light of Everett Rogers’ Innovation Diffusion Theory (IDT to consider the question of whether or not OA funds are becoming a standard service in Canadian academic research institutions. Adoption in Canada is briefly compared to that in the United States and United Kingdom. The paper concludes that, as of 2012, OA funds were becoming common but were not a standard service in Canadian academic research libraries and that libraries were actively participating in the development of OA funding models. Given the current Canadian context, the need of researchers for OA publishing support is likely to create pressure for continued adoption of OA funds among Canadian academic research institutions. However, assessment of existing OA funds is needed.

  12. PERFORMANCE PERSISTENCE OF TURKISH A AND B TYPE MUTUAL FUNDS: THE PARAMETRIC AND NONPARAMETRIC APPROACH

    Directory of Open Access Journals (Sweden)

    VELİ AKEL

    2013-06-01

    Full Text Available In this study, single index models are applied to a free survivorship bias database of 51 A and 51 B Types Turkish mutual funds using monthly returns over 5 years from 2000 to 2004. Then, it has been investigated whether mutual fund managers have market timing ability. Turkish Institutional Investment Managers’ Association A and B Type Fund Indexes are firstly used as benchmark portfolios. The challenging question is whether Turkish mutual funds have performance persistency over the short and long term or not. This study uses both parametric and non-parametric techniques to examine performance persistence. The overall conclusion is that Type A mutual funds managers do not have stock selection and market timing ability. However, Type B mutual funds managers do have stock selection ability. Type A mutual funds show evidence of relative and absolute persistence in the short term while Type B mutual funds show significant results of relative and absolute persistence in both of the terms. Although there are various results in performance persistence of mutual funds, the repeat winner phenomenon is stronger over shorter periods of evaluation. Consequently, it seems that Turkish mutual funds have performance persistency at least for the short term.

  13. Full-F gyrofluid model

    DEFF Research Database (Denmark)

    Madsen, Jens

    2013-01-01

    variables. The fluid moment hierarchy is closed by approximating the gyrokinetic distribution function as a finite order Hermite-Laguerre polynomial and by determining closure approximations for terms involving the gyrokinetic gyro-averaging operator. The model exactly conserves the gyrokinetic full......A global electromagnetic gyrofluid model based on the full-F gyrokinetic model is derived. The gyrofluid moment variables are not split into fluctuating and equilibrium parts. Profiles are evolved freely, and gyro-averaging operators are not parametrized, but are functions of the gyrofluid moment...

  14. PERFORMANCE OF TRADITIONAL INVESTMENT FUNDS AND ETFs LINKED TO SUSTAINABILITY AND CORPORATE GOVERNANCE

    Directory of Open Access Journals (Sweden)

    Elisângela de Magalhães Soares

    2015-12-01

    Full Text Available The objective of this study is to compare the performance of traditional investment funds and Exchange traded funds (ETFs, which benchmarks are Ibovespa, IBrX and Sustainability Indexes, as well as free funds using daily frequency data covering the period from 20 June 2012 to 31 October 2013. The survey is descriptive with a quantitative approach. Analyses were performed using the Capital Asset Pricing Model (CAPM and the Sharpe Ratio (1966. In order to obtain an index of ETFs linked to sustainability, the nomenclature and prospectus of each ETF were analyzed to see which ones were linked to this sector. Then the average return of these funds was calculated, weighted by its Net Asset Value, generating a series of the same period and frequency of others. The results show that the funds linked to sustainability and corporate governance indices are one of the best investment options, surpassed only by free funds.

  15. Funding medical education: should we follow a different model to general higher education?

    Directory of Open Access Journals (Sweden)

    Kieran Walsh

    2015-09-01

    Full Text Available ISSUE. There has been much recent discussion on the funding of medical education. There has also been much discussion about the funding of higher education more generally. EVIDENCE. The topics of discussion have included the rising costs of education; who should pay; the various potential models of funding; and how best to ensure maximum returns from investment. IMPLICATIONS. Medical education has largely followed the emerging models of funding for higher education. However there are important reasons why the funding models for higher education may not suit medical education. These reasons include the fact that medical education is as important to the public as it is to the learner; the range of funding sources available to medical schools; the strict regulation of medical education; and the fact that the privatisation and commercialisation of higher education may not been in keeping with the social goals of medical schools and the agenda of diversification within the medical student population.

  16. Start-Up Funding Intentions Among Nascent Nonprofit Entrepreneurs: An Exploratory Investigation

    Directory of Open Access Journals (Sweden)

    Fredrik O. Andersson

    2018-04-01

    Full Text Available This paper explores the start-up funding intentions of nascent nonprofit entrepreneurs, i.e., individuals in the process of creating a new formal nonprofit organization. The main questions being examined are from which sources nascent nonprofit entrepreneurs anticipate to obtain start-up funding from, how much start-up funding nascent nonprofit entrepreneurs anticipate they will need to formally launch their new nonprofit, and if there are any differences in funding intentions among nascent nonprofit entrepreneurs with and without previous start-up experience. The results from a survey of 103 nascent nonprofit entrepreneurs in Kansas City are presented and contrasted with existing research on funding of new nonprofit organizations. The results show an apparent preference for start-up funding from philanthropic grants and private donations, along with personal contributions of the founder(s.

  17. Cointegration and causality analysis of dynamic linkage between stock market and equity mutual funds in Australia

    Directory of Open Access Journals (Sweden)

    Sasipa Pojanavatee

    2014-12-01

    Full Text Available The existing literature finds conflicting results on the magnitude of price linkages between equity mutual funds and the stock market. The study contends that in an optimal lagged model, the expectations of future prices using knowledge of past price behaviour in a particular equity mutual fund category will improve forecasts of prices of other equity mutual fund categories and the stock market index. The evidence shows that the long-run pricing of equity mutual funds is cointegrated with the stock market index. In the short run, the results indicate that some equity mutual fund categories possess both long-run and short-run exogeneity with the stock market. Therefore, the short-run dynamic indicates short-run Granger causal links running between different equity mutual fund categories.

  18. CORRELATION BETWEEN PUBLIC FUNDING AND NON-FERROUS INDUSTRY. EVIDENCE FROM CEE AND ROMANIA

    Directory of Open Access Journals (Sweden)

    Brîndusa COVACI

    2016-12-01

    Full Text Available The paper aims at presenting important approaches of the influence of the public funding to industry, especially non-ferrous, in the Countries from Eastern Europe (CEE and Romania. Studies presented in the paper show that the industry funding had been sustained by the European Commission in the community area, but particularly in CEE area. The impact of industry funding will never be exactly measured, but important data can be presented in order to foresee the future development of the European industry. Specific for non-ferrous industry, in the article there are presented important items, as turnover, value added cost, exports, production, which are correlated to EU funds absorption in order to measure the efficiency of the public funding for 2007-2013 period (national and EU funds and the welfare of the CEE and Romanian non-ferrous sector.

  19. The Outlook for the Development of Investments Funds in the Republic of Croatia

    Directory of Open Access Journals (Sweden)

    Dijana Jurić

    2005-12-01

    Full Text Available During the nineties, investment funds recorded rapid development in most developed countries and became important agents on the financial markets. In the developing and transitional countries the investment funds industry, although it too has recorded accelerated rates of growth, is still essential lagging behind that of the developed countries. In Croatia the investment funds started developing with the appearance of the private investment funds; however, they did not, contrary to expectations, make a very significant contribution to the development of institutional investors on the capital market. The market is driven primarily by banking or financial conglomerates, which also dominate the investment fund industry. Today the Croatian investment fund market is a very enterprising and dynamic segment of the financial system and hence the establishment of adequate regulation and supervision as well as the development of the capital market must be the main determinants of its further growth and development.

  20. EFFICIENCY OF INDONESIA’S MUTUAL FUNDS DURING 2007-2011 BY USING DATA ENVELOPMENT ANALYSIS (DEA

    Directory of Open Access Journals (Sweden)

    Riko Hendrawan

    2017-03-01

    Full Text Available The purpose of this research was to assess the efficiency of mutual funds in Indonesia during the period 2007to 2011. To measure their efficiencies, the output-input data consisting of a panel of 105 mutual funds thatconsisted of 29 equity mutual funds, 38 balanced mutual funds and 39 fixed mutual funds were empiricallyexamined based on the most commonly used non-parametric approach, namely, Data Envelopment Analysis(DEA. The study found that based on the average score in during 2007 – 2011 performance of equity mutualfund Commonwealth Life Investra Equity had the highest index score, meanwhile Trimegah - trim capital wasthe lowest, performance of balanced mutual fund Reksa Dana CIMB-principal Dollar had the highest indexscore, meanwhile first State Indonesian Multistrategy was the lowest. Performance of equity mutual fund BrentDana Tetap had the highest index score, meanwhile stable debenture fund had the lowest one.

  1. Leaders' experiences and perceptions implementing activity-based funding and pay-for-performance hospital funding models: A systematic review.

    Science.gov (United States)

    Baxter, Pamela E; Hewko, Sarah J; Pfaff, Kathryn A; Cleghorn, Laura; Cunningham, Barbara J; Elston, Dawn; Cummings, Greta G

    2015-08-01

    Providing cost-effective, accessible, high quality patient care is a challenge to governments and health care delivery systems across the globe. In response to this challenge, two types of hospital funding models have been widely implemented: (1) activity-based funding (ABF) and (2) pay-for-performance (P4P). Although health care leaders play a critical role in the implementation of these funding models, to date their perspectives have not been systematically examined. The purpose of this systematic review was to gain a better understanding of the experiences of health care leaders implementing hospital funding reforms within Organisation for Economic Cooperation and Development countries. We searched literature from 1982 to 2013 using: Medline, EMBASE, CINAHL, Academic Search Complete, Academic Search Elite, and Business Source Complete. Two independent reviewers screened titles, abstracts and full texts using predefined criteria. We included 2 mixed methods and 12 qualitative studies. Thematic analysis was used in synthesizing results. Five common themes and multiple subthemes emerged. Themes include: pre-requisites for success, perceived benefits, barriers/challenges, unintended consequences, and leader recommendations. Irrespective of which type of hospital funding reform was implemented, health care leaders described a complex process requiring the following: organizational commitment; adequate infrastructure; human, financial and information technology resources; change champions and a personal commitment to quality care. Crown Copyright © 2015. Published by Elsevier Ireland Ltd. All rights reserved.

  2. The Fiction of Full BEKK

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); M.J. McAleer (Michael)

    2017-01-01

    textabstractThe purpose of the paper is to show that univariate GARCH is not a special case of multivariate GARCH, specifically the Full BEKK model, except under parametric restrictions on the off-diagonal elements of the random coefficient autoregressive coefficient matrix, provides the regularity

  3. Empty calories and phantom fullness

    NARCIS (Netherlands)

    Camps, Guido; Mars, Monica; Graaf, de Kees; Smeets, Paul A.M.

    2016-01-01

    Background: Stomach fullness is a determinant of satiety. Although both the viscosity and energy content have been shown to delay gastric emptying, their relative importance is not well understood. Objective: We compared the relative effects of and interactions between the viscosity and energy

  4. Toward full MOX core design

    International Nuclear Information System (INIS)

    Rouviere, G.; Guillet, J.L.; Bruna, G.B.; Pelet, J.

    1999-01-01

    This paper presents a selection of the main preliminary results of a study program sponsored by COGEMA and currently carried out by FRAMATOME. The objective of this study is to investigate the feasibility of full MOX core loading in a French 1300 MWe PWR, a recent and widespread standard nuclear power plant. The investigation includes core nuclear design, thermal hydraulic and systems aspects. (authors)

  5. Rectilinear Full Steiner Tree Generation

    DEFF Research Database (Denmark)

    Zachariasen, Martin

    1999-01-01

    The fastest exact algorithm (in practice) for the rectilinear Steiner tree problem in the plane uses a two-phase scheme: First, a small but sufficient set of full Steiner trees (FSTs) is generated and then a Steiner minimum tree is constructed from this set by using simple backtrack search, dynamic...

  6. Full autonomy; Autarkie im Komplettpaket

    Energy Technology Data Exchange (ETDEWEB)

    Augsten, Eva

    2011-05-31

    Normally, those who talk of full solar autonomy refer to the annual balance of a house. Now, architect Timo Leukefeld and Helma Eigenheimbau AG presented a really autonomous solar house which is available on a turnkey basis for 363,000 Euros.

  7. [Endoscopic full-thickness resection].

    Science.gov (United States)

    Meier, B; Schmidt, A; Caca, K

    2016-08-01

    Conventional endoscopic resection techniques such as endoscopic mucosal resection (EMR) or endoscopic submucosal dissection (ESD) are powerful tools for the treatment of gastrointestinal (GI) neoplasms. However, those techniques are limited to the superficial layers of the GI wall (mucosa and submucosa). Lesions without lifting sign (usually arising from deeper layers) or lesions in difficult anatomic positions (appendix, diverticulum) are difficult - if not impossible - to resect using conventional techniques, due to the increased risk of complications. For larger lesions (>2 cm), ESD appears to be superior to the conventional techniques because of the en bloc resection, but the procedure is technically challenging, time consuming, and associated with complications even in experienced hands. Since the development of the over-the-scope clips (OTSC), complications like bleeding or perforation can be endoscopically better managed. In recent years, different endoscopic full-thickness resection techniques came to the focus of interventional endoscopy. Since September 2014, the full-thickness resection device (FTRD) has the CE marking in Europe for full-thickness resection in the lower GI tract. Technically the device is based on the OTSC system and combines OTSC application and snare polypectomy in one step. This study shows all full-thickness resection techniques currently available, but clearly focuses on the experience with the FTRD in the lower GI tract.

  8. Importance of funding in decommissioning cost estimates

    International Nuclear Information System (INIS)

    Mingst, B.C.

    1987-01-01

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

  9. 76 FR 38432 - TIAA-CREF Funds, et al.; Notice of Application

    Science.gov (United States)

    2011-06-30

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

  10. Workflows for Full Waveform Inversions

    Science.gov (United States)

    Boehm, Christian; Krischer, Lion; Afanasiev, Michael; van Driel, Martin; May, Dave A.; Rietmann, Max; Fichtner, Andreas

    2017-04-01

    Despite many theoretical advances and the increasing availability of high-performance computing clusters, full seismic waveform inversions still face considerable challenges regarding data and workflow management. While the community has access to solvers which can harness modern heterogeneous computing architectures, the computational bottleneck has fallen to these often manpower-bounded issues that need to be overcome to facilitate further progress. Modern inversions involve huge amounts of data and require a tight integration between numerical PDE solvers, data acquisition and processing systems, nonlinear optimization libraries, and job orchestration frameworks. To this end we created a set of libraries and applications revolving around Salvus (http://salvus.io), a novel software package designed to solve large-scale full waveform inverse problems. This presentation focuses on solving passive source seismic full waveform inversions from local to global scales with Salvus. We discuss (i) design choices for the aforementioned components required for full waveform modeling and inversion, (ii) their implementation in the Salvus framework, and (iii) how it is all tied together by a usable workflow system. We combine state-of-the-art algorithms ranging from high-order finite-element solutions of the wave equation to quasi-Newton optimization algorithms using trust-region methods that can handle inexact derivatives. All is steered by an automated interactive graph-based workflow framework capable of orchestrating all necessary pieces. This naturally facilitates the creation of new Earth models and hopefully sparks new scientific insights. Additionally, and even more importantly, it enhances reproducibility and reliability of the final results.

  11. Full system decontamination feasibility studies

    International Nuclear Information System (INIS)

    Denault, R.P.; LeSurf, J.E.; Walschot, F.W.

    1988-01-01

    Many chemical decontaminations have been performed on subsystems in light water reactors (BWRs and PWRs) but none on the full system (including the fuel) of large, (>500 MWe) investor owned reactors. Full system decontaminations on pressure-tubed reactors have been shown to facilitate maintenance, inspection, repair and replacement of reactor components. Further advantages are increased reactor availability and plant life extension. A conceptual study has been performed for EPRI (for PWRs) and Commonwealth Edison Co (for BWRs) into the applicability and cost benefit of full system decontaminations (FSD). The joint study showed that FSDs in both PWRs and BWRs, with or without the fuel included in the decontamination, are feasible and cost beneficial provided a large amount of work is to be done following the decontamination. The large amounts of radioactive waste generated can be managed using current technologies. Considerable improvements in waste handling, and consequent cost savings, can be obtained if new techniques which are now reaching commercial application are used. (author)

  12. LHCb : Full Experiment System Test

    CERN Multimedia

    Cattaneo, M

    2009-01-01

    LHCb had been planning to commission its High Level Trigger software and Data Quality monitoring procedures using real collisions data from the LHC pilot run. Following the LHC incident on 19th September 2008, it was decided to commission the system using simulated data. This “Full Experiment System Test” consists of: - Injection of simulated minimum bias events into the full HLT farm, after selection by a simulated Level 0 trigger. - Processing in the HLT farm to achieve the output rate expected for nominal LHC luminosity running, sustained over the typical duration of an LHC fill. - Real time Data Quality validation of the HLT output, validation of calibration and alignment parameters for use in the reconstruction. - Transmission of the event data, calibration data and book-keeping information to Tier1 sites and full reconstruction of the event data. - Data Quality validation of the reconstruction output. We will report on the preparations and results of FEST09, and on the status of commissioning for no...

  13. GOVERNING BOARD OF THE PENSION FUND

    CERN Document Server

    2001-01-01

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

  14. ELECTIONS PENSION FUND 3rd candidate

    CERN Multimedia

    2001-01-01

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

  15. ELECTIONS PENSION FUND CANDIDATE NR 3

    CERN Multimedia

    2001-01-01

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

  16. Pension fund excellence creating value for stakeholders

    CERN Document Server

    Ambachtsheer, Keith P.

    1998-01-01

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

  17. Financial Crisis and Corporate Social Responsible Mutual Fund Flows

    OpenAIRE

    Sitikantha Parida; Zhihong Wang

    2018-01-01

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

  18. Incentive Contracts and Hedge Fund Management

    OpenAIRE

    Jens Carsten Jackwerth; James E. Hodder

    2005-01-01

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

  19. Indian mutual fund industry: Opportunities and challenges

    OpenAIRE

    Jayant R. Kale; Venkatesh Panchapagesan

    2012-01-01

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

  20. Downside Risk Timing by Mutual Funds

    OpenAIRE

    Bodnaruk, Andriy; Chokaev, Bekhan; Simonov, Andrei

    2015-01-01

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

  1. Federal Research and Development Funding: FY2009

    Science.gov (United States)

    2009-05-22

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

  2. ANNUAL REPORT OF THE PENSION FUND

    CERN Multimedia

    HR Department

    2009-01-01

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

  3. Annual Report of the Pension Fund

    CERN Multimedia

    HR Department

    2009-01-01

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

  4. Annual Report of the Pension Fund

    CERN Document Server

    HR Department

    2009-01-01

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

  5. Creative Partnerships for Funding Nursing Research

    OpenAIRE

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

    2010-01-01

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

  6. Measurement of Accountability Management of Village Funds

    OpenAIRE

    Yunita, Anggraeni; Christianingrum

    2018-01-01

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

  7. Liquidity risk and contagion for liquid funds

    OpenAIRE

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

    2014-01-01

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

  8. 25 CFR 47.11 - Can these funds be used as matching funds for other Federal programs?

    Science.gov (United States)

    2010-04-01

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

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

    NARCIS (Netherlands)

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

    2015-01-01

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

  10. Risk-return of Belgian SRI funds

    OpenAIRE

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

    2007-01-01

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

  11. Cash Holdings and Mutual Fund Performance

    OpenAIRE

    Mikhail Simutin

    2014-01-01

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

  12. PERFORMANCE EVALUATION OF CHINESE NEW FUNDS

    Institute of Scientific and Technical Information of China (English)

    倪苏云; 翁轶丛; 吴冲锋

    2001-01-01

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

  13. Defense Business Operations Fund Inventory Record Accuracy

    National Research Council Canada - National Science Library

    1998-01-01

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

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

    Directory of Open Access Journals (Sweden)

    Chunitska Iryna I.

    2017-06-01

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

  15. A full quantum network scheme

    International Nuclear Information System (INIS)

    Ma Hai-Qiang; Wei Ke-Jin; Yang Jian-Hui; Li Rui-Xue; Zhu Wu

    2014-01-01

    We present a full quantum network scheme using a modified BB84 protocol. Unlike other quantum network schemes, it allows quantum keys to be distributed between two arbitrary users with the help of an intermediary detecting user. Moreover, it has good expansibility and prevents all potential attacks using loopholes in a detector, so it is more practical to apply. Because the fiber birefringence effects are automatically compensated, the scheme is distinctly stable in principle and in experiment. The simple components for every user make our scheme easier for many applications. The experimental results demonstrate the stability and feasibility of this scheme. (general)

  16. Cusiana Cupiagua. Towards full production

    International Nuclear Information System (INIS)

    Carta Petrolera

    1998-01-01

    When production facilities at Cupiagua are ready around mid-year, the Cusiana Cupiagua complex will start full production, this is the largest oil project in Colombia to date. The Cupiagua CPF covers over 60 hectares on the tableland of the same name in the jurisdiction of Aguazul, a town in Casanare province in northeast Colombia, and currently considered the country's oil cradle. Work is being carried out in a sort of niche that appears to be protected by a natural wall made up of the folds of the Casanare foothills

  17. Sin Stocks in Self Managed Superannuation Funds

    Directory of Open Access Journals (Sweden)

    Peter J. Phillips

    2011-06-01

    Full Text Available Ethical or responsible investing has attracted much attention over the last decade. Financial planners can nowadvise clients on a broad range of ethical investment products and some financial planning firms have this astheir sole activity. Interestingly, the alter ego of ethical investing, sin or vice investing, has attracted far lessattention. Recent research shows that ‘sinful’ investments can generate very strong returns and shouldcertainly not be avoided by investors without a full evaluation of the consequences of excluding theseinvestments from the portfolio. This paper extends these findings into the field of self managedsuperannuation funds operating within an Australian context. The prevalence of sinful investments within asample of SMSFs and the returns that may be generated by a portfolio consisting of sinful Australian equitiesis examined. Analysis reveals that the SMSF investors within the sample do not include very many sin stocksin their portfolios. However, it does not appear as though SMSF trustees are missing an important investmentopportunity because the analysis reveals that an equally-weighted portfolio of all vice or sin shares is unlikelyto generate superior returns.

  18. Global Prospects for Full Employment

    Directory of Open Access Journals (Sweden)

    Ivo Šlaus

    2011-04-01

    Full Text Available The recent international financial crisis highlights the crucial role of employment in human welfare and social stability. Access to remunerative employment opportunities is essential for economic security in a market-based economic system. As the rise of democracy compelled nations to extend the voting right to all citizens, employment must be recognized as a fundamental human right. In total defiance of conventional wisdom, since 1950 job growth has outpaced the explosive growth of population, the rapid adoption of labor-saving technologies, the manifold expansion of world trade, and the dramatic shift from manual labor to white collar work. In an increasingly globalized labor market, current nation-centric theories and models of employment need to be replaced with a human-centered global perspective complemented by new indicators that recognize the central and essential contribution of employment to human economic welfare. Employment and economy are subsets of society and their growth is driven by the more fundamental process of social development. A vast array of unmet social needs combined with an enormous reservoir of underutilized social resources – technological, scientific, educational, organizational, cultural and psychological – can be harnessed to dramatically expand employment opportunities and achieve full employment on a global basis. This paper examines the theoretical basis, policy issues and strategies required to eradicate unemployment nationally and globally.

  19. Achieving and sustaining full employment.

    Science.gov (United States)

    Rosen, S M

    1995-01-01

    Human rights and public health considerations provide strong support for policies that maximize employment. Ample historical and conceptual evidence supports the feasibility of full employment policies. New factors affecting the labor force, the rate of technological change, and the globalization of economic activity require appropriate policies--international as well as national--but do not invalidate the ability of modern states to apply the measures needed. Among these the most important include: (I) systematic reduction in working time with no loss of income, (2) active labor market policies, (3) use of fiscal and monetary measures to sustain the needed level of aggregate demand, (4) restoration of equal bargaining power between labor and capital, (5) social investment in neglected and outmoded infrastructure, (6) accountability of corporations for decisions to shift or reduce capital investment, (7) major reductions in military spending, to be replaced by socially needed and economically productive expenditures, (8) direct public sector job creation, (9) reform of monetary policy to restore emphasis on minimizing unemployment and promoting full employment. None are without precedent in modern economies. The obstacles are ideological and political. To overcome them will require intellectual clarity and effective advocacy.

  20. Opportunities for Funding at NSF

    Science.gov (United States)

    Kafafi, Zakya H.

    2009-03-01

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

  1. 75 FR 78725 - Recreational Boating Safety Projects, Programs and Activities Funded Under Provisions of the...

    Science.gov (United States)

    2010-12-16

    ...: Funding was provided for this program which provides full marketing, media, public information, and... media and boating safety information at http://www.uscgboating.org for a worldwide audience. It covers a...

  2. The Analysis of the Development of Futures Investment Funds in China

    Directory of Open Access Journals (Sweden)

    Zhang Zhe Jing

    2016-01-01

    Full Text Available This paper introduces the futures investment fund, elaborates on its functions and puts forward its problems in China. It also comes up with some personal suggestions for reference based on the measures for its development.

  3. Mass Transit: Implementation of FTA's New Starts Evaluation Process and FY 2001 Funding Proposals

    National Research Council Canada - National Science Library

    2000-01-01

    .... Much of this investment has come through the Federal Transit Administration's (FTA) New Starts program, which helps pay for certain rail, bus, and trolley projects through full funding grant agreements...

  4. Sovereign wealth funds as special international investors under global financial downfall

    Directory of Open Access Journals (Sweden)

    N. Drozd

    2013-02-01

    Full Text Available An overview of origin, functional orientation and characteristics of sovereign wealth funds is presented. Possibility and necessity of cooperation between Ukraine and such systemic investors is proven.

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

    Science.gov (United States)

    Middlemist, George Edward

    2017-01-01

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

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

    National Research Council Canada - National Science Library

    Cain, Andrew M

    2006-01-01

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

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

    National Research Council Canada - National Science Library

    Cain, Andrew M

    2006-01-01

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

  8. 77 FR 16030 - FY2012 Supplemental Funding for Brownfields Revolving Loan Fund (RLF) Grantees

    Science.gov (United States)

    2012-03-19

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

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

    OpenAIRE

    Hincker, Lawrence

    2007-01-01

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

  10. Health research funding in Mexico: the need for a long-term agenda.

    Directory of Open Access Journals (Sweden)

    Eduardo Martínez-Martínez

    Full Text Available BACKGROUND: The legal framework and funding mechanisms of the national health research system were recently reformed in Mexico. A study of the resource allocation for health research is still missing. We identified the health research areas funded by the National Council on Science and Technology (CONACYT and examined whether research funding has been aligned to national health problems. METHODS AND FINDINGS: We collected the information to create a database of research grant projects supported through the three main Sectoral Funds managed by CONACYT between 2003 and 2010. The health-related projects were identified and classified according to their methodological approach and research objective. A correlation analysis was carried out to evaluate the association between disease-specific funding and two indicators of disease burden. From 2003 to 2010, research grant funding increased by 32% at a compound annual growth rate of 3.5%. By research objective, the budget fluctuated annually resulting in modest increments or even decrements during the period under analysis. The basic science category received the largest share of funding (29% while the less funded category was violence and accidents (1.4%. The number of deaths (ρ = 0.51; P<0.001 and disability-adjusted life years (DALYs; ρ = 0.33; P = 0.004 were weakly correlated with the funding for health research. Considering the two indicators, poisonings and infectious and parasitic diseases were among the most overfunded conditions. In contrast, congenital anomalies, road traffic accidents, cerebrovascular disease, and chronic obstructive pulmonary disease were the most underfunded conditions. CONCLUSIONS: Although the health research funding has grown since the creation of CONACYT sectoral funds, the financial effort is still low in comparison to other Latin American countries with similar development. Furthermore, the great diversity of the funded topics compromises the efficacy of the

  11. Allocating scarce resources strategically--an evaluation and discussion of the Global Fund's pattern of disbursements.

    Directory of Open Access Journals (Sweden)

    David McCoy

    Full Text Available BACKGROUND: The Global Fund is under pressure to improve its rationing of financial support. This study describes the GF's pattern of disbursements in relation to total health expenditure (THE, government health expenditure (GHE, income status and the burden of HIV/AIDS, TB and malaria. It also examines the potential for recipient countries to increase domestic public financing for health. METHODS: This is a cross-sectional study of 104 countries that received Global Fund disbursements in 2009. It analyses data on Global Fund disbursements; health financing indicators; government revenue and expenditure; and burden of disease. FINDINGS: Global Fund disbursements made up 0.37% of THE across all 104 countries; but with considerable country variation ranging from 0.002% to 53.4%. Global Fund disbursements to government amounted to 0.47% of GHE across the 104 countries, but again with considerable variation (in three countries more than half of GHE was based on Global Fund support. Although the Global Fund provides progressively more funding for lower income countries on average, there is much variation at the country such that here was no correlation between per capita GF disbursements and per capita THE, nor between per capita GF disbursement to government and per capita GHE. There was only a slight positive correlation between per capita GF disbursement and burden of disease. Several countries with a high degree of 'financial dependency' upon the Fund have the potential to increase levels of domestic financing for health. DISCUSSION: The Global Fund can improve its targeting of resources so that it better matches the pattern of global need. To do this it needs to: a reduce the extent to which funds are allocated on a demand-driven basis; and b align its funding model to broader health systems financing and patterns of health expenditure beyond the three diseases.

  12. How is Funding Medical Research Better for Patients?

    Directory of Open Access Journals (Sweden)

    Jennifer D. Zwicker

    2015-08-01

    Full Text Available With rising health care costs, often health research is viewed as a major cost driver, calling to question the role and value of provincial funding of health research. Most agree that the quality of healthcare provided is directly linked to our ability to conduct quality research; however currently there is little empirical evidence supporting the link between engagement in health research and healthcare performance. In Canada this has resulted in funding for health research that varies over time and between provinces. While medical knowledge is a public good, we hypothesize there are local benefits from health research, such as the attraction of a specialized human capital workforce, which fosters a culture of innovation in clinical practice. To address this question, we look at whether health outcomes are impacted by changes in provincial research funding in Alberta compared to other provinces. Provincial funding for medical research, which varies greatly over time and among provinces, is used as a proxy for medical treatment inputs. Trend rates of reduction in mortality from potentially avoidable causes (MPAC (comprised of mortality from preventable causes (MPC and mortality from treatable causes (MTC, are used as a proxy health outcome measure sensitive to the contributions of technological progress in medical treatment. Our analysis suggests that investment in health research has payback in health outcomes, with greater improvements in the province where the research occurs. The trend declines seen in age standardized MPAC rates in different Canadian provinces may be impacted by shifts in provincial research funding investment, suggesting that knowledge is not transferred without cost between provinces. Up until the mid-1980s, Alberta had the most rapid rate of decline in MPAC compared to the other provinces. This is striking given the large and unique investment in medical research funding in Alberta in the early 1980s through AHFMR, the

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

    OpenAIRE

    Lu, Daofen

    2007-01-01

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

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

    OpenAIRE

    Dai, John; Sundaresan, Suresh

    2009-01-01

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

  15. Accessing International Funding for Climate Change Adaptation

    DEFF Research Database (Denmark)

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

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

  16. Strategic Investment Funds : Opportunities and Challenges

    OpenAIRE

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

    2016-01-01

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

  17. A Continuous Improvement Capital Funding Model.

    Science.gov (United States)

    Adams, Matt

    2001-01-01

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

  18. Government Hits Back At Funding Claims

    CERN Multimedia

    2007-01-01

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

  19. Raising private investment funds for museums

    NARCIS (Netherlands)

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

    2004-01-01

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

  20. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    2002-01-01

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

  1. The political origin of pension funding

    NARCIS (Netherlands)

    Perotti, E.; Schwienbacher, A.

    2007-01-01

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

  2. 24 CFR 965.403 - Funding.

    Science.gov (United States)

    2010-04-01

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

  3. 75 FR 26742 - Investing in Innovation Fund

    Science.gov (United States)

    2010-05-12

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

  4. 75 FR 18407 - Investing in Innovation Fund

    Science.gov (United States)

    2010-04-12

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

  5. 76 FR 34969 - Investing in Innovation Fund

    Science.gov (United States)

    2011-06-15

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

  6. 75 FR 21614 - Investing in Innovation Fund

    Science.gov (United States)

    2010-04-26

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

  7. 45 CFR 2531.20 - Funding priorities.

    Science.gov (United States)

    2010-10-01

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

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

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

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

  9. 7 CFR 3419.2 - Matching funds.

    Science.gov (United States)

    2010-01-01

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

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

    Science.gov (United States)

    Miller, Michael T.

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

  11. The Dutch Experience with Weighted Student Funding

    Science.gov (United States)

    Fiske, Edward B.; Ladd, Helen F.

    2010-01-01

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

  12. Unconventional funding of urban public transport

    NARCIS (Netherlands)

    Ubbels, B.J.; Nijkamp, P.

    2002-01-01

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

  13. Trading Cost Management of Mutual Funds

    NARCIS (Netherlands)

    R. Xing (Rang)

    2016-01-01

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

  14. A New Funding Model for Extension

    Science.gov (United States)

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

    2006-01-01

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

  15. Legislative Update: Georgia School Funding Update.

    Science.gov (United States)

    Holmes, C. Thomas; Sielke, Catherine C.

    2000-01-01

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

  16. Student Projects as a Funding Source

    Science.gov (United States)

    Henson, Kerry L.

    2010-01-01

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

  17. 28 CFR 42.734 - Alternative funding.

    Science.gov (United States)

    2010-07-01

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

  18. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, R.

    2012-01-01

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

  19. Performance Persistence of Dutch Pension Funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Mahieu, Ronald

    2010-01-01

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

  20. Longitudinal analysis of mutual fund performance

    NARCIS (Netherlands)

    Ter Horst, J.R.

    1998-01-01

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

  1. Continuous Improvement in State Funded Preschool Programs

    Science.gov (United States)

    Jackson, Sarah L.

    2012-01-01

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

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

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

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

  3. Investment Primer for Green Revolving Funds

    Science.gov (United States)

    Weisbord, Dano

    2012-01-01

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

  4. Explaining the performance of Chinese equity funds

    NARCIS (Netherlands)

    Huang, Xiaohong; Shi, Qiqiang

    2013-01-01

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

  5. 20 CFR 638.301 - Funding procedures.

    Science.gov (United States)

    2010-04-01

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

  6. Information Content of Mutual Fund Portfolio Disclosure

    NARCIS (Netherlands)

    Y. Wang (Yu)

    2011-01-01

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

  7. Toward advising SME's on stacked funding

    NARCIS (Netherlands)

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

    2017-01-01

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

  8. 31 CFR 281.4 - Guaranty funds.

    Science.gov (United States)

    2010-07-01

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

  9. Funding | IDRC - International Development Research Centre

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

    2018-09-30

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

  10. 75 FR 12407 - Capital Magnet Fund

    Science.gov (United States)

    2010-03-15

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

  11. Government hits back at funding claims

    CERN Multimedia

    2007-01-01

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

  12. Transdisciplinary EU science institute needs funds urgently

    NARCIS (Netherlands)

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

    2010-01-01

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

  13. Transdisciplinary EU Science Institute needs funds urgently

    NARCIS (Netherlands)

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

    2010-01-01

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

  14. European Globalisation Adjustment Fund-Assistance in the Labour Market

    Directory of Open Access Journals (Sweden)

    Ramona Mariana CALINICA

    2016-12-01

    Full Text Available The intensification of globalization and through intense manifestation of the effects on recent economic and financial crisis, employment market has been affected, and at European Union level was considered increasingly necessary granting support for counter of the negative effects of the two phenomena on this market. European Globalisation Adjustment Fund is designed for a rapid reintegration of fired workers and increase of the employment potential of the workforce, after mass dismissals linked to the two phenomena mentioned above.

  15. Review Document: Full Software Trigger

    CERN Document Server

    Albrecht, J; Raven, G

    2014-01-01

    This document presents a trigger system for the upgraded LHCb detector, scheduled to begin operation in 2020. This document serves as input for the internal review towards the "DAQ, online and trigger TDR". The proposed trigger system is implemented entirely in software. In this document we show that track reconstruction of a similar quality to that available in the offline algorithms can be performed on the full inelastic $pp$-collision rate, without prior event selections implemented in custom hardware and without relying upon a partial event reconstruction. A track nding eciency of 98.8 % relative to oine can be achieved for tracks with $p_T >$ 500 MeV/$c$. The CPU time required for this reconstruction is about 40 % of the available budget. Proof-of-principle selections are presented which demonstrate that excellent performance is achievable using an inclusive beauty trigger, in addition to exclusive beauty and charm triggers. Finally, it is shown that exclusive beauty and charm selections that do not intr...

  16. 78 FR 17939 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2012

    Science.gov (United States)

    2013-03-25

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

  17. 78 FR 56728 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2013

    Science.gov (United States)

    2013-09-13

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

  18. 77 FR 23492 - Announcement of Funding Awards; Capital Fund Safety and Security Grants; Fiscal Year 2011

    Science.gov (United States)

    2012-04-19

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

  19. Comparative Analysis of Risk, Return and Diversification of Mutual Fund

    Directory of Open Access Journals (Sweden)

    Rais Ahmad

    2015-01-01

    Full Text Available Mutual Funds have become a widely popular and effective way for investors to participate in financial markets in an easy, low-cost fashion, while muting risk characteristics by spreading the investment across different types of securities, also known as diversification. It can play a central role in an individual's investment strategy. With the plethora of schemes available in the Indian markets, an investors needs to evaluate and consider various factors before making an investment decision. The present investigation is aimed to examine the performance of safest investment instrument in the security market in the eyes of investors. Five mutual fund large cap scheme have been selected for this purpose. The examination is achieved by assessing various financial tests like Sharpe Ratio, Standard Deviation, Alpha, and Beta. Furthermore, in-depth analysis also has been done by considering return over the period of last five years on various basis, expenses ratio, corpus-size etc. The data has been taken from various websites of mutual fund schemes and from www.valueresearch.com. The study will be helpful for the researchers and financial analysts to analyze various securities or funds while selecting the best investment alternative out of the galaxy of investment alternatives.

  20. Government Funding to the NGOs: A Blessing or a Curse?

    Directory of Open Access Journals (Sweden)

    Tahir Mahmood Ali

    2016-10-01

    Full Text Available The impacts of the government funding on the NGOs in terms of advantages and disadvantages has received mixed response from the scholars. This study attempts to review the promises and perils of government funding on the NGOs and aims to gather the scattered knowledge from literature at one place. Literature review was carried out for the relevant studies. Using the inclusion/exclusion criteria established for this article, 31 studies were finally selected for review. Using thematic analysis approach, 5 main themes regarding government funding impacts on NGOs were extracted from the reviewed 31 studies. The themes are institutional theory and Isomorphism, accountability, loss of autonomy, mission drift and crowding out. Some scholars and studies linked these themes with underperformance while others linked them with stability of the NGOs. Definite results are hard to draw to determine the impacts of government funding on NGOs and in fact these impacts depend upon a number of factors such as, age, size, sector, demography, political, economic and social environments of an NGO.

  1. Fund allocation using capacitated vehicle routing problem

    Science.gov (United States)

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

    2014-09-01

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

  2. Resolving the International Monetary Fund's Legitimacy Crisis

    DEFF Research Database (Denmark)

    Seabrooke, Leonard

    2006-01-01

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

  3. GOVERNING BOARD OF THE PENSION FUND

    CERN Multimedia

    2002-01-01

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

  4. Perspective: Disclosing hidden sources of funding.

    Science.gov (United States)

    Resnik, David B

    2009-09-01

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

  5. Spring report of the Pension Fund

    CERN Multimedia

    2012-01-01

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

  6. Full MOX core for PWRs

    International Nuclear Information System (INIS)

    Puill, A.; Aniel-Buchheit, S.

    1997-01-01

    Plutonium management is a major problem of the back end of the fuel cycle. Fabrication costs must be reduced and plant operation simplified. The design of a full MOX PWR core would enable the number of reactors devoted to plutonium recycling to be reduced and fuel zoning to be eliminated. This paper is a contribution to the feasibility studies for achieving such a core without fundamental modification of the current design. In view of the differences observed between uranium and plutonium characteristics it seems necessary to reconsider the safety of a MOX-fuelled PWR. Reduction of the control worth and modification of the moderator density coefficient are the main consequences of using MOX fuel in a PWR. The core reactivity change during a draining or a cooling is thus of prime interest. The study of core global draining leads to the following conclusion: only plutonium fuels of very poor quality (i.e. with low fissile content) cannot be used in a 900 MWe PWR because of a positive global voiding reactivity effect. During a cooling accident, like an spurious opening of a secondary-side valve, the hypothetical return to criticality of a 100% MOX core controlled by means of 57 control rod clusters (made of hafnium-clad B 4 C rods with a 90% 10 B content) depends on the isotopic plutonium composition. But safety criteria can be complied with for all isotopic compositions provided the 10 B content of the soluble boron is increased to a value of 40%. Core global draining and cooling accidents do not present any major obstacle to the feasibility of a 100% MOX PWR, only minor hardware modifications will be required. (author)

  7. Establishing a green lights revolving fund

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    1996-07-01

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

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

    OpenAIRE

    Gul, Yavuz; Altinirmak, Serpil

    2018-01-01

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

  9. The Regional and Local Distribution of Funds Allocated by the European Agricultural Fund for Rural Development in Romania

    Directory of Open Access Journals (Sweden)

    ALINA-MIRELA MARCU

    2013-01-01

    Full Text Available The objective of this study is to present and analyze the regional and local distribution of the funds allocated by the European Agricultural Fund for Rural Development (EAFRD, European fund that finances rural development in Romania, in the post-accession period. This financing instrument was created by the European Union with the order to continue the main directions of investment of Special Pre-Accession Programme for Agriculture and Rural Development (SAPARD. As a member state of the European Union, Romania observes the principles of the Common Agricultural Policy (CAP while the development of the Romanian rural area for the programming period 2007-2013 is supported by the European Community through the National Rural Development Programme (RDP. This approach pays special attention to improving the quality of life in rural areas and the diversification of the rural economy because local communities in Romania have experienced some changes in this period, while accessing EAFRD funds contributed to increased regional disparities between developed and poor areas.

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

    OpenAIRE

    Kang, Jiaqi

    2017-01-01

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

  11. Regulating and Funding Midwifery in Nova Scotia

    Directory of Open Access Journals (Sweden)

    Annie Morrison

    2014-07-01

    Full Text Available Midwives have been working in Nova Scotia for many years, and midwifery became a government funded and regulated health profession in the province in 2009. Despite the will among many decision-makers in the province to regulate the profession since the mid 1980s, several elections and lack of a management model slowed the program’s development. Implicit goals of having midwifery services included improving the quality of maternal care and health outcomes, keeping up with other provinces, responding to public demand, and saving costs. Strong and persistent bureaucratic and public advocacy work, inter-party collaboration, and research demonstrating positive and safe maternal and newborn health outcomes under midwifery care all had a role in the decision-making process. The implementation responsibility was delegated to three health districts in the province, each being responsible for designing a program to integrate midwives into maternal health care teams. The program has thus far been evaluated in an ad hoc manner with external teams performing comprehensive assessments, though the need for a cost-benefit analysis as well as more systematic assessments has been identified. Though many opportunities exist with midwifery in the province, including a continued high demand for the service, and research demonstrating positive outcomes for mothers and babies, significant challenges and threats remain to be addressed to ensure long-term sustainability of the program.

  12. DISPOSITION EFFECT AMONG BRAZILIAN EQUITY FUND MANAGERS

    Directory of Open Access Journals (Sweden)

    Eduardo Pozzi Lucchesi

    2015-01-01

    Full Text Available The disposition effect predicts that investors tend to sell winning stocks too soon and ride losing stocks too long. Despite the wide range of research evidence about this issue, the reasons that lead investors to act this way are still subject to much controversy between rational and behavioral explanations. In this article, the main goal was to test two competing behavioral motivations to justify the disposition effect: prospect theory and mean reversion bias. To achieve it, an analysis of monthly transactions for a sample of 51 Brazilian equity funds from 2002 to 2008 was conducted and regression models with qualitative dependent variables were estimated in order to set the probability of a manager to realize a capital gain or loss as a function of the stock return. The results brought evidence that prospect theory seems to guide the decision-making process of the managers, but the hypothesis that the disposition effect is due to mean reversion bias could not be confirmed.

  13. The VA mission act: Funding to fail?

    Directory of Open Access Journals (Sweden)

    Robbins RA

    2018-06-01

    Full Text Available No abstract available. Article truncated after 150 words. Yesterday on D-Day, the 74th anniversary of the invasion of Normandy, President Trump signed the VA Mission Act. The law directs the VA to combine a number of existing private-care programs, including the so-called Choice program, which was created in 2014 after veterans died waiting for appointments at the Phoenix VA (1. During the signing Trump touted the new law saying “there has never been anything like this in the history of the VA” and saying that veterans “can go right outside [the VA] to a private doctor”-but can they? Although the bill authorizes private care, it appropriates no money to pay for it. Although a bipartisan plan to fund the expansion is proposed in the House, the White House has been lobbying Republicans to vote the plan down (2. Instead Trump has been asking Congress to pay for veteran’s programs by cutting spending elsewhere (2. We in Arizona are …

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

    Directory of Open Access Journals (Sweden)

    ALBERT DIETER RITZHAUPT

    2008-12-01

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

  15. Online marketing. A ground to exploit and grow the accessing of European funds

    Directory of Open Access Journals (Sweden)

    Radu Anamaria-Cătălina

    2017-12-01

    Full Text Available Accessing European funds is very controversial at this moment because of its enormous benefits for the country development. A very important aspect regarding the image of a country is represented by the tourism, and European funds offer an opportunity for raising the potential of a country by coordinating the tourism activities. Tourism planning also has a big impact its advantages being very resourceful due to a responsible funds allocation. In this paper, we have been analyzing a few European funded project – POSDRU 2007-2013 for the development regions. The future direction in developing projects in the field of tourism is to follow very carefully the objectives of the implemented projects and to plan all the activities in a balanced manner. The paper also shows how online communication can contribute to facilitate the access of the European funds and a better implementation and develop of the projects.

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

    CERN Document Server

    Deutsche Forschungsgemeinschaft (DFG)

    2013-01-01

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

  17. Pension Fund - ELECTIONS - Guillermo de la FUENTE

    CERN Multimedia

    2002-01-01

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

  18. ELECTIONS PENSION FUND CANDIDATE NR 5

    CERN Multimedia

    2001-01-01

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

  19. ELECTIONS PENSION FUND 5th candidate

    CERN Multimedia

    2001-01-01

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

  20. The dynamic model of choosing an external funding instrument

    Directory of Open Access Journals (Sweden)

    Irena HONKOVA

    2015-06-01

    Full Text Available Making a decision about using a specific funding source is one of the most important tasks of financial management. The utilization of external sources features numerous advantages yet staying aware of diverse funding options is not easy for financial managers. Today it is crucial to quickly identify an optimum possibility and to make sure that all relevant criteria have been considered and no variant has been omitted. Over the long term it is also necessary to consider the category of time as changes made today do not affect only the current variables but they also have a significant impact on the future. This article aims to identify the most suitable model of choosing external funding sources that would describe the dynamics involved. The first part of the paper considers the theoretical background of external funding instrument and of decision criteria. The making of financial decisions is a process consisted of weighing the most suitable variants, selecting the best variant, and controlling the implementation of accepted proposals. The second part analyses results of the research - decisive weights of the criteria. Then it is created the model of the principal criteria Weighted Average Cost of Capital (Dynamic model WACC. Finally it is created the Dynamic Model of Choosing an External Funding Instrument. The created decision-making model facilitates the modeling of changes in time because it is crucial to know what future consequences lies in decisions made the contemporary turbulent world. Each variant features possible negative and positive changes of varying extent. The possibility to simulate these changes can illustrate an optimal variant to a decision-maker.

  1. Should uterus transplants be publicly funded?

    Science.gov (United States)

    Wilkinson, Stephen; Williams, Nicola Jane

    2016-01-01

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

  2. Costs of eliminating malaria and the impact of the global fund in 34 countries.

    Directory of Open Access Journals (Sweden)

    Brittany Zelman

    Full Text Available International financing for malaria increased more than 18-fold between 2000 and 2011; the largest source came from The Global Fund to Fight AIDS, Tuberculosis and Malaria (Global Fund. Countries have made substantial progress, but achieving elimination requires sustained finances to interrupt transmission and prevent reintroduction. Since 2011, global financing for malaria has declined, fueling concerns that further progress will be impeded, especially for current malaria-eliminating countries that may face resurgent malaria if programs are disrupted.This study aims to 1 assess past total and Global Fund funding to the 34 current malaria-eliminating countries, and 2 estimate their future funding needs to achieve malaria elimination and prevent reintroduction through 2030.Historical funding is assessed against trends in country-level malaria annual parasite incidences (APIs and income per capita. Following Kizewski et al. (2007, program costs to eliminate malaria and prevent reintroduction through 2030 are estimated using a deterministic model. The cost parameters are tailored to a package of interventions aimed at malaria elimination and prevention of reintroduction.The majority of Global Fund-supported countries experiencing increases in total funding from 2005 to 2010 coincided with reductions in malaria APIs and also overall GNI per capita average annual growth. The total amount of projected funding needed for the current malaria-eliminating countries to achieve elimination and prevent reintroduction through 2030 is approximately US$8.5 billion, or about $1.84 per person at risk per year (PPY (ranging from $2.51 PPY in 2014 to $1.43 PPY in 2030.Although external donor funding, particularly from the Global Fund, has been key for many malaria-eliminating countries, sustained and sufficient financing is critical for furthering global malaria elimination. Projected cost estimates for elimination provide policymakers with an indication of the

  3. The Evolution of Non-Banking Financial Markets in Hungary: The Case of Mutual Funds

    Directory of Open Access Journals (Sweden)

    Luminiţa NICOLESCU

    2016-12-01

    Full Text Available The non-banking sector has an important place in financial markets. Therefore, the performance of financial markets can be looked at in different countries by analyzing the evolution of mutual funds, in terms of their inflows and outflows. This is even more important in the recent period, due to the recent global financial distress. Numerous studies, most of them conducted in the US, illustrate that flows are highly dependent on the previous performance and that a common behavior of investors is rather to look for highly performing funds than to give up the poorly performing ones. This paper studies the flows of funds into and out of Hungarian mutual funds during the period 2007-2014. The evolution of the mutual funds market depends on investor’s behavior and the paper analyzes the behavior of investors. The paper also tries to evaluate if and how the financial crisis affected the investing behavior of Hungarian investors. The main findings of the research illustrate that there are a number of factors that influence the way investors make their decisions. Among those fund flows in the previous month is the factor that influences the most the current flows, illustrating that Hungarians invest only in funds that attracted previously more new money. Other factors with a significant influence on the investors’ behavior are the size of the fund (measured through the net assets and the risk (measured through the standard deviations of returns. The factor that surprisingly seems to have less influence on Hungarian inv estors’ decisions is the performance either measured as the evolution of the fund category or the rank and the square rank of the fund in its category. Another important finding was that data proved that the financial crisis had an impact on the capital market in Hungary, as investments decreased in that particular period and mutual funds performances were lower.

  4. NEW REGULATION OF PRIVATE EQUITY AND VENTURE CAPITAL FUNDS AND OPEN QUESTIONS

    Directory of Open Access Journals (Sweden)

    Suzana Audić Vuletić

    2017-01-01

    Full Text Available This article provides an analysis of the new regulation of private equity and venture capital funds which are in Croatian law regulated by Alternative Investment Funds Act and ordinances. These funds can offer their units only via private offering to primarily professional, i.e. qualifying investors. They invest mostly in shares and units of companies, including both companies in early (start-ups and in later stage of business. For the companies in which they invest, these funds are very signifi cant as they can provide capital for even small entrepreneurs which could not obtain fi nancing from traditional sources (e. g. banks. This article analyzes investment transactions between private equity (further in text: PE and venture capital (further in text: VC funds and the company in which they invest (portfolio company. PE and VC funds represent a new segment in the Croatian capital market which is still developing and whose potential is yet to be fully recognized. PE and VC funds are not regulated on the EU level. However, managers of AIFs, including PE and VC funds are under certain conditions. Authors shall analyze these legal sources, both on the EU and on the domestic level, with emphasis on the regulation of managers of AIFs when they acquire controlling stake in non-listed companies and issuers, which is of special interest to PE and VC funds due to their investment techniques. In that light, authors question if there is a mechanism which ensures that PE and VC funds act as a socially responsible shareholders/unitholders in portfolio companies (public accountability of the managers of AIFs. If so, authors argue the existence of possible confl ict of interest, as it is not clear in whose interest should managers of PE and VC funds act: in the interest of their investors or in the interest of the portfolio company.

  5. Risk management in Swedish hedge funds

    OpenAIRE

    Fri, Samuel; Nilsson, Joakim

    2011-01-01

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

  6. Annual Information Meeting of the Pension Fund

    CERN Multimedia

    2014-01-01

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

  7. Strategies for Closing the ITRS Funding Gap

    Science.gov (United States)

    2008-08-01

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

  8. A sunny spell at the Pension Fund

    CERN Multimedia

    Association du personnel

    2006-01-01

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

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

    Science.gov (United States)

    Iowa Department of Education, 2014

    2014-01-01

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

  10. 25 CFR 87.11 - Investment of judgment funds.

    Science.gov (United States)

    2010-04-01

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

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

    Science.gov (United States)

    Hamilton, R. H.

    2001-01-01

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

  12. Economic Justification of Minimisation of Immobilisation Funds Invested Into Engineering Enterprise Materials

    Directory of Open Access Journals (Sweden)

    Boyko Valentyna V.

    2014-03-01

    Full Text Available The article improves the mechanism of minimisation of immobilisation funds invested into enterprise materials. Optimisation of this mechanism is achieved through reduction of the difference between fixed (or advanced and actual funds, invested into materials, with consideration of their differentiation and integration in the course of the enterprise operation cycle. The article justifies the necessity of study of immobilisation funds, invested into materials, for their possible minimisation. It offers methods of calculation of ratios of influence of minimisation of funds, invested into materials, upon alteration of the level of their immobilisation and absolute disengagement. It assesses the possibility of use of the proposed ratios both in relative and absolute indicators of immobilisation funds, invested into materials. It shows calculation of the matrix of minimisation of immobilisation funds, invested into materials, and its practical application at engineering enterprises. It underlines that the proposed methodology of calculation of the above said ratios and matrix of minimisation of immobilisation funds, invested into materials, allows determination of possible disengagement of the engaged money funds by an engineering enterprise depending on specific technical and economic conditions.

  13. Analysis of Production Funds Efficiency in the Country’s Crane Sector

    Directory of Open Access Journals (Sweden)

    Edita Valėnaitė

    2012-07-01

    Full Text Available The article deals with methodological aspects of the production funds analysis. In this work the study of literature which examines the basic and transferable funds is presented. Much attention is paid to the analysis of basic production funds in the crane sector. Analysis of the basic production funds in the country’s crane sector is presented. Special attention is paid to the structure of the cranes park and crane utilization efficiency. In the analysis of basic production funds, the factors that impede the efficiency of production funds were established as follows: the greatest negative impact on basic production funds efficiency of businesses was in small tower crane fleet; a small range of tower cranes in the park is reducing the technical possibilities of the lease. Basing on the analysis and observation of tower cranes installation and dismantling, the poor supply of the parts for the work place, lack of competence and motivation of the support staff have been ascertained. After elimination of these factors it is possible to raise the efficiency of the main production funds.Article in Lithuanian

  14. A comparison of cancer burden and research spending reveals discrepancies in the distribution of research funding

    Directory of Open Access Journals (Sweden)

    Carter Ashley JR

    2012-07-01

    Full Text Available Abstract Background Ideally, the distribution of research funding for different types of cancer should be equitable with respect to the societal burden each type of cancer imposes. These burdens can be estimated in a variety of ways; “Years of Life Lost” (YLL measures the severity of death in regard to the age it occurs, "Disability-Adjusted Life-Years" (DALY estimates the effects of non-lethal disabilities incurred by disease and economic metrics focus on the losses to tax revenue, productivity or direct medical expenses. We compared research funding from the National Cancer Institute (NCI to a variety of burden metrics for the most common types of cancer to identify mismatches between spending and societal burden. Methods Research funding levels were obtained from the NCI website and information for societal health and economic burdens were collected from government databases and published reports. We calculated the funding levels per unit burden for a wide range of different cancers and burden metrics and compared these values to identify discrepancies. Results Our analysis reveals a considerable mismatch between funding levels and burden. Some cancers are funded at levels far higher than their relative burden suggests (breast cancer, prostate cancer, and leukemia while other cancers appear underfunded (bladder, esophageal, liver, oral, pancreatic, stomach, and uterine cancers. Conclusions These discrepancies indicate that an improved method of health care research funding allocation should be investigated to better match funding levels to societal burden.

  15. A STUDY ON THE RISK-ADJUSTED PERFORMANCE OF MUTUAL FUNDS INDUSTRY IN INDIA

    Directory of Open Access Journals (Sweden)

    Shivangi Agarwal

    2017-04-01

    Full Text Available Investing through mutual funds has gained interest in recent years as it offers optimal risk adjusted returns to investors. The Indian market is no exception and has witnessed a multifold growth in mutual funds over the years. As of 2016, the Indian market is crowded with over two thousand mutual fund schemes, each promising higher returns compared to their peers. This comes as a challenge for an ordinary investor to select the best portfolio to invest making it critical to analyse the performance of these funds. While understanding and analysing the historical performance of mutual funds do not guarantee future performance, however, this may give an idea of how the fund is likely to perform in different market conditions. In this research we address multiple research issues. These include measuring the performance of selected mutual schemes on the basis of risk and return and compare the performance of these selected schemes with benchmark index to see whether the scheme is outperforming or underperforming the benchmark. We also rank funds on the basis of performance and suggest strategies to invest in a mutual fund and therefore, our findings have significant relevance for investing public.

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

    Directory of Open Access Journals (Sweden)

    Martin A. Dueñas, MPA

    2016-10-01

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

  17. Brand personality traits: the Chilean Pension Fund Administrators case

    Directory of Open Access Journals (Sweden)

    Manuel Escobar Farfán

    2017-12-01

    Full Text Available Chilean pension fund industry is largely questioned by public; therefore it becomes essential to work on a strategy to enhance brand’s credibility and positioning. This study objective is to analyze and build a brand personality scale to identify consumer’s perception. An exploratory study aided by qualitative tools was carried out to track those brand’s personality traits not considered in Latorre, Martínez and Sotelo (2016. As a result, 38 personality traits have been evidenced in the pension fund administrators industry, some of which are specific to this industrial sector, such as transparency and ambition. This study findings come to complement the five dimensions identified by Aaker (1997 and subsequently validated by Latorre, Martínez y Sotelo (2016.

  18. Smokefree implementation in Colombia: Monitoring, outside funding, and business support

    Directory of Open Access Journals (Sweden)

    Randy Uang

    2017-03-01

    Full Text Available Objective. To analyze successful national smokefree policy implementation in Colombia, a middle income country. Materials and methods. Key informants at the national and local levels were interviewed and news sources and government ministry resolutions were reviewed. Results.Colombia’s Ministry of Health coordinated local implementation practices, which were strongest in larger cities with supportive leadership. Nongovernmental organizations provided technical assistance and highlighted noncompliance. Organizations outside Colombia funded some of these efforts. The bar owners’ association provided concerted education campaigns. Tobacco interests did not openly challenge implementation. Conclusions. Health organization monitoring, external funding, and hospitality industry support contributed to effective implementation, and could be cultivated in other low and middle income countries.

  19. European Funds – Instrument for Economic Stability/Growth

    Directory of Open Access Journals (Sweden)

    Anca Simina POPESCU

    2014-11-01

    Full Text Available The enlargement of European Union has finally brought a growth of public resources designed for regional policy, but also visible disparities between the member states. The objective of a stronger social and economic cohesion, of reduction of differences of social and economic development between the member states and EU regions, as well as the promotion of sustainable development of EU are reached through structural funds, the European financing being designed to serve as lever regarding public investments in associated countries. This work analyses the elements which assure economic stability in Romania, in the last year of programming period 2007-2013, following the crisis which disturbed global economy. The emphasis is laid on non-refundable EU funds allotted for Romania, which were analyzed both from the point of view of approved projects (but whose implementation did not start yet and regarding the contracted projects under way.

  20. ESTIMATING RETURN RATE OF HIGHER EDUCATION FUND IN RUSSIA

    Directory of Open Access Journals (Sweden)

    Semenikhina V. A.

    2014-06-01

    Full Text Available Currently, the Russian government pays great attention to the field of higher and postgraduate education. But in the Russian scientific literature there are gaps related to the effectiveness of the overall evaluation of the higher education sector. The article dwells upon the problem of interregional income spread of the Russian population. Empirical estimator of difference influence accounting for human capital accumulated in Russian regions on wage levels and maximum increase of total wage levels and population income for 2001-2011 is carried out. Higher education, exceeding the influence of accumulated volume of the main funds, has a great influence on income spread in Russian regions. Besides, increase of higher education fund in Russian regions contributes to the population’s wage increase and growth in income, but at the same time it decreases legal wages. Results of the study extend knowledge of the economics of education of the Russian Federation.