Carbon capture and storage as a corporate technology strategy challenge

International Nuclear Information System (INIS)

Bowen, Frances

2011-01-01

Latest estimates suggest that widespread deployment of carbon capture and storage (CCS) could account for up to one-fifth of the needed global reduction in CO 2 emissions by 2050. Governments are attempting to stimulate investments in CCS technology both directly through subsidizing demonstration projects, and indirectly through developing price incentives in carbon markets. Yet, corporate decision-makers are finding CCS investments challenging. Common explanations for delay in corporate CCS investments include operational concerns such as the high cost of capture technologies, technological uncertainties in integrated CCS systems and underdeveloped regulatory and liability regimes. In this paper, we place corporate CCS adoption decisions within a technology strategy perspective. We diagnose four underlying characteristics of the strategic CCS technology adoption decision that present unusual challenges for decision-makers: such investments are precautionary, sustaining, cumulative and situated. Understanding CCS as a corporate technology strategy challenge can help us move beyond the usual list of operational barriers to CCS and make public policy recommendations to help overcome them. - Research highlights: → Presents a corporate technology strategy perspective on carbon capture and storage (CCS). → CCS technology is precautionary, sustaining, cumulative and situated. → Decision-makers need to look beyond cost and risk as barriers to investment in CCS.

Information technology investments must deliver value

International Nuclear Information System (INIS)

Schulz, Y.

1998-01-01

The value of information technology (IT) management for the petroleum industry was discussed. There are currently two points of view regarding the subject. Adherents of one view hold that the strategic uses of information technology are relevant to the oil and gas industry, while those opposed find no demonstrated connection between information technology investments and business results. This paper addresses the impact of the information paradox, but maintains that information technology is not only valuable but essential to the oil and gas industry. This paper maintains that whenever it is perceived as being of limited use and too expensive, it is usually because it is not well managed. Value management can and should lead to superior outcomes. Neither exploration, nor drilling nor production, nor marketing could exist without information technology as the value is imperative. To further make the case, the nature of information technology value management and the strategies required to achieve value from information technology are reviewed. figs

10 CFR 603.1340 - Technology investment agreement.

Science.gov (United States)

2010-01-01

... 10 Energy 4 2010-01-01 2010-01-01 false Technology investment agreement. 603.1340 Section 603.1340 Energy DEPARTMENT OF ENERGY (CONTINUED) ASSISTANCE REGULATIONS TECHNOLOGY INVESTMENT AGREEMENTS Definitions of Terms Used in this Part § 603.1340 Technology investment agreement. A TIA is a special type of...

Analysis of stage-investing strategy in equity financing market

Institute of Scientific and Technical Information of China (English)

XUN Minghui

2007-01-01

Stage-investing strategy is a primary measure to mitigate asymmetric information during equity investment. This paper attempts to investigate the problem faced by equity investors wishing to make optimal investment decision under stage-investing strategy.A serial investment-decision making model will be designed to help investors to take the best choice.

The investment strategy of commercial banks on the financial markets

Directory of Open Access Journals (Sweden)

Ercegovac Dajana

2012-01-01

Full Text Available In contemporary market conditions classical deposit-loan strategy is not enough anymore in order to ensure survival of the commercial banks on the financial market and to reach profit that is high enough. Besides the loan placements strategy, it is necessary to adopt an adequate investment strategy which will contribute to the profitability, liquidity and safety of gross asset portfolio. Commercial banks, unlike investment banks, invest smaller part of their resources into securities of diverse maturity on financial markets. However, with the harsh competition of banks and other non-banking institutions, significance of investment portfolio grows as an alternative that ensures additional sources of revenue, assures liquidity, diversification of placements and decreases risk exposure. Banks have at their disposal vast range of investment strategies that can be combined depending on their investment objectives and risk aversion, such as passive and active strategy, strategy of ladder, weights strategy etc. Therefore, the aim of this paper is to present the significance of investment portfolio in commercial banks and the basic management strategies of investment portfolio that can be used by commercial banks.

Optimal Deterministic Investment Strategies for Insurers

Directory of Open Access Journals (Sweden)

Ulrich Rieder

2013-11-01

Full Text Available We consider an insurance company whose risk reserve is given by a Brownian motion with drift and which is able to invest the money into a Black–Scholes financial market. As optimization criteria, we treat mean-variance problems, problems with other risk measures, exponential utility and the probability of ruin. Following recent research, we assume that investment strategies have to be deterministic. This leads to deterministic control problems, which are quite easy to solve. Moreover, it turns out that there are some interesting links between the optimal investment strategies of these problems. Finally, we also show that this approach works in the Lévy process framework.

Capital investment strategies in health care systems.

Science.gov (United States)

Reiter, K L; Smith, D G; Wheeler, J R; Rivenson, H L

2000-01-01

Capital investment decisions are among the most important decisions made by firms. They determine the firm's capacity for providing services and commit the firm's cash for an extended period of time. Interviews with chief financial officers of leading health care systems reveal capital investment strategies that generally follow the recommendations of modern finance theory. Still, there is substantial variation in capital budgeting techniques, methods of risk adjustment, and the importance of qualitative considerations in investment decision making. There is also variation in delegation of investment decision making to operating units and methods of performance evaluation. Health care systems face the same challenges as other organizations in developing and implementing capital investment strategies that use consistent methods for evaluation of projects that have inconsistent aims and outcomes.

Low-beta investment strategies

OpenAIRE

Korn, Olaf; Kuntz, Laura-Chloé

2015-01-01

This paper investigates investment strategies that exploit the low-beta anomaly. Although the notion of buying low-beta stocks and selling high-beta stocks is natural, a choice is necessary with respect to the relative weighting of high-beta stocks and low-beta stocks in the investment portfolio. Our empirical results for US large-cap stocks show that this choice is very important for the risk-return characteristics of the resulting portfolios and their sensitivities to common risk factors. W...

An Analysis of a Free Cashflow Portfolio Investment Strategy ...

African Journals Online (AJOL)

An Analysis of a Free Cashflow Portfolio Investment Strategy. ... African Journal of Finance and Management ... risks that are less than one, so without additional risk, the investment strategy yields higher returns than an international investment ...

Long-run savings and investment strategy optimization.

Science.gov (United States)

Gerrard, Russell; Guillén, Montserrat; Nielsen, Jens Perch; Pérez-Marín, Ana M

2014-01-01

We focus on automatic strategies to optimize life cycle savings and investment. Classical optimal savings theory establishes that, given the level of risk aversion, a saver would keep the same relative amount invested in risky assets at any given time. We show that, when optimizing lifecycle investment, performance and risk assessment have to take into account the investor's risk aversion and the maximum amount the investor could lose, simultaneously. When risk aversion and maximum possible loss are considered jointly, an optimal savings strategy is obtained, which follows from constant rather than relative absolute risk aversion. This result is fundamental to prove that if risk aversion and the maximum possible loss are both high, then holding a constant amount invested in the risky asset is optimal for a standard lifetime saving/pension process and outperforms some other simple strategies. Performance comparisons are based on downside risk-adjusted equivalence that is used in our illustration.

Long-Run Savings and Investment Strategy Optimization

Directory of Open Access Journals (Sweden)

Russell Gerrard

2014-01-01

Full Text Available We focus on automatic strategies to optimize life cycle savings and investment. Classical optimal savings theory establishes that, given the level of risk aversion, a saver would keep the same relative amount invested in risky assets at any given time. We show that, when optimizing lifecycle investment, performance and risk assessment have to take into account the investor’s risk aversion and the maximum amount the investor could lose, simultaneously. When risk aversion and maximum possible loss are considered jointly, an optimal savings strategy is obtained, which follows from constant rather than relative absolute risk aversion. This result is fundamental to prove that if risk aversion and the maximum possible loss are both high, then holding a constant amount invested in the risky asset is optimal for a standard lifetime saving/pension process and outperforms some other simple strategies. Performance comparisons are based on downside risk-adjusted equivalence that is used in our illustration.

NASA/ESTO investments in remote sensing technologies (Conference Presentation)

Science.gov (United States)

Babu, Sachidananda R.

2017-02-01

For more then 18 years NASA Earth Science Technology Office has been investing in remote sensing technologies. During this period ESTO has invested in more then 900 tasks. These tasks are managed under multiple programs like Instrument Incubator Program (IIP), Advanced Component Technology (ACT), Advanced Information Systems Technology (AIST), In-Space Validation of Earth Science Technologies (InVEST), Sustainable Land Imaging - Technology (SLI-T) and others. This covers the whole spectrum of technologies from component to full up satellite in space and software. Over the years many of these technologies have been infused into space missions like Aquarius, SMAP, CYGNSS, SWOT, TEMPO and others. Over the years ESTO is actively investing in Infrared sensor technologies for space applications. Recent investments have been for SLI-T and InVEST program. On these tasks technology development is from simple Bolometers to Advanced Photonic waveguide based spectrometers. Some of the details on these missions and technologies will be presented.

ESTO Investments in Innovative Sensor Technologies for Remote Sensing

Science.gov (United States)

Babu, Sachidananda R.

2017-01-01

For more then 18 years NASA Earth Science Technology Office has been investing in remote sensing technologies. During this period ESTO has invested in more then 900 tasks. These tasks are managed under multiple programs like Instrument Incubator Program (IIP), Advanced Component Technology (ACT), Advanced Information Systems Technology (AIST), In-Space Validation of Earth Science Technologies (InVEST), Sustainable Land Imaging - Technology (SLI-T) and others. This covers the whole spectrum of technologies from component to full up satellite in space and software. Over the years many of these technologies have been infused into space missions like Aquarius, SMAP, CYGNSS, SWOT, TEMPO and others. Over the years ESTO is actively investing in Infrared sensor technologies for space applications. Recent investments have been for SLI-T and InVEST program. On these tasks technology development is from simple Bolometers to Advanced Photonic waveguide based spectrometers. Some of the details on these missions and technologies will be presented.

EFFICIENCY OF THE INVESTMENT STRATEGY OF THE INSURANCE COMPANIES IN UKRAINE

Directory of Open Access Journals (Sweden)

R. Pikus

2015-04-01

Full Text Available The article explores the theoretical basis for the formation of an effective investment strategy of the insurance company. It was determined that, depending on the insurer’s conduct and risk factor and yield of funds, investment strategy can be aggressive, moderate and conservative. The main factors that characterize conservative, aggressive and moderately conservative investment strategy are defined. The characteristic of the structure of the investment portfolio of domestic insurance companies is determined. There are insurance companies which conduct an aggressive, conservative and moderately conservative investment strategy. In the article defined the main directions of investments of insurance companies in Ukraine which include bank deposits, government securities and shares. Determined that majority of insurance companies in the insurance market of Ukraine followed a conservative investment strategy which is the least risky. It is noted that in view of difficult economic situation in Ukraine, insurance companies need to develop an effective investment strategy to ensure their ability to pay.

Output-based allocation and investment in clean technologies

Energy Technology Data Exchange (ETDEWEB)

Rosendahl, Knut Einar; Storroesten, Halvor Briseid

2011-07-01

Allocation of emission allowances may affect firms' incentives to invest in clean technologies. In this paper we show that so-called output-based allocation tends to stimulate such investments as long as individual firms do not assume the regulator to tighten the allocation rule as a consequence of their investments. The explanation is that output-based allocation creates an implicit subsidy to the firms' output, which increases production, leads to a higher price of allowances, and thus increases the incentives to invest in clean technologies. On the other hand, if the firms expect the regulator to tighten the allocation rule after observing their clean technology investment, the firms' incentives to invest are moderated. If strong, this last effect may outweigh the enhanced investment incentives induced by increased output and higher allowance price. (Author)

VALUE-ADDED SERVICE INVESTING AND PRICING STRATEGIES FOR A TWO-SIDED PLATFORM UNDER INVESTING RESOURCE CONSTRAINT

Institute of Scientific and Technical Information of China (English)

Guowei Dou; Ping He

2017-01-01

Investing on value-added service (VAS) amplifies users' participation and platform profit.However,the investing resource is usually limited in practice.This paper investigates VAS investing and pricing strategies for a two-sided platform under investing resource constraint.We reveal that with VAS investment,Subsidizing can still be done to enlarge users' demand,even when the investing cost becomes higher.For optimal pricing strategies,the network effect will be the dominating determinant if the gap between two marginal cross-side benefits (i.e.the benefit that users obtain when each new user join the other side of the platform) is large.Interestingly,we show that with the increase of the marginal investing cost,users might either be priced higher or lower.If the marginal investing cost increases to a high level,and the gap between the two marginal cross-side benefits is large,lowering the access fee for users possessing the higher cross-side network effect does not necessarily compensate more profit loss caused by higher cost.Moreover,after VAS is developed,raising the access fee for those whose marginal investing benefit is large does not necessarily generate more profit as well.The opposite strategy further enlarges users' utility,and promotes the investment to benefit more users.

7 CFR 1948.82 - Plan and State Investment Strategy approval procedure.

Science.gov (United States)

2010-01-01

... the State Investment Strategy for Energy Impacted Areas. (c) Appropriate growth management and/or... 7 Agriculture 13 2010-01-01 2009-01-01 true Plan and State Investment Strategy approval procedure... Impacted Area Development Assistance Program § 1948.82 Plan and State Investment Strategy approval...

Financing investment in environmentally sound technologies: Foreign direct investment versus foreign debt finance

International Nuclear Information System (INIS)

Anyangah, Joshua Okeyo

2010-01-01

This paper develops a screening model to examine the relationship between alternative sources of private capital and investment in environmentally sound technologies (ESTs). In the model, a polluter (agent) must secure investment funds from the international financial markets in order to upgrade its production and abatement technology. The requisite capital can be obtained via either market loans (debt finance) or foreign direct investment (FDI). Under debt finance, the foreign financier supplies only capital and the relationship between the two parties is more 'arms-length'. By contrast, under FDI, the investor delivers both capital and managerial skills. We use the model to derive the implications of debt finance for optimal investment decisions and compare them to those obtained under FDI. Investment incentives are more pronounced under debt finance. (author)

Modeling energy technology choices. Which investment analysis tools are appropriate?

International Nuclear Information System (INIS)

Johnson, B.E.

1994-01-01

A variety of tools from modern investment theory appear to hold promise for unraveling observed energy technology investment behavior that often appears anomalous when analyzed using traditional investment analysis methods. This paper reviews the assumptions and important insights of the investment theories most commonly suggested as candidates for explaining the apparent ''energy technology investment paradox''. The applicability of each theory is considered in the light of important aspects of energy technology investment problems, such as sunk costs, uncertainty and imperfect information. The theories addressed include the capital asset pricing model, the arbitrage pricing theory, and the theory of irreversible investment. Enhanced net present value methods are also considered. (author)

Investing in the Future World Order: Geoeconomic Strategy and Foreign Direct Investment

Science.gov (United States)

2017-06-01

Geoeconomic Strategies and FDI Regulation Thus, what is of supreme importance in war is to attack the enemy’s strategy. Sun Tzu Sun Tzu’s infamous...106 BIBLIOGRAPHY . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 112...Investment, 262. 111 Bibliography “About Us | International Forum of Sovereign Wealth Funds.” Accessed May 21, 2017. http://www.ifswf.org

Mean-variance Optimal Reinsurance-investment Strategy in Continuous Time

OpenAIRE

Daheng Peng; Fang Zhang

2017-01-01

In this paper, Lagrange method is used to solve the continuous-time mean-variance reinsurance-investment problem. Proportional reinsurance, multiple risky assets and risk-free asset are considered synthetically in the optimal strategy for insurers. By solving the backward stochastic differential equation for the Lagrange multiplier, we get the mean-variance optimal reinsurance-investment strategy and its effective frontier in explicit forms.

How to integrate Investment strategies and Finance strategies. Case: Messukeskus

OpenAIRE

Kolodiy, Oleg

2013-01-01

This Bachelor’s thesis examines an integration process of strategic planning, where an investment strategy is defined with financial planning in order to ensure long-term company success. The primary objective of the study is to determine present and emerging instruments available for a case company to finance their investments activities. The thesis consists of a theory section and an empirical section that deals with the commissioning party, a cooperative by form. The theory sectio...

A strategy for investment in space resource utilization

Science.gov (United States)

Mendell, Wendell W.

During the first quarter of the next Century, space transportation systems will be capable of routine flights of humans and cargo to the Moon. The general acceptance of permanent human presence in space, as exemplified by at least two manned stations in LEO at that time, will lead to one or more staffed outposts on the Moon. Whether such outposts evolve into sustained, growing settlements will depend, in part, on whether the economic context attracts substantial private investment. A planetary surface provides a material and gravitational environment distinct from that of an orbiting space station and thus provides a setting familiar to non-aerospace sectors of terrestrial industry. Examination of current trends in terms of historical processes which operate on new frontiers suggests that the limited markets and unfamiliar technologies associated with space commercialization today may change dramatically in 20 years when lunar resources are accessible. However, the uncertainty and vagueness of such projections discourages investment at a useful scale unless a strategy for technology development can be implemented which provides tangible and marketable benefits in the intermediate term. At the present time technologies can be identified (a) that will be required (and therefore valuable) at the time of lunar settlement and (b) whose development can be planned to yield marketable intermediate products on Earth. Formation of pre-competitive, collaborative research consortia in the industrial sector could reduce technical and economic risk in the early stages and could promote a favorable political environment for the future growth of space activities.

Mean-variance Optimal Reinsurance-investment Strategy in Continuous Time

Directory of Open Access Journals (Sweden)

Daheng Peng

2017-10-01

Full Text Available In this paper, Lagrange method is used to solve the continuous-time mean-variance reinsurance-investment problem. Proportional reinsurance, multiple risky assets and risk-free asset are considered synthetically in the optimal strategy for insurers. By solving the backward stochastic differential equation for the Lagrange multiplier, we get the mean-variance optimal reinsurance-investment strategy and its effective frontier in explicit forms.

Financial options methodology for analyzing investments in new technology

Science.gov (United States)

Wenning, B. D.

1995-01-01

The evaluation of investments in longer term research and development in emerging technologies, because of the nature of such subjects, must address inherent uncertainties. Most notably, future cash flow forecasts include substantial uncertainties. Conventional present value methodology, when applied to emerging technologies severely penalizes cash flow forecasts, and strategic investment opportunities are at risk of being neglected. Use of options evaluation methodology adapted from the financial arena has been introduced as having applicability in such technology evaluations. Indeed, characteristics of superconducting magnetic energy storage technology suggest that it is a candidate for the use of options methodology when investment decisions are being contemplated.

Financial options methodology for analyzing investments in new technology

Energy Technology Data Exchange (ETDEWEB)

Wenning, B.D. [Texas Utilities Services, Inc., Dallas, TX (United States)

1994-12-31

The evaluation of investments in longer term research and development in emerging technologies, because of the nature of such subjects, must address inherent uncertainties. Most notably, future cash flow forecasts include substantial uncertainties. Conventional present value methodology, when applied to emerging technologies severely penalizes cash flow forecasts, and strategic investment opportunities are at risk of being neglected. Use of options valuation methodology adapted from the financial arena has been introduced as having applicability in such technology evaluations. Indeed, characteristics of superconducting magnetic energy storage technology suggest that it is a candidate for the use of options methodology when investment decisions are being contemplated.

Financial options methodology for analyzing investments in new technology

International Nuclear Information System (INIS)

Wenning, B.D.

1994-01-01

The evaluation of investments in longer term research and development in emerging technologies, because of the nature of such subjects, must address inherent uncertainties. Most notably, future cash flow forecasts include substantial uncertainties. Conventional present value methodology, when applied to emerging technologies severely penalizes cash flow forecasts, and strategic investment opportunities are at risk of being neglected. Use of options valuation methodology adapted from the financial arena has been introduced as having applicability in such technology evaluations. Indeed, characteristics of superconducting magnetic energy storage technology suggest that it is a candidate for the use of options methodology when investment decisions are being contemplated

The Investment Strategy of With-Profits Life Insurance Firms

OpenAIRE

Jaafar, Karim Chawki

2008-01-01

Abstract Within the context of an increasingly fragile life insurance industry, this paper conducts a quantitative investigation on the determinants of investment strategy within with profit life assurers in the UK, a dominant segment within the global industry. Examining a range of possible defining characteristics on investment strategy of such firms including size, financial strength (solvency), proprietary/mutual status, open/closed status and the level of guaranteed liabilities, th...

Carbon capture and storage-Investment strategies for the future?

International Nuclear Information System (INIS)

Rammerstorfer, Margarethe; Eisl, Roland

2011-01-01

The following article deals with real options modeling for investing into carbon capture and storage technologies. Herein, we derive two separate models. The first model incorporates a constant convenience yield and dividend for the investment project. In the second model, the convenience yield is allowed to follow a mean reverting process which seems to be more realistic, but also increases the model's complexity. Both frameworks are to be solved numerically. Therefore, we calibrate our model with respect to empirical data and provide insights into the models' sensitivity toward the chosen parameter values. We found that given the recently observable prices for carbon dioxide, an investment into C O2-storage facilities is not profitable. - Highlights: → Real options modeling for investing into carbon capture and storage technologies. → Given the recently observable prices for carbon dioxide, an investment into CO 2 -storage facilities is not profitable. → Investment decision is mainly affected by risk free rate and volatility.

The Application of Dividend Yield Based Investment Strategy in Indonesian Stock Exchange

OpenAIRE

Ekaputra, Adriansyah; Sukarno, Subiakto

2012-01-01

Stock market development in Indonesia is growing rapidly, coupled with the increase of Indonesia's investment rating by investment research and rating companies such as Moody's and S&P, it makes Indonesian stock market look sexy in the eyes of investors from various countries. The investment strategy that simple and applicable is often sought by investors to maximize the investors' portfolio. One investment strategy is evolving but still not widely used in Indonesia is an investment strat...

\\t Capital Planning and Investment Control (CPIC) for the Management of Information Technology Investments

Science.gov (United States)

Capital Planning and Investment Control (CPIC) is the Information Technology (IT) governance and management methodology in use at EPA for selecting, controlling and evaluating the performance of EPA IT investments throughout the full lifecycle.

Value-creating investment strategies to manage risk from structural market uncertainties: Switching and compound options in (V)HTR technologies - HTR2008-58157

International Nuclear Information System (INIS)

Lauferts, U.; Halbe, C.; Van Heek, A.

2008-01-01

To measure the value of a technology investment under uncertainty with standard techniques like net present value (NPV) or return on investment (ROI) will often uncover the difficulty to present convincing business case. Projected cash flows are inefficient or the discount rate chosen to compensate for the risk is so high, that it is disagreeable to the investor s requirements. Decision making and feasibility studies have to look beyond traditional analysis to reveal the strategic value of a technology investment. Here, a Real Option Analysis (ROA) offers a powerful alternative to standard discounted cash-flow (DCF) methodology by risk-adjusting the cash flow along the decision path rather than risk adjusting the discount rate. Within the GEN IV initiative attention is brought not only towards better sustainability, but also to broader industrial application and improved financing. Especially the HTR design is full of strategic optionalities: The high temperature output facilitates penetration into other non-electricity energy markets like industrial process heat applications and the hydrogen market. The flexibility to switch output in markets with multi-source uncertainties reduces downside risk and creates an additional value of over 50% with regard to the Net Present Value without flexibility. The supplement value of deploying a modular (V)HTR design adds over 100% to the project value using real option evaluation tools. Focus of this paper was to quantify the strategic value that comes along a) with the modular design; a design that offers managerial flexibility adapting a step-by-step investment strategy to the actual market demand and b) with the option to switch between two modes of operation, namely electricity and hydrogen production. We will demonstrate that the effect of uncertain electricity prices can be dampened down with a modular HTR design. By using a real option approach, we view the project as a series of compound options - each option depending

Decisions on investments in photovoltaics and carbon capture and storage: A comparison between two different greenhouse gas control strategies

International Nuclear Information System (INIS)

Vögele, Stefan; Rübbelke, Dirk

2013-01-01

Decisions of electricity suppliers on investments in low-carbon energy technologies like PV (photovoltaics) and CCS (carbon capture and storage) depend on the expected profits or surpluses that can be earned. For an assessment of the profitability of investments in PV (and other renewable energy technologies), additional costs caused by the fluctuation in PV power plants' productivity and by the need for backup capacities have to be taken into account. Changes in the rest of the power plant stock will via their influence on the merit-order curve also affect the return on investment. Bearing these aspects in mind, it might become more attractive to invest in alternative technologies like CCS than to channel the investments towards PV in combination with backup power plants. In our study we compare investments in CCS and PV regarding possible merit-order effects and profitability, using investments in Germany as an example. - Highlights: • We compare CCS and PV as CO 2 reduction strategies and focus on merit-order effects. • CCS has higher marginal cost than PV, but CCS does not need backup capacities. • Merit-order effects influence the profitability of investments in CCS and PV. • CCS investments at moderate rates tend to be more beneficial than investments in PV. • However, legal restrictions and lack of acceptance constitute limiting factors

Exploring the evolution of investment pattern on advanced manufacturing technology

DEFF Research Database (Denmark)

Yang, Cheng; Matthiesen, Rikke Vestergaard; Johansen, John

2014-01-01

This paper explores the evolution of investment pattern on advanced manufacturing technology in a manner that builds on a longitudinal perspective. Based on the data of investments in AMTs from 567 manufacturing companies this paper develops a longitudinal taxonomy defined by the evolution of inv...... of technology management, which is comprised primarily of cross-sectional studies that do not address the dynamic nature of investments in AMTs.......This paper explores the evolution of investment pattern on advanced manufacturing technology in a manner that builds on a longitudinal perspective. Based on the data of investments in AMTs from 567 manufacturing companies this paper develops a longitudinal taxonomy defined by the evolution...... of investment patterns on AMT followed by companies over time; identifies the possible evolutionary features of different groups of companies; and suggests the possible explanatory and outcome factors on the evolution of investment pattern on AMTs. By doing so, this study seeks to fill a void in the area...

Strategic Technology Investment Analysis: An Integrated System Approach

Science.gov (United States)

Adumitroaie, V.; Weisbin, C. R.

2010-01-01

Complex technology investment decisions within NASA are increasingly difficult to make such that the end results are satisfying the technical objectives and all the organizational constraints. Due to a restricted science budget environment and numerous required technology developments, the investment decisions need to take into account not only the functional impact on the program goals, but also development uncertainties and cost variations along with maintaining a healthy workforce. This paper describes an approach for optimizing and qualifying technology investment portfolios from the perspective of an integrated system model. The methodology encompasses multi-attribute decision theory elements and sensitivity analysis. The evaluation of the degree of robustness of the recommended portfolio provides the decision-maker with an array of viable selection alternatives, which take into account input uncertainties and possibly satisfy nontechnical constraints. The methodology is presented in the context of assessing capability development portfolios for NASA technology programs.

Empirical analysis of investment strategies for institutional investors

NARCIS (Netherlands)

Swinkels, L.A.P.

2003-01-01

This thesis consists of three parts that examine several topics concerning institutional asset management. In Part I, investment strategies based on stock returns in previous months known as momentum strategies are investigated in more detail. More specifically, the driving forces behind these

Investment appraisal of technology innovations on dairy farm electricity consumption.

Science.gov (United States)

Upton, J; Murphy, M; De Boer, I J M; Groot Koerkamp, P W G; Berentsen, P B M; Shalloo, L

2015-02-01

The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated the effect of 6 technology investment scenarios on the electricity consumption and electricity costs of the 3 largest electricity-consuming systems within the dairy farm (i.e., milk-cooling, water-heating, and milking machine systems). The technology investment scenarios were direct expansion milk-cooling, ice bank milk-cooling, milk precooling, solar water-heating, and variable speed drive vacuum pump-milking systems. A dairy farm profitability calculator was combined with the electricity consumption model to assess the effect of each investment scenario on the total discounted net income over a 10-yr period subsequent to the investment taking place. Included in the calculation were the initial investments, which were depreciated to zero over the 10-yr period. The return on additional investment for 5 investment scenarios compared with a base scenario was computed as the investment appraisal metric. The results of this study showed that the highest return on investment figures were realized by using a direct expansion milk-cooling system with precooling of milk to 15°C with water before milk entry to the storage tank, heating water with an electrical water-heating system, and using standard vacuum pump control on the milking system. Return on investment figures did not exceed the suggested hurdle rate of 10% for any of the ice bank scenarios, making the ice bank system reliant on a grant aid framework to reduce the initial capital investment and improve the return on investment. The solar water-heating and variable speed drive vacuum pump scenarios failed to produce positive return on investment figures on any of the 3 farm sizes considered on either the day and night

On the Payoff Valuations of Investment Strategies: A Case of ...

African Journals Online (AJOL)

We also determine among the companies, which of them yield the highest returns at time t. We find that investors may not invest in some of the companies as a result of poor performance that arises from the high risk involve in the investments. Keywords: Payoff valuation; Investment strategy; Stock price; Stochastic.

MANAGING RISK BY COORDINATING INVESTMENT, MARKETING, AND PRODUCTION STRATEGIES

OpenAIRE

Johnson, Donald A.; Boehlje, Michael

1983-01-01

This study of the farm firm integrates long run investment and financial decisions, and short-run production and marketing decisions into a single decision framework that includes both time and risk. The results suggest that the use of various strategies for managing market risks allow the entrepreneur to accept mores risk in investing and producing; and that an integrated analysis of production, marketing and investment-financing alternatives is essential to make accurate recommendations abo...

Wave energy technology. Strategy for research, development and demonstration 2012; Boelgekraftteknologi. Strategi for forskning, udvikling og demonstration 2012

Energy Technology Data Exchange (ETDEWEB)

Nielsen, K.; Krogh, J.; Kofoed, J.P. [Aalborg Univ., Aalborg (Denmark); Jensen, N.E.H. [Energinet.dk, Fredericia (Denmark); Friis-Madsen, E. [Boelgekraftforeningen, Hurup (Denmark); Mikkelsen, B.V. [Hanstholm Havneforum (Denmark); Jensen, A. [DanWEC, Thisted (Denmark)

2012-06-15

The vision for Danish development of wave energy technology is that Danish industrial and commercial firms gain skills for marketing of competitive wave energy technologies in both the Danish and the international market. Utilization of wave power is a prerequisite for that there in the future can be built offshore energy parks at greater sea depths. The development of wave energy technology should from 2030 at the latest provide the opportunity for cost-effective, sustainable electricity from offshore energy parks in Denmark. This strategy contains a detailed development plan and overview of the investment required to achieve the expected technological development. The objective to produce 1500 GWh / year at a reduced price of 0.10 DKK / kWh compared to pure offshore wind power will require a public investment of approx. 1.5 billion DKK over the next 20 years. This investment will, at the reduced electricity production cost alone, be paid back in 10 years. (LN)

Three Target Sectors for a European Investment Strategy

International Nuclear Information System (INIS)

Janin, Lionel; Douillard, Pierre

2014-11-01

While the president of the European Commission is getting ready to present the 'Juncker package' announced in July 2014, to revive activity in Europe through investment, what are the sectors in which these investments may be concentrated? The overall analysis of investment gaps in the euro zone has confirmed the requirement for a European macro-economic revival effort that involves investment, public or private, undertaken very quickly, even though this diagnosis varies depending on the country. The drivers of a European investment strategy are fiscal, regulatory and financial and are based on the selection of projects for the future. This third 'Note d'analyse' addresses the topic of investment potential in three key sectors: transport, energy and the digital sector, for which the amount of additional investment could reach euro 120 billion per year and thus, over three years, be higher than the forecasts in the Juncker plan. This maximalist amount mainly corresponds to the implementation of an ambitious energy-climate policy. Given current budgetary constraints, carefully selecting the desired investments, for which their social utility must be validated, is imperative: socioeconomic evaluation is the appropriate approach, particularly for taking into account the environmental externalities that now justify significant investments in the ecological transition. (authors)

DEA investment strategy in the Brazilian stock market

OpenAIRE

Newton da Costa, Jr.; Marcus Lima; Edgar Lanzer; Ana Lopes

2008-01-01

This paper presents a multi-period investment strategy using Data Envelopment Analysis (DEA) in the Brazilian stock market. Results show that the returns based on the DEA strategy were superior to the returns of a Brazilian stock index in most of the 22 quarters analyzed, presenting a significant Jensen's alpha.

Development of Investment Strategy Applying Corporate Social Responsibility

Directory of Open Access Journals (Sweden)

Jekaterina Kuzmina

2017-12-01

Full Text Available Purpose of the article: Due to globalization processes and technological development, companies are having more influence on global society than ever. Therefore, business misconduct causes enormous harm to stakeholders, whereas ethical behavior is becoming an important issue. The goal of the following study is to verify and measure a positive effect from investments in social activities on financial attractiveness of companies in the form of its stock portfolio value growth. Methodology/methods: In order to achieve the goal of the research, quantitative analysis is used by comparing performance of stock portfolio of companies having long-term investments in social activities with market index increment. The quantitative results are accompanied with the review of corporate social responsibility definition and some practical issues on governmental and corporation level. Scientific aim: The conducted research contributes both to the scientific discussion about development of appropriate investment strategy in companies applying CSR principles as well as to the discussion of related terminology used in the field. Findings: The research has shown that engagement in the CSR activities tends to have strong positive effect on companies’ financial results and investors’ financial performance. The research proves this fact by comparing value increment of CSR-portfolio (+35.99% gained from January 2015 to March 2017 with market index (+22.37% in the same period. Conclusions: Regardless the positive result achieved in the study the authors have determined several gaps in the research, which will be discussed in the further studies on the field.

Reform of investment policy in the function of sustainable development with special emphasis on investment in information technologies

Directory of Open Access Journals (Sweden)

Dragičević-Radičević Tatjana

2017-01-01

Full Text Available Global economy still records a decline in FDI. The main causes are increased economic instability and geopolitical risks. Given the continued negative trend, it is clear that it is necessary to reform the investment policies at the national, regional, bilateral, multilateral and international level, to ensure sustainable economic development. Key elements of the reforms are: to provide instruments to reduce risks, create mechanisms of responsible investment, improve the structural coherence and promote regional investments. Refer to the current dates of the sectors investments (according to the report of UNCTAD from 2015th shows that the services sector recorded double growth compared to the investment in the manufacturing sector in 2012. Also, if we take into consideration the fact that investment in IT sector investment involves three aspects: transactional (minimizing costs, strategic (innovation technologies, achieving competitiveness and information (improving access to information and communications, it may be assumed that the reforms in the investment policies should be directly correlated with investments in information technology.

Fiscal 1999 research report on long-term energy technology strategy. Basic research on industrial technology strategy (Individual technology strategy). Machine industry technology field (Semiconductor equipment); 1999 nendo choki energy gijutsu senryaku nado ni kansuru chosa hokokusho. Sangyo gijutsu senryaku sakutei kiban chosa (bun'yabetsu gijutsu senryaku) kikai sangyo gijutsu bun'ya (handotai seizo sochi bun'ya)

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-03-01

This report summarizes the fiscal 1999 basic research result on industrial technology strategy of a semiconductor equipment field, viewing until 5-10 years after. For the future semiconductor industry, the favorable cycling of creation of new demands through performance improvement, and further technology innovation through market expansion is essential absolutely. Since technology development is followed by investment, not only the performance of each equipment but also the higher productivity and cost balance of the whole factory are essential. Self-intelligent function and networking are thus necessary for the equipment. As measures for environment preservation and energy saving, such innovative technologies are required as recycling, reuse, reaction process improvement and alternative technology. Because of diverse final products and a short life time of products, a large-scale collective investment is becoming difficult. A mini-line sequential investment production system according to demand scales is under investigation. Some issues such as micro-technology, realization of 300mm wafer, modularization, CIM, reliability and standardization are also described. (NEDO)

Marshall Space Flight Center Technology Investments Overview

Science.gov (United States)

Tinker, Mike

2014-01-01

NASA is moving forward with prioritized technology investments that will support NASA's exploration and science missions, while benefiting other Government agencies and the U.S. aerospace enterprise. center dotThe plan provides the guidance for NASA's space technology investments during the next four years, within the context of a 20-year horizon center dotThis plan will help ensure that NASA develops technologies that enable its 4 goals to: 1.Sustain and extend human activities in space, 2.Explore the structure, origin, and evolution of the solar system, and search for life past and present, 3.Expand our understanding of the Earth and the universe and have a direct and measurable impact on how we work and live, and 4.Energize domestic space enterprise and extend benefits of space for the Nation.

CHARACTERISTICS OF INVESTMENT PORTFOLIOS PASSIVE MANAGEMENT STRATEGY ON THE CAPITAL MARKET

Directory of Open Access Journals (Sweden)

MIHAELA SUDACEVSCHI

2013-05-01

Full Text Available The strategies of investment portfolios management on the capital market involves a range of transactions with different financial securities, aimed at optimizing the results. On a developed and efficient capital market, with a high liquidity level, portfolio management primarly depends on investor’s targeted level of return and the risk profile of the investor. Passive strategy of investment portfolios management is applied especially by risk aversion investors, who are taking into account all existing risks in the capital market and seeking to preserve the value of investments, rather than increasing its value. This strategy presume that the investor has no information about the prices and the return of securities that would make him to give to his investment portfolio a different structure from the structure of capital market portfolio. Therefore, he will seek a return level equal to the return on the market portfolio, minimizing the portfolio risk up to eliminating the specific risk.

The Investments in Renewable Energy Sources: Do Low Carbon Economies Better Invest in Green Technologies?

Directory of Open Access Journals (Sweden)

Antonio Angelo Romano

2011-01-01

Full Text Available The aim of this study is to analyse the driving of investment in renewable energy sources in low carbon and high carbon economies. To address these issues, a dynamic panel analysis of the renewable investment in a sample of 29 countries was proposed. Results demonstrate that the dynamic of investments in renewable sources is similar in the two panels, and depends by nuclear power generation, GDP and technological efficiency. Results show that countries try to reduce their environmental footprint, decreasing the CO2 intensity. Based on the estimation results, we think that energy sustainability passes through the use of renewable resources that can complement the nuclear technology on condition that both exceed their limits.

The Brazilian investment in science and technology

Directory of Open Access Journals (Sweden)

Pinheiro-Machado R.

2001-01-01

Full Text Available An analysis of Brazilian federal expenditures in science and technology is presented is this study. The 1990-1999 data were compiled from records provided by two federal agencies (MCT and CNPq responsible for managing most of the national budget related to these activities. The results indicate that the federal investments in Brazilian science and technology stagnated during the last decade (US$ 2.32 billion in 1990, US$ 2.39 billion in 1996, and US$ 2.36 billion in 1999. In contrast, a great increase in private investments in research was acknowledged both by industry and by the government during the same period, from US$ 2.12 to US$ 4.64 billion. However, this investment did not result in an increase in invention patents granted to residents (492 in 1990 and only 232 in 1997 or in a reduction of patent costs. Despite this unfavorable scenario, the number of graduate programs in the country has increased two-fold in the last decade and the contribution of Brazilians to the database of the Institute for Scientific Information has increased 4.7-fold from 1990 (2,725 scientific publications to 2000 (12,686 scientific publications. Unstable federal resources for science, together with the poor returns of private resources in terms of developing new technologies, may jeopardize the future of Brazilian technological development.

A Diversified Investment Strategy Using Autonomous Agents

Science.gov (United States)

Barbosa, Rui Pedro; Belo, Orlando

In a previously published article, we presented an architecture for implementing agents with the ability to trade autonomously in the Forex market. At the core of this architecture is an ensemble of classification and regression models that is used to predict the direction of the price of a currency pair. In this paper, we will describe a diversified investment strategy consisting of five agents which were implemented using that architecture. By simulating trades with 18 months of out-of-sample data, we will demonstrate that data mining models can produce profitable predictions, and that the trading risk can be diminished through investment diversification.

Transportation Energy Futures Series: Vehicle Technology Deployment Pathways: An Examination of Timing and Investment Constraints

Energy Technology Data Exchange (ETDEWEB)

Plotkin, S.; Stephens, T.; McManus, W.

2013-03-01

Scenarios of new vehicle technology deployment serve various purposes; some will seek to establish plausibility. This report proposes two reality checks for scenarios: (1) implications of manufacturing constraints on timing of vehicle deployment and (2) investment decisions required to bring new vehicle technologies to market. An estimated timeline of 12 to more than 22 years from initial market introduction to saturation is supported by historical examples and based on the product development process. Researchers also consider the series of investment decisions to develop and build the vehicles and their associated fueling infrastructure. A proposed decision tree analysis structure could be used to systematically examine investors' decisions and the potential outcomes, including consideration of cash flow and return on investment. This method requires data or assumptions about capital cost, variable cost, revenue, timing, and probability of success/failure, and would result in a detailed consideration of the value proposition of large investments and long lead times. This is one of a series of reports produced as a result of the Transportation Energy Futures (TEF) project, a Department of Energy-sponsored multi-agency effort to pinpoint underexplored strategies for abating GHGs and reducing petroleum dependence related to transportation.

Transportation Energy Futures Series. Vehicle Technology Deployment Pathways. An Examination of Timing and Investment Constraints

Energy Technology Data Exchange (ETDEWEB)

Plotkin, Steve [Argonne National Lab. (ANL), Argonne, IL (United States); Stephens, Thomas [Argonne National Lab. (ANL), Argonne, IL (United States); McManus, Walter [Oakland Univ., Rochester, MI (United States)

2013-03-01

Scenarios of new vehicle technology deployment serve various purposes; some will seek to establish plausibility. This report proposes two reality checks for scenarios: (1) implications of manufacturing constraints on timing of vehicle deployment and (2) investment decisions required to bring new vehicle technologies to market. An estimated timeline of 12 to more than 22 years from initial market introduction to saturation is supported by historical examples and based on the product development process. Researchers also consider the series of investment decisions to develop and build the vehicles and their associated fueling infrastructure. A proposed decision tree analysis structure could be used to systematically examine investors' decisions and the potential outcomes, including consideration of cash flow and return on investment. This method requires data or assumptions about capital cost, variable cost, revenue, timing, and probability of success/failure, and would result in a detailed consideration of the value proposition of large investments and long lead times. This is one of a series of reports produced as a result of the Transportation Energy Futures (TEF) project, a Department of Energy-sponsored multi-agency effort to pinpoint underexplored strategies for abating GHGs and reducing petroleum dependence related to transportation.

Information Technology Project Portfolio and Strategy Alignment Assessment Based on Data Envelopment Analysis

Directory of Open Access Journals (Sweden)

Marisa Analía Sánchez

2012-11-01

Full Text Available Recent researches have shown that companies face considerable difficulties in assessing the strategy value contribution of Information Technology (IT investments. One of the major obstacles to achieving strategy alignment is that organizations find extremely difficult to link and quantify the IT investments benefits with strategic goals. The aim of this paper is to define an approach to assess portfolio-strategy alignment. To this end a formal specification of Kaplan and Norton Strategy Map is developed utilizing Unified Modeling Language (UML. The approach uses the Strategy Map as a framework for defining the portfolio value contribution and Data Envelopment Analysis (DEA is used as the methodology for measuring efficiency of project portfolios.DOI:10.5585/gep.v3i2.66

A boom in energy technology innovation despite decades of stagnant investment

Energy Technology Data Exchange (ETDEWEB)

Bettencourt, Luis M [Los Alamos National Laboratory; Trancik, Jessika A [SANTA FE INSTITUTE; Kaur, Jasleen [INDIANA UNIV

2009-01-01

Rates of patenting in energy technologies in the United States stagnated during a period of low federal investment in the sector from the mid-1980's through 2000. To analyze the current state of the field, we built a new comprehensive database of energy patents in the USA and worldwide aggregated by nation and technology. We show that innovation in energy technologies, as measured by numbers of new patents, has grown dramatically over the last decade both for renewable and fossil fuel-based technologies, but that traditional investment -government and private support for research and development (R&D) -has not risen commensurately. We also show that while venture capital investment in the sector has increased significantly in the last few years it lags the observed uptick in patenting. We find increasing patenting rates in nations worldwide but also differences in regional priorities, as well as a marked divergence in innovation rates across technologies. Renewable energy technologies - especially solar and wind - currently show the fastest rates of innovation, while patenting levels in nuclear fission have remained low despite relatively high levels of sustained investment. While this sharp increase of innovative activity bodes well for change in the energy sector, the future of emerging technologies may hinge on sustained investment in R&D and favorable incentives for market entry.

The Impact Of The Foreign Direct Investment On Romania’s Economy

OpenAIRE

Mihaela Ioneci; Georgiana Mîndreci

2010-01-01

Foreign direct investment can be regarded as a factor out of the crisis of the Romanian economy. The relationship between the foreign direct investment and the gross domestic product is beneficial for the economy to the extent to which investment is directed towards innovation and new technologies. The virtuous circle diversity - change - technology needs investment to take effect. Microeconomic level investment completes the strategies and the investment decisions at macroeconomic level.

Chinese Foreign Direct Investment in R&D in Europe

DEFF Research Database (Denmark)

Di Minin, Alberto; Zhang, Jieyin; Gammeltoft, Peter

2012-01-01

’ investment in R&D in Europe, focusing on three different aspects: technology exploration vs. technology exploitation as investment motive; locational strategies for R&D investments; and the dynamics of motives of overseas R&D units. The analysis proceeds to draw out differences between the R...... rather than technological innovation, as the extant literature tends to assume. Chinese R&D units appear to evolve often from a strategy of pure technology exploration, over fusion of foreign technologies with R&D activities back home, into one of technology exploitation in foreign locations.......&D internationalization process of multinationals from developed economies and those from emerging economies. Evidence of Chinese R&D internationalization is provided through analyses of five cases of international R&D units set up by Chinese companies in Europe: ZTE Corporation, JAC Motors, Chang’an Motors, Hisense...

PORTFOLIO INSURANCE INVESTMENT STRATEGIES: A RISK-MANAGEMENT TOOL

Directory of Open Access Journals (Sweden)

Elma Agic-Sabeta

2017-06-01

Full Text Available Unsystemic risks in financial markets may be reduced through diversification. Systemic risks relate to the overall economy, cannot be influenced by a single company, and require special attention. Empirical research on return distributions in the long-term shows that investing under the assumption of normal distribution of returns may be dangerous. The main objectives of this article are to describe portfolio insurance strategies and investigate their advantages and disadvantages. Furthermore, their use in financial markets in both developed and emerging markets is explored, with special consideration placed on southeast European markets. Theoretical models are reviewed, including recent research articles in the field. The results are analyzed, summarized, and presented in the form of tables and graphs. The main finding of the article is identification of strategies that could be used in southeast Europe. It concludes that implementation of portfolio insurance strategies by asset managers may reduce financial risks in southeast European markets if implementation is done professionally and, simultaneously, it is monitored during the entire investment horizon.

Selection of the Bank Investment Strategy on the Basis of the Hierarchy Analysis Method

Directory of Open Access Journals (Sweden)

Zhytar Maksym O.

2014-02-01

Full Text Available The goal of the article lies in identification of a methodical approach to selection of the investment strategy of banks on the basis of factors of its formation with the use of the hierarchy analysis method. Factors of formation of the bank’s investment strategy were identified in the result of the study. The article demonstrates that selection of the investment strategy of the bank could be efficiently realised on the basis of the hierarchy analysis method, which is the most popular under conditions of a multi-criteria assessment of the search for optimal solution of the set task. The article offers a hierarchical structure of decision making, which could be a basis of selection of the bank’s investment strategy with consideration of the institutional flexibility. The prospect of further study in this direction is development of an optimisation model of the bank’s investment portfolio with consideration of not only institutional, but also market flexibility of decision making.

A Sales Execution Strategy Guide for Technology Startups

Directory of Open Access Journals (Sweden)

Ian Gilbert

2011-10-01

Full Text Available The majority of startups fail to consider sales execution as part of their overall strategy. This article demonstrates how a sales execution strategy can help a company take a product or service to market more efficiently and effectively by focusing on the customers that are key to generating revenue. Combined with techniques for recruiting effectively and measuring sales outcomes, a sales execution strategy helps technology startups exceed growth aspirations and potentially reduce or even eliminate the requirement for external investment. In this article, we first describe the focus of assistance currently given to startups and the reasons why sales execution strategies are often overlooked. Next, we outline recommendations for developing, implementing, and supporting a sales execution strategy. Finally, we summarize the key points presented in the article.

Role of Tax Instruments in Investment and Innovation Strategy of Development of Ukraine

Directory of Open Access Journals (Sweden)

Demchyshak Nazar B.

2014-02-01

Full Text Available The article speaks about problems of formation of the investment and innovation potential in Ukraine. It identifies priority of development and introduction of the investment and innovation strategy for the national economy. It studies the role of state stimulation of the investment and innovation activity using direct and indirect methods. It considers foreign experience of tax stimulation of innovation activity. It analyses application of different tax preferences by different foreign states. It shows positive and negative sides of preferential taxation under conditions of financial instability of Ukrainian economy. In order to identify the level of investment activity the article analyses dynamics of change of the investment attractiveness index and shows problem aspects of attraction of foreign investments into the national economy. It identifies priorities of formation of efficient investment and innovation strategy of development of economy on the basis of a common system approach.

Optimal Investment-Consumption Strategy under Inflation in a Markovian Regime-Switching Market

Directory of Open Access Journals (Sweden)

Huiling Wu

2016-01-01

Full Text Available This paper studies an investment-consumption problem under inflation. The consumption price level, the prices of the available assets, and the coefficient of the power utility are assumed to be sensitive to the states of underlying economy modulated by a continuous-time Markovian chain. The definition of admissible strategies and the verification theory corresponding to this stochastic control problem are presented. The analytical expression of the optimal investment strategy is derived. The existence, boundedness, and feasibility of the optimal consumption are proven. Finally, we analyze in detail by mathematical and numerical analysis how the risk aversion, the correlation coefficient between the inflation and the stock price, the inflation parameters, and the coefficient of utility affect the optimal investment and consumption strategy.

Applying risk management strategies to strengthen an IDS's investment policy.

Science.gov (United States)

Fine, R P

1998-11-01

The increased financial risk that not-for-profit integrated delivery systems have assumed to function under managed care has required them to become increasingly reliant on income and gains from their investment portfolios. This reliance underscores the need for these organizations to take steps to effectively manage their investment risk. Not-for-profit IDSs should establish a systematic approach to investment risk management that is based on maintaining a sound fiduciary infrastructure and having a clear understanding of risk exposures, the most important of which are policy and market risk. Applying reasonable and common-sense risk management strategies to investment policy will enhance an IDS's overall financial and competitive strength.

Natural Gas: Investment Strategies In An Uncertain World

International Nuclear Information System (INIS)

Soliman, M.; Darwish, M.

2004-01-01

Natural Gas investment projects in developing countries (of which Egypt is a typical example) are one of the key industries in the evolving and continually changing energy market. It seems clear that the natural gas industry today is no longer limited by national boundaries, and that countries as well as organizations need to have an adaptive investment strategy and a global perspective if they are to survive and prosper in this . uncertain world. Many strategies will succeed or fail on the basis of their ability to deal with this dynamic environment. Strategy decisions are by their nature complex, and involve many imponderables. The selection of a course of action depends on the availability and interpretation of information, analysis, intuition, emotion, political awareness and many other factors. Different individuals and groups emphasize different aspects and, in the sense that a strategy decision is an advance into tbe unknown, there is no correct course of action; all that can be done is to interpret the current situation, form expectations about the future, and act according to personal views on risk and the likely course of events. It is usually possible to identify courses of action which are unlikely to be successful, and in that sense the strategy process can have real benefits in helping to avoid disastrous courses of action

Valuing the attributes of renewable energy investments

International Nuclear Information System (INIS)

Bergmann, Ariel; Hanley, Nick; Wright, Robert

2006-01-01

Increasing the proportion of power derived from renewable energy sources is becoming an increasingly important part of many countries' strategies to achieve reductions in greenhouse gas emissions. However, renewable energy investments can often have external costs and benefits, which need to be taken into account if socially optimal investments are to be made. This paper attempts to estimate the magnitude of these external costs and benefits for the case of renewable technologies in Scotland, a country which has set particularly ambitious targets for expanding renewable energy. The external effects we consider are those on landscape quality, wildlife and air quality. We also consider the welfare implications of different investment strategies for employment and electricity prices. The methodology used to do this is the choice experiment technique. Renewable technologies considered include hydro, on-shore and off-shore wind power and biomass. Welfare changes for different combinations of impacts associated with different investment strategies are estimated. We also test for differences in preferences towards these impacts between urban and rural communities, and between high- and low-income households. (author)

Valuing the attributes of renewable energy investments

Energy Technology Data Exchange (ETDEWEB)

Bergmann, Ariel [Economics Department, University of Glasgow, Adam Smith Building, Glasgow G12 8RT (United Kingdom); Hanley, Nick; Wright, Robert [Economics Department, University of Stirling, Stirling FK9 4LA, Scotland (United Kingdom)

2006-06-15

Increasing the proportion of power derived from renewable energy sources is becoming an increasingly important part of many countries' strategies to achieve reductions in greenhouse gas emissions. However, renewable energy investments can often have external costs and benefits, which need to be taken into account if socially optimal investments are to be made. This paper attempts to estimate the magnitude of these external costs and benefits for the case of renewable technologies in Scotland, a country which has set particularly ambitious targets for expanding renewable energy. The external effects we consider are those on landscape quality, wildlife and air quality. We also consider the welfare implications of different investment strategies for employment and electricity prices. The methodology used to do this is the choice experiment technique. Renewable technologies considered include hydro, on-shore and off-shore wind power and biomass. Welfare changes for different combinations of impacts associated with different investment strategies are estimated. We also test for differences in preferences towards these impacts between urban and rural communities, and between high- and low-income households. (author)

INFORMATION TECHNOLOGY IN INVESTMENT PROJECT MANAGEMENT

Directory of Open Access Journals (Sweden)

Vjacheslav A. Kozlov

2014-01-01

Full Text Available In the article it is proved that use of information technology today is not only something innovative distinctive feature and competitive advantage for organizations, but it is a necessary condition for effective business. The article discusses the main functionality of financial-analytical system Project Expert as an effective tool of investment project management and instrument of business planning. The main advantages which organizations get from Project Expert program use are in detail considered. Thus in the article Project Expert is considered as the effective tool of investment project management which allows to receive a number of advantages and to carry out the qualitative analysis of projects.

Behavioral investment strategy matters: a statistical arbitrage approach

OpenAIRE

Sun, David; Tsai, Shih-Chuan; Wang, Wei

2011-01-01

In this study, we employ a statistical arbitrage approach to demonstrate that momentum investment strategy tend to work better in periods longer than six months, a result different from findings in past literature. Compared with standard parametric tests, the statistical arbitrage method produces more clearly that momentum strategies work only in longer formation and holding periods. Also they yield positive significant returns in an up market, but negative yet insignificant returns in a down...

Port Investment Strategies under Uncertainty: The Case of a Southeast Asian Multipurpose Port1

Directory of Open Access Journals (Sweden)

Ioannis N. Lagoudis

2014-12-01

The methodology has been applied on the expansion evaluation of warehousing facilities in a multipurpose port. For the evaluation of the alternatives, the expected net present value (ENPV is based on earnings before interest, tax, depreciation and amortization (EBITDA. Results show that the investment strategy for a new 4-level warehouse with a flexible option was the optimal choice when compared with strategies of similar scale. However, depending on the emphasis placed on the various investment metrics the optimal investment strategy seems to be closer to a non-flexible 5-level warehouse.

Concepts of investment risks and strategies in electricity generation

International Nuclear Information System (INIS)

De Joode, J.; Boots, M.G.

2005-06-01

This report deals with the specific investment risks in electricity generation and discusses the problems associated with energy investments in general and focus on the additional or changing risks resulting from electricity market liberalisation. The focus is on (1) risks under the control of the electricity company, and on (2) market risks, such as the risk of price changes. Ultimately, some of the approaches and strategies that enable electricity producers to counter or mitigate these risks are discussed

Initial investment to 3D printing technologies in a construction company

OpenAIRE

Cernohorsky, Zdenek; Matejka, Petr

2017-01-01

This article deals with an initial investment to 3D printing technologies in a construction company. The investment refers to the use of building information models and their integration with 3D printing technology within a construction company. In the first part, there will be discussed an introduction of 3D printing scheme in a construction company from a lifecycle perspective in general. As a part of this scheme, the ideal variant of an initial investment will be considered a.k.a a pilot p...

Sovereign wealth funds: Investment objectives and asset allocation strategies

Directory of Open Access Journals (Sweden)

Daniil Wagner

2014-05-01

Full Text Available Sovereign Wealth Funds (SWFs have steadily increased their importance in the global financial system in the last decade and especially during the financial crisis period. Although the objectives and investment strategies of SWFs are quite diverse, I propose to sort them into three main groups, depending on their sponsor countries’ endowment with resources and investment objectives. I present case studies and empirical analyses that reflect SWF investment activities and try to elaborate on the special role of each SWF group. Special emphasis is given to the recent financial crisis, where SWFs also acted as bailout investors by injecting substantial capital into global financial institutions, filling a financing gap that other institutional investors could not close

Delaying investments in sensor technology: The rationality of dairy farmers' investment decisions illustrated within the framework of real options theory.

Science.gov (United States)

Rutten, C J; Steeneveld, W; Oude Lansink, A G J M; Hogeveen, H

2018-05-02

The adoption rate of sensors on dairy farms varies widely. Whereas some sensors are hardly adopted, others are adopted by many farmers. A potential rational explanation for the difference in adoption may be the expected future technological progress in the sensor technology and expected future improved decision support possibilities. For some sensors not much progress can be expected because the technology has already made enormous progress in recent years, whereas for sensors that have only recently been introduced on the market, much progress can be expected. The adoption of sensors may thus be partly explained by uncertainty about the investment decision, in which uncertainty lays in the future performance of the sensors and uncertainty about whether improved informed decision support will become available. The overall aim was to offer a plausible example of why a sensor may not be adopted now. To explain this, the role of uncertainty about technological progress in the investment decision was illustrated for highly adopted sensors (automated estrus detection) and hardly adopted sensors (automated body condition score). This theoretical illustration uses the real options theory, which accounts for the role of uncertainty in the timing of investment decisions. A discrete event model, simulating a farm of 100 dairy cows, was developed to estimate the net present value (NPV) of investing now and investing in 5 yr in both sensor systems. The results show that investing now in automated estrus detection resulted in a higher NPV than investing 5 yr from now, whereas for the automated body condition score postponing the investment resulted in a higher NPV compared with investing now. These results are in line with the observation that farmers postpone investments in sensors. Also, the current high adoption of automated estrus detection sensors can be explained because the NPV of investing now is higher than the NPV of investing in 5 yr. The results confirm that

The Heterogeneous Investment Horizon and Dynamic Strategies for Asset Allocation

Science.gov (United States)

Xiong, Heping; Xu, Yiheng; Xiao, Yi

This paper discusses the influence of the portfolio rebalancing strategy on the efficiency of long-term investment portfolios under the assumption of independent stationary distribution of returns. By comparing the efficient sets of the stochastic rebalancing strategy, the simple rebalancing strategy and the buy-and-hold strategy with specific data examples, we find that the stochastic rebalancing strategy is optimal, while the simple rebalancing strategy is of the lowest efficiency. In addition, the simple rebalancing strategy lowers the efficiency of the portfolio instead of improving it.

Do investment-specific technological changes matter for business fluctuations? Evidence from Japan

OpenAIRE

Hirose, Yasuo; Kurozumi, Takushi

2011-01-01

The observed decline in the relative price of investment goods to consumption goods in Japan suggests the existence of investment-specific technological (IST) changes. We examine whether IST changes are a major source of business fluctuations in Japan, by estimating a dynamic stochastic general equilibrium model with Bayesian methods. We show that IST changes are less important than neutral technological changes in explaining output fluctuations. We also demonstrate that investment fluctuatio...

Dynamic Investment Strategies and Leadership in Product Innovation

NARCIS (Netherlands)

Dawid, H.; Keoula, M.Y.; Kopel, M.; Kort, Peter

2017-01-01

We employ a dynamic market model with endogenous creation of submarkets to study the optimal product innovation strategies of incumbent firms. Firms invest in production capacity and R&D knowledge stock, where the latter determines the hazard rate of innovation. We find that under Markov Perfect

Technology Transfer, Foreign Direct Investment and International Trade

OpenAIRE

Leonard K. Cheng

2000-01-01

By developing a Ricardian trade model that features technology transfer via foreign direct investment (FDI), we show that technology transfer via multinational enterprises (MNEs) increases world output and trade in goods and services. When there are many goods a continuous reduction in the cost of technology transfer will cause increasingly more technologically advanced goods to go through the product cycle, i.e., goods initially produced in the advanced North are later produced in the backwa...

Maximizing Your Investment in Building Automation System Technology.

Science.gov (United States)

Darnell, Charles

2001-01-01

Discusses how organizational issues and system standardization can be important factors that determine an institution's ability to fully exploit contemporary building automation systems (BAS). Further presented is management strategy for maximizing BAS investments. (GR)

Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments.

Science.gov (United States)

Lahr, Henry; Mina, Andrea

2014-06-01

This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments.

Liquidity, Technological Opportunities, and the Stage Distribution of Venture Capital Investments

Science.gov (United States)

Lahr, Henry; Mina, Andrea

2014-01-01

This paper explores the determinants of the stage distribution of European venture capital investments from 1990 to 2011. Consistent with liquidity risk theory, we find that the likelihood of investing in earlier stages increases relative to all private equity investments during liquidity crisis years. While liquidity is the main driver of acquisition investments and, to some extent, of expansion financings, technological opportunities are overall the main driver of early and late stage venture capital investments. In contrast to the dotcom crash, the recent financial crisis negatively affected the relative likelihood of expansion investments, but not of early and late stage investments. PMID:26166906

Strategy of Slovak Republic's government to use higher education as an investment into human capital

OpenAIRE

Smereková, Erika

2016-01-01

Bc. Erika Smereková Strategy of Slovak Republic's Government to use higher education as an investment in human capital Abstract The Master thesis on the topic "Strategy of Slovak Republic's government to use higher education as an investment in human capital" presents results to the following research question: To what extent is it a part of strategy of Slovak Republic's educational policy to use higher education as an investment in human capital? The thesis specifically focuses on the idea o...

Carry trade as a speculative investment strategy in Serbia

Directory of Open Access Journals (Sweden)

Bungin Sanja

2012-12-01

Full Text Available This paper is analyses causes and the consequences of a speculative investment carry trade strategy in the exchange market in Serbia. The presence of such type of investor is related to high yields of risk free securities denominated in dinars, as well as the perception of future movements of dinar exchange rate related to currency that serves as source of investment. The consequences of carry trade may significantly influence exchange rate movements when monetary policy has limited facilities to combat negative and sudden shocks.

Mode of foreign entry, technology transfer, and foreign direct investment policy

OpenAIRE

Mattoo, Aaditya; Olarreaga, Marcelo; Saggi, Kamal

2001-01-01

Foreign direct investment can take place through the direct entry of foreign firms or the acquisition of existing domestic firms. Mattoo, Olarreaga, and Saggi examine the preferences of a foreign firm and the host country government with respect to these two modes of foreign direct investment in the presence of costly technology transfer. The tradeoff between technology transfer and market...

How Korean Venture Capitals Invest In New Technology Ventures

Directory of Open Access Journals (Sweden)

Youngkeun Choi

2013-01-01

Full Text Available In the entrepreneurship field, this study examines what kinds of external endorsements are helpful for venture capitals investment and the growth of new technology ventures in developing countries. This study uses the signalling theory and the methodologies of multiple regression and survival analysis with the panel data of the ventures in Korea. In the results, collaboration with business groups and certification of government are positively influential in attracting venture capitals’ investment, which accelerate the growth of new technology ventures. The practical implication for entrepreneurs is that they need to obtain the endorsement from business groups and governments strategically.

Combination of real options and game-theoretic approach in investment analysis

Science.gov (United States)

Arasteh, Abdollah

2016-09-01

Investments in technology create a large amount of capital investments by major companies. Assessing such investment projects is identified as critical to the efficient assignment of resources. Viewing investment projects as real options, this paper expands a method for assessing technology investment decisions in the linkage existence of uncertainty and competition. It combines the game-theoretic models of strategic market interactions with a real options approach. Several key characteristics underlie the model. First, our study shows how investment strategies rely on competitive interactions. Under the force of competition, firms hurry to exercise their options early. The resulting "hurry equilibrium" destroys the option value of waiting and involves violent investment behavior. Second, we get best investment policies and critical investment entrances. This suggests that integrating will be unavoidable in some information product markets. The model creates some new intuitions into the forces that shape market behavior as noticed in the information technology industry. It can be used to specify best investment policies for technology innovations and adoptions, multistage R&D, and investment projects in information technology.

Fiscal 1999 survey report on survey of long-term strategy on energy technology. Long-term energy technological strategy survey (Long-term energy technological strategy survey); 1999 nendo choki energy gijutsu senryaku nado ni kansuru chosa hokokusho. Choki energy gijutsu senryaku chosa (choki energy gijutsu senryaku chosa))

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-03-01

To enhance still more effectively the research and development of energy-related/environmental technologies, research and development strategies have to be worked out from a long-term view point and policy resources such as investment in research and development should be optimally distributed after clarifying and defining the course to follow toward the achievement of research and development goals. This project aims to conduct studies, and to show the course to follow in the future, towards the establishment of a long-term energy technological strategy by investigating energy systems for around 2050, interim energy systems at the intermediate stage, and innovative energy technologies for realizing such energy systems. In Chapter 1, the position of the survey and its purpose and prerequisites are shown. In Chapter 2, the history of social and economic conditions surrounding energy/environmental technologies and of energy situation up to the present time is compiled, and the outlook is analyzed and predicted. In Chapter 3, formulation of a long-term energy technological strategy is discussed. In Chapter 5, how to embody such a strategy is shown. (NEDO)

Strategy Diversity Stabilizes Mutualism through Investment Cycles, Phase Polymorphism, and Spatial Bubbles

Science.gov (United States)

Boza, Gergely; Kun, Ádám; Scheuring, István; Dieckmann, Ulf

2012-01-01

There is continuing interest in understanding factors that facilitate the evolution and stability of cooperation within and between species. Such interactions will often involve plasticity in investment behavior, in response to the interacting partner's investments. Our aim here is to investigate the evolution and stability of reciprocal investment behavior in interspecific interactions, a key phenomenon strongly supported by experimental observations. In particular, we present a comprehensive analysis of a continuous reciprocal investment game between mutualists, both in well-mixed and spatially structured populations, and we demonstrate a series of novel mechanisms for maintaining interspecific mutualism. We demonstrate that mutualistic partners invariably follow investment cycles, during which mutualism first increases, before both partners eventually reduce their investments to zero, so that these cycles always conclude with full defection. We show that the key mechanism for stabilizing mutualism is phase polymorphism along the investment cycle. Although mutualistic partners perpetually change their strategies, the community-level distribution of investment levels becomes stationary. In spatially structured populations, the maintenance of polymorphism is further facilitated by dynamic mosaic structures, in which mutualistic partners form expanding and collapsing spatial bubbles or clusters. Additionally, we reveal strategy-diversity thresholds, both for well-mixed and spatially structured mutualistic communities, and discuss factors for meeting these thresholds, and thus maintaining mutualism. Our results demonstrate that interspecific mutualism, when considered as plastic investment behavior, can be unstable, and, in agreement with empirical observations, may involve a polymorphism of investment levels, varying both in space and in time. Identifying the mechanisms maintaining such polymorphism, and hence mutualism in natural communities, provides a significant

Supply Inventory Management: Defense Logistics Agency Aviation Investment Strategy Program

National Research Council Canada - National Science Library

2002-01-01

The audit objective was to evaluate the effectiveness of the DLA investment strategy to improve supply support to aviation weapon systems by increasing the stockage levels of consumable repair parts...

The CEV Model and Its Application in a Study of Optimal Investment Strategy

Directory of Open Access Journals (Sweden)

Aiyin Wang

2014-01-01

Full Text Available The constant elasticity of variance (CEV model is used to describe the price of the risky asset. Maximizing the expected utility relating to the Hamilton-Jacobi-Bellman (HJB equation which describes the optimal investment strategies, we obtain a partial differential equation. Applying the Legendre transform, we transform the equation into a dual problem and obtain an approximation solution and an optimal investment strategies for the exponential utility function.

Research on Chinese Energy Investment in Turkey under the Silk Road Strategy

Science.gov (United States)

Huang, Yiling

2017-11-01

In the context of China’s peaceful rise, the Silk Road strategy will promote China participation in Global trade and investment. The Turkish government has announced a new incentive plan to attract investor. Therefore, Chinese energy investment in Turkey is facing some precious opportunities. However, cultural differences, Turkey’s domestic economic problems, political turmoil and other multiple factors bring severe challenges to China’s energy investment in Turkey, which requires a constructive response.

Outward Foreign Direct Investment from Emerging Economies and National Development Strategies

DEFF Research Database (Denmark)

Gammeltoft, Peter; Kokko, Ari

2013-01-01

Foreign direct investment (FDI) is an integral part of national development strategy throughout the developing world. However, while traditionally strategies have focused on the role of inward flows only, today, outward FDI is used on a larger scale and more deliberately to access markets...

Roadmapping or development of future investments in environmental science and technology

Energy Technology Data Exchange (ETDEWEB)

Wilburn, D. (Dianne)

2002-01-01

This paper will summarize efforts in roadmapping SCFA technical targets, which could be used for selection of future projects. The timely lessons learned and insights will be valuable to other programs desiring to roadmap large amounts of workscope, but unsure how to successfully complete it, by adequately defining a strategy to develop alternatives and core technologies to ensure needed environmental technologies are available and allow delivery of viable alternatives. In early FY02, Los Alamos National Laboratory's Environmental Science and Waste Technology Program Office was working jointly with Idaho National Environmental Engineering Laboratory to define and develop science and technology mini-roadmaps. We were defining and developing these mini-roadmaps to provide direction and guidance for DOE's Environmental Management's (DOE-EM) Subsurface Contaminants Focus Area (SCFA) in their development of target technologies. DOE EM's Strategic Plan for Science and Technology provides guidance for meeting science and technology needs with a view of the desired future and the long-term strategy to attain it. Program and technology mini-roadmapping were to be used to establish priorities, set program and project direction, and identify the high-priority science and technology need areas according to this document. In the past, EM science and technology needs collection is achieved through the DOE Site Technology Coordination Groups (STCG) across the complex. A future system for needs collection has not been defined. However, there is a need for gap analyses and a technical approach for the prioritization of these needs for DOE-EM to be strategic and successful in their technology research, development, demonstration, and deployments. To define the R&D projects needed to solve particular problems and select the project with the largest potential payoff will require analysis for project selection. Mini-roadmaps could be used for setting goals and

Investment and Usage of New Technologies : Evidence from a Shared ATM Network

NARCIS (Netherlands)

Ferrari, S.; Verboven, F.L.; Degryse, H.A.

2007-01-01

When new technologies become available, it is not only essential that firms have the correct investment incentives, but often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network. Be- cause all banks coordinate their ATM investment

Investment and Usage of New Technologies : Evidence from a Shared ATM Network

NARCIS (Netherlands)

Ferrari, S.; Verboven, F.L.; Degryse, H.A.

2008-01-01

When new technologies become available, it is not only essential that firms have the correct investment incentives, but often also that consumers make the proper usage decisions. This paper studies investment and usage in a shared ATM network. Be- cause all banks coordinate their ATM investment

An Analysis of a Free Cashflow Portfolio Investment Strategy ...

African Journals Online (AJOL)

Many investment strategies are based on information derived from, or expectations related to, information in financial statements. Generally Accepted Accounting Practice (GAAP) are interpreted differently in various countries and this reduces the reliability of financial statements for international investors. This paper uses a ...

Scaling up Evidence-Based Practices: Strategies from Investing in Innovation (i3)

Science.gov (United States)

DeWire, Tom; McKithen, Clarissa; Carey, Rebecca

2017-01-01

What can the Investing in Innovation (i3) grantees tell us about scaling innovative educational practices? The newly released white paper "Scaling Up Evidence-Based Practices: Strategies from Investing in Innovation (i3)" captures the experiences of nine grantees whose projects collectively have reached over 1.2 million students across…

Heat savings and heat generation technologies: Modelling of residential investment behaviour with local health costs

DEFF Research Database (Denmark)

Zvingilaite, Erika; Klinge Jacobsen, Henrik

2015-01-01

The trade-off between investing in energy savings and investing in individual heating technologies with high investment and low variable costs in single family houses is modelled for a number of building and consumer categories in Denmark. For each group the private economic cost of providing hea...... for private consumers decrease by 66% when all have the option to shift to the technology with lowest variable costs. © 2014 Elsevier Ltd. All Rights reserved......The trade-off between investing in energy savings and investing in individual heating technologies with high investment and low variable costs in single family houses is modelled for a number of building and consumer categories in Denmark. For each group the private economic cost of providing...

Recent Investments by NASA's National Force Measurement Technology Capability

Science.gov (United States)

Commo, Sean A.; Ponder, Jonathan D.

2016-01-01

The National Force Measurement Technology Capability (NFMTC) is a nationwide partnership established in 2008 and sponsored by NASA's Aeronautics Evaluation and Test Capabilities (AETC) project to maintain and further develop force measurement capabilities. The NFMTC focuses on force measurement in wind tunnels and provides operational support in addition to conducting balance research. Based on force measurement capability challenges, strategic investments into research tasks are designed to meet the experimental requirements of current and future aerospace research programs and projects. This paper highlights recent and force measurement investments into several areas including recapitalizing the strain-gage balance inventory, developing balance best practices, improving calibration and facility capabilities, and researching potential technologies to advance balance capabilities.

Comparison of different reliability improving investment strategies of Finnish medium-voltage distribution systems

Energy Technology Data Exchange (ETDEWEB)

Laagland, H.

2012-07-01

The electricity distribution sector in Finland is highly regulated and the return on investments in distribution networks is low. Low profits don't make the electricity distribution sector attractive to outside investors. During the second regulatory period of 2008-2011 incentives are included into the Finnish regulation model which allows higher profits for the network owners for right allocated network investments leading to lower operation and interruption costs. The goal of the thesis is to find cost-effective medium-voltage distribution system investment strategies for the Finnish power distribution companies with respect to the incentives of the second regulatory period. In this work the sectionalisation concept is further developed by deriving equations for a homogeneous electricity distribution system for the economical and reliability indices as a function of the number of sectionalisation zones. The cost-effective medium-voltage distribution system investment strategies are found by studying the technical and economic interaction of feeder automation on different network structures. Ten feeder automation schemes have been applied to six urban/rural area generic feeders and two real rural area feeders of a distribution company in western Finland. The analytical approach includes modelling of the feeders and feeder functions and calculation of the economical and reliability indices. The following investment areas are included: different electricity distribution systems, new substation, new switching station, central earth-fault current compensation, cabling and feeder automation. The value of the results of this work is that they reveal the influence that feeder automation has on the reliability and economy of different distribution structures. This created transparency enables a national and/or distribution company network investment strategy to optimise the economic benefits of investments. (orig.)

Research on energy strategy and Chinese energy investment in the middle east

Science.gov (United States)

Huang, Yiling

2017-08-01

The Middle East is a key node of “One Belt and One Road strategy”. Energy investment is an important part of Chinese investment in the Middle East. The political turmoil in the Middle East has brought the political risks to Chinese investors. In the future, with the globalization of Chinese resource distribution and the expansion of Chinese outward investment, it is significant for China to ensure its energy security. Based on the analysis of the situation of Chinese energy strategy in the Middle East, this paper tries to put forward some suggestion about Chinese energy investment in the Middle East in order to protect Chinese energy security effectively.

Efficient pricing and investment in electricity markets with intermittent resources

International Nuclear Information System (INIS)

Chao, Hung-po

2011-01-01

Facing growing technological and environmental challenges, the electricity industry needs effective pricing mechanism to promote efficient risk management and investment decisions. In a restructured electricity market with competitive wholesale prices and traditionally regulated retail rates, however, there are technical and institutional barriers that prevent dynamic pricing with price responsive demand. In regions with limited energy storage capacity, intermittent renewable resources present special challenges. This could adversely affect the effectiveness of public policies causing inefficient investments in energy technologies. In this paper, we present an updated economic model of pricing and investment in restructured electricity market and use the model in a simulation study for an initial assessment of renewable energy strategy and alternative pricing mechanisms. A key objective of the study is to shed light on the policy issues so that effective decisions can be made to improve efficiency. - Highlights: → Renewable resources present special challenges in regions with limited energy storage capacity. → This paper presents an updated economic model of pricing and investment in restructured electricity market. → A simulation study assesses renewable energy strategy and alternative pricing mechanisms. → The study results inform policy decisions to improve efficient investments in energy technologies.

Optimal investment strategies and hedging of derivatives in the presence of transaction costs (Invited Paper)

Science.gov (United States)

Muratore-Ginanneschi, Paolo

2005-05-01

Investment strategies in multiplicative Markovian market models with transaction costs are defined using growth optimal criteria. The optimal strategy is shown to consist in holding the amount of capital invested in stocks within an interval around an ideal optimal investment. The size of the holding interval is determined by the intensity of the transaction costs and the time horizon. The inclusion of financial derivatives in the models is also considered. All the results presented in this contributions were previously derived in collaboration with E. Aurell.

Foreign direct investment and technology spillovers in Mexico: 20 years of NAFTA

Directory of Open Access Journals (Sweden)

Enrique Armas

2017-10-01

Full Text Available This article analyses the development of technology capabilities in the manufacturing sector of Mexico during the last two decades. It has been argued that the inclusion of Mexico in the North America Free Trade Agreement (NAFTA in 1994 would be enough to catch up with Canada and the United States. In this regard, trade liberalisation and foreign direct investment (FDI would have been two strategic tools to close the technology gap between Mexico and its commercial partners in North America. Yet, after twenty years of NAFTA, it has been demonstrated that many indigenous firms in Mexico must develop an absorptive capacity to benefit from FDI. This paper suggests that the debate on the Asian miracle in the 1990s could be an adequate theoretical framework to discuss technology development and industrialisation in the case of emerging economies. In fact, this debate reveals two alternative approaches to explain the development of technology capabilities: (i the accumulation view of growth, and (ii the assimilation view of growth. Therefore, the Asian miracle exemplifies how entrepreneurship, learning and a supporting innovation policy could be an adequate strategy to benefit from FDI and technology spillovers in the case of emerging economies.

Initial investment to 3D printing technologies in a construction company

Directory of Open Access Journals (Sweden)

Cernohorsky, Zdenek

2017-06-01

Full Text Available This article deals with an initial investment to 3D printing technologies in a construction company. The investment refers to the use of building information models and their integration with 3D printing technology within a construction company. In the first part, there will be discussed an introduction of 3D printing scheme in a construction company from a lifecycle perspective in general. As a part of this scheme, the ideal variant of an initial investment will be considered a.k.a a pilot project. In the second part, there will be a more detailed discussion of the pilot project, more about each activities which should be its parts and which should analyze cost categories. These categories will be about particular lifecycle stages of the pilot project. In the third part, a summary is done. This article could be a handout for a construction company in a term of an initial investment to 3D printing.

Strategy of investment in electricity sources--Market value of a power plant and the electricity market

Science.gov (United States)

Bartnik, R.; Hnydiuk-Stefan, A.; Buryn, Z.

2017-11-01

This paper reports the results of the investment strategy analysis in different electricity sources. New methodology and theory of calculating the market value of the power plant and value of the electricity market supplied by it are presented. The financial gain forms the most important criteria in the assessment of an investment by an investor. An investment strategy has to involve a careful analysis of each considered project in order that the right decision and selection will be made while various components of the projects will be considered. The latter primarily includes the aspects of risk and uncertainty. Profitability of an investment in the electricity sources (as well as others) is offered by the measures applicable for the assessment of the economic effectiveness of an investment based on calculations e.g. power plant market value and the value of the electricity that is supplied by a power plant. The values of such measures decide on an investment strategy in the energy sources. This paper contains analysis of exemplary calculations results of power plant market value and the electricity market value supplied by it.

Communication strategies to optimize commitments and investments in iron programming.

Science.gov (United States)

Griffiths, Marcia

2002-04-01

There is consensus that a communications component is crucial to the success of iron supplementation and fortification programs. However, in many instances, we have not applied what we know about successful advocacy and program communications to iron programs. Communication must play a larger and more central role in iron programs to overcome several common shortcomings and allow the use of new commitments and investments in iron programming to optimum advantage. One shortcoming is that iron program communication has been driven primarily by the supply side of the supply-demand continuum. That is, technical information has been given without thought for what people want to know or do. To overcome this, the communication component, which should be responsive to the consumer perspective, must be considered at program inception, not enlisted late in the program cycle as a remedy when interventions fail to reach their targets. Another shortcoming is the lack of program focus on behavior. Because the "technology" of iron, a supplement, or fortified or specific local food must be combined with appropriate consumer behavior, it is not enough to promote the technology. The appropriate use of technology must be ensured, and this requires precise and strategically crafted communications. A small number of projects from countries as diverse as Indonesia, Egypt, Nicaragua and Peru offer examples of successful communications efforts and strategies for adaptation by other countries.

Notification: EPA Investments in Information Technology Products and Services

Science.gov (United States)

Project #OA-FY14-0307, June 10, 2014. The U.S. Environmental Protection Agency (EPA) Office oflnspector General (OIG) plans to begin preliminary research on the EPA's management of information technology (IT) investments.

R & D STRATEGIC INVESTMENT IN AN ASYMMETRICAL CASE

Institute of Scientific and Technical Information of China (English)

Minggao XUE; Pu GONG

2006-01-01

This article analyzes R & D investment decisions in an asymmetrical case. The investment decisions share three important characteristics. First, the investment is completely irreversible. Second,there are two kinds of uncertainties over the future returns from the investment and over technology in R & D process, respectively. Third, there is strategic competition in the asymmetrical case. This article presents the optimal investment threshold values and the optimal investment rule of high-efficient firm (leader), and shows that the investment threshold values are reduced by competition of two firms.Finally, the mixed investment strategies for two firms, the probability that each firm separately exercises the option to invest, and the probability that two firms simultaneously exercise the option are given in the paper.

GREEN INVESTMENT: A STRATEGY FOR SUSTAINABLE ECONOMIC GROWTH AND INVESTMENT

Directory of Open Access Journals (Sweden)

Jaya Shukla

2014-01-01

Full Text Available Sustainable economic development has become an important area of concern due to climatic change with its long term effects. Climatic change has posed several challenges for economic sustainability of economies. Now major development projects have to comply with international environmental norms. Failure to do so may result in the delay of a project, fines including penalties for environmental damage or charges for remedial action, that affect the viability of a project or the value of any security taken. This paper investigates with help of secondary date using descriptive statistical technique opportunities and challenges of green investment. Here it is developed into suitable model for developing economies for successfully adopting green investment without much cost to their economies. The paper concludes that green investment involving direct investment and portfolio investment in firms adopting and following environmental protection norms will lead to sustainable growth and investment for economy.

Integrating energy and environmental goals. Investment needs and technology options

International Nuclear Information System (INIS)

2004-04-01

Economic and population growth will continue to drive an expansion of the global energy market. The Earth's energy resources are undoubtedly adequate to meet rising demand for at least the next three decades. But the projected increases in energy consumption and market developments raise serious concerns about the security of energy supplies, investment in energy infrastructure, the threat of environmental damage caused by energy use and the uneven access of the world's population to modern energy. The first two sections of this background paper provide an outlook for energy demand and emissions over the next thirty years, based on findings in the IEA's World Energy Outlook 2002. Section four presents projections for global investment needs from the latest WEO publication, the World Energy Investment Outlook 2003. For both the energy and investment outlooks, an alternative scenario for OECD countries is examined. The scenarios describe a world in which environmental and energy supply security concerns will continue to plague policy makers. Clearly, changes in power generation, automotive engines and fuel technologies will be required to change trends in energy demand and emissions over the next thirty years and beyond. Improvements in energy efficiency will also play a fundamental role. A number of technologies offer the long term potential to diversify the energy sector away from its present heavy reliance on fossil fuels. Based on various IEA studies, section five evaluates those technologies that offer the potential to reduce emissions, including renewable energy, fossil-fuel use with CO2 capture and storage, nuclear, hydrogen, biofuels and efficient energy end use. No single technology can meet the challenge by itself. Different regions and countries will require different combinations of technologies to best serve their needs and best exploit their indigenous resources. Developing countries, in particular, will face far greater challenges in the years ahead

Investment Strategy Based on Aviation Accidents: Are there abnormal returns?

Directory of Open Access Journals (Sweden)

Marcos Rosa Costa

2013-06-01

Full Text Available This article investigates whether an investment strategy based on aviation accidents can generate abnormal returns. We performed an event study considering all the aviation accidents with more than 10 fatalities in the period from 1998 to 2009 and the stock market performance of the respective airlines and aircraft manufacturers in the days after the event. The tests performed were based on the model of Campbell, Lo & MacKinlay (1997 for definition of abnormal returns, by means of linear regression between the firms’ stock returns and the return of a market portfolio used as a benchmark. This enabled projecting the expected future returns of the airlines and aircraft makers, for comparison with the observed returns after each event. The result obtained suggests that an investment strategy based on aviation accidents is feasible because abnormal returns can be obtained in the period immediately following an aviation disaster.

Technology Investment Agendas to Expand Human Space Futures

Science.gov (United States)

Sherwood, Brent

2012-01-01

The paper develops four alternative core-technology advancement specifications, one for each of the four strategic goal options for government investment in human space flight. Already discussed in the literature, these are: Explore Mars; Settle the Moon; accelerate commercial development of Space Passenger Travel; and enable industrial scale-up of Space Solar Power for Earth. In the case of the Explore Mars goal, the paper starts with the contemporary NASA accounting of ?55 Mars-enabling technologies. The analysis decomposes that technology agenda into technologies applicable only to the Explore Mars goal, versus those applicable more broadly to the other three options. Salient technology needs of all four options are then elaborated to a comparable level of detail. The comparison differentiates how technologies or major developments that may seem the same at the level of budget lines or headlines (e.g., heavy-lift Earth launch) would in fact diverge widely if developed in the service of one or another of the HSF goals. The paper concludes that the explicit choice of human space flight goal matters greatly; an expensive portfolio of challenging technologies would not only enable a particular option, it would foreclose the others. Technologies essential to enable human exploration of Mars cannot prepare interchangeably for alternative futures; they would not allow us to choose later to Settle the Moon, unleash robust growth of Space Passenger Travel industries, or help the transition to a post-petroleum future with Space Solar Power for Earth. The paper concludes that a decades-long decision in the U.S.--whether made consciously or by default--to focus technology investment toward achieving human exploration of Mars someday would effectively preclude the alternative goals in our lifetime.

Technology Transfer in Poland: An Investment of U.S. Government, U.S. Corporate, and Polish Government Strategies

National Research Council Canada - National Science Library

Hays, Susan

1998-01-01

This case study examines how U.S. Government (USG) policy, U.S. corporate policy, and Polish government policy affect the strategy of technology transfer of military and/or dual-use technologies in Poland...

Applying Internet-based Technologies to Teaching Corporate Finance and Investments

Directory of Open Access Journals (Sweden)

Zhuoming “Joe” Peng, Ph.D.,

2006-07-01

Full Text Available Finance faculty are increasingly encouraged to use internet-based technologies in teaching. This paper examines students’ perceptions of finance faculty who use internet-based technologies and the impact on their learning experiences in undergraduate introductory corporate finance, investments, and MBA investments courses. The results suggest that offering all course materials online may enhance students’ learning experiences, however, the technologies may be best thought of as teaching tools. A better methodology for a finance course delivery may be that of in-classroom interactions between an instructor and the students while all the pertinent course materials are available online throughout the semester. There is a statistically significant difference between MBA (Master of Business Administration students and undergraduate business students in terms of their desire to use the internet for learning finance. Consistent with previous research, results indicate that it may not be common practice among faculty to use internet-based technologies, and that assistant professors tend to use technologies in teaching more often than their higher-ranked colleagues do.

HOSPITAL MANAGERS' NEED FOR INFORMATION ON HEALTH TECHNOLOGY INVESTMENTS

DEFF Research Database (Denmark)

Ølholm, Anne Mette; Kidholm, Kristian; Birk-Olsen, Mette

2015-01-01

decision makers, is not well described. The objective was to review empirical studies analysing the information that hospital decision makers need when deciding about health technology (HT) investments. METHODS: A systematic review of empirical studies published in English or Danish from 2000 to 2012...... in the literature related to clinical, economic and political/strategic aspects. Legal, social, and ethical aspects were seldom considered most important. CONCLUSIONS: Hospital decision makers are able to describe their information needs when deciding on HT investments. The different types of information were...

NASA technology investments: building America's future

Science.gov (United States)

Peck, Mason

2013-03-01

Investments in technology and innovation enable new space missions, stimulate the economy, contribute to the nation's global competitiveness, and inspire America's next generation of scientists, engineers and astronauts. Chief Technologist Mason Peck will provide an overview of NASA's ambitious program of space exploration that builds on new technologies, as well as proven capabilities, as it expands humanity's reach into the solar system while providing broadly-applicable benefits here on Earth. Peck also will discuss efforts of the Office of the Chief Technologist to coordinate the agency's overall technology portfolio, identifying development needs, ensuring synergy and reducing duplication, while furthering the national initiatives as outlined by President Obama's Office of Science and Technology Policy. By coordinating technology programs within NASA, Peck's office facilitates integration of available and new technology into operational systems that support specific human-exploration missions, science missions, and aeronautics. The office also engages other government agencies and the larger aerospace community to develop partnerships in areas of mutual interest that could lead to new breakthrough capabilities. NASA technology transfer translates our air and space missions into societal benefits for people everywhere. Peck will highlight NASA's use of technology transfer and commercialization to help American entrepreneurs and innovators develop technological solutions that stimulate the growth of the innovation economy by creating new products and services, new business and industries and high quality, sustainable jobs.

Applying the Theory of the Firm to Examine a Technology Startup at the Investment Stage

Directory of Open Access Journals (Sweden)

Michael Ayukawa

2012-05-01

Full Text Available The investment stage of a new technology firm is when resources, opportunities, investors, and early customers first converge. Currently, technology entrepreneurs make many expensive mistakes. They invest in assets and develop capabilities that prove to have limited value. They take too long to discover and validate the product-market fit for their firms during the investment stage and run out of time and money. Understanding how theory can help entrepreneurs make decisions during the investment stage is important to accelerate new-firm formation and growth as well as to reduce the uncertainty of founders and stakeholders of technology firms. This article introduces a model developed to examine deal making during the investment stage of a new technology firm. It is an extension of a model of lateral firm scope proposed by Oliver Hart and Bengt Holmstrom. The extensions come from considering a technology firm as being both a deal-making entity and a pool of resources during the investment stage. A deal is the result of a decision the entrepreneur and others make to coordinate (i.e., work together to achieve a common objective. Benefits from a deal include cash profits for the firm and private benefits for the entrepreneur. This extended model is then applied to examine the author’s firm which is still in the investment stage. Application of the extended model to a real-life situation generated two important insights: i when private benefits include learning from experimentation, the number of deals increases and ii at the start of the investment stage, private benefits drive deal-making, whereas at the end of the investment stage, cash profits derived from asset ownership drive deal-making.

Investment Strategy in a Closed Loop Supply Chain: The Case of a Market with Competition between Two Retailers

Directory of Open Access Journals (Sweden)

Sungwook Yoon

2017-09-01

Full Text Available To survive in the ceaseless cycle of competition, businesses have developed strategies to become sustainable. These strategies include reusing products, which can lead not only to the creation of economic benefits but also to improvements in a corporation’s social and environmental responsibility. Product reuse can also increase the profit earned on new products by compensating customers who bring in old products to buy new ones, as the ensuing remanufacturing process allows for the reuse of materials and thus drives down costs. As businesses have come to recognize these values, the marketing competition to retrieve used products from customers has intensified. This research focuses on identifying effective compensation strategies to determine the appropriate advertising investment and trade-in value in a market where two homogeneous retailers compete. Retailers advertise to secure more customers to trade in their used products and to generate more trade-in sales than competitors do. A retailer’s results may vary according to its competitor’s investment strategy, which makes it useful to employ information on past competitor investment patterns to plan future investment strategies. However, as competitors using one another’s information may intensify the competition, better investment results could be obtained by ignoring competitor investment information. Therefore, this study suggests four competition strategies that determine the advertisement costs and trade-in allowance spent by retailers and discusses the difference in the profits obtained by the retailers under each of the four strategies.

An integrated model for part-operation allocation and investments in CNC technology

NARCIS (Netherlands)

Bokhorst, J.A.C.; Slomp, J.; Suresh, N.

2002-01-01

This study addresses the issue of investment appraisal of new technology, specifically computer numerical control (CNC) machine tools in conjunction with optimal allocation of parts and operations on CNC machines as the investments take place. Part-operation allocation is the allocation of parts and

Advantage Management Strategy in Competition via Technological Race Perspective: Empirical Evidence from the Taiwanese Manufacturing Industry

Directory of Open Access Journals (Sweden)

Tsu-Yi Hung

2014-01-01

Full Text Available This study investigated the advantage management strategies of a firm regarding the technological race in the manufacturing sector. This is to reveal whether firms adopt a catch-up or leapfrogging strategy in the competition for innovation. The results show that competition is fierce in the Taiwanese manufacturing industry. Taiwanese manufacturing firms (mostly SMEs tend to adopt the “catch-up” strategy to keep up with their competitors in order to remain in the technological race. The result indicates that, under financial constraints, Taiwanese manufacturing firms attempt to invest in R&D to catch up with their rivals or to avoid being eliminated from the race.

Advantage management strategy in competition via technological race perspective: empirical evidence from the Taiwanese manufacturing industry.

Science.gov (United States)

Hung, Tsu-Yi; Hsiao, Yu-Ju; Wu, Shih-Wei

2014-01-01

This study investigated the advantage management strategies of a firm regarding the technological race in the manufacturing sector. This is to reveal whether firms adopt a catch-up or leapfrogging strategy in the competition for innovation. The results show that competition is fierce in the Taiwanese manufacturing industry. Taiwanese manufacturing firms (mostly SMEs) tend to adopt the "catch-up" strategy to keep up with their competitors in order to remain in the technological race. The result indicates that, under financial constraints, Taiwanese manufacturing firms attempt to invest in R&D to catch up with their rivals or to avoid being eliminated from the race.

Advantage Management Strategy in Competition via Technological Race Perspective: Empirical Evidence from the Taiwanese Manufacturing Industry

Science.gov (United States)

Hung, Tsu-Yi; Hsiao, Yu-Ju; Wu, Shih-Wei

2014-01-01

This study investigated the advantage management strategies of a firm regarding the technological race in the manufacturing sector. This is to reveal whether firms adopt a catch-up or leapfrogging strategy in the competition for innovation. The results show that competition is fierce in the Taiwanese manufacturing industry. Taiwanese manufacturing firms (mostly SMEs) tend to adopt the “catch-up” strategy to keep up with their competitors in order to remain in the technological race. The result indicates that, under financial constraints, Taiwanese manufacturing firms attempt to invest in R&D to catch up with their rivals or to avoid being eliminated from the race. PMID:25295307

Chalenges and opportunities brought by foreign direct investments in Brazil

Directory of Open Access Journals (Sweden)

Eveline Barbosa Silva Carvalho

2008-01-01

Full Text Available This paper analyzes the challenges and opportunities brought by foreign direct investment in general and in Brazil particularly. The study is based on literature review and statistical data show that foreign direct investments have important effects on the business environment of the host country as they bring productivity improvement, formal employment and income generation, increase on the export level, establishment of firms with high innovation standards and the capacity to improve the quality of national products, with some degree of technology diffusion, increases in the network of suppliers and possible buyers, and the introduction of new strategies of business management, logistics as well as other ways of modernizing industrial structures. It concludes that the major benefits from foreign direct investments are the change on local companies strategies. The study also shows that investments are concentrated on most developed areas and that there is no specific strategy for investment attraction to the less economically favored areas of Brazil.

A System Model of Increasing the Investment Potential of Technologically Unrelated Sectors

Directory of Open Access Journals (Sweden)

Melnyk Alexander G.

2016-02-01

Full Text Available The article presents a theoretical substantiation and the progress of practical application of the method for evaluating lagged effects of increasing the investment potential of interaction between industries in meso-level innovation systems on the example of the high-tech sector of Ukraine. The interaction data are considered in terms of their formation in such technologically unrelated sectors as the industrial sector and sector of education and sciences. It has been determined that the analytical basis to form the models of increasing the investment potential in innovation systems of meso-level should be presented by a comprehensive integrated assessment of all sectors involved in the reproduction process including technologically unrelated sectors of highly structured innovative systems. There has been proposed a system model of increasing the investment potential of the high-tech sector taking into account the optimization and synergy effects for system decisions concerning technologically unrelated sectors in economic systems of innovation type of reproduction.

Positive Feedback Investment Strategies and Destabilizing Rational Speculation

OpenAIRE

J. Bradford De Long; Andrei Shleifer; Lawrence H. Summers; Robert J. Waldmann

1989-01-01

Analyses of the role of rational speculators in financial markets usually presume that such investors dampen price fluctuations by trading against liquidity or noise traders. This conclusion does not necessarily hold when noise traders follow positive-feedback investment strategies buy when prices rise and sell when prices fall. In such cases, it may pay rational speculators to try to jump on the bandwagon early and to purchase ahead of noise trader demand. If rational speculators' attempts t...

DEA-BASED INVESTMENT STRATEGY AND ITS APPLICATION IN THE CROATIAN STOCK MARKET

Directory of Open Access Journals (Sweden)

Margareta Gardijan

2012-12-01

Full Text Available This paper describes the DEA-based investment strategy for constructing of a stock portfolio in the Croatian stock market. The relative efficiency of the DMUs, which are in this case the selected stocks from Zagreb Stock Exchange, is obtained from the output oriented CCR and BCC models. The set of inputs consists of risk measures, namely return variance, Value at Risk (VaR and beta coefficient $(\\beta$, while monthly return represents an output. Following the „efficiency scores“, obtained from the models, we construct a portfolio of DEA-efficient stocks (DEA-portfolio. This portfolio can be modified over time according to changes of the DMU's efficiency scores. By comparing the returns of the EA-portfolio and the market return during the given time period, the applicability of the investment strategy based on a DEA methodology, as a strategy for achieving superior returns, is estimated.

Appropriate strategies.

Science.gov (United States)

Halty, M

1979-01-01

Technology strategies are concerned with the production, distribution, and consumption of technology. Observation of less developed countries (LDCs) and international organizations shows that little attention is given to the development of a technology strategy. LDCs need to formulate a strategy of self-reliant technological development for the next decade. They should no longer be content to stand in a technologically dependent relationship to the developed countries. Such strategies must balance the ratio between investment in indigenous technologies and expenditure for foreign technology. The strategies change according to the level of industrialization achieved. The following considerations come into development of technology strategies: 1) determination of an appropriate balance among the accumulation, consumption, and distribution of technology; 2) the amount and level of government support; and 3) the balance between depth and breadth of technology to be encouraged.

Free electron lasers for 13nm EUV lithography: RF design strategies to minimise investment and operational costs

Science.gov (United States)

Keens, Simon; Rossa, Bernhard; Frei, Marcel

2016-03-01

As the semiconductor industry proceeds to develop ever better sources of extreme ultraviolet (EUV) light for photolithography applications, two distinct technologies have come to prominence: Tin-plasma and free electron laser (FEL) sources. Tin plasma sources have been in development within the industry for many years, and have been widely reported. Meanwhile, FELs represent the most promising alternative to create high power EUV frequencies and, while tin-plasma source development has been ongoing, such lasers have been continuously developed by academic institutions for use in fundamental research programmes in conjunction with universities and national scientific institutions. This paper follows developments in the field of academic FELs, and presents information regarding novel technologies, specifically in the area of RF design strategy, that may be incorporated into future industrial FEL systems for EUV lithography in order to minimize the necessary investment and operational costs. It goes on to try to assess the cost-benefit of an alternate RF design strategy, based upon previous studies.

Medical implants by using RP and investment casting technologies

Directory of Open Access Journals (Sweden)

Milan Horacek

2011-02-01

Full Text Available The paper deals with the production technology of knee joint replacement by using rapid prototyping technology. The aim of the work is to outline the manufacturing technology intended for prototype production with the use of rapid prototyping and investment casting technology for use in orthopaedics and the surgery of knee joint replacement. The research results should make an effective contribution in the attempts to minimize the invasive surgical procedure, shorten the production of knee joint replacement as well as reduce the cost. At present, the research is focused on the preparation of STL data from CT (Computed Tomography and verification of the production technology of prototypes made using available RP technology and its evaluation.

Success in Investing: Integrating Spending Policy into Asset Allocation Strategy.

Science.gov (United States)

Morrell, Louis R.

1996-01-01

Successful college and university investments hinge on an asset allocation strategy capable of meeting the institution's needs for income and growth in principal at the lowest possible risk. Periodic adjustments must be made when there is a shift in the institution's risk tolerance, modification in need for income distribution, and changes in…

Investment and protection of the OAPEC surplus: a strategy

Energy Technology Data Exchange (ETDEWEB)

Nuwayhid, H.S.

1981-02-01

The Arab countries could not absorb the surplus dollars when oil prices rose in the 1970s, nor were they prepared to move into Western financial markets without causing disruptions. A strategy for protecting these surpluses takes into account market realities and the responsibilities of Arab oil-exporting countries toward the Third World. The Organization of Arab Petroleum Exporting Countries (OAPEC) strategy mainly applies to those countries that cannot absorb their surpluses for internal development. Emphasizing asset protection rather than investment, the strategy suggests a new oil-pricing method, and a shift toward real assets, especially those in the Arab and Third World. Success will require help from the rest of the world to reform the International Monetary System, east stagflation, and recycle petrodollars. 6 references, 2 tables. (DCK)

Heat savings and heat generation technologies: Modelling of residential investment behaviour with local health costs

International Nuclear Information System (INIS)

Zvingilaite, Erika; Klinge Jacobsen, Henrik

2015-01-01

The trade-off between investing in energy savings and investing in individual heating technologies with high investment and low variable costs in single family houses is modelled for a number of building and consumer categories in Denmark. For each group the private economic cost of providing heating comfort is minimised. The private solution may deviate from the socio-economical optimal solution and we suggest changes to policy to incentivise the individuals to make choices more in line with the socio-economic optimal mix of energy savings and technologies. The households can combine their primary heating source with secondary heating e.g. a woodstove. This choice results in increased indoor air pollution with fine particles causing health effects. We integrate health cost due to use of woodstoves into household optimisation of heating expenditures. The results show that due to a combination of low costs of primary fuel and low environmental performance of woodstoves today, included health costs lead to decreased use of secondary heating. Overall the interdependence of heat generation technology- and heat saving-choice is significant. The total optimal level of heat savings for private consumers decrease by 66% when all have the option to shift to the technology with lowest variable costs. - Highlights: • Heat saving investment and heat technology choice are interdependent. • Health damage costs should be included in private heating choice optimisation. • Flexibility in heating technology choice reduce the optimal level of saving investments. • Models of private and socioeconomic optimal heating produce different technology mix. • Rebound effects are moderate but varies greatly among consumer categories

Quantitative investment strategies and portfolio management

NARCIS (Netherlands)

Guo, J.

2012-01-01

This book contains three essays on alternative investments and portfolio management. Taking from a portfolio investor’s perspective, the first essay analyzes the portfolio implication of investing in hedge funds when there is a hedge fund lockup period. The second essay studies the investment

Promoting Sustainability through Investment in Building Information Modeling (BIM Technologies: A Design Company Perspective

Directory of Open Access Journals (Sweden)

Marius Reizgevičius

2018-02-01

Full Text Available The aim of this article is to enhance the understanding of how design companies perceive the benefits of Building Information Modeling (BIM technologies application. BIM is recognized in the literature as a (potentially powerful driver leading the construction sector towards sustainability. However, for design companies, the choice to invest in BIM technologies is basically an economic one. Specifically, a design company assesses economic benefits and efficiency improvements thanks to the application of BIM technologies. The article discusses the return on investments (ROI in BIM technologies and reviews ROI calculation methodologies proposed by other authors. In order to evaluate BIM return on investment correctly practical ROI calculations are carried out. Appropriate methods, together with the relevant variables for ROI calculation, are developed. The study allows for adjusting the calculation method making it more accurate and understandable using the Autodesk Revit based ROI calculation of the first year.

Fiscal 1999 research report on long-term energy technology strategy. Basic research on industrial technology strategy (Individual technology strategy). Aerospace technology field (Aircraft technology field); 1999 nendo choki energy gijutsu senryaku nado ni kansuru chosa hokokusho. Sangyo gijutsu senryaku sakutei kiban chosa (bun'yabetsu gijutsu senryaku (kokuki gijutsu bun'ya))

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-03-01

This report summarizes the fiscal 1999 basic research result on industrial technology strategy of an aircraft technology field. In an aircraft field, since the major theme is application of new technologies to new airframe development, with joining in international cooperative development of aircraft, Japanese initiative development of airframes based on the domestic market demands and profitability should be started as early as possible. Because there is no airframe development by only one country including U.S.A., Japan is profitable to unite with some overseas companies, and invest selectively in specific leading fields. Positive technical support to safety, reliability, comfort and environment harmony are also important. More important theme than establishment of elementary technologies is preparation of an integrated flight demonstration system to expand application chances of development results, and preparation of various test facilities for tests required during development activities. Application of information technologies to the whole aircraft industry, and organic cooperation between the private and public sectors are also important. (NEDO)

Barriers to investments in energy saving technologies. Case study for the industry

NARCIS (Netherlands)

Masselink, Dirk Jan

2007-01-01

To realise future energy saving targets, the government needs to increase energy reduction rates. One option to increase energy savings is found in removing barriers to investments in cost-effective energy saving technologies. Many technologies save energ

Investments by NASA to build planetary protection capability

Science.gov (United States)

Buxbaum, Karen; Conley, Catharine; Lin, Ying; Hayati, Samad

NASA continues to invest in capabilities that will enable or enhance planetary protection planning and implementation for future missions. These investments are critical to the Mars Exploration Program and will be increasingly important as missions are planned for exploration of the outer planets and their icy moons. Since the last COSPAR Congress, there has been an opportunity to respond to the advice of NRC-PREVCOM and the analysis of the MEPAG Special Regions Science Analysis Group. This stimulated research into such things as expanded bioburden reduction options, modern molecular assays and genetic inventory capability, and approaches to understand or avoid recontamination of spacecraft parts and samples. Within NASA, a portfolio of PP research efforts has been supported through the NASA Office of Planetary Protection, the Mars Technology Program, and the Mars Program Office. The investment strategy focuses on technology investments designed to enable future missions and reduce their costs. In this presentation we will provide an update on research and development supported by NASA to enhance planetary protection capability. Copyright 2008 California Institute of Technology. Government sponsorship acknowledged.

Momentum Investment Strategy : (An Empirical Study of the Canadian Stock Market and the Swedish Stock Market)

OpenAIRE

Ludvigsson, Anita

2008-01-01

Abstract Market efficiency is a highly debated topic within the academic research field of finance. Several studies have presented that the return on stocks may be predictable by employing the momentum investment strategy, which contradicts the Efficient Market Hypothesis in exchange market. There is extensive international evidence, on an academic level that the momentum investment strategy yields positive abnormal returns when short-term periods are considered. This paper examines the profi...

Evaluation of Representative Smart Grid Investment Project Technologies: Demand Response

Energy Technology Data Exchange (ETDEWEB)

Fuller, Jason C.; Prakash Kumar, Nirupama; Bonebrake, Christopher A.

2012-02-14

This document is one of a series of reports estimating the benefits of deploying technologies similar to those implemented on the Smart Grid Investment Grant (SGIG) projects. Four technical reports cover the various types of technologies deployed in the SGIG projects, distribution automation, demand response, energy storage, and renewables integration. A fifth report in the series examines the benefits of deploying these technologies on a national level. This technical report examines the impacts of a limited number of demand response technologies and implementations deployed in the SGIG projects.

A framework for social investment strategies

DEFF Research Database (Denmark)

Kvist, Jon

2015-01-01

and multidimensional nature of social issues and social investments. Theoretically, this article establishes such a framework consisting of generational, life course and gender perspectives on social investments. The generational perspective brings out that social investments involve horizontal redistribution......, underpin the productive and reproductive social contract between generations, and the increased diversity within generations. The life course perspective demonstrates how social issues and social investments in one life stage depend on the situation in prior life stages and affect the situation in later...... life stages and, possibly, in multiple dimensions. The gender perspective shows how social investments can improve economic and social returns when gender and ageing over the life course are taken into consideration. Empirically, cross-national patterns indicate a positive relation between social...

Environmental assessment and investment strategies of provincial industrial sector in China — Analysis based on DEA model

Energy Technology Data Exchange (ETDEWEB)

Wang, Juan, E-mail: wangjuan_tju@163.com [College of Management and Economics, Tianjin University, Tianjin 300072 (China); Zhao, Tao [College of Management and Economics, Tianjin University, Tianjin 300072 (China); Zhang, Xiaohu [College of Civil Aviation, Nanjing University of Aeronautics and Astronautics, Nanjing, Jiangsu, 210016 (China)

2016-09-15

As an energy-intensive industry, the industrial sector consumes 70% of energy consumption and causes serious environmental pollution in China. Also, the government emphasized the promotion of R&D investment in the industrial sector in China's National Plan on Climate Change (2014–2020). It is meaningful and contributes to assessing energy and environmental performance, as well as R&D and industrial pollution control (IPC) investment strategies of China's industrial sector. A non-radial DEA model, as with natural and managerial disposability, was adopted to evaluate this from provincial and regional perspectives during the 2008–2012 period. Energy and environmental performance was evaluated by unified efficiency under natural disposability (UEN), unified efficiency under managerial disposability (UEM), and unified efficiency under natural and managerial disposability (UENM). The empirical results indicated that Shandong and Hainan were efficient under natural and managerial disposability, while other provinces had the potential to improve their energy and environmental performance. The number of provinces that was fit for investments of R&D and IPC increased from 2008 to 2010, then decreased in 2011 and 2012. In spite of this, many provincial industrial sectors should make efforts to reduce pollution by investment on technology. Tianjin, Heilongjiang, Jiangxi and Henan were especially the best investment objects because investments of R&D and IPC turned to be effective for them during the whole study period. Moreover, western China had the highest average UENM, followed by eastern China and central China. Eastern China and central China were rewarding to expand investments. Coal consumption was the main factor to negatively affect unified efficiency whereas the increase in economic development level was primarily responsible for the improvement of unified efficiency. According to the results, differentiated suggestions to further improve energy and

Environmental assessment and investment strategies of provincial industrial sector in China — Analysis based on DEA model

International Nuclear Information System (INIS)

Wang, Juan; Zhao, Tao; Zhang, Xiaohu

2016-01-01

As an energy-intensive industry, the industrial sector consumes 70% of energy consumption and causes serious environmental pollution in China. Also, the government emphasized the promotion of R&D investment in the industrial sector in China's National Plan on Climate Change (2014–2020). It is meaningful and contributes to assessing energy and environmental performance, as well as R&D and industrial pollution control (IPC) investment strategies of China's industrial sector. A non-radial DEA model, as with natural and managerial disposability, was adopted to evaluate this from provincial and regional perspectives during the 2008–2012 period. Energy and environmental performance was evaluated by unified efficiency under natural disposability (UEN), unified efficiency under managerial disposability (UEM), and unified efficiency under natural and managerial disposability (UENM). The empirical results indicated that Shandong and Hainan were efficient under natural and managerial disposability, while other provinces had the potential to improve their energy and environmental performance. The number of provinces that was fit for investments of R&D and IPC increased from 2008 to 2010, then decreased in 2011 and 2012. In spite of this, many provincial industrial sectors should make efforts to reduce pollution by investment on technology. Tianjin, Heilongjiang, Jiangxi and Henan were especially the best investment objects because investments of R&D and IPC turned to be effective for them during the whole study period. Moreover, western China had the highest average UENM, followed by eastern China and central China. Eastern China and central China were rewarding to expand investments. Coal consumption was the main factor to negatively affect unified efficiency whereas the increase in economic development level was primarily responsible for the improvement of unified efficiency. According to the results, differentiated suggestions to further improve energy and environmental

The strategy of ethic investment of the Norwegian petroleum fund and arms companies

International Nuclear Information System (INIS)

Paulin, Cedric

2006-01-01

The author comments the background of the consecutive disengagements of the Norwegian Government Petroleum Fund from several companies belonging to the arms sector, a disengagement which complies with the opinion of various actors in favour of a socially responsible investment, and of NGOs and associations opposed to the armament sector. After having recalled the global definition of this fund which was created in 1990, and of its investment policy, the author analyses the framework within which these disengagements occur, comments how these different spheres (the fund and the other above mentioned actors) finally met. He also wanders whether this ethics actually concern arms company or is in fact related to a problem proper to investment funds in general. The author notably indicates the various arms companies from which the Petroleum Fund withdrew its investments. The author also outlines some remaining ambiguities of the strategy of ethic investment of the former Norwegian Petroleum Fund, and shows that its methodology of ethic and socially responsible investment applied to the arms sector is in fact not yet precisely defined

32 CFR 37.110 - What type of instruments are technology investment agreements (TIAs)?

Science.gov (United States)

2010-07-01

... investment agreements (TIAs)? 37.110 Section 37.110 National Defense Department of Defense OFFICE OF THE... What type of instruments are technology investment agreements (TIAs)? TIAs are assistance instruments used to stimulate or support research. As discussed in appendix B to this part, a TIA may be either a...

INTERNATIONALIZATION STRATEGIES OF THE BRAZILIAN MEAT AGRIBUSINESS SECTOR: EXPORTS OR DIRECT INVESTMENT ABROAD?

Directory of Open Access Journals (Sweden)

Eva Stal

2010-11-01

Full Text Available The article analyzes the internationalization strategies of the four largest Brazilian companies in the meat (beef, pork and poultry agribusiness sector, by considering the comparative and competitive advantages of the country and the companies. JBS, Marfrig, Sadia and Perdigão were studied, of which the last two merged in May 2009, forming Brasil Foods. The authors looked into what led these companies to start investing  abroad directly, as from 2005, as a complement to their exports, the preferred strategy for placing products in foreign markets. The research method used was the multiple case study, drawing on primary data (interviews, corporate annual reports, financial statements, press releases and shareholder information and secondary data (theses, dissertations, academic articles, reports in newspapers and business journals, using bibliographic and documentary research. Everything was analyzed in the light of international business and strategy theories. The results show that exports still predominate and that investing directly abroad was, in principle, a reactive strategy to sanitary barriers against Brazilian products. However, the acquisition of companies in restriction-free countries has increased as part of a forward-looking strategy for gaining access to new markets and strengthening brands. Key-words: Agribusiness. Internationalization. Strategy. 

An Optimal Investment Strategy and Multiperiod Deposit Insurance Pricing Model for Commercial Banks

Directory of Open Access Journals (Sweden)

Grant E. Muller

2018-01-01

Full Text Available We employ the method of stochastic optimal control to derive the optimal investment strategy for maximizing an expected exponential utility of a commercial bank’s capital at some future date T>0. In addition, we derive a multiperiod deposit insurance (DI pricing model that incorporates the explicit solution of the optimal control problem and an asset value reset rule comparable to the typical practice of insolvency resolution by insuring agencies. By way of numerical simulations, we study the effects of changes in the DI coverage horizon, the risk associated with the asset portfolio of the bank, and the bank’s initial leverage level (deposit-to-asset ratio on the DI premium while the optimal investment strategy is followed.

Essays in Investment Theory

International Nuclear Information System (INIS)

Bobtcheff, C.

2006-01-01

shocks. Each player has the choice between two technologies: a large unit and a small one. We prove that different equilibria may exist depending on the parameters' values: a simultaneous investment equilibrium in the small unit or two mixed strategy equilibria. The inaction regions where both technologies provide expected net payoffs that are similar to each other do not survive the introduction of preemption. The choice value is thus equal to zero. Lastly, chapter 4 examines the problem of optimally allocating a fixed budget to a number of different investment projects. The marginal productivity of capital in a budget is first increasing then decreasing with the amount of capital invested in it. When the total budget is below some lower cutoff the share invested in a project can be discontinuous and non-monotone in the total budget. Ultimately, an upper cutoff is reached. Above it, all projects receive more capital as the budget increases. If the projects are identical, each will get the same budget. (author) [fr

Oligopolistic concurrence and investment: application to electricity markets

International Nuclear Information System (INIS)

Meunier, G.

2008-12-01

This research aims at analysing investment strategies of firms which are in an oligopolistic situation. After a brief description of the physical characteristics of an electric system, the author describes the reforms and defines the problematic of an investment in electricity production within markets in imperfect concurrence. In a first part, the author analyses the heterogeneity (either exogenous or endogenous) and technology choices of oligopolistic firms. In case of an exogenous heterogeneity, he studies the impact of the number of firms on investment decisions. In the second part, the author examines the regulations introduced in industries in imperfect concurrence: electricity production by a public firm and interaction between emission allowance market and investment

Assessing the capital efficiency of healthcare information technologies investments: an econometric perspective.

Science.gov (United States)

Meyer, Rodolphe; Degoulet, Patrice

2008-01-01

To examine the different methods that can be used in the quantification of the added value of information technologies (IT) in the health care sector. This quantification represents a major issue for decision-makers and health care professionals when they have to plan an IT investment. Articles were chosen via Medline, internet and the University of Geneva bibliographic portal. Some of the papers were obtained directly from their authors. We examine the most current methods used to evaluate IT return on investment (ROI) in the general business and in the health care sector, drawing attention on methods traditionally used in macroeconomic studies that could reveal themselves disruptive for IT ROI impact evaluation in hospitals. Financial and accounting methods can provide interesting data on a specific IT project but are usually incomplete for revealing the global IT investment influence. Econometric methods tend to demonstrate the positive impact of health care IT (HIT) on hospital production and productivity. Hospitals having higher levels of IT investment tend to deliver a higher level of clinical quality and show improved hospital cost performances. Information technologies are so intermingled with people and processes that the identification of specific IT benefit remains questionable. Using macroeconomic tools could be the best way to analyze and compute IT ROI in health care. Econometric tools take into account all types investments (inputs) and all the returns (outputs) enabling the precise measurement of IT investments impact, breakeven points, and possible threshold levels, thus providing helpful intelligence to reach the higher levels of IT governance in hospitals.

Incentives of carbon dioxide regulation for investment in low-carbon electricity technologies in Texas

International Nuclear Information System (INIS)

Castillo, Anya; Linn, Joshua

2011-01-01

This paper compares the incentives a carbon dioxide emissions price creates for investment in low carbon dioxide-emitting technologies in the electricity sector. We consider the extent to which operational differences across generation technologies - particularly, nuclear, wind and solar photovoltaic - create differences in the incentives for new investment, which is measured by the operating profits of a potential entrant. First, astylized model of an electricity system demonstrates that the composition of the existing generation system may cause electricity prices to increase by different amounts over time when a carbon dioxide price is imposed. Differences in operation across technologies therefore translate to differences in the operating profits of a potential entrant. Then, a detailed simulation model is used to consider a hypothetical carbon dioxide price of $10-$50 per metric ton for the Electric Reliability Council of Texas (ERCOT) market. The simulations show that, for the range of prices considered, the increase in electricity prices is positively correlated with output from a typical wind unit, but the correlation is much weaker for nuclear and photovoltaic. Consequently, a carbon dioxide price creates much stronger investment incentives for wind than for nuclear or photovoltaic technologies in the Texas market. - Highlights: → Compare incentives for new investment in low-emission electricity technologies created by carbon dioxide price. → Focus on ERCOT power system using stochastic unit commitment model. →Find a greater incentive for wind than solar or nuclear because of correlation between wind generation and increase in electricity prices.

Development Strategies for Tourism Destinations: Tourism Sophistication vs. Resource Investments

OpenAIRE

Rainer Andergassen; Guido Candela

2010-01-01

This paper investigates the effectiveness of development strategies for tourism destinations. We argue that resource investments unambiguously increase tourism revenues and that increasing the degree of tourism sophistication, that is increasing the variety of tourism related goods and services, increases tourism activity and decreases the perceived quality of the destination's resource endowment, leading to an ambiguous effect on tourism revenues. We disentangle these two effects and charact...

Advocating investments in information technology

International Nuclear Information System (INIS)

Nirenberg, L.M.

1992-01-01

Information and communication systems can improve the timeliness and quality of decisions. These benefits are strategically important to the utility industry in an era of increasing competition. Because these systems often do not reduce labor cost, however, they can be difficult to evaluate. This report presents a new process for reaching consensus of the value of capital investment in information and communication systems. The results of this project is A Strategic Advocacy Process (ASAP), a methodology that can be used to evaluate investments in information technology. ASAP uses belief graphs to produce a living business case showing facts, assumptions, goals, and metrics for measuring progress toward those goals; shows how to use option pricing theory to quantify the value of managerial flexibility; ASAP uses an organizational impact assessment tool to identify the potential impact of new information systems and how to realize the benefits of managerial flexibility. The ASAP methodology addresses the critical problem of correctly valuing information and communication systems. The methodology offers a way to account for the ''intangible'' value of these systems by recognizing the managerial flexibility these systems can provide in addressing risks and uncovering new business opportunities. Metrics for measuring progress toward new goals can be defined, and plans for achieving the goals can be made. As a result, agreement can be reached on the uses, value, and priority of projects based on a metric other than on labor replacement savings

Strategy of technology and innovation

International Nuclear Information System (INIS)

Kim, Yeon Min

1998-10-01

This book introduces strategy of technology and innovation which includes design and development of strategy of technology, performance of strategy of technology and building and practice of strategy of development. The contents of this book are form of industrial innovation, act in strategy, advantage of technical innovation, new perspective of studying and innovation, alliance with competitor, cost of transmission and innovation, learning cycle of new product and power of consistency of product.

Technology Investments in the NASA Entry Systems Modeling Project

Science.gov (United States)

Barnhardt, Michael; Wright, Michael; Hughes, Monica

2017-01-01

The Entry Systems Modeling (ESM) technology development project, initiated in 2012 under NASAs Game Changing Development (GCD) Program, is engaged in maturation of fundamental research developing aerosciences, materials, and integrated systems products for entry, descent, and landing(EDL)technologies [1]. To date, the ESM project has published over 200 papers in these areas, comprising the bulk of NASAs research program for EDL modeling. This presentation will provide an overview of the projects successes and challenges, and an assessment of future investments in EDL modeling and simulation relevant to NASAs mission

Analysis on Dynamic Decision-Making Model of the Enterprise Technological Innovation Investment under Uncertain Environment

Directory of Open Access Journals (Sweden)

Yong Long

2012-01-01

Full Text Available Under the environment of fuzzy factors including the return of market, performance of product, and the demanding level of market, we use the method of dynamic programming and establish the model of investment decision, in technology innovation project of enterprise, based on the dynamic programming. Analysis of the influence caused by the changes of fuzzy uncertainty factors to technological innovation project investment of enterprise.

Strategies to overcome barriers for cleaner generation technologies in small developing power systems: Sri Lanka case study

International Nuclear Information System (INIS)

Wijayatunga, Priyantha D.C.; Siriwardena, Kanchana; Fernando, W.J.L.S.; Shrestha, Ram M.; Attalage, Rahula A.

2006-01-01

The penetration of cleaner and energy efficient technologies in small power systems such as the one in Sri Lanka has encountered many problems. This has caused major concerns among the policy makers, mainly in the context of the growing need to reduce harmful emissions in the electricity supply industry from the point of view of both local environmental pollution as well as the global warming concerns. This paper presents the outcome of a study involved in identifying and ranking the barriers to the promotion of cleaner and energy efficient technologies and strategies to overcome these barriers in Sri Lanka. Barriers for renewable energy based systems such as wind and wood fuel fired plants (dendro thermal power) and cleaner technologies such as liquefied natural gas (LNG) fired combined cycle and IGCC (coal) were identified based on a survey. A direct assessment multi-criteria decision making method called Analytic Hierarchy Process (AHP) was used to rank the barriers. The most effective strategies are proposed to address the three major barriers for each of these technologies based on extensive discussions with all the stakeholders in the electricity industry. It was found that lack of financing instruments, high initial cost and lack of assurance of resource supply or availability are the main barriers for renewable technologies. As for cleaner fuel and technology options associated with conventional generation systems, the lack of a clear government policy, uncertainty of fuel supplies and their prices and the reliability of the technologies themselves are the major barriers. Strategies are identified to overcome the above barriers. Establishment of a proper feed in tariff, geographical diversification of installations and capacity building in commercial banks are suggested for wind power. Investment incentives, streamlining of wood production and research on site identification are proposed for wood fuel fired plants. Also the study suggests delayed

Optimal technology choice and investment timing: A stochastic model of industrial cogeneration vs. heat-only production

International Nuclear Information System (INIS)

Wickart, Marcel; Madlener, Reinhard

2007-01-01

In this paper we develop an economic model that explains the decision-making problem under uncertainty of an industrial firm that wants to invest in a process technology. More specifically, the decision is between making an irreversible investment in a combined heat-and-power production (cogeneration) system, or to invest in a conventional heat-only generation system (steam boiler) and to purchase all electricity from the grid. In our model we include the main economic and technical variables of the investment decision process. We also account for the risk and uncertainty inherent in volatile energy prices that can greatly affect the valuation of the investment project. The dynamic stochastic model presented allows us to simultaneously determine the optimal technology choice and investment timing. We apply the theoretical model and illustrate our main findings with a numerical example that is based on realistic cost values for industrial oil- or gas-fired cogeneration and heat-only generation in Switzerland. We also briefly discuss expected effects of a CO 2 tax on the investment decision

Investment inefficiency and the adoption of eco-innovations: The case of household energy efficiency technologies

International Nuclear Information System (INIS)

Diaz-Rainey, Ivan; Ashton, John K.

2015-01-01

This paper examines the factors determining household adoption of energy efficiency eco-innovations. We do so by testing hypotheses grounded in diffusion and finance theory and the literature on the barriers to energy efficiency. Using two large surveys of UK households, we explore the adoption of nine technologies. Our results indicate ‘investment inefficiency’ amongst household adopters occurs for two reasons. First, contrary to notions of rational choice, we find a negative relationship between the investment return of technologies and their level of diffusion. Second, we show adopters of these technologies display characteristics broadly consistent with diffusion theory, contradicting the prediction of finance theory that investment return, not individual characteristics, should drive adoption. We also find that policy has played a role in inducing the diffusion of these technologies and that tenure and spill-over effects are important in adoption. Finally, adoption is motivated more by a desire to save money than by environmental concern. We conclude by giving examples of how our research can lead to better policy timing and targeting. -- Highlights: •We explore the factors driving household adoption of energy efficiency technologies. •We employ two high quality nationally representative cross sectional surveys. •There is a negative relationship between investment return and level of diffusion. •Adopters display characteristics broadly consistent with diffusion theory. •Policy interventions, tenure effects and spill-over effects also influence adoption

Choosing the right amount of healthcare information technologies investments.

Science.gov (United States)

Meyer, Rodolphe; Degoulet, Patrice

2010-04-01

Choosing and justifying the right amount of investment in healthcare information technologies (HITECH or HIT) in hospitals is an ever increasing challenge. Our objectives are to assess the financial impact of HIT on hospital outcome, and propose decision-helping tools that could be used to rationalize the distribution of hospital finances. We used a production function and microeconomic tools on data of 21 Paris university hospitals recorded from 1998 to 2006 to compute the elasticity coefficients of HIT versus non-HIT capital and labor as regards to hospital financial outcome and optimize the distribution of investments according to the productivity associated with each input. HIT inputs and non-HIT inputs both have a positive and significant impact on hospital production (elasticity coefficients respectively of 0.106 and 0.893; R(2) of 0.92). We forecast 2006 results from the 1998 to 2005 dataset with an accuracy of +0.61%. With the model used, the best proportion of HIT investments was estimated to be 10.6% of total input and this was predicted to lead to a total saving of 388 million Euros for the 2006 dataset. Considering HIT investment from the point of view of a global portfolio and applying econometric and microeconomic tools allow the required confidence level to be attained for choosing the right amount of HIT investments. It could also allow hospitals using these tools to make substantial savings, and help them forecast their choices for the following year for better HITECH governance in the current stimulation context. (c) 2010 Elsevier Ireland Ltd. All rights reserved.

Investment appraisal of technology innovations on dairy farm electricity consumption

NARCIS (Netherlands)

Upton, J.; Murphy, M.; Boer, de I.J.M.; Groot Koerkamp, P.W.G.; Berentsen, P.B.M.; Shalloo, L.

2015-01-01

The aim of this study was to conduct an investment appraisal for milk-cooling, water-heating, and milk-harvesting technologies on a range of farm sizes in 2 different electricity-pricing environments. This was achieved by using a model for electricity consumption on dairy farms. The model simulated

Evaluating the enhancement and improvement of China's technology and financial services platform innovation strategy.

Science.gov (United States)

Wu, Ching-Sung; Hu, Kuang-Hua; Chen, Fu-Hsiang

2016-01-01

The development of high-tech industry has been prosperous around the world in past decades, while technology and finance have already become the most significant issues in the information era. While high-tech firms are a major force behind a country's economic development, it requires a lot of money for the development process, as well as the financing difficulties for its potential problems, thus, how to evaluate and establish appropriate technology and financial services platforms innovation strategy has become one of the most critical and difficult issues. Moreover, how the chosen intertwined financial environment can be optimized in order that high-tech firms financing problems can be decided has seldom been addressed. Thus, this research aims to establish a technology and financial services platform innovation strategy improvement model, as based on the hybrid MADM model, which addresses the main causal factors and amended priorities in order to strengthen ongoing planning. A DEMATEL technique, as based on Analytic Network Process, as well as modified VIKOR, will be proposed for selecting and re-configuring the aspired technology and financial services platform. An empirical study, as based on China's technology and financial services platform innovation strategy, will be provided for verifying the effectiveness of this proposed methodology. Based on expert interviews, technology and financial services platforms innovation strategy improvement should be made in the following order: credit guarantee platform ( C )_credit rating platform ( B )_investment and finance platform ( A ).

An Extended N-Player Network Game and Simulation of Four Investment Strategies on a Complex Innovation Network.

Science.gov (United States)

Zhou, Wen; Koptyug, Nikita; Ye, Shutao; Jia, Yifan; Lu, Xiaolong

2016-01-01

As computer science and complex network theory develop, non-cooperative games and their formation and application on complex networks have been important research topics. In the inter-firm innovation network, it is a typical game behavior for firms to invest in their alliance partners. Accounting for the possibility that firms can be resource constrained, this paper analyzes a coordination game using the Nash bargaining solution as allocation rules between firms in an inter-firm innovation network. We build an extended inter-firm n-player game based on nonidealized conditions, describe four investment strategies and simulate the strategies on an inter-firm innovation network in order to compare their performance. By analyzing the results of our experiments, we find that our proposed greedy strategy is the best-performing in most situations. We hope this study provides a theoretical insight into how firms make investment decisions.

An Extended N-Player Network Game and Simulation of Four Investment Strategies on a Complex Innovation Network.

Directory of Open Access Journals (Sweden)

Wen Zhou

Full Text Available As computer science and complex network theory develop, non-cooperative games and their formation and application on complex networks have been important research topics. In the inter-firm innovation network, it is a typical game behavior for firms to invest in their alliance partners. Accounting for the possibility that firms can be resource constrained, this paper analyzes a coordination game using the Nash bargaining solution as allocation rules between firms in an inter-firm innovation network. We build an extended inter-firm n-player game based on nonidealized conditions, describe four investment strategies and simulate the strategies on an inter-firm innovation network in order to compare their performance. By analyzing the results of our experiments, we find that our proposed greedy strategy is the best-performing in most situations. We hope this study provides a theoretical insight into how firms make investment decisions.

Investment shocks and the relative price of investment

OpenAIRE

Justiniano, Alejandro; Primiceri, Giorgio E.; Tambalotti, Andrea

2009-01-01

We estimate a New-Neoclassical Synthesis model of the business cycle with two investment shocks. The first, an investment-specific technology shock, affects the transformation of consumption into investment goods and is identified with the relative price of investment. The second shock affects the production of installed capital from investment goods or, more broadly, the transformation of savings into future capital input. We find that this shock is the most important driver of U.S. business...

Network models for solving the problem of multicriterial adaptive optimization of investment projects control with several acceptable technologies

Science.gov (United States)

Shorikov, A. F.; Butsenko, E. V.

2017-10-01

This paper discusses the problem of multicriterial adaptive optimization the control of investment projects in the presence of several technologies. On the basis of network modeling proposed a new economic and mathematical model and a method for solving the problem of multicriterial adaptive optimization the control of investment projects in the presence of several technologies. Network economic and mathematical modeling allows you to determine the optimal time and calendar schedule for the implementation of the investment project and serves as an instrument to increase the economic potential and competitiveness of the enterprise. On a meaningful practical example, the processes of forming network models are shown, including the definition of the sequence of actions of a particular investment projecting process, the network-based work schedules are constructed. The calculation of the parameters of network models is carried out. Optimal (critical) paths have been formed and the optimal time for implementing the chosen technologies of the investment project has been calculated. It also shows the selection of the optimal technology from a set of possible technologies for project implementation, taking into account the time and cost of the work. The proposed model and method for solving the problem of managing investment projects can serve as a basis for the development, creation and application of appropriate computer information systems to support the adoption of managerial decisions by business people.

Water2Invest: Global facility for calculating investments needed to bridge the climate-induced water gap

Science.gov (United States)

Straatsma, Menno; Droogers, Peter; Brandsma, Jairus; Buytaert, Wouter; Karssenberg, Derek; Meijer, Karen; van Aalst, Maaike; van Beek, Rens; Wada, Yoshihide; Bierkens, Marc

2013-04-01

Decision makers responsible for climate change adaptation investments are confronted with large uncertainties regarding future water availability and water demand, as well as the investment cost required to reduce the water gap. Moreover, scientists have worked hard to increase fundamental knowledge on climate change and its impacts (climate services), while practical use of this knowledge is limited due to a lack of tools for decision support under uncertain long term future scenarios (decision services). The Water2Invest project aims are to (i) assess the joint impact of climate change and socioeconomic change on water scarcity, (ii) integrate impact and potential adaptation in one flow, (iii) prioritize adaptation options to counteract water scarcity on their financial, regional socio-economic and environmental implications, and (iv) deliver all this information in an integrated user-friendly web-based service. Global water availability is computed between 2006 and 2100 using the PCR-GLOBWB water resources model at a 6 minute spatial resolution. Climate change scenarios are based on the fifth Assessment Report (AR5) of the IPCC Coupled Model Intercomparison Project (CMIP5) that defines four CO2 emission scenarios as representative concentration pathways. Water demand is computed for agriculture, industry, domestic, and environmental requirements based on socio-economic scenarios of increase in population and gross domestic product. Using a linear programming algorithm, water is allocated on a monthly basis over the four sectors. Based on these assessments, the user can evaluate various technological and infrastructural adaptation measures to assess the investments needed to bridge the future water gap. Regional environmental and socioeconomic effects of these investments are evaluated, such as environmental flows or downstream effects. A scheme is developed to evaluate the strategies on robustness and flexibility under climate change and scenario uncertainty

Strategy development for anticipating and handling a disruptive technology.

Science.gov (United States)

Chan, Stephen

2006-10-01

The profession of radiology has greatly benefited from the introduction of new imaging technologies throughout its history. Therefore, it would seem reasonable for radiologists to believe that the emergence of a new imaging technology can generally be foreseen with sufficient advance notice to allow the appropriate levels of time, effort, and money to be devoted toward incorporating it into radiology practice. However, in his seminal work, Christiansen characterized a new form of technologic innovation, known as "disruptive technology," whose emergence often heralds the replacement of market leaders in an industry by competitors who are quicker in adopting and deploying the new technology. This article briefly describes the phenomenon of disruptive technology and addresses the challenges that organizations face in dealing with disruptive technology. The article raises 4 questions about the future of radiology: (1) Are health care and radiology vulnerable to disruptive technology? (2) What kinds of change may be in store for the radiology profession? (3) Can the radiology profession prepare itself to recognize and respond to a disruptive innovation among a group of new imaging technologies? and (4) How should a radiology organization decide whether to invest significant resources in a potentially disruptive technology? This article addresses these questions by reviewing key insights from leading "gurus" in the fields of competitive strategy and technology management and applying them to radiology. This illustrates how and why (despite past successes) the radiology profession may still have a blind spot in recognizing and handling disruptive technologies.

A research proposal for investigating the effect of foreign direct investments on technology transfer in the Arabian Gulf (GCC)

Science.gov (United States)

Tahat, Kaher; Whelan, Susan

2015-02-01

In terms of hosting countries perspectives, Foreign Direct Investments (FDI) could have a positive effect on its developing economy, by transferring, both: resources of finance in addition to the international technology (ITT) (Choi, 1997). Multinational companies (MNC) are engaging in the transferring of the new technology, internally as well as licensing older one; they create "Spillover" (Knowledge) for facilitating the transfer of ITT in line with geographical location, period of investment, and the type of industry. Furthermore, the effect of these spillovers depends on the level of transferring this knowledge based on FDI attraction policies of the host country (Huang, 2009). Considering the Arabian Gulf council countries (GCC) as "FDI- rich hosting countries", who are not seeking for financial resources, i.e., they already have a huge financial capacity for funding their different projects, even though FDI has been powerfully presented in GCC . They saw noticeable increases in FDI inflows beginning in 2002, (www.unctad.org.fdistatistics). Therefore by assumption, FDI inflows to GCC could positively affect their economic growth through transferring the advanced technology, in order to build up their level of technology (productivity growth) as well as their economic diversification strategy. If so how this Knowledge could be diffused and measured in order to maximize its benefit and enhancing the productivity growth, and what is the current status of (GCC).

Firm Decisions: Determinants of Investments

OpenAIRE

Ionescu Alexandra

2011-01-01

The investment decision is part of a companies’ investment strategy. Defined as a logical set of technical and economic information, the investment strategy determines the main objectives of the firm regarding its investments, based on studies, analysis and simulations. It also establishes the actions to be undertaken in order to achieve the objectives, methods of achieving them, sources of funding and resource allocation methods. Still, all these are influenced by several factors. The invest...

Decision Analysis Methods Used to Make Appropriate Investments in Human Exploration Capabilities and Technologies

Science.gov (United States)

Williams-Byrd, Julie; Arney, Dale C.; Hay, Jason; Reeves, John D.; Craig, Douglas

2016-01-01

NASA is transforming human spaceflight. The Agency is shifting from an exploration-based program with human activities in low Earth orbit (LEO) and targeted robotic missions in deep space to a more sustainable and integrated pioneering approach. Through pioneering, NASA seeks to address national goals to develop the capacity for people to work, learn, operate, live, and thrive safely beyond Earth for extended periods of time. However, pioneering space involves daunting technical challenges of transportation, maintaining health, and enabling crew productivity for long durations in remote, hostile, and alien environments. Prudent investments in capability and technology developments, based on mission need, are critical for enabling a campaign of human exploration missions. There are a wide variety of capabilities and technologies that could enable these missions, so it is a major challenge for NASA's Human Exploration and Operations Mission Directorate (HEOMD) to make knowledgeable portfolio decisions. It is critical for this pioneering initiative that these investment decisions are informed with a prioritization process that is robust and defensible. It is NASA's role to invest in targeted technologies and capabilities that would enable exploration missions even though specific requirements have not been identified. To inform these investments decisions, NASA's HEOMD has supported a variety of analysis activities that prioritize capabilities and technologies. These activities are often based on input from subject matter experts within the NASA community who understand the technical challenges of enabling human exploration missions. This paper will review a variety of processes and methods that NASA has used to prioritize and rank capabilities and technologies applicable to human space exploration. The paper will show the similarities in the various processes and showcase instances were customer specified priorities force modifications to the process. Specifically

Influence Diagram Use With Respect to Technology Planning and Investment

Science.gov (United States)

Levack, Daniel J. H.; DeHoff, Bryan; Rhodes, Russel E.

2009-01-01

Influence diagrams are relatively simple, but powerful, tools for assessing the impact of choices or resource allocations on goals or requirements. They are very general and can be used on a wide range of problems. They can be used for any problem that has defined goals, a set of factors that influence the goals or the other factors, and a set of inputs. Influence diagrams show the relationship among a set of results and the attributes that influence them and the inputs that influence the attributes. If the results are goals or requirements of a program, then the influence diagram can be used to examine how the requirements are affected by changes to technology investment. This paper uses an example to show how to construct and interpret influence diagrams, how to assign weights to the inputs and attributes, how to assign weights to the transfer functions (influences), and how to calculate the resulting influences of the inputs on the results. A study is also presented as an example of how using influence diagrams can help in technology planning and investment. The Space Propulsion Synergy Team (SPST) used this technique to examine the impact of R&D spending on the Life Cycle Cost (LCC) of a space transportation system. The question addressed was the effect on the recurring and the non-recurring portions of LCC of the proportion of R&D resources spent to impact technology objectives versus the proportion spent to impact operational dependability objectives. The goals, attributes, and the inputs were established. All of the linkages (influences) were determined. The weighting of each of the attributes and each of the linkages was determined. Finally the inputs were varied and the impacts on the LCC determined and are presented. The paper discusses how each of these was accomplished both for credibility and as an example for future studies using influence diagrams for technology planning and investment planning.

Evaluation of Representative Smart Grid Investment Grant Project Technologies: Thermal Energy Storage

Energy Technology Data Exchange (ETDEWEB)

Tuffner, Francis K.; Bonebrake, Christopher A.

2012-02-14

This document is one of a series of reports estimating the benefits of deploying technologies similar to those implemented on the Smart Grid Investment Grant (SGIG) projects. Four technical reports cover the various types of technologies deployed in the SGIG projects, distribution automation, demand response, energy storage, and renewables integration. A fifth report in the series examines the benefits of deploying these technologies on a national level. This technical report examines the impacts of energy storage technologies deployed in the SGIG projects.

Energy transition: which investments for which competitiveness? Understanding German, Spanish and British strategies

International Nuclear Information System (INIS)

2013-01-01

This document reports a study which aimed at a better understanding of energy transition strategies in Germany, Spain and United Kingdom. It outlines that these strategies are different and give contrasted results, that economic implication of energy transition programmes are also different. Two financing approaches are identified (mainly by private investors, or by mobilizing all types of financial support), and therefore two economic strategies (productivity-oriented investments, or search for a structural competitiveness with a new growth model). The report notices that there is no reference study of the impact of energy transition on employment

Influence of elements of “technological revolution” on efficiency of the investment and construction sphere

Directory of Open Access Journals (Sweden)

Murashova Olga

2017-01-01

Full Text Available The article describes a new view on the investment and construction area taking into consideration the influence of information technologies and innovations. The author has pointed out the basic aspects, which could allow making a break-through in management effectiveness, if being implemented in companies’ business or in investment and construction projects. The article presents the definition of the investment and construction cycle as an integrator of innovation solutions. The paper contains the conclusion about the obvious sector development using active implementation of information modeling of the investment and construction project facilities.

Investments in information systems and technology in the healthcare: Project management mediation

Directory of Open Access Journals (Sweden)

Jorge Gomes

2017-03-01

Full Text Available Healthcare organisations must improve their business practices and internal procedures in order to answer the increasing demand of health professionals and the general public for more and better information. Hospitals invest massively in information systems and technology (IS/IT in the hope that these investments will improve healthcare and meet patients’ demands. The main objective of our research is to study how organisational maturity, enhanced by investments in IS/IT, project management and best practices, leads to successful projects in public healthcare organisations. The rational of our model is that organisational maturity has a positive effect on IS/IT project success, and that this success is also positively enhanced by the use of project management practices. We emphasise that this combination of approaches can increase the effectiveness of projects. Furthermore, it can also improve the confidence that the results of investments will meet stakeholders’ expectations.

Evaluation of Representative Smart Grid Investment Grant Project Technologies: Distributed Generation

Energy Technology Data Exchange (ETDEWEB)

Singh, Ruchi; Vyakaranam, Bharat GNVSR

2012-02-14

This document is one of a series of reports estimating the benefits of deploying technologies similar to those implemented on the Smart Grid Investment Grant (SGIG) projects. Four technical reports cover the various types of technologies deployed in the SGIG projects, distribution automation, demand response, energy storage, and renewables integration. A fifth report in the series examines the benefits of deploying these technologies on a national level. This technical report examines the impacts of addition of renewable resources- solar and wind in the distribution system as deployed in the SGIG projects.

Investments of petroleum companies in biofuels. Scope, integration, diversification; Investimentos de empresas de petroleo em biocombustiveis. Escopo, integracao, diversificacao

Energy Technology Data Exchange (ETDEWEB)

Oberling, Daniel Fontana; Obermaier, Martin [Coordenacao dos Programas de Pos-Graduacao de Engenharia (LIMA/COPPE/UFRJ), RJ (Brazil). Lab. Interdisciplinar de Meio Ambiente/Centro Clima], Emails: daniel@lima.coppe.ufrj.br; martin@ppe.ufrj.br

2010-07-01

This paper argues on the implicit strategy of petroleum enterprises in the biofuel chain analysing the hypothesis that their present investments are made viewing to control, in accordance with their interests, the growing of biofuel chain. It is presented the concept of technological lock-in, showing that the industrial economies are locked up in their technological systems and traditional structures that increase the scale reward of a technological option, hardly allowing the ascensions of technological alternatives. The paper analyses the present and future perspectives of technological and institutional lock-in in favouring the biofuel chain, particularly referring to the implicit strategies and perceptions of petroleum enterprises as function of the investments in declared biofuels.

An options approach to investment in a hydrogen infrastructure

International Nuclear Information System (INIS)

Benthem, A.A. van; Kramer, G.J.; Ramer, R.

2006-01-01

This paper discusses the investments needed for the introduction of hydrogen as a transport fuel. Using option theory, we develop a model to calculate the value and optimal timing of a first commercial rollout of hydrogen vehicles in a larger area, taking Japan as a specific example. We find that the project is best viewed as an out-of-the-money call option with a small but positive option value. We estimate this value at approximately 1.5 billion euros, without tax advantages. An important finding is that the moment of investment is first and foremost determined by the maturing of the technology. By contrast, the investment timing is not as much affected by deployment strategy as is frequently thought: in particular, whether or not the hydrogen retail infrastructure is introduced smoothly does not sensitively influence the investment timing. Fairly independent of parameter assumptions, the project value at the moment of deployment is negative for the retailer and positive for the car manufacturer. This implies the need for a negotiated partnership. Finally, we assess various forms of government support, e.g. subsidies or tax cuts. Looking at the effectiveness of this support spending in relation to the advancement of hydrogen deployment, we find, again because investment timing is primarily determined by technology maturation, that tax incentives are relatively ineffective. We are lead to believe that government subsidy for technology development is a more effective means to achieve earlier investment, as faster production cost reductions for hydrogen and fuel cell vehicles lead to accelerated investment

National Strategies for Technological Innovation

Science.gov (United States)

Rossini, Frederick; Bozeman, Barry

1977-01-01

Considers the implications of the technological innovation literature for possible national strategies for innovation. Sketches highly generalized innovation strategies for nations at various levels of technological development. (Author/IRT)

Capital optimization: linking investment with strategic intent.

Science.gov (United States)

Fine, Allan; Bacchetti, J Alex

2004-01-01

With operating margins showing some improvement in 2003, Y2K being a distant memory, and many critical capital investment decisions delayed as long as possible, hospitals have been on a relative spending spree, building new facilities, renovating operating rooms and inpatient units, and investing in new medical and information technologies. However, with pressure on both cost and revenue expected to continue, if not increase, this spending spree may be short-lived, and hospitals must improve their capital planning efforts; align them with their mission, vision, and strategies; and ensure that capital is available when unplanned or even expected needs arise. This article explores some of the challenges that hospitals face in their capital planning efforts and, more importantly, suggests the necessity for hospitals to integrate capital and strategic planning. Capital planning must be driven by an organization's strategies; however, we also argue that an organization's ability to execute its strategies is highly dependent on the existence of a cohesive capital prioritization and planning process. In this article, we explore a number of issues critical to developing a comprehensive capital plan, including estimating capital costs, evaluating and designing strategies to contend with risk, saving for the proverbial "rainy day," and recognizing the role and value of philanthropy, while challenging some conventional thinking of hospital executives with respect to investment, growth, and planning.

Does investment in leaf defenses drive changes in leaf economic strategy? A focus on whole-plant ontogeny.

Science.gov (United States)

Mason, Chase M; Donovan, Lisa A

2015-04-01

Leaf defenses have long been studied in the context of plant growth rate, resource availability, and optimal investment theory. Likewise, one of the central modern paradigms of plant ecophysiology, the leaf economics spectrum (LES), has been extensively studied in the context of these factors across ecological scales ranging from global species data sets to temporal shifts within individuals. Despite strong physiological links between LES strategy and leaf defenses in structure, function, and resource investment, the relationship between these trait classes has not been well explored. This study investigates the relationship between leaf defenses and LES strategy across whole-plant ontogeny in three diverse Helianthus species known to exhibit dramatic ontogenetic shifts in LES strategy, focusing primarily on physical and quantitative chemical defenses. Plants were grown under controlled environmental conditions and sampled for LES and defense traits at four ontogenetic stages. Defenses were found to shift strongly with ontogeny, and to correlate strongly with LES strategy. More advanced ontogenetic stages with more conservative LES strategy leaves had higher tannin activity and toughness in all species, and higher leaf dry matter content in two of three species. Modeling results in two species support the conclusion that changes in defenses drive changes in LES strategy through ontogeny, and in one species that changes in defenses and LES strategy are likely independently driven by ontogeny. Results of this study support the hypothesis that leaf-level allocation to defenses might be an important determinant of leaf economic traits, where high investment in defenses drives a conservative LES strategy.

Solving Constrained Consumption-Investment Problems by Simulation of Artificial Market Strategies

DEFF Research Database (Denmark)

Bick, Björn; Kraft, Holger; Munk, Claus

2013-01-01

Utility-maximizing consumption and investment strategies in closed form are unknown for realistic settings involving portfolio constraints, incomplete markets, and potentially a high number of state variables. Standard numerical methods are hard to implement in such cases. We propose a numerical...... procedure that combines the abstract idea of artificial, unconstrained complete markets, well-known closed-form solutions in affine or quadratic return models, straightforward Monte Carlo simulation, and a standard iterative optimization routine. Our method provides an upper bound on the wealth......-equivalent loss compared to the unknown optimal strategy, and it facilitates our understanding of the economic forces at play by building on closed-form expressions for the strategies considered. We illustrate and test our method on the life-cycle problem of an individual who receives unspanned labor income...

In-depth analysis on R and D investment and strategy on PV in South Korea

International Nuclear Information System (INIS)

Park, Noeon; Lee, Ki Jong; Lee, Kyong Jae; Lee, Yun Jie; Lee, Kyoungmi; Lee, Sang Hyon

2013-01-01

Photovoltaics (PV) is an eco-friendly and green technology, as a renewable energy source, with the aim of minimizing carbon dioxide emission into the atmosphere. The Korean government has financed various domestic installations as well as research and development (R and D) programs to enter and develop a lead in the worldwide PV market. In this study, R and D investments in the area of PV are analyzed in terms of the respective ministry, performer, research characteristics, PV materials and output levels in detail. The Korean government in the Fiscal year (FY) 2010 provided $178 million dollars from R and D funds for PV development. 74% of the R and D funds in the context of PV has been invested by the Ministry of Knowledge Economy (MKE). Expenditures for R and D programs in terms of PV are mainly funded by small-medium companies (40%), and the portion of the R and D investment in crystalline silicon solar cells is the highest in terms of materials. In spite of the high levels of R and D investment in PV, the output for commercialization was relatively lower compared to the R and D input in FY 2009–2010. With these results, we suggested to develop various solutions to improve the R and D investment efficiency for PV technology in Korea

Genomic Medicine Without Borders: Which Strategies Should Developing Countries Employ to Invest in Precision Medicine? A New "Fast-Second Winner" Strategy.

Science.gov (United States)

Mitropoulos, Konstantinos; Cooper, David N; Mitropoulou, Christina; Agathos, Spiros; Reichardt, Jürgen K V; Al-Maskari, Fatima; Chantratita, Wasun; Wonkam, Ambroise; Dandara, Collet; Katsila, Theodora; Lopez-Correa, Catalina; Ali, Bassam R; Patrinos, George P

2017-11-01

Genomic medicine has greatly matured in terms of its technical capabilities, but the diffusion of genomic innovations worldwide faces significant barriers beyond mere access to technology. New global development strategies are sorely needed for biotechnologies such as genomics and their applications toward precision medicine without borders. Moreover, diffusion of genomic medicine globally cannot adhere to a "one-size-fits-all-countries" development strategy, in the same way that drug treatments should be customized. This begs a timely, difficult but crucial question: How should developing countries, and the resource-limited regions of developed countries, invest in genomic medicine? Although a full-scale investment in infrastructure from discovery to the translational implementation of genomic science is ideal, this may not always be feasible in all countries at all times. A simple "transplantation of genomics" from developed to developing countries is unlikely to be feasible. Nor should developing countries be seen as simple recipients and beneficiaries of genomic medicine developed elsewhere because important advances in genomic medicine have materialized in developing countries as well. There are several noteworthy examples of genomic medicine success stories involving resource-limited settings that are contextualized and described in this global genomic medicine innovation analysis. In addition, we outline here a new long-term development strategy for global genomic medicine in a way that recognizes the individual country's pressing public health priorities and disease burdens. We term this approach the "Fast-Second Winner" model of innovation that supports innovation commencing not only "upstream" of discovery science but also "mid-stream," building on emerging highly promising biomarker and diagnostic candidates from the global science discovery pipeline, based on the unique needs of each country. A mid-stream entry into innovation can enhance collective

STRATEGIC EXERCISE OF REAL OPTIONS:INVESTMENT DECISIONS IN TECHNOLOGICAL SYSTEMS

Institute of Scientific and Technical Information of China (English)

Kevin ZHU; John WEYANT

2003-01-01

Viewing investment projects in new technologies as real options, this paper studies the effects of endogenous competition and asymmetric information on the strategic exercise of real options. We first develop a multi-period, game-theoretic model and show how competition leads to early exercise and aggressive investment behaviors and how competition erodes option values. We then relax the typical full-information assumption found in the literature and allow information asymmetry to exist across firms. Our model shows, in contrast to the literature that payoff is independent of the ordering of exercise, that the sequential exercise of real options may generate both informational and payoff externalities. We also find some surprising but interesting results such as having more information is not necessarily better.

Investment appraisal of automatic milking and conventional milking technologies in a pasture-based dairy system.

Science.gov (United States)

Shortall, J; Shalloo, L; Foley, C; Sleator, R D; O'Brien, B

2016-09-01

The successful integration of automatic milking (AM) systems and grazing has resulted in AM becoming a feasible alternative to conventional milking (CM) in pasture-based systems. The objective of this study was to identify the profitability of AM in a pasture-based system, relative to CM herringbone parlors with 2 different levels of automation, across 2 farm sizes, over a 10-yr period following initial investment. The scenarios which were evaluated were (1) a medium farm milking 70 cows twice daily, with 1 AM unit, a 12-unit CM medium-specification (MS) parlor and a 12-unit CM high-specification (HS) parlor, and (2) a large farm milking 140 cows twice daily with 2 AM units, a 20-unit CM MS parlor and a 20-unit CM HS parlor. A stochastic whole-farm budgetary simulation model combined capital investment costs and annual labor and maintenance costs for each investment scenario, with each scenario evaluated using multiple financial metrics, such as annual net profit, annual net cash flow, total discounted net profitability, total discounted net cash flow, and return on investment. The capital required for each investment was financed from borrowings at an interest rate of 5% and repaid over 10-yr, whereas milking equipment and building infrastructure were depreciated over 10 and 20 yr, respectively. A supporting labor audit (conducted on both AM and CM farms) showed a 36% reduction in labor demand associated with AM. However, despite this reduction in labor, MS CM technologies consistently achieved greater profitability, irrespective of farm size. The AM system achieved intermediate profitability at medium farm size; it was 0.5% less profitable than HS technology at the large farm size. The difference in profitability was greatest in the years after the initial investment. This study indicated that although milking with AM was less profitable than MS technologies, it was competitive when compared with a CM parlor of similar technology. Copyright © 2016 American Dairy

Carbon Capture and Storage Investment and Management in an Environment of Technological and Price Uncertainties

Energy Technology Data Exchange (ETDEWEB)

Geske, Joachim; Herold, Johannes [Forschungszentrum Juelich and TU Dresden (Germany)

2009-07-01

In this paper we use a real options approach to analyze investment in a CCS postcombustion technology. Uncertainties in the development of efficiency and certificate prices are taken into account. We therefore propose a bounded monotone stochastic process to model energy efficiency development which is in line with thermodynamic limitations. The option not to employ the technology is allowed for. Parameter values are selected carefully. Numerical analysis shows plausible qualitative features. Furthermore there exist investment barriers for each uncertain parameter alone which reduce if interaction of the independent processes is permitted.

Improvement of methods of evaluation of investment projects in the context of import substitution

Directory of Open Access Journals (Sweden)

Kuvshinov M.S.

2017-01-01

Full Text Available Due to the imposition of sanctions, based more on geopolitical interests, there were additional essential restrictions on sources of external credits, use of import raw materials and technologies, possibilities of attraction to work of the qualified employees which do not have the Russian nationality, participation in the international technology and scientific projects. At similar restrictions of different resources investment decisions are made extremely carefully, and especially careful and reasonable efficiency evaluation of the investments is required. Traditionally used techniques of efficiency evaluation of investment projects not fully consider strategic interests of owners of industrial enterprises and investors. Decrease in risks requires higher quality of project evaluation. In this work the method of multi-level consistently complex integral assessment of investment projects on an indicator of the integral indicator of their efficiency implementing consecutive selection of investment projects from a portfolio on essential indicators of commercial effectiveness, efficiency of production business activities, a financial state and productivity of activity is provided. The developed method of a complex assessment of investment projects is implemented for practical application by the software product allowing to create on the basis of economic-mathematical modeling specific recommendations in economic practice of industrial enterprises during the developing and implementation of investment strategies. The conclusion that for the Russian economy in the conditions of import substitution accounting of all set of interests of investors and owners of the enterprises provides development and implementation of reasonable investment strategies is drawn.

Network analysis to detect common strategies in Italian foreign direct investment

Science.gov (United States)

De Masi, G.; Giovannetti, G.; Ricchiuti, G.

2013-03-01

In this paper we reconstruct and discuss the network of Italian firms investing abroad, exploiting information from complex network analysis. This method, detecting the key nodes of the system (both in terms of firms and countries of destination), allows us to single out the linkages among firms without ex-ante priors. Moreover, through the examination of affiliates’ economic activity, it allows us to highlight different internationalization strategies of “leaders” in different manufacturing sectors.

PRODUCTIVITY AND LAND ENHANCING TECHNOLOGIES IN NORTHERN ETHIOPIA: HEALTH, PUBLIC INVESTMENTS, AND SEQUENTIAL ADOPTION

OpenAIRE

Ersado, Lire; Amacher, Gregory S.; Alwang, Jeffrey Roger

2003-01-01

The adoption of more efficient farming practices and technologies that enhance agricultural productivity and improve environmental sustainability is instrumental for achieving economic growth, food security and poverty alleviation in sub-Saharan Africa. Our research examines the interaction between public investments, community health, and adoption of productivity and land enhancing technologies by households in the northern Ethiopian state of Tigray. Agricultural technology adoption decision...

Using genetic algorithms to determine near-optimal pricing, investment and operating strategies in the electric power industry

Science.gov (United States)

Wu, Dongjun

Network industries have technologies characterized by a spatial hierarchy, the "network," with capital-intensive interconnections and time-dependent, capacity-limited flows of products and services through the network to customers. This dissertation studies service pricing, investment and business operating strategies for the electric power network. First-best solutions for a variety of pricing and investment problems have been studied. The evaluation of genetic algorithms (GA, which are methods based on the idea of natural evolution) as a primary means of solving complicated network problems, both w.r.t. pricing: as well as w.r.t. investment and other operating decisions, has been conducted. New constraint-handling techniques in GAs have been studied and tested. The actual application of such constraint-handling techniques in solving practical non-linear optimization problems has been tested on several complex network design problems with encouraging initial results. Genetic algorithms provide solutions that are feasible and close to optimal when the optimal solution is know; in some instances, the near-optimal solutions for small problems by the proposed GA approach can only be tested by pushing the limits of currently available non-linear optimization software. The performance is far better than several commercially available GA programs, which are generally inadequate in solving any of the problems studied in this dissertation, primarily because of their poor handling of constraints. Genetic algorithms, if carefully designed, seem very promising in solving difficult problems which are intractable by traditional analytic methods.

Producer firms, technology diffusion and spillovers to local suppliers : Examining the effects of Foreign Direct Investment and the technology gap

NARCIS (Netherlands)

Jordaan, J.A.

2017-01-01

In this paper, we conduct a detailed examination of the effects of Foreign Direct Investment (FDI) and the technology gap on local technology dissemination and spillovers. Using unique firm level data from surveys among FDI firms and domestic producer firms and a random sample of their suppliers in

Guidelines for integrating socially responsible investment in the investment process

NARCIS (Netherlands)

de Graaf, F.J.; Slager, A.

2009-01-01

Socially Responsible Investment (SRI) is of growing importance for institutional investors. Our analysis shows that SRI strategies can be grouped in ethically-based, investment-driven and value-ensuring objectives. We demonstrate that this categorization strengthens decisionmaking in SRI. Based on

Determinants of Discretionary Investments

Directory of Open Access Journals (Sweden)

K. S. Sujit

2016-03-01

Full Text Available Theoretical and empirical studies have focused on discretionary investments such as research and development (R&D and advertisement as value-creating activities. This empirical research article examines the determinants of the discretionary investment policy of food sector firms in India. The study aims to analyze the impact of financial policies and firm characteristics on the discretionary investment strategy of the food industry firms. The article uses the partial least squares structural equation modeling (PLS-SEM to understand the drivers of discretionary investment policy of food sector firms. The study finds that investment policy of firms is a major determinant of profitability of food sector firms. Higher investments in capital expenditures and working capital result in higher profitability. Management efficiency significantly influences firm profitability. The results suggest that riskier firms in food sector might focus on R&D investments as a strategy to generate more cash flows. Size of firm is negatively related to R&D intensity. Smaller firms in food sector tend to invest more in R&D. The study does not provide evidence to suggest that profitable firms invest more in R&D activities.

Does Foreign Direct Investment Transfer Technology Across Borders? A Reexamination

OpenAIRE

Jürgen Bitzer; Monika Kerekes

2005-01-01

Reexamining foreign direct investment (FDI) as a potential channel for knowledge diffusion -- based on industry data from seventeen OECD countries during the period 1973-2000 -- we find that FDI-receiving countries benefit strongly from FDI-related knowledge spillovers. We do not find evidence for positive FDI-related technology sourcing effects. Instead, our results suggest that outward FDI might have negative effects on the output of the FDI-sending country.

Investment Strategy in an Inflationary Environment

OpenAIRE

Zvi Bodie

1981-01-01

This paper addresses the issue of how an investor concerned about the real rate of return on his investment portfolio should allocate his funds among four major asset classes: stocks, bonds, bills and commodity futures contracts. It employs the Markowitz mean-variance framework to derive estimates of the pre-tax, real risk-return tradeoff curve currently facing an investor in the U.S. capital markets. Some of the major findings are: 1) Bills are the cornerstone of any low-risk investment stra...

Investment, regulation, and uncertainty

Science.gov (United States)

Smyth, Stuart J; McDonald, Jillian; Falck-Zepeda, Jose

2014-01-01

As with any technological innovation, time refines the technology, improving upon the original version of the innovative product. The initial GM crops had single traits for either herbicide tolerance or insect resistance. Current varieties have both of these traits stacked together and in many cases other abiotic and biotic traits have also been stacked. This innovation requires investment. While this is relatively straight forward, certain conditions need to exist such that investments can be facilitated. The principle requirement for investment is that regulatory frameworks render consistent and timely decisions. If the certainty of regulatory outcomes weakens, the potential for changes in investment patterns increases.   This article provides a summary background to the leading plant breeding technologies that are either currently being used to develop new crop varieties or are in the pipeline to be applied to plant breeding within the next few years. Challenges for existing regulatory systems are highlighted. Utilizing an option value approach from investment literature, an assessment of uncertainty regarding the regulatory approval for these varying techniques is undertaken. This research highlights which technology development options have the greatest degree of uncertainty and hence, which ones might be expected to see an investment decline. PMID:24499745

Healthcare's Future: Strategic Investment in Technology.

Science.gov (United States)

Franklin, Michael A

2018-01-01

Recent and rapid advances in the implementation of technology have greatly affected the quality and efficiency of healthcare delivery in the United States. Simultaneously, diverse generational pressures-including the consumerism of millennials and unsustainable growth in the costs of care for baby boomers-have accelerated a revolution in healthcare delivery that was marked in 2010 by the passage of the Affordable Care Act.Against this backdrop, Maryland and the Centers for Medicare & Medicaid Services entered into a partnership in 2014 to modernize the Maryland All-Payer Model. Under this architecture, each Maryland hospital negotiates a global budget revenue agreement with the state's rate-setting agency, limiting the hospital's annual revenue to the budgetary cap established by the state.At Atlantic General Hospital (AGH), leaders had established a disciplined strategic planning process in which the board of trustees, medical staff, and administration annually agree on goals and initiatives to achieve the objectives set forth in its five-year strategic plans. This article describes two initiatives to improve care using technology. In 2006, AGH introduced a service guarantee in the emergency room (ER); the ER 30-Minute Promise assures patients that they will be placed in a bed or receive care within 30 minutes of arrival in the ER. In 2007, several independent hospitals in the state formed Maryland eCare to jointly contract for intensive care unit (ICU) physician coverage via telemedicine. This technology allows clinical staff to continuously monitor ICU patients remotely. The positive results of the ER 30-Minute Promise and Maryland eCare program show that technological advances in an independent, small, rural hospital can make a significant impact on its ability to maintain independence. AGH's strategic investments prepared the organization well for the transition in 2014 to a value-based payment system.

Artificial intelligence and exponential technologies business models evolution and new investment opportunities

CERN Document Server

Corea, Francesco

2017-01-01

Artificial Intelligence is a huge breakthrough technology that is changing our world. It requires some degrees of technical skills to be developed and understood, so in this book we are going to first of all define AI and categorize it with a non-technical language. We will explain how we reached this phase and what historically happened to artificial intelligence in the last century. Recent advancements in machine learning, neuroscience, and artificial intelligence technology will be addressed, and new business models introduced for and by artificial intelligence research will be analyzed. Finally, we will describe the investment landscape, through the quite comprehensive study of almost 14,000 AI companies and we will discuss important features and characteristics of both AI investors as well as investments. This is the “Internet of Thinks” era. AI is revolutionizing the world we live in. It is augmenting the human experiences, and it targets to amplify human intelligence in a future not so distant from...

Shenzhen International Low Carbon City in Development: Practice of Low Carbon Planning Technology Strategy Based on Dynamic Demands

Institute of Scientific and Technical Information of China (English)

Yu; Han; Li; Caige

2016-01-01

Targeted at the dynamic demands in the rapid urban construction, the planning technology strategy of the Shenzhen International Low Carbon City studies the fl exible index model based on carbon emission evaluation, and adopts rolling development and micro-circulation construction mode to achieve quick returns with small investment. Meanwhile, it also evaluates the application of low carbon technology and gives feedback in time, so as to constantly optimize and complete the low carbon city planning. In detail, it involves industrial planning, ecological restoration, transport planning, energy resource planning, architectural design, etc., for which appropriate approaches are selected according to the principle of rolling development of unit cells and based on different requirements of different stages. The quick-response and fl exible technology system can help the low carbon city to choose an appropriate technology strategy in line with its own characteristics in the start-up stage and rapid development, thus realizing the sustainable leap-forward development and providing reference for other similar regions.

Shenzhen International Low Carbon City in Development: Practice of Low Carbon Planning Technology Strategy Based on Dynamic Demands

Institute of Scientific and Technical Information of China (English)

Yu Han; Li Caige

2016-01-01

Targeted at the dynamic demands in the rapid urban construction,the planning technology strategy of the Shenzhen International Low Carbon City studies the flexible index model based on carbon emission evaluation,and adopts rolling development and micro-circulation construction mode to achieve quick returns with small investment.Meanwhile,it also evaluates the application of low carbon technology and gives feedback in time,so as to constantly optimize and complete the low carbon city planning.In detail,it involves industrial planning,ecological restoration,transport planning,energy resource planning,architectural design,etc.,for which appropriate approaches are selected according to the principle of rolling development of unit cells and based on different requirements of different stages.The quick-response and flexible technology system can help the low carbon city to choose an appropriate technology strategy in line with its own characteristics in the start-up stage and rapid development,thus realizing the sustainable leap-forward development and providing reference for other similar regions.

Returns on investments in energy-saving technologies under energy price uncertainty in Dutch greenhouse horticulture

NARCIS (Netherlands)

Diederen, P.J.M.; Tongeren, van F.W.; Veen, van der H.B.

2003-01-01

Conventional net present value calculations evaluating the profitability of investments in energy-saving technologies in Dutch horticultural outlays predict a much higher rate of adoption of these technologies than is actually observed. This paper tries to explain this gap by applying a real options

TRADE AND FOREIGN DIRECT INVESTMENT MANAGEMENT STRATEGIES FOR U.S. PROCESSED FOOD FIRMS IN CHINA

OpenAIRE

Marchant, Mary A.; Saghaian, Sayed H.; Vickner, Steven S.

1999-01-01

This research examines the relationship between U.S. foreign direct investment (FDI) and exports of processed foods to China and identifies management strategies to enhance U.S. competitiveness. Two-stage least-squares empirical econometric results from a simultaneous equation system indicate that there exists a strong complementary relationship between U.S exports and FDI into China. Therefore, the appropriate managerial strategy to access Chinese processed foods markets is to increase overa...

Resources, Technology, and Strategy

DEFF Research Database (Denmark)

Resources, Technology and Strategy brings together contributors from Europe, North America and Asia to consider the strategic relationship between technology and other resources, such as production capabilities, marketing prowess, finance and organisational culture. Throughout the book...

Energy Technology Investments: Maximizing Efficiency Through a Maritime Energy Portfolio Interface and Decision Aid

Science.gov (United States)

2012-02-09

Investment (ROI) and Break Even Point ( BEP ). These metrics are essential for determining whether an initiative would be worth pursuing. Balanced...is Unlimited Energy Decision Framework Identify Inefficiencies 2. Perform Analyses 3. Examine Technology Candidates 1. Improve Energy...Unlimited Energy Decision Framework Identify Inefficiencies 2. Perform Analyses 3. Examine Technology Candidates 1. Improve Energy Efficiency 4

Foreign direct investment and technology spillovers in Mexico: 20 years of NAFTA

OpenAIRE

Armas, Enrique; Rodríguez, José Carlos

2017-01-01

This article analyses the development of technology capabilities in the manufacturing sector of Mexico during the last two decades. It has been argued that the inclusion of Mexico in the North America Free Trade Agreement (NAFTA) in 1994 would be enough to catch up with Canada and the United States. In this regard, trade liberalisation and foreign direct investment (FDI) would have been two strategic tools to close the technology gap between Mexico and its commercial partners in North America...

An exploratory investigation of barriers and enablers affecting investment in renewable companies and technologies in the UK.

Science.gov (United States)

Wells, Victoria; Greenwell, Felicity; Covey, Judith; Rosenthal, Harriet E S; Adcock, Mike; Gregory-Smith, Diana

2013-02-06

The last few years have seen considerable research expenditure on renewable fuel technologies. However, in many cases, the necessary sustained and long-term funding from the investment community has not been realized at a level needed to allow technologies to become reality. According to global consulting firm Deloitte's recent renewable energy report (http://www.deloitte.com/energypredictions2012), many renewable energy projects stalled or were not completed because of issues including the global economy, the state of government finances, difficulties in funding and regulatory uncertainty. This investigation concentrates on the funding aspect and explores the perceived barriers and enablers to renewable technologies within the investment and renewables community. Thematic analysis of 14 in-depth interviews with representatives from renewable energy producers, banks and investment companies identified key factors affecting the psychology of investor behaviour in renewables. Eight key issues are highlighted, including a range of barriers and enablers, the role of the government, balance between cost/risk, value/return on investment, investment time scales, personality/individual differences of investors and the level of innovation in the renewable technology. It was particularly notable that in the findings the role of the government was discussed more than other themes and generally in quite critical terms, highlighting the need to ensure consistency in government funding and policy and a greater understanding of how government decision-making happens. Specific findings such as these illustrate the value of crossing disciplinary boundaries and highlight potential further research. Behavioural science and economic psychology in particular have much to offer at the interface of other disciplines such as political science and financial economics.

An exploratory investigation of barriers and enablers affecting investment in renewable companies and technologies in the UK

Science.gov (United States)

Wells, Victoria; Greenwell, Felicity; Covey, Judith; Rosenthal, Harriet E. S.; Adcock, Mike; Gregory-Smith, Diana

2013-01-01

The last few years have seen considerable research expenditure on renewable fuel technologies. However, in many cases, the necessary sustained and long-term funding from the investment community has not been realized at a level needed to allow technologies to become reality. According to global consulting firm Deloitte's recent renewable energy report (http://www.deloitte.com/energypredictions2012), many renewable energy projects stalled or were not completed because of issues including the global economy, the state of government finances, difficulties in funding and regulatory uncertainty. This investigation concentrates on the funding aspect and explores the perceived barriers and enablers to renewable technologies within the investment and renewables community. Thematic analysis of 14 in-depth interviews with representatives from renewable energy producers, banks and investment companies identified key factors affecting the psychology of investor behaviour in renewables. Eight key issues are highlighted, including a range of barriers and enablers, the role of the government, balance between cost/risk, value/return on investment, investment time scales, personality/individual differences of investors and the level of innovation in the renewable technology. It was particularly notable that in the findings the role of the government was discussed more than other themes and generally in quite critical terms, highlighting the need to ensure consistency in government funding and policy and a greater understanding of how government decision-making happens. Specific findings such as these illustrate the value of crossing disciplinary boundaries and highlight potential further research. Behavioural science and economic psychology in particular have much to offer at the interface of other disciplines such as political science and financial economics. PMID:24427512

Controlled-risk foreign investment strategy can boost yields.

Science.gov (United States)

Simms, R A

2000-06-01

Healthcare organizations that have invested in the U.S. stock market have enjoyed high returns in recent years. After such a performance, many investment managers see little reason to investigate overseas markets, believing that the U.S. market will continue to be profitable and economic uncertainties make overseas markets too risky. However, in 1999, markets in Europe, Australia, and the Far East outperformed the S&P 500 for the first time in five years. In addition, signs such as mounting price/earnings ratios may indicate that the U.S. stock market will be less profitable than it has been in recent years. Consequently, investment managers should revisit the idea of international investing.

Market Power and Investment in Renewable Electricity Generation

DEFF Research Database (Denmark)

Ernstsen, Rune Ramsdal; Misir, Nihat

while incurring lower investment costs. We additionally find that highly convex investment cost greatly diminishes the impact of market power on the investment decisions. Furthermore, for both the strategic firm and the social planner, fixed baseload generation is preferable during low installed...... approach to evaluate the investment decisions. In our paper we do not only focus on the differences in costs for different technologies but also on the differences in operation of those technologies and how those differences impact the optimal investment decisions. In our model, the one-time investment...... decision requires the determination of demand shock trigger level, choice of technology and level of optimal capacity. We specifically investigate how the investment triggers, optimal capacities and technology choices change with the changes to the investment cost function, demand uncertainty and the level...

Technology investment fund : issues for consideration : issue paper for an expert workshop

International Nuclear Information System (INIS)

Drexhage, J.

2006-12-01

This document was prepared in advance of an expert workshop held to discuss technology investment funds (TIF) related to Canada's Clean Air Act. TIFs are being considered in the development of the Clean Air Act as a compliance option for air emissions regulations. Energy production is expected to dominate Canadian business in the future, and the domestic sector is undergoing a marked shift from conventional to unconventional sources such as oil sands, coalbed methane (CBM) and liquefied natural gas. Technological solutions are required to allow Canada to obtain the benefits of the country's natural resource wealth while reducing impacts to the environment. However, solutions will vary from region to region. The report examined issues related to financing research and demonstration programs. Research and development policies were discussed, as well as the role of the government in encouraging public and private partnerships. It was suggested that a portfolio of policy approaches will be required, as well as a compliance-based TIF designed to address a range of greenhouse gas (GHG) and air pollutants. Issues concerning rates of contributions and recognition for existing technology investments were also reviewed. Various taxes, levies, and funding approaches were outlined. It was concluded that a successful TIF will form part of an overall emissions trading framework.1 tab

Portfolio optimization in the cryptocurrency market : an evaluation of the performance of momentum strategies in the cryptocurrency market and cryptocurrency’s place in an optimized investment portfolio

OpenAIRE

Bjordal, Andreas; Opdahl, Espen

2017-01-01

In this paper, we rigorously investigate the benefit of utilizing an active investment strategy based on momentum when investing in cryptocurrencies. We also examine how including cryptocurrencies in a more traditional asset allocation can optimize an investment portfolio. First, we create strategies with the use of exponential moving averages and simple average filters to generate a trading signal. Second, we provide evidence that the active strategies receive positive return,...

Improving Energy Efficiency Through Technology. Trends, Investment Behaviour and Policy Design

Energy Technology Data Exchange (ETDEWEB)

Florax, R.J.G.M. [Purdue University, West Lafayette, IN (United States); De Groot, H.L.F. [VU University, Amsterdam (Netherlands); Mulder, P. [Tinbergen Institute, Amsterdam (Netherlands)] (eds.)

2011-10-15

This innovative book explores the adoption of energy-saving technologies and their impact on energy efficiency improvements. It contains a mix of theoretical and empirical contributions, and combines and compares economic and physical indicators to monitor and analyse trends in energy efficiency. The authors pay considerable attention to empirical research on the determinants of energy-saving investment including uncertainty, energy-price volatility and subsidies. They also discuss the role of energy modelling in policy design and the potential effect of energy policies on technology diffusion in energy-extensive sectors. Written from a multi-disciplinary perspective, this book will appeal to academics and graduates in the areas of energy-saving technologies, energy economics and natural resource economics, as well as policy makers - particularly those in energy policy.

A case for Sandia investment in complex adaptive systems science and technology.

Energy Technology Data Exchange (ETDEWEB)

Colbaugh, Richard; Tsao, Jeffrey Yeenien; Johnson, Curtis Martin; Backus, George A.; Brown, Theresa Jean; Jones, Katherine A.

2012-05-01

This white paper makes a case for Sandia National Laboratories investments in complex adaptive systems science and technology (S&T) -- investments that could enable higher-value-added and more-robustly-engineered solutions to challenges of importance to Sandia's national security mission and to the nation. Complex adaptive systems are ubiquitous in Sandia's national security mission areas. We often ignore the adaptive complexity of these systems by narrowing our 'aperture of concern' to systems or subsystems with a limited range of function exposed to a limited range of environments over limited periods of time. But by widening our aperture of concern we could increase our impact considerably. To do so, the science and technology of complex adaptive systems must mature considerably. Despite an explosion of interest outside of Sandia, however, that science and technology is still in its youth. What has been missing is contact with real (rather than model) systems and real domain-area detail. With its center-of-gravity as an engineering laboratory, Sandia's has made considerable progress applying existing science and technology to real complex adaptive systems. It has focused much less, however, on advancing the science and technology itself. But its close contact with real systems and real domain-area detail represents a powerful strength with which to help complex adaptive systems science and technology mature. Sandia is thus both a prime beneficiary of, as well as potentially a prime contributor to, complex adaptive systems science and technology. Building a productive program in complex adaptive systems science and technology at Sandia will not be trivial, but a credible path can be envisioned: in the short run, continue to apply existing science and technology to real domain-area complex adaptive systems; in the medium run, jump-start the creation of new science and technology capability through Sandia's Laboratory Directed Research

Czech OFDI: investment strategies and motivation to invest abroad

Czech Academy of Sciences Publication Activity Database

Zemplinerová, Alena

2012-01-01

Roč. 50, č. 2 (2012), s. 22-40 ISSN 0012-8775 R&D Projects: GA MŠk(CZ) OC10062; GA ČR(CZ) GAP402/11/2362 Institutional research plan: CEZ:AV0Z70850503 Keywords : outward foreign direct investment * geographical and sectoral structures * company case studies Subject RIV: AH - Economics Impact factor: 0.211, year: 2012

A System Dynamics Analysis of Investment, Technology and Policy that Affect Natural Gas Exploration and Exploitation in China

Directory of Open Access Journals (Sweden)

Jianzhong Xiao

2017-01-01

Full Text Available Natural gas has an increasing role in Chinese energy transformation. We present a system dynamics model of the natural gas industry in China. A new system dynamics model for natural gas companies based on reserve exploration and well construction as well as investment dynamics is proposed. The contribution of the paper is to analyze the influence of technology, investment and policy factors on the natural gas industry. We found that the dynamics of the main variables, including gas policy, cost of investment, accounting depreciation and exploitation technology, are sensitive to the sustainable development of resources. The simulations and results presented here will be helpful for government to reform policies, and for upstream companies to make decisions.

Success factors in technology development

Science.gov (United States)

Preston, John T.

1995-01-01

Universities in the U.S. have a significant impact on business through the transfer of technology. This paper describes goals and philosophy of the Technology Licensing Office at the Massachusetts Institute of Technology. This paper also relates the critical factors for susscessful technology transfer, particularly relating to new business formation. These critical factors include the quality of the technology, the quality of the management, the quality of the investor, the passion for success, and the image of the company. Descriptions of three different levels of investment are also given and the most successful level of investment for starting a new company is reviewed. Licensing to large companies is also briefly reviewed, as this type of licensing requires some different strategies than that of licensing to start-up companies. High quality critical factors and intelligent investment create rewards for the parties and successful ventures.

HOSPITAL MANAGERS' NEED FOR INFORMATION ON HEALTH TECHNOLOGY INVESTMENTS.

Science.gov (United States)

Ølholm, Anne Mette; Kidholm, Kristian; Birk-Olsen, Mette; Christensen, Janne Buck

2015-01-01

There is growing interest in implementing hospital-based health technology assessment (HB-HTA) as a tool to facilitate decision making based on a systematic and multidisciplinary assessment of evidence. However, the decision-making process, including the informational needs of hospital decision makers, is not well described. The objective was to review empirical studies analysing the information that hospital decision makers need when deciding about health technology (HT) investments. A systematic review of empirical studies published in English or Danish from 2000 to 2012 was carried out. The literature was assessed by two reviewers working independently. The identified informational needs were assessed with regard to their agreement with the nine domains of EUnetHTA's Core Model. A total of 2,689 articles were identified and assessed. The review process resulted in 14 relevant studies containing 74 types of information that hospital decision makers found relevant. In addition to information covered by the Core Model, other types of information dealing with political and strategic aspects were identified. The most frequently mentioned types of information in the literature related to clinical, economic and political/strategic aspects. Legal, social, and ethical aspects were seldom considered most important. Hospital decision makers are able to describe their information needs when deciding on HT investments. The different types of information were not of equal importance to hospital decision makers, however, and full agreement between EUnetHTA's Core Model and the hospital decision-makers' informational needs was not observed. They also need information on political and strategic aspects not covered by the Core Model.

Information Technology Management: Reporting of DoD Capital Investments for Information Technology in Support of the FY 2006 Budget Submission

National Research Council Canada - National Science Library

Truex, Kathryn M; Shaffer, Robert L; Leighton, George A; Johnson, Robert R; Brunetti, Tina N; Courtade, Rebecca S; Woodruff, Courtney E; Buscaigio, James J; Gavura, Cindy L

2005-01-01

Who Should Read This Report and Why? DoD managers preparing and certifying capital investment justifications for information technology should read this report to improve the quality of data being submitted by the Department of Defense...

An entry and exit model on the energy-saving investment strategy with real options

International Nuclear Information System (INIS)

Lin, Tyrone T.; Huang, S.-L.

2010-01-01

This paper presents an improved decision model based on the real options approach presented by for the firms that have not yet established energy-saving equipment under the entry and exit strategies. Furthermore, the proposed model takes account of the inevitable equipment renewal and the occurrence of unexpected events under the Poisson jump process. The timing for terminating an investment when continuous operations of that business are unprofitable is also explored to realize the optimal timing of implementing the energy-saving strategy. The future discounted benefit B follows the geometric Brownian motion with the Poisson jump process and the replacement of investment equipment. A numerical analysis is followed by a sensitivity study of various parameters to better realize their impacts on the entry and exit thresholds. The results show that for the jump case, the higher probability of occurrence of unfavorable events will result in a higher entry threshold and lower exit threshold. Investors are forced to request higher benefit thresholds to cover the higher probability of losses brought by unfavorable events.

Policy Uncertainty, Investment and Commitment Periods

Energy Technology Data Exchange (ETDEWEB)

NONE

2007-07-01

Today's investment decisions in key sectors such as energy, forestry or transport have significant impacts on the levels of greenhouse gas (GHG) emissions over the coming decades. Given the economic and environmental long-term implications of capital investment and retirement, a climate mitigation regime should aim to encourage capital investment in climate-friendly technologies. Many factors affect technology choice and the timing of investment, including investor expectations about future prices and policies. Recent international discussions have focused on the importance of providing more certainty about future climate policy stringency. The design of commitment periods can play a role in creating this environment. This paper assesses how the length of commitment periods influences policy uncertainty and investment decisions. In particular, the paper analyses the relationship between commitment period length and near term investment decisions in climate friendly technology.

Social Investment in Times of Crisis

DEFF Research Database (Denmark)

Prandini, Riccardo; Orlandini, Matteo; Guerra, Alice

The purpose of this report is to analyse and understand whether and how, in the last twenty years, the EU member countries have adopted welfare systems which incorporate aspects of social investment. The quantitative and comparative study is focused on social investment strategies across 28...... European member states. The aim is to map out and explore the effectiveness of different social investment strategies. An overview of macro-level welfare performance indicators consist of a review of available macro-indicators to assess welfare performance in the light of social investment decisions....

Impact of Real-world Factors Influencing Investment Decisions on the Costs and Distribution of Climate Change Mitigation

Science.gov (United States)

Edmonds, J.; Iyer, G.; McJeon, H. C.; Leon, C.; Hultman, N.

2015-12-01

Strategies to mitigate dangerous anthropogenic climate change require a dramatic transformation of the energy system to reduce greenhouse gas emissions, that in turn requires large-scale investments. Investment decisions depend not only on investment capital availability but also on investment risks. A number of factors such as national policy environments, quality of public and private institutions, sector, firm and technology specific characteristics can affect investors' assessments of risks, leading to a wide variation in the business climate for investment. Such heterogeneity in investment risks can have important implications, as investors usually respond to risks by requiring higher returns for riskier projects; delaying or forgoing the investments; or preferring to invest in existing, familiar projects. We study the impact of variation in investment risks on regional patterns of emissions mitigation, the cost of emissions mitigation and patterns of technology deployment. We modify an integrated assessment model, widely used in global climate policy analyses (the Global Change Assessment Model) and incorporate decisions on investments based on risks along two dimensions. Along the first dimension, we vary perceived risks associated with particular technologies. To do so, we assign a higher cost of capital for investment in low-carbon technologies as these involve intrinsically higher levels of regulatory and market risk. The second dimension uses a proxy to vary investment risks across regions, based on an institutional quality metric published by the World Economic Forum. Explicit representation of investment risks has two major effects. First, it raises the cost of emissions mitigation relative to a world with uniform investment risks. Second, it shifts the pattern of emissions mitigation, with industrialized countries mitigating more, and developing countries mitigating less. Our results suggest that institutional reforms aimed at lowering investment

Calculation of Investments for the Distribution of GPON Technology in the village of Bishtazhin through database

Directory of Open Access Journals (Sweden)

MSc. Jusuf Qarkaxhija

2013-12-01

Full Text Available According to daily reports, the income from internet services is getting lower each year. Landline phone services are running at a loss,  whereas mobile phone services are getting too mainstream and the only bright spot holding together cable operators (ISP  in positive balance is the income from broadband services (Fast internet, IPTV. Broadband technology is a term that defines multiple methods of information distribution through internet at great speed. Some of the broadband technologies are: optic fiber, coaxial cable, DSL, Wireless, mobile broadband, and satellite connection.  The ultimate goal of any broadband service provider is being able to provide voice, data and the video through a single network, called triple play service. The Internet distribution remains an important issue in Kosovo and particularly in rural zones. Considering the immense development of the technologies and different alternatives that we can face, the goal of this paper is to emphasize the necessity of a forecasting of such investment and to give an experience in this aspect. Because of the fact that in this investment are involved many factors related to population, geographical factors, several technologies and the fact that these factors are in continuously change, the best way is, to store all the data in a database and to use this database for different results. This database helps us to substitute the previous manual calculations with an automatic procedure of calculations. This way of work will improve the work style, having now all the tools to take the right decision about an Internet investment considering all the aspects of this investment.

Oscillating between Conservation and Investment: A Grounded Theory of Students’ Strategies for Optimizing Personal Resources

Directory of Open Access Journals (Sweden)

Katja Hakel

2015-06-01

Full Text Available Students’ use of time and effort during their studies has been discussed exhaustively in mass media and educational research. In most cases, researchers try to give advice to teachers on how to get their students to become more active and engaged. The grounded theory presented in this article, however, challenges this approach by focusing on the students’ point of view. When interviewing students for this study, I soon realized that students only have a limited amount of time and effort at their disposal. Optimizing these personal resources emerged as their main concern. For the students, investing resources into one study activity always means having to reduce the amount of time and effort they can spend on other activities. They resolve their main concern by oscillating between conservation and investment strategies. Their decision regarding which type of strategy to use depends strongly on the students’ evaluation of their current situation.

Investment in Open Innovation Service Providers: NASA's Innovative Strategy for Solving Space Exploration Challenges

Science.gov (United States)

Fogarty, Jennifer A.; Rando, Cynthia; Baumann, David; Richard, Elizabeth; Davis, Jeffrey

2010-01-01

In an effort to expand routes for open communication and create additional opportunities for public involvement with NASA, Open Innovation Service Provider (OISP) methodologies have been incorporated as a tool in NASA's problem solving strategy. NASA engaged the services of two OISP providers, InnoCentive and Yet2.com, to test this novel approach and its feasibility in solving NASA s space flight challenges. The OISPs were chosen based on multiple factors including: network size and knowledge area span, established process, methodology, experience base, and cost. InnoCentive and Yet2.com each met the desired criteria; however each company s approach to Open Innovation is distinctly different. InnoCentive focuses on posting individual challenges to an established web-based network of approximately 200,000 solvers; viable solutions are sought and granted a financial award if found. Based on a specific technological need, Yet2.com acts as a talent scout providing a broad external network of experts as potential collaborators to NASA. A relationship can be established with these contacts to develop technologies and/or maintained as an established network of future collaborators. The results from the first phase of the pilot study have shown great promise for long term efficacy of utilizing the OISP methodologies. Solution proposals have been received for the challenges posted on InnoCentive and are currently under review for final disposition. In addition, Yet2.com has identified new external partners for NASA and we are in the process of understanding and acting upon these new opportunities. Compared to NASA's traditional routes for external problem solving, the OISP methodologies offered NASA a substantial savings in terms of time and resources invested. In addition, these strategies will help NASA extend beyond its current borders to build an ever expanding network of experts and global solvers.

Risk-averse portfolio selection of renewable electricity generator investments in Brazil: An optimised multi-market commercialisation strategy

International Nuclear Information System (INIS)

Maier, Sebastian; Street, Alexandre; McKinnon, Ken

2016-01-01

Investment decisions in renewable energy sources such as small hydro, wind power, biomass and solar are frequently made in the context of enormous uncertainty surrounding both intermittent generation and the highly volatile electricity spot prices that are used for clearing of trades. This paper presents a new portfolio-based approach for selecting long-term investments in small-scale renewable energy projects and matching contracts for the sale of the resulting electricity. Using this approach, we have formulated a stochastic optimisation model that maximises a holding company's risk-averse measure of value. Using an illustrative example representative of investment decisions within the Brazilian electricity system, we investigate the sensitivity of the optimised portfolio composition and commercialisation strategy to contract prices in the free contracting environment and to the decision maker's attitude towards risk. The numerical results demonstrate it is possible to reduce significantly financial risks, such as the price-quantity risk, not only by exploiting the complementarity of the considered renewable sources generation profiles, but also by selecting the optimal mix of commercialisation contracts from different markets. We find that the multi-market strategy generally results in appreciably higher optimal value than single-market strategies and can be applied to a wide range of renewable generators and contracts. - Highlights: • Gives a portfolio-based multi-market, multi-asset approach to renewable investment. • Details how to model currently used contract types in each of the Brazilian markets. • Presents a test case using realistic contract and real renewable data from Brazil. • Shows that the approach controls financial risks and boosts optimal values. • Explains how relative contract prices and attitude to risk affect optimal decisions.

Technology strategy as macro-actor

DEFF Research Database (Denmark)

Tryggestad, Kjell

2003-01-01

-human entities to the explanatory repertoire of strategy research, another line of inquiry is pursued. The performative perspective thus proposed, is inspired by the classical work of Von Clausewitz and the recent anthropology of science, technology and organizational identities. In the proposed perspective...... case account for how the strategic technology and the strategic collective emerge and co-produce each other as a macro-actor, only to become transformed in unexpected ways - as common technology and reflective human subjects.In the concluding section, it is argued that the humanity of the reflective...... outcomes, as providers of explanations and observations. The expression `technological strategy as macro-actor' summarizes these findings and the associated implications for research and practice....

Inconsistent Investment and Consumption Problems

Energy Technology Data Exchange (ETDEWEB)

Kronborg, Morten Tolver, E-mail: mtk@atp.dk [ATP (Danish Labour Market Supplementary Pension Scheme) (Denmark); Steffensen, Mogens, E-mail: mogens@math.ku.dk [University of Copenhagen, Department of Mathematical Sciences (Denmark)

2015-06-15

In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth. The optimal consumption strategy is given as a deterministic bang-bang strategy. In order to have a more realistic model we allow the risk aversion to be time and state dependent. Of special interest is the case were the risk aversion is inversely proportional to present wealth plus the financial value of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal consumption strategy is again given as a deterministic bang-bang strategy. We also calculate, for a general time and state dependent risk aversion function, the optimal investment and consumption strategy for a mean-standard deviation investor without pre-commitment. In that case, it turns out that it is optimal to take no risk at all.

Inconsistent Investment and Consumption Problems

International Nuclear Information System (INIS)

Kronborg, Morten Tolver; Steffensen, Mogens

2015-01-01

In a traditional Black–Scholes market we develop a verification theorem for a general class of investment and consumption problems where the standard dynamic programming principle does not hold. The theorem is an extension of the standard Hamilton–Jacobi–Bellman equation in the form of a system of non-linear differential equations. We derive the optimal investment and consumption strategy for a mean-variance investor without pre-commitment endowed with labor income. In the case of constant risk aversion it turns out that the optimal amount of money to invest in stocks is independent of wealth. The optimal consumption strategy is given as a deterministic bang-bang strategy. In order to have a more realistic model we allow the risk aversion to be time and state dependent. Of special interest is the case were the risk aversion is inversely proportional to present wealth plus the financial value of future labor income net of consumption. Using the verification theorem we give a detailed analysis of this problem. It turns out that the optimal amount of money to invest in stocks is given by a linear function of wealth plus the financial value of future labor income net of consumption. The optimal consumption strategy is again given as a deterministic bang-bang strategy. We also calculate, for a general time and state dependent risk aversion function, the optimal investment and consumption strategy for a mean-standard deviation investor without pre-commitment. In that case, it turns out that it is optimal to take no risk at all

Should France invest in new nuclear technology? The enhancement of the EPR project using 'real option' method

International Nuclear Information System (INIS)

Epaulard, A.; Gallon, St.

2000-01-01

The mathematical tools developed to enhance financial options can also be used to calculate the economics value of investment projects which offer flexibility but whose return is uncertain (like options offered on the stock exchange). In this article, an enhancement method of this kind is applied to a construction project (in 2000) for an EPR nuclear prototype. This prototype will make it possible to use EPR to renew the French electrical infrastructure in 2020 (flexibility), but its economic value will depend upon competitiveness vis-a-vis other production methods available at this time (hence an uncertain return). We demonstrate that investing in EPR technology in 2000 will provide sufficient flexibility in 2020 to be considered profitable, even though it is improbable that the EPR technology will be used at the end of this period. The investment agreed in 2000 to expand EPR technology therefore effectively has the role of an option, or of an insurance policy (guaranteeing against the risk that traditional electricity production methods will be expensive in 2020). (authors)

Investing in New Technology in Pulmonary Medicine: Navigating the Tortuous Path to Success.

Science.gov (United States)

Kruklitis, Robert; French, Kim; Cangelosi, Michael Joseph; Kovitz, Kevin L

2017-09-01

The introduction of new technologies offers the promise to advance medicine. This occurs alongside improved efforts to control costs of health care by hospital administrators, the Centers for Medicare & Medicaid Services' (CMS) pivot to value programs, and commercial payers' efforts to reduce reimbursement. These trends present a challenge for the pulmonologist, among others, who must navigate increasingly complex and highly scrutinized evaluation processes used to secure new technology (NT). Health-care providers are turning toward value assessments while simultaneously tasked with the mission of offering state of the art technologies and services. Pulmonologists desiring NT are thus faced with increased scrutiny in their evaluation of costs and clinical data to support investments. Consideration of this scrutiny and further evidence to temper the evaluation will improve the likelihood of adoption and patient access to clinically impactful technology. The identification of this evidence may provide a comprehensive view of the clinical and economic benefits of such technologies to both administrators and pulmonary clinicians. It is imperative that all parties involved in the decision process work collaboratively to deploy value added and clinically impactful technologies. Although a physician group might invest in such NT, the capital required often leads such decisions to a larger organization such as a hospital, health-care system, or privately owned entity. This article aims to provide a framework for pulmonary clinicians to better understand the processes that purchasers use to evaluate NT, the pressures that influence their consideration, and what resources may be leveraged toward success. Copyright © 2017 American College of Chest Physicians. Published by Elsevier Inc. All rights reserved.

FACTORS DETERMINING THE INVESTMENT ATTRACTIVENESS OF THE REGION

Directory of Open Access Journals (Sweden)

O. I. Avtsinov

2014-01-01

Full Text Available Summary.In the article we can see relevance of the research aimed at creating a favorable investment climate in the country and its regions, as a necessary condition for solving the problems of modernization of industrial production, the introduction of scientific and technological progress in all spheres of public life, the implementation of large-scale social and productive programs. In the study we justify the theoretical principles and reveal the essence of the relationship concepts: investment climate, investment attractiveness and investment activity. It is proved that the investment attractiveness should be considered as a sign of factorial and important component of the investment climate in the region, and investment activity as a sign score. In the study we can see a wide range of factors shaping favorable conditions for investment activities. The author focuses on the importance of non-traditional factors shaping the investment attractiveness of such as reducing the time to connect to power grid, information communication, improvement of tax reporting procedures, clarity of customs work, the introduction of regulations for obtaining permits for construction of facilities and reducing the number of required documents. This article analyzes of the indices and the key factors of investment attractiveness of the Voronezh region, which attract investment, exceeding the national average. The main ones are the development of new industrial parks with good transport, engineering, business infrastructure. Investors in the region have favorable conditions to carry on business on the prepared sites with painted communications, junctions, allowing them to reduce production costs, while correspondingly increasing the investment attractiveness of the area. Success of the attracting investment in the Voronezh region is largely due to the introduction standard of the executive bodies of state power, including 15 documents designed to make the

75 FR 55372 - Tudor Employee Investment Fund LLC and Tudor Investment Corporation; Notice of Application

Science.gov (United States)

2010-09-10

... management business, the Fund Investors will be able to understand and evaluate the attendant risks... Investment Fund (other than investment objectives and strategies and form of organization) (the ``Subsequent... will operate as a non-diversified closed-end management investment company. Each Fund will be an...

DEA-BASED INVESTMENT STRATEGY AND ITS APPLICATION IN THE CROATIAN STOCK MARKET

OpenAIRE

Margareta Gardijan; Vedran Kojić

2012-01-01

This paper describes the DEA-based investment strategy for constructing of a stock portfolio in the Croatian stock market. The relative efficiency of the DMUs, which are in this case the selected stocks from Zagreb Stock Exchange, is obtained from the output oriented CCR and BCC models. The set of inputs consists of risk measures, namely return variance, Value at Risk (VaR) and beta coefficient $(\\beta)$, while monthly return represents an output. Following the „efficiency scores“, obtained f...

Strategy of technical innovation

International Nuclear Information System (INIS)

Lee, Ga Jong

1990-12-01

This book deals with policy of scientific technique and technical innovation such as research for development and types of technical innovation, historical development and process of technical innovation, economic growth, technology change and investment for research and development, structure and form of technical transfer with the meaning process, from, structure and theory, economic growth and investment of research and development with experiential analysis and case study on strategy of technical innovation in electron and fine chemical industry.

A Duopoly Manufacturers’ Game Model Considering Green Technology Investment under a Cap-and-Trade System

Directory of Open Access Journals (Sweden)

Yi Zheng

2018-03-01

Full Text Available This research studied the duopoly manufacturers’ decision-making considering green technology investment and under a cap-and-trade system. It was assumed there were two manufacturers producing products which were substitutable for one another. On the basis of this assumption, the optimal production capacity, price, and green technology investment of the duopoly manufacturers under a cap-and-trade system were obtained. The increase or decrease of the optimal production quantity of the duopoly manufacturers under a cap-and-trade system was decided by their green technology level. The increase of the optimal price as well as the increase or decrease of the maximum expected profits were decided by the initial carbon emission quota granted by the government. Our research indicates that the carbon emission of unit product is inversely proportional to the market share of an enterprise and becomes an important index to measure the core competitiveness of an enterprise.

The Role of Technology, Investment and Ownership Structure in the Productivity Performance of the Manufacturing Sector in Vietnam

DEFF Research Database (Denmark)

Newman, Carol; Narciso, Gaia; Tarp, Finn

2009-01-01

. The empirical analysis reveals investment and technology usage as important determinants of enterprise productivity levels. Specifically, higher levels of productivity are found in foreign- and state-owned enterprises, driven almost entirely by higher levels of investment and technology usage. Our results...... in almost all sectors and that for many sectors the dispersion in productivity is declining over time. However, for the most productive sectors the gap is widening suggesting that productivity is being driven by the most productive enterprises getting better, leaving the least productive behind...

SuperGrid or SmartGrid: Competing strategies for large-scale integration of intermittent renewables?

International Nuclear Information System (INIS)

Blarke, Morten B.; Jenkins, Bryan M.

2013-01-01

This paper defines and compares two strategies for integrating intermittent renewables: SuperGrid and SmartGrid. While conventional energy policy suggests that these strategies may be implemented alongside each other, the paper identifies significant technological and socio-economic conflicts of interest between the two. The article identifies differences between a domestic strategy for the integration of intermittent renewables, vis-à-vis the SmartGrid, and a cross-system strategy, vis-à-vis the SuperGrid. Policy makers and transmission system operators must understand the need for both strategies to evolve in parallel, but in different territories, or with strategic integration, avoiding for one strategy to undermine the feasibility of the other. A strategic zoning strategy is introduced from which attentive societies as well as the global community stand to benefit. The analysis includes a paradigmatic case study from West Denmark which supports the hypothesis that these strategies are mutually exclusive. The case study shows that increasing cross-system transmission capacity jeopardizes the feasibility of SmartGrid technology investments. A political effort is required for establishing dedicated SmartGrid innovation zones, while also redefining infrastructure to avoid the narrow focus on grids and cables. SmartGrid Investment Trusts could be supported from reallocation of planned transmission grid investments to provide for the equitable development of SmartGrid strategies. - Highlights: • Compares SuperGrid and SmartGrid strategies for integrating intermittent renewables. • Identifies technological and socio-economic conflicts of interest between the two. • Proposes a strategic zoning strategy allowing for both strategies to evolve. • Presents a paradigmatic case study showing that strategies are mutually exclusive. • Proposes dedicated SmartGrid innovation zones and SmartGrid investment trusts

Sensitivity of woody carbon stocks to bark investment strategy in Neotropical savannas and forests

Science.gov (United States)

Trugman, Anna T.; Medvigy, David; Hoffmann, William A.; Pellegrini, Adam F. A.

2018-01-01

Fire frequencies are changing in Neotropical savannas and forests as a result of forest fragmentation and increasing drought. Such changes in fire regime and climate are hypothesized to destabilize tropical carbon storage, but there has been little consideration of the widespread variability in tree fire tolerance strategies. To test how aboveground carbon stocks change with fire frequency and composition of plants with different fire tolerance strategies, we update the Ecosystem Demography model 2 (ED2) with (i) a fire survivorship module based on tree bark thickness (a key fire-tolerance trait across woody plants in savannas and forests), and (ii) plant functional types representative of trees in the region. With these updates, the model is better able to predict how fire frequency affects population demography and aboveground woody carbon. Simulations illustrate that the high survival rate of thick-barked, large trees reduces carbon losses with increasing fire frequency, with high investment in bark being particularly important in reducing losses in the wettest sites. Additionally, in landscapes that frequently burn, bark investment can broaden the range of climate and fire conditions under which savannas occur by reducing the range of conditions leading to either complete tree loss or complete grass loss. These results highlight that tropical vegetation dynamics depend not only on rainfall and changing fire frequencies but also on tree fire survival strategy. Further, our results indicate that fire survival strategy is fundamentally important in regulating tree size demography in ecosystems exposed to fire, which increases the preservation of aboveground carbon stocks and the coexistence of different plant functional groups.

Science and technology for the new century : a framework for the human resources management of the federal science and technology community - project 1, management and scientific development and training

Energy Technology Data Exchange (ETDEWEB)

NONE

1997-11-01

The science-based departments of the Canadian Government are responsible for ensuring the effectiveness and relevance of federal investment in science and technology research projects. This publication provides a flexible framework for effectively planning and delivering a learning strategy for the science and technology workforce to ensure that federal science and technology objectives can be met in the future. The framework helps to: (1) identify the corporate needs for developing the science and technology workforce of the federal government by providing recommendations to appropriate organizations, (2) establish the need for a learning strategy linked to the business lines of each organization, (3) find the best ways to implement learning at the appropriate level of investment, (4) choose means to monitor this investment so that its impact on the organization can be measured, and (5) take the proper steps to ensure the successful introduction and nurturing of a learning environment to ensure maximum return on the investment. 9 refs., 5 figs.

An asymmetric parental investment conflict with continuous strategy sets.

Science.gov (United States)

Yaniv, Osnat

2005-12-07

In the parental investment conflict each of the sexes decides how much to invest in its brood, where its decision influences both sexes' fitness. In nature, each species is usually characterized by a common parental care pattern, male-only care, female-only care or biparental care. A possible way for understanding the factors that have led each species to adopt its unique parental care pattern is to analyse a male's and a female's decision process using a game-theoretical model. This paper suggests a two-stage game-theoretical model with two types of players, male and female. During the game each parent makes three decisions. The interval between the beginning of the game, i.e. after mating and having offspring, and the moment a parent starts to care for them is a random variable. Thus, in the first stage a parent chooses the cumulative probability distribution of this interval, and its amount of parental care. In the second stage the other parent chooses its probability for cooperation. It is assumed that as long as parental care is not provided the offspring are at risk, and that parental caring accrues a different cost for each sex. We compute the Evolutionary Stable Strategies (ESS) under payoff-relevant asymmetry, and show that uniparental and biparental care are possible ESS. We also characterize cases where the sex having the lower cost "forces" the sex having the higher cost to care and vice versa.

Influence of Information Technology on Organization Strategy

Directory of Open Access Journals (Sweden)

Sibanda Mabutho

2017-02-01

Full Text Available The exponential development of information technology has presented many opportunities to organizations; however, it has also presented several challenges. A key challenge is how do organizations effectively use information technology and incorporate it into their strategies to make full use of its capabilities as an enabler. The fast-changing nature of information technology has resulted in little empirical evidence on how it influences organization strategy. The Strategic Alignment Model was a popular model created to assist organizations to align their information technology and their business strategy; however, the growth of technology may have made this model irrelevant in this age. Therefore, organizations need to determine what factors drive this alignment. Using hermeneutic phenomenology, 12 in-depth interviews were conducted within IBM South Africa to determine real-life drivers that help create this alignment. The themes derived from the interview texts reveal that consumers are becoming more empowered; therefore, organizations need to be more flexible in their business models and strategies. Furthermore, the integration of cross-functional roles in the organization at the management level allow for improved alignment between information technology and strategy as better integrated roles bring a combination of these two elements.

Guide for developing an information technology investment road map for population health management.

Science.gov (United States)

Hunt, Jacquelyn S; Gibson, Richard F; Whittington, John; Powell, Kitty; Wozney, Brad; Knudson, Susan

2015-06-01

Many health systems recovering from a massive investment in electronic health records are now faced with the prospect of maturing into accountable care organizations. This maturation includes the need to cooperate with new partners, involve substantially new data sources, require investment in additional information technology (IT) solutions, and become proficient in managing care from a new perspective. Adding to the confusion, there are hundreds of population health management (PHM) vendors with overlapping product functions. This article proposes an organized approach to investing in PHM IT. The steps include assessing the organization's business and clinical goals, establishing governance, agreeing on business requirements, evaluating the ability of current IT systems to meet those requirements, setting time lines and budgets, rationalizing current and future needs and capabilities, and installing the new systems in the context of a continuously learning organization. This article will help organizations chart their position on the population health readiness spectrum and enhance their chances for a successful transition from volume-based to value-based care.

Accelerating innovation in information and communication technology for health.

Science.gov (United States)

Crean, Kevin W

2010-02-01

Around the world, inventors are creating novel information and communication technology applications and systems that can improve health for people in disparate settings. However, it is very difficult to find investment funding needed to create business models to expand and develop the prototype technologies. A comprehensive, long-term investment strategy for e-health and m-health is needed. The field of social entrepreneurship offers an integrated approach to develop needed investment models, so that innovations can reach more patients, more effectively. Specialized financing techniques and sustained support from investors can spur the expansion of mature technologies to larger markets, accelerating global health impacts.

Social rate of return to R&D on various energy technologies: Where should we invest more? A study of G7 countries

International Nuclear Information System (INIS)

Inglesi-Lotz, Roula

2017-01-01

The importance of investment in Research and Development (R&D) in the energy sector is indisputable especially considering the benefits of new technologies to sustainability, security and environmental protection. However, the nature and potential of various energy technologies that are capable of improving the energy and environmental conditions globally is a challenging task for governments and policy makers that have to make decisions on the allocation of funds in R&D. To do so, the optimal resource allocation to R&D should be determined by estimating the social rate of return for R&D investments. This paper aims to estimate the social rate of return of R&D on various energy applications and technologies such as energy efficiency, fossil fuels, renewable energy sources, and nuclear for the G7 countries. The results show that primarily R&D investment on Energy Efficiency technologies and Nuclear are the ones that yield high social benefits for all G7 countries while exactly the opposite holds for Fossil fuels. - Highlights: • Allocation of R&D funding in various energy technologies is a challenging task. • This can be done by estimating the social rate of return for R&D investments • We investigate various technologies’ social rate of return for the G7 countries. • R&D funding yields social benefits from energy efficiency and nuclear technologies. • R&D investment on fossil fuels has negative social rate of return.

The Mediating Effect of Innovation on the Relationship between Information Technology Investments and Firm Performance: An Empirical Study

Science.gov (United States)

Karanja, Erastus

2011-01-01

The last couple of decades has witnessed a plethora of research studies addressing the cause-and-effect relationship between Information Technology (IT) investments and performance at the firm level. These studies elicited mixed results between IT investments and performance which led to various points of view from IT Scholars and Practitioners.…

Educational Technology: A Review of the Integration, Resources, and Effectiveness of Technology in K-12 Classrooms

Directory of Open Access Journals (Sweden)

Adolph Delgado

2015-09-01

Full Text Available There is no questioning that the way people live, interact, communicate, and conduct business is undergoing a profound, rapid change. This change is often referred to as the “digital revolution,” which is the advancement of technology from analog, electronic and mechanical tools to the digital tools available today. Moreover, technology has begun to change education, affecting how students acquire the skill sets needed to prepare for college and a career and how educators integrate digital technological instructional strategies to teach. Numerous studies have been published discussing the barriers of integrating technology, the estimated amount of investment that is needed in order to fully support educational technology, and, of course, the effectiveness of technology in the classroom. As such, this article presents a critical review of the transitions that technology integration has made over the years; the amount of resources and funding that has been allocated to immerse school with technology; and the conflicting results presented on effectiveness of using is technology in education. Through synthesis of selected themes, we found a plethora of technological instructional strategies being used to integrate technology into K-12 classrooms. Also, though there have been large investments made to integrate technology into K-12 classrooms to equip students with the skills needed to prepare for college and a career, the practical use of this investment has not been impressive. Lastly, several meta-analyses showed promising results of effectiveness of technology in the classroom. However, several inherent methodological and study design issues dampen the amount of variance that technology accounts for.

China's overseas strategies for oil and gas investment: implications for Brazil; A estrategia de investimentos externos da China no setor de petroleo e gas natural e suas implicacoes para o Brasil

Energy Technology Data Exchange (ETDEWEB)

Pinho, Alice Kinue Jomori de; Fonseca, Maria Mendes da; Silva, Roberta Salomao Moraes da [Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP), Rio de Janeiro, RJ (Brazil)

2012-07-01

The present work discuss Chinese strategies for making foreign investments in O and G sector, taking into account NOC's huge investment capability and increasing oil demand with sustains China's economic growth. Initially, the effect of China's economic growth rate on international oil market is addressed. The paper also details the relationship between Chinese NOCs and the Government, highlighting their aims and strategies, as well as the results of their results. Finally, this article evaluates how those strategies can affect Brazilian O and G upstream sector. Despite of concerns on Chinese government interference in NOCs management and decision processes, it is show that those State companies pursue much wider objectives, which transcend the mere search for energy security, such as asset diversification, access to new technologies and strengthening of their positions in global economic context. Doing so, those enterprises can become, in the long run, valuable partners of Brazilian PETROBRAS in E and P activities in pre-salt areas, building a win-win relationship not only for the companies involved but also for Brazil and China. (author)

Retention payoff-based cost per day open regression equations: Application in a user-friendly decision support tool for investment analysis of automated estrus detection technologies.

Science.gov (United States)

Dolecheck, K A; Heersche, G; Bewley, J M

2016-12-01

Assessing the economic implications of investing in automated estrus detection (AED) technologies can be overwhelming for dairy producers. The objectives of this study were to develop new regression equations for estimating the cost per day open (DO) and to apply the results to create a user-friendly, partial budget, decision support tool for investment analysis of AED technologies. In the resulting decision support tool, the end user can adjust herd-specific inputs regarding general management, current reproductive management strategies, and the proposed AED system. Outputs include expected DO, reproductive cull rate, net present value, and payback period for the proposed AED system. Utility of the decision support tool was demonstrated with an example dairy herd created using data from DairyMetrics (Dairy Records Management Systems, Raleigh, NC), Food and Agricultural Policy Research Institute (Columbia, MO), and published literature. Resulting herd size, rolling herd average milk production, milk price, and feed cost were 323 cows, 10,758kg, $0.41/kg, and $0.20/kg of dry matter, respectively. Automated estrus detection technologies with 2 levels of initial system cost (low: $5,000 vs. high: $10,000), tag price (low: $50 vs. high: $100), and estrus detection rate (low: 60% vs. high: 80%) were compared over a 7-yr investment period. Four scenarios were considered in a demonstration of the investment analysis tool: (1) a herd using 100% visual observation for estrus detection before adopting 100% AED, (2) a herd using 100% visual observation before adopting 75% AED and 25% visual observation, (3) a herd using 100% timed artificial insemination (TAI) before adopting 100% AED, and (4) a herd using 100% TAI before adopting 75% AED and 25% TAI. Net present value in scenarios 1 and 2 was always positive, indicating a positive investment situation. Net present value in scenarios 3 and 4 was always positive in combinations using a $50 tag price, and in scenario 4, the $5

Investment in Renewable Energies in Argentina

OpenAIRE

Marina Recalde

2017-01-01

This article analyzes how the enabling conditions of the energy policy of a developing country such as Argentina, are crucial for the deployment of renewable energy investments. The conclusions highlights that the low institutional quality of the country shapes enabling conditions and reduce effect of the instruments of the energy policy, dropping incentives for investment in renewable technologies in the country. Therefore, in order to promote renewable technologies investments efficiently, ...

Investment Strategies Used as Spectroscopy of Financial Markets Reveal New Stylized Facts

Science.gov (United States)

Zhou, Wei-Xing; Mu, Guo-Hua; Chen, Wei; Sornette, Didier

2011-01-01

We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed order flow on the Shenzhen Stock Exchange of China for the whole year of 2003. This enormous dataset allows us to compare (i) a closed national market (A-shares) with an international market (B-shares), (ii) individuals and institutions, and (iii) real traders to random strategies with respect to timing that share otherwise all other characteristics. We find in general that more trading results in smaller net return due to trading frictions, with the exception that the net return is independent of the trading frequency for A-share individual traders. We unveiled quantitative power laws with non-trivial exponents, that quantify the deterioration of performance with frequency and with holding period of the strategies used by traders. Random strategies are found to perform much better than real ones, both for winners and losers. Surprising large arbitrage opportunities exist, especially when using zero-intelligence strategies. This is a diagnostic of possible inefficiencies of these financial markets. PMID:21935403

Investment strategies used as spectroscopy of financial markets reveal new stylized facts.

Science.gov (United States)

Zhou, Wei-Xing; Mu, Guo-Hua; Chen, Wei; Sornette, Didier

2011-01-01

We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed order flow on the Shenzhen Stock Exchange of China for the whole year of 2003. This enormous dataset allows us to compare (i) a closed national market (A-shares) with an international market (B-shares), (ii) individuals and institutions, and (iii) real traders to random strategies with respect to timing that share otherwise all other characteristics. We find in general that more trading results in smaller net return due to trading frictions, with the exception that the net return is independent of the trading frequency for A-share individual traders. We unveiled quantitative power laws with non-trivial exponents, that quantify the deterioration of performance with frequency and with holding period of the strategies used by traders. Random strategies are found to perform much better than real ones, both for winners and losers. Surprising large arbitrage opportunities exist, especially when using zero-intelligence strategies. This is a diagnostic of possible inefficiencies of these financial markets.

Investment strategies used as spectroscopy of financial markets reveal new stylized facts.

Directory of Open Access Journals (Sweden)

Wei-Xing Zhou

Full Text Available We propose a new set of stylized facts quantifying the structure of financial markets. The key idea is to study the combined structure of both investment strategies and prices in order to open a qualitatively new level of understanding of financial and economic markets. We study the detailed order flow on the Shenzhen Stock Exchange of China for the whole year of 2003. This enormous dataset allows us to compare (i a closed national market (A-shares with an international market (B-shares, (ii individuals and institutions, and (iii real traders to random strategies with respect to timing that share otherwise all other characteristics. We find in general that more trading results in smaller net return due to trading frictions, with the exception that the net return is independent of the trading frequency for A-share individual traders. We unveiled quantitative power laws with non-trivial exponents, that quantify the deterioration of performance with frequency and with holding period of the strategies used by traders. Random strategies are found to perform much better than real ones, both for winners and losers. Surprising large arbitrage opportunities exist, especially when using zero-intelligence strategies. This is a diagnostic of possible inefficiencies of these financial markets.

Regional Scale Modelling for Exploring Energy Strategies for Africa

International Nuclear Information System (INIS)

Welsch, M.

2015-01-01

KTH Royal Institute of Technology was founded in 1827 and it is the largest technical university in Sweden with five campuses and Around 15,000 students. KTH-dESA combines an outstanding knowledge in the field of energy systems analysis. This is demonstrated by the successful collaborations with many (UN) organizations. Regional Scale Modelling for Exploring Energy Strategies for Africa include Assessing renewable energy potentials; Analysing investment strategies; ) Assessing climate resilience; Comparing electrification options; Providing web-based decision support; and Quantifying energy access. It is conclude that Strategies required to ensure a robust and flexible energy system (-> no-regret choices); Capacity investments should be in line with national & regional strategies; Climate change important to consider, as it may strongly influence the energy flows in a region; Long-term models can help identify robust energy investment strategies and pathways that Can help assess future markets and profitability of individual projects

Technology Planning Strategies

Science.gov (United States)

Decker, Kathy

2004-01-01

Effective planning strategies drive achievement of an overall technology goal to increase access to electronic information in real time in order to increase efficiency, productivity, and communication across campus. Planning relies on providing access, 'Anytime Anywhere' to student information, calendar, email, course management tools, and the…

A science and technology strategy for Canada's oil sands industry

International Nuclear Information System (INIS)

1995-01-01

This report showed that science and technology are the basis for all current oil sands operations. Study proved that technological breakthroughs were essential for future grassroots investment. Assuming that the price of oil would remain in the range of 15 to 20 dollars a barrel, new technologies would be the key lever to economically sound commercial development. Technologies should reduce capital, operating as well as transportation costs. It was urged that, in the development of new technologies, emphasis should be put on technologies that eliminate or bypass entire sections of the current cost structure

Electricity investments and nuclear development: investment choice modeling based on value creation

International Nuclear Information System (INIS)

Tehrani, B.S.; Bocquer, J.C.; Tomoda, T.

2014-01-01

While nuclear power may experience a technological breakthrough in Europe with Generation IV nuclear reactors within 2040, several events could question this possibility such as the Fukushima accident, the climate issues and the electricity market liberalization. This paper aims at analyzing investment choices in power generation capacities in the European scope, using simple DSM-inspired approaches. The power company and interacting stake holders in the investment choice process are considered as a complex system, and dependencies between investment drivers associated with each stake holder are studied. Focusing on the value for the power company, the compatibility of each power company with each of considered technologies is assessed through a Domain Mapping Matrix, including not only technical drivers, but also associated policy and market drivers. Technology preferences are modeled for main European companies in a set of scenarios, these preferences being then used to explore trends in generation mix. (authors)

A Technical Note on Australian Default Superannuation Investment Strategies

Directory of Open Access Journals (Sweden)

Loretta Iskra

2012-06-01

Full Text Available Superannuation has become more complex over time. Individual investors are inclined to seek the ‘path of least resistance’ and invest in default investment funds which are typically concentrated in high risk assets. Understanding how these funds will meet the individual needs of members relative to their changing circumstances can provide peace of mind and confidence in the market. Given the value of superannuation as an investment in terms of the economy, it is paramount than an appropriate mechanism be in place for default fund investors. This paper will clarify the existing position relative to default fund investment options and outline future research which will provide the impetus for change in terms ofgovernment policy, the financial planning profession and for industry superannuation funds.

Earth Science Enterprise Technology Strategy

Science.gov (United States)

1999-01-01

NASA's Earth Science Enterprise (ESE) is dedicated to understanding the total Earth system and the effects of natural and human-induced changes on the global environment. The goals of ESE are: (1) Expand scientific knowledge of the Earth system using NASA's unique vantage points of space, aircraft, and in situ platforms; (2) Disseminate information about the Earth system; and (3) Enable the productive use of ESE science and technology in the public and private sectors. ESE has embraced the NASA Administrator's better, faster, cheaper paradigm for Earth observing missions. We are committed to launch the next generation of Earth Observing System (EOS) missions at a substantially lower cost than the EOS first series. Strategic investment in advanced instrument, spacecraft, and information system technologies is essential to accomplishing ESE's research goals in the coming decades. Advanced technology will play a major role in shaping the ESE fundamental and applied research program of the future. ESE has established an Earth science technology development program with the following objectives: (1) To accomplish ESE space-based and land-based program elements effectively and efficiently; and (2) To enable ESE's fundamental and applied research programs goals as stated in the NASA Strategic Plan.

Encouraging private sector investment in climatefriendly technologies in developing countries. An assessment of policy options for the Dutch government

International Nuclear Information System (INIS)

Van Rooijen, S.N.M.; Van Wees, M.T.

2006-10-01

This study aims to explore new or reformed policies to be adopted by the Dutch government to encourage private sector investments in climate-friendly technologies in developing countries. A literature review of barriers to climate-friendly investments and of directions for solutions has been complemented with a number of in-depth interviews with stakeholders representing the major actors involved in investment projects (project sponsors, financing institutions, institutional investors and government). The barrier analysis has resulted in the following list of key obstacles to climate-friendly investments: (1) Lack of a sound, transparent and stable enabling environment for investing in developing countries; (2) Shortage of experienced and creditworthy sponsors; (3) High specific project risks; (4) Overestimation investment risks related to (sustainable) investments in developing countries in general (risk perspective); (5) Additional costs of climate-friendly technologies; (6) Shortage of risk capital; (7) Insufficient guarantee mechanisms; (8) Lack of know-how on public-private partnership structures and on financial design; and (9) Lack of insight how corporate social responsibility can be operationalised. Four main gaps have been identified on the basis of an assessment of current Dutch policies and instruments: (1) Shortage of instruments to directly promote investments; (2) Underdeveloped guarantee instruments; (3) Too restrictive cap on project size in financial schemes; (4) Lack of support in operationalising the concept of corporate social responsibility. Four areas for new or intensified policies have been identified based on the barrier and gap analysis: (1) Direct promotion of (potentially large scale) investments, including: (a) Supporting (the establishment of) sponsor companies developing sustainable energy projects in developing countries; (b) Making risk capital available; (c) Creating investment credit facilities; (d) Making development capital in

Two-part payments for the reimbursement of investments in health technologies.

Science.gov (United States)

Levaggi, Rosella; Moretto, Michele; Pertile, Paolo

2014-04-01

The paper studies the impact of alternative reimbursement systems on two provider decisions: whether to adopt a technology whose provision requires a sunk investment cost and how many patients to treat with it. Using a simple economic model we show that the optimal pricing policy involves a two-part payment: a price equal to the marginal cost of the patient whose benefit of treatment equals the cost of provision, and a separate payment for the partial reimbursement of capital costs. Departures from this scheme, which are frequent in DRG tariff systems designed around the world, lead to a trade-off between the objective of making effective technologies available to patients and the need to ensure appropriateness in use. Copyright © 2013 Elsevier Ireland Ltd. All rights reserved.

The trajectories of EAEC countries development: Numerical analysis of competitive strategies in investments

Science.gov (United States)

Shelomentsev, A. G.; Medvedev, M. A.; Isaichik, K. F.; Dyomina, M. I.; Berg, I. A.; Kit, M.

2017-12-01

This paper discusses comparative analysis of trajectories in the development of participating countries of the Eurasian Economic Union (EAEC) in a two-dimensional phase space. The coordinates in the space is represented by the value of a dynamic variable that is a key indicator of the country's development, and the rate of its relative growth. This allows for construction of a ternary classification diagram describing competitive behavior strategies of countries in question. The comparative analysis was run for two primary factors: the size of investment in the main capital and R&D spendings. The authors carried out analysis and identification of competitive strategies for the behavior of the EAEC countries, as well as he proposed conclusions and recommendations on improving the policy of economic development.

A basic guide to investing.

Science.gov (United States)

Smith, Michael C

2006-03-01

Today's investors have many choices. From seemingly simple investments, such as stocks, bonds and cash, to more complicated option strategies, there is a dizzying array of investment vehicles that can leave even the most seasoned investor a bit confused. In discussions with our clients, one common thread is the desire to learn more about the various types of investments available. Following is a basic guide to the most common investments and the risks inherent in those choices.

Investing in biogas: Timing, technological choice and the value of flexibility from input mix

International Nuclear Information System (INIS)

Di Corato, Luca; Moretto, Michele

2011-01-01

In a stochastic dynamic frame, we study the technology choice problem of a continuous co-digestion biogas plant where input factors are substitutes but need to be mixed together to provide output. Given any initial rule for the composition of the feedstock, we consider the possibility of revising it if economic circumstances make it profitable. Flexibility in the mix is an advantage under randomly fluctuating input costs and comes at a higher investment cost. We show that the degree of flexibility in the productive technology installed depends on the value of the option to profitably re-arrange the input mix. Such option adds value to the project in that it provides a device for hedging against fluctuations in the input relative convenience. Accounting for such value we discuss the trade-off between investment timing and profit smoothing flexibility. - Research highlights: ► We study the technology choice problem of a continuous co-digestion biogas plant where input factors are substitutes but need to be mixed together to provide output. ► We show that the degree of flexibility in the productive technology installed depends on the value of the option to profitably re-arrange the input mix. ► Such option adds value to the project in that it provides a device for hedging against fluctuations in the input relative convenience.

Indicators of responsible investing

NARCIS (Netherlands)

Scholtens, Bert

Responsible investment has witnessed significant changes in the past decade. It is estimated that about one fifth of assets under management in the US and about half of all assets under management in the EU are done on the basis of one of the seven responsible investment strategies. This paper

EVALUATION METHODS OF INVESTMENT ATTRACTIVENESS OF UKRAINIAN AGRICULTURAL ENTERPRISES

Directory of Open Access Journals (Sweden)

Nadiia Davydenko

2017-12-01

Full Text Available The purpose of the article is to reveal scientific approaches to determining investment attractiveness of enterprises. Evaluation methods of investment attractiveness of enterprises, which are based on various expert assessments, on statistical information, and also combined methodologies based on expert and statistical calculations are investigated. Decision-making criteria on the appropriateness of investment are determined. Methodology. To determine investment attractiveness of agrarian enterprise on the basis of rating and analytical assessment, it is necessary to use an integrated approach and take into account certain set of indicators. During developing and organizing rating restrictions, we conducted an analysis of groups of indicators, which combined characterize investment attractiveness in a complex way, taking into account specifics of the industry. Results. Application of this approach allows quickly evaluating perspectives of funds investing and the reliability of the investment object. At the same time, the investment potential of company and investment risk are expressed by one general indicator, which allows applying rating comparisons. In order to approbate research results, seven agrarian enterprises with positive profitability and appropriate level of financial autonomy are selected. Based on financial statements, we determined their investment attractiveness and rating. Practical implications. Proposed calculation methodology covers all major processes occurring in different functional sectors of the internal environment of agrarian enterprise, which ensures a systematic view of the subject of management, which enables to identify all the strengths and weaknesses, as well as to create a strategy for prospective development on this basis. Presented methodology for the evaluation of investment attractiveness of enterprises can be successfully applied in agrarian enterprises as during the choice of priority directions of

IMPROVING THE QUALITY OF INVESTMENT DESIGN IN INDUSTRIAL CONSTRUCTION

Directory of Open Access Journals (Sweden)

I. M. Meylanov

2017-01-01

Full Text Available Objectives. The development of a set of practical measures in order to improve the quality of investment design in industrial construction.Methods. The basis of research comprises a project management methodology as well as methods for logical and statistical analysis of decisionmaking in investment activities.Results. A mechanism of inclusion of industrial construction objects into the Federal targeted investment programme is revealed. The sequence of the state expert evaluation of investment projects is determined, which optimises the design solutions aimed at minimising their estimated cost if the investment is made with the involvement of the Federal budget. Qualitative and quantitative criteria are systematised for the integrated assessment of the effectiveness of investment fund usage sent to industrial construction objects.Conclusion. The consistent implementation of the state investment policy is aimed at developing the scientific-technological and scientific-industrial potential of industrial construction by providing favourable conditions for effective innovation activity, selecting rational investment strategies and priority projects aimed at solving urgent problems of improving the competitiveness of construction. Successful implementation of the state investment policy in industrial construction largely depends on the effectiveness of investment design, starting from the accuracy of the formulation of the investment plan (idea, in which the interests of all participants in investment activities are concentrated and taken into account, and to the development of an agreed set of actions to complete the project. A unified register covering the data on the cost and results of investment projects is proposed to be created with the purpose of facilitating decision-making in the process of allocation of the Federal budget funds, planning of state capital investments and approval of project documentation for new industrial construction

NASA Astrophysics Technology Needs

Science.gov (United States)

Stahl, H. Philip

2012-01-01

July 2010, NASA Office of Chief Technologist (OCT) initiated an activity to create and maintain a NASA integrated roadmap for 15 key technology areas which recommend an overall technology investment strategy and prioritize NASA?s technology programs to meet NASA?s strategic goals. Science Instruments, Observatories and Sensor Systems(SIOSS) roadmap addresses technology needs to achieve NASA?s highest priority objectives -- not only for the Science Mission Directorate (SMD), but for all of NASA.

Business investment in research and development (R-D: business strategy for the 21st century in Puerto Rico?

Directory of Open Access Journals (Sweden)

Manuel Lobato Vico

2013-10-01

Full Text Available Two thirds (67% of total investment in Research and Development (R-D activities in Puerto Rico is made by the business sector. This paper analyzes the data from the Pilot Survey on Research and Development and finds that a group of startups or new enterprises focused on R-D activities has been developed, but the total amount of R-D investment is not enough to consider this as a generalized strategy or one of deep impact on the economy. Corporate investment in R-D in Puerto Rico is strongly associated with subsidiaries of multinational corporations from the United States, as well as with specific industrial subsectors, in particular with the chemical industry (pharmaceutical and the subsector of research and development services.

Private investments in new infrastructures

NARCIS (Netherlands)

Baarsma, B.; Poort, J.P.; Teulings, C.N.; de Nooij, M.

2004-01-01

The Lisbon Strategy demands large investments in transport projects, broadband networks and energy infrastructure. Despite the widely-acknowledged need for investments in new infrastructures, European and national public funds are scarce in the current economic climate. Moreover, both policy-makers

Influence of Information Technology on Organization Strategy

OpenAIRE

Sibanda Mabutho; Ramrathan Durrel

2017-01-01

The exponential development of information technology has presented many opportunities to organizations; however, it has also presented several challenges. A key challenge is how do organizations effectively use information technology and incorporate it into their strategies to make full use of its capabilities as an enabler. The fast-changing nature of information technology has resulted in little empirical evidence on how it influences organization strategy. The Strategic Alignment Model wa...

Investing in CIS: obstacles and strategies

International Nuclear Information System (INIS)

Anon.

1996-01-01

The CIS (Community of Independent States) needs the help of foreign investments to develop its huge hydrocarbon potentialities. Because of the uncertainties concerning the legal and fiscal context of their activities, the role of the international oil companies has remained limited so far. These problems were discussed in May 1996 during an important ''General Session'' of the OTC 96 congress. Proven and explored onshore oil reserves in Russia are enormous, in particular in Western and Eastern Siberia. However, the economically most interesting resources are located in the offshore zones of the Barents, Pechora and Kara seas and of Eastern Siberia and Okhotsk. This paper describes the last years decay of oil production in CIS and its causes, in particular the obstacles to foreign investments (exportation and transport taxes), the recent contracts and joint-ventures with American major companies (Exxon, Amoco..), and the situation of the Russian industry in petroleum engineering and field exploitation materials. (J.S.)

China's overseas strategies for oil and gas investment: implications for Brazil; A estrategia de investimentos externos da China no setor de petroleo e gas natural e suas implicacoes para o Brasil

Energy Technology Data Exchange (ETDEWEB)

Pinho, Alice Kinue Jomori de; Fonseca, Maria Mendes da; Silva, Roberta Salomao Moraes da [Agencia Nacional do Petroleo, Gas Natural e Biocombustiveis (ANP), Rio de Janeiro, RJ (Brazil)

2012-07-01

The present work discuss Chinese strategies for making foreign investments in O and G sector, taking into account NOC's huge investment capability and increasing oil demand with sustains China's economic growth. Initially, the effect of China's economic growth rate on international oil market is addressed. The paper also details the relationship between Chinese NOCs and the Government, highlighting their aims and strategies, as well as the results of their results. Finally, this article evaluates how those strategies can affect Brazilian O and G upstream sector. Despite of concerns on Chinese government interference in NOCs management and decision processes, it is show that those State companies pursue much wider objectives, which transcend the mere search for energy security, such as asset diversification, access to new technologies and strengthening of their positions in global economic context. Doing so, those enterprises can become, in the long run, valuable partners of Brazilian PETROBRAS in E and P activities in pre-salt areas, building a win-win relationship not only for the companies involved but also for Brazil and China. (author)

Investment in Renewable Energies in Argentina

Directory of Open Access Journals (Sweden)

Marina Recalde

2017-05-01

Full Text Available This article analyzes how the enabling conditions of the energy policy of a developing country such as Argentina, are crucial for the deployment of renewable energy investments. The conclusions highlights that the low institutional quality of the country shapes enabling conditions and reduce effect of the instruments of the energy policy, dropping incentives for investment in renewable technologies in the country. Therefore, in order to promote renewable technologies investments efficiently, the institutional framework of countries must be seriously improved.

NASA Program Office Technology Investments to Enable Future Missions

Science.gov (United States)

Thronson, Harley; Pham, Thai; Ganel, Opher

2018-01-01

The Cosmic Origins (COR) and Physics of the Cosmos (PCOS) Program Offices (POs) reside at NASA GSFC and implement priorities for the NASA HQ Astrophysics Division (APD). One major aspect of the POs’ activities is managing our Strategic Astrophysics Technology (SAT) program to mature technologies for future strategic missions. The Programs follow APD guidance on which missions are strategic, currently informed by the NRC’s 2010 Decadal Survey report, as well as APD’s Implementation Plan and the Astrophysics Roadmap.In preparation for the upcoming 2020 Decadal Survey, the APD has established Science and Technology Definition Teams (STDTs) to study four large-mission concepts: the Origins Space Telescope (née, Far-IR Surveyor), Habitable Exoplanet Imaging Mission, Large UV/Optical/IR Surveyor, and Lynx (née, X-ray Surveyor). The STDTs will develop the science case and design reference mission, assess technology development needs, and estimate the cost of their concept. A fifth team, the L3 Study Team (L3ST), was charged to study potential US contributions to ESA’s planned Laser Interferometer Space Antenna (LISA) gravitational-wave observatory.The POs use a rigorous and transparent process to solicit technology gaps from the scientific and technical communities, and prioritize those entries based on strategic alignment, expected impact, cross-cutting applicability, and urgency. For the past two years, the technology-gap assessments of the four STDTs and the L3ST are included in our process. Until a study team submits its final report, community-proposed changes to gaps submitted or adopted by a study team are forwarded to that study team for consideration.We discuss our technology development process, with strategic prioritization informing calls for SAT proposals and informing investment decisions. We also present results of the 2017 technology gap prioritization and showcase our current portfolio of technology development projects. To date, 96 COR and 86

Understanding Information Technology Investment Decision-Making in the Context of Hotel Global Distribution Systems: a Multiple-Case Study

OpenAIRE

Connolly, Daniel J.

1999-01-01

UNDERSTANDING INFORMATION TECHNOLOGY INVESTMENT DECISION-MAKING IN THE CONTEXT OF HOTEL GLOBAL DISTRIBUTION SYSTEMS: A MULTIPLE-CASE STUDY by Daniel J. Connolly Dr. Michael D. Olsen, Chair Department of Hospitality and Tourism Management ABSTRACT This study investigates what three large, multinational hospitality companies do in practice when evaluating and making IT investment decisions. This study was launched in an attempt to 1) learn more about ...

GROWTH AND VENTURE CAPITAL INVESTMENT IN TECHNOLOGY-BASED SMALL FIRMS THE CASE OF HUNGARY

Directory of Open Access Journals (Sweden)

Becsky Nagy Patricia

2014-07-01

Full Text Available Venture capital backed enterprises represent a low proportion of companies, even of innovative ones. The research question was, whether these companies have an important role in innovation and economic growth in Hungary compared to other countries. In the first part of the article I present the theoretical background of technology-based small firms, highlighting the most important models and theories of the economic impact and the special development of innovative technology-oriented small firms. In the second part of the article I present the status of the most important indicators of innovation in connection with entrepreneurship, than I elaborate on the measures of start-ups, mainly the high-tech ones with high-growth potential. I describe the current position of venture capital industry, detailing the venture capital investments, with particular emphasis on classical venture capital investments that points out the number and the amount of venture capital investments financing early stage firms with high-growth potential. At the end I summarize the status of Hungarian technology-based small firms and their possibilities to get financial sources form venture capital investors, with regards to the status and the prospects of the JEREMIE program. In Hungary the number of internationally competitive firms, ready and willing to obtain venture capital, is much lower than in the US or Western European countries. Hungary could take advantage of its competitive edges in some special fields of innovation. The efficiency of information flow would reduce the information gap between the demand and the supply side of the venture capital market and more Hungarian firms could be internationally successful through venture capital financing. The recent years’ policy and special programs like JEREMIE generated more transactions, that helped to inform the entrepreneurs about venture capital and helped to co-invest public resources with private equity more

Unstructured Grid Adaptation: Status, Potential Impacts, and Recommended Investments Toward CFD Vision 2030

Science.gov (United States)

Park, Michael A.; Krakos, Joshua A.; Michal, Todd; Loseille, Adrien; Alonso, Juan J.

2016-01-01

Unstructured grid adaptation is a powerful tool to control discretization error for Computational Fluid Dynamics (CFD). It has enabled key increases in the accuracy, automation, and capacity of some fluid simulation applications. Slotnick et al. provides a number of case studies in the CFD Vision 2030 Study: A Path to Revolutionary Computational Aerosciences to illustrate the current state of CFD capability and capacity. The authors forecast the potential impact of emerging High Performance Computing (HPC) environments forecast in the year 2030 and identify that mesh generation and adaptivity continue to be significant bottlenecks in the CFD work flow. These bottlenecks may persist because very little government investment has been targeted in these areas. To motivate investment, the impacts of improved grid adaptation technologies are identified. The CFD Vision 2030 Study roadmap and anticipated capabilities in complementary disciplines are quoted to provide context for the progress made in grid adaptation in the past fifteen years, current status, and a forecast for the next fifteen years with recommended investments. These investments are specific to mesh adaptation and impact other aspects of the CFD process. Finally, a strategy is identified to diffuse grid adaptation technology into production CFD work flows.

Energy efficient policy impact in India: case study of investment in industrial energy efficiency

International Nuclear Information System (INIS)

Yang, M.

2006-01-01

The objective of this paper is to identify the effectiveness of energy policy and capital investment in energy efficiency technologies in the industrial sector in India. Indian energy policies relating to industrial energy efficiency over the past 25 years are briefly reviewed, and a comparison study of these energy efficiency policies and strategies in India and China has been carried out. Interviews were conducted with a number of government policy-making institutions and a national industrial development bank. The accounts of 26 industrial enterprises which applied and used a loan of the Asian Development Bank were audited for data collection. Field-visits to seven industrial entrepreneurs were undertaken in a case study. Methodologies used in this study include documentation, cross-country reviews on energy policies, questionnaire design and distribution in the industrial sector, and on-site auditing of energy efficiency technologies. This paper concludes that current energy policies and strategies in India need further improvement to promote energy efficiency investment and energy efficiency technology development in the industrial sector. This paper will interest those policy makers and industrial entrepreneurs who are willing to finance energy efficiency projects and improve energy efficiency in the industrial sector. (author)

Energy efficiency policy impact in India: case study of investment in industrial energy efficiency

International Nuclear Information System (INIS)

Yang Ming

2006-01-01

The objective of this paper is to identify the effectiveness of energy policy and capital investment in energy efficiency technologies in the industrial sector in India. Indian energy policies relating to industrial energy efficiency over the past 25 years are briefly reviewed, and a comparison study of these energy efficiency policies and strategies in India and China has been carried out. Interviews were conducted with a number of government policy-making institutions and a national industrial development bank. The accounts of 26 industrial enterprises which applied and used a loan of the Asian Development Bank were audited for data collection. Field-visits to seven industrial entrepreneurs were undertaken in a case study. Methodologies used in this study include documentation, cross-country reviews on energy policies, questionnaire design and distribution in the industrial sector, and on-site auditing of energy efficiency technologies. This paper concludes that current energy policies and strategies in India need further improvement to promote energy efficiency investment and energy efficiency technology development in the industrial sector. This paper will interest those policy makers and industrial entrepreneurs who are willing to finance energy efficiency projects and improve energy efficiency in the industrial sector

Venture capital and private equity investment preferences in selected countries

Directory of Open Access Journals (Sweden)

Krzysztof Dziekoński

2016-01-01

Full Text Available Sources of capital to finance companies in the SME sector is one of the basic conditions for the functioning and development of enterprises, especially in the early phase of their development. Increasingly popular is the use of capital market instruments, Private Equity, Venture Capital, Business Angels or Mezzanine. Funding of this kind can finance risky investments in return for a higher expected rate of return on capital. Access to financial resources and the conditions under which entrepreneurs can use them can determine the introduction of new technology, new products and services, expand distribution channels, implement changes that may lead to the growth in competitiveness and above all, innovation, thus the growth of the company. The paper presents results of statistical analysis of the venture capital and private equity funds investment strategies in selected countries. As a result investment profiles are created.

Expected net present value of sample information: from burden to investment.

Science.gov (United States)

Hall, Peter S; Edlin, Richard; Kharroubi, Samer; Gregory, Walter; McCabe, Christopher

2012-01-01

The Expected Value of Information Framework has been proposed as a method for identifying when health care technologies should be immediately reimbursed and when any reimbursement should be withheld while awaiting more evidence. This framework assesses the value of obtaining additional evidence to inform a current reimbursement decision. This represents the burden of not having the additional evidence at the time of the decision. However, when deciding whether to reimburse now or await more evidence, decision makers need to know the value of investing in more research to inform a future decision. Assessing this value requires consideration of research costs, research time, and what happens to patients while the research is undertaken and after completion. The investigators describe a development of the calculation of the expected value of sample information that assesses the value of investing in further research, including an only-in-research strategy and an only-with-research strategy.

The impact of DOE building technology energy efficiency programs on U.S. employment, income, and investment

International Nuclear Information System (INIS)

Scott, Michael J.; Roop, Joseph M.; Schultz, Robert W.; Anderson, David M.; Cort, Katherine A.

2008-01-01

The U.S. Department of Energy's Office of Energy Efficiency and Renewable Energy (EERE) analyzes the macroeconomic impacts of its programs that are designed to increase the energy efficiency of the U.S. residential and commercial building stock. The analysis is conducted using the Impact of Sector Energy Technologies (ImSET) model, a special-purpose 188-sector input-output model of the U.S. economy designed specifically to evaluate the impacts of energy efficiency investments and saving. For the analysis described in the paper, ImSET was amended to provide estimates of sector-by-sector capital requirements and investment. In the scenario of the Fiscal Year (FY) 2005 Building Technologies (BT) program, the technologies and building practices being developed and promoted by the BT program have the potential to save about 2.9 x 10 15 Btu in buildings by the year 2030, about 27% of the expected growth in building energy consumption by the year 2030. The analysis reported in the paper finds that, by the year 2030, these savings have the potential to increase employment by up to 446,000 jobs, increase wage income by $7.8 billion, reduce needs for capital stock in the energy sector and closely related supporting industries by about $207 billion (and the corresponding annual level of investment by $13 billion), and create net capital savings that are available to grow the nation's future economy

Optimal investment strategies in decentralized renewable power generation under uncertainty

International Nuclear Information System (INIS)

Fleten, S.-E.; Maribu, K.M.; Wangensteen, I.

2007-01-01

This paper presents a method for evaluating investments in decentralized renewable power generation under price un certainty. The analysis is applicable for a client with an electricity load and a renewable resource that can be utilized for power generation. The investor has a deferrable opportunity to invest in one local power generating unit, with the objective to maximize the profits from the opportunity. Renewable electricity generation can serve local load when generation and load coincide in time, and surplus power can be exported to the grid. The problem is to find the price intervals and the capacity of the generator at which to invest. Results from a case with wind power generation for an office building suggests it is optimal to wait for higher prices than the net present value break-even price under price uncertainty, and that capacity choice can depend on the current market price and the price volatility. With low price volatility there can be more than one investment price interval for different units with intermediate waiting regions between them. High price volatility increases the value of the investment opportunity, and therefore makes it more attractive to postpone investment until larger units are profitable. (author)

MODERN OPTIONS FOR THE FINANCING OF THE REAL ESTATE INVESTMENTS

Directory of Open Access Journals (Sweden)

Chiriac Silviu-Cornel-Virgil

2015-07-01

Full Text Available The investments represent one of the most important elements in the national economy development strategies, as well as in all the business fields and branches. The notion of investment is extremely complex, perceived with different meanings and significates. In a general, wider meaning the investments represent a capital placement which is made with the purpose of obtaining profit bearing incomes in the future. In a narrower meaning, investments mean the totality of expenses made for obtaining capital assets which are future potential factors in the formation of incomes. Investments represent the most important factor in the development strategies of the national economy as well as in all the business fields and branches. The investment strategy represents an important element in the management of the investments and a component of the general strategy of the entity. The use of investment strategies in the management activity implies the application of scientific techniques and methods. The great number of studies carried out shows that there were no certain answers formed, very often the option for a form of financing or the other is influenced only by the “level of accessibility” of the resources available on the financial market and the financing policy of many companies is guided rather by the constraints of the financial market than a coherent company strategy In order to ensure a constant economic growth it is necessary to prepare investment projects. In practice the predominant one is the investment activity based on real investments performed for the modernising of assets, in order to ensure their physical and moral wear and tear. The analysis of real estate investments can be made using a various range of indicators, from the traditional ones to those based on the updated cash flow, using traditional analysis techniques or complex techniques used by specialists with training in the analysis of real estate investment. The

THE ECONOMIC SUBSTANCE OF ACCOUNTING FOR FINANCIAL INVESTMENT AND THE PROSPECT OF USING “BLOCKCHAIN” TO CONTROL INVESTMENT ACTIVITY IN UKRAINE

Directory of Open Access Journals (Sweden)

Alina Lytvynenko

2018-03-01

Full Text Available The subject matter of the research is the financial investment and the application of innovative technologies to improve accounting in the context of investment management as one of the most important components of economic development. The goal is to study the methodology of reflecting financial investments of domestic enterprises. The objectives are to improve accounting of financial investments in the enterprise, to research the development prospects of accounting by introducing innovative technologies through the disclosure of theoretical aspects of research and the estimation of practical aspects of the study, the possibility of using the technology of blockchain in Ukraine to improve the financial reporting taking into account the experience of international partners (foreign countries. The methods used are system analysis and structural analysis. The following results are obtained. The state of investment accounting was analyzed and the prospects of using blockchain technology for improving auditing efficiency, increasing the transparency of financial investments and for counteracting corruption were found. Conclusions. During the analysis of the cause and effect relations of using innovative technologies in accounting, the immaturity of the existing accounting methodology was shown; this immaturity specifies incompleteness, the decline in the adequacy of accounting data in accordance with the realities of investment processes and the development of the industry as a whole. The use of blockchain technology enables restructuring the processes of accounting and their automation and increases the level of transparency of information disclosure by enterprises. Using blockchain for auditing becomes a unique solution as auditing affects all industries and is the foundation that helps global financial markets gain investor confidence. Taking into account the economic problems of Ukraine, the use of blockchain technology will help solve the

Deterministic mean-variance-optimal consumption and investment

DEFF Research Database (Denmark)

Christiansen, Marcus; Steffensen, Mogens

2013-01-01

In dynamic optimal consumption–investment problems one typically aims to find an optimal control from the set of adapted processes. This is also the natural starting point in case of a mean-variance objective. In contrast, we solve the optimization problem with the special feature that the consum......In dynamic optimal consumption–investment problems one typically aims to find an optimal control from the set of adapted processes. This is also the natural starting point in case of a mean-variance objective. In contrast, we solve the optimization problem with the special feature...... that the consumption rate and the investment proportion are constrained to be deterministic processes. As a result we get rid of a series of unwanted features of the stochastic solution including diffusive consumption, satisfaction points and consistency problems. Deterministic strategies typically appear in unit......-linked life insurance contracts, where the life-cycle investment strategy is age dependent but wealth independent. We explain how optimal deterministic strategies can be found numerically and present an example from life insurance where we compare the optimal solution with suboptimal deterministic strategies...

Technology Marketing using PCA , SOM, and STP Strategy Modeling

OpenAIRE

Sunghae Jun

2011-01-01

Technology marketing is a total processing about identifying and meeting the technological needs of human society. Most technology results exist in intellectual properties like patents. In our research, we consider patent document as a technology. So patent data are analyzed by Principal Component Analysis (PCA) and Self Organizing Map (SOM) for STP(Segmentation, Targeting, and Positioning) strategy modeling. STP is a popular approach for developing marketing strategies. We use STP strategy m...

The Baetylus Theorem?the central disconnect driving consumer behavior and investment returns in Wearable Technologies

OpenAIRE

Levine, James A.

2016-01-01

The Wearable Technology market may increase fivefold by the end of the decade. There is almost no academic investigation as to what drives the investment hypothesis in wearable technologies. This paper seeks to examine this issue from an evidence-based perspective. There is a fundamental disconnect in how consumers view wearable sensors and how companies market them; this is called The Baetylus Theorem where people believe (falsely) that by buying a wearable sensor they will receive health be...

Investment strategy for sustainable society by development of regional economies and prevention of industrial pollutions in Japanese manufacturing sectors

International Nuclear Information System (INIS)

Sueyoshi, Toshiyuki; Goto, Mika

2014-01-01

A balance between industrial pollution prevention and economic growth becomes a world-wide issue to develop a sustainable society in many industrial nations. To discuss the issue, this study proposes a new use of DEA environmental assessment to determine how to effectively allocate capital for developing regional industries. The amount of capital is used to invest for technology innovation for both local economic growth and environmental protection. In this study, the proposed approach separates outputs into desirable and undesirable categories. Inputs are also separated into two categories, one of which indicates an amount of investment on capital assets. The other category is used for production activities. The proposed approach unifies them by two disposability concepts. This study has evaluated the performance of manufacturing industries in 47 prefectures (local government units in Japan) by Unified Efficiency under Natural disposability (UEN), Unified Efficiency under Managerial disposability (UEM) and Unified Efficiency under Natural and Managerial disposability (UENM). The UENM is further separated into its two cases: with and without a possible occurrence on desirable congestion, or technology innovation, on undesirable outputs. This study has empirically confirmed that Japanese manufacturing industries need to make their efforts to reduce greenhouse gas emissions and air pollution substances by investing in technology innovation. Furthermore, most of economic activities are currently located at metropolitan regions (e.g., Tokyo) in Japan. To develop a sustainable society, Japan needs to allocate capital into regions with a high level of investment effectiveness by shifting the manufacturing industries from the metropolitan regions to much promising local areas identified in this study. Such a shift, along with technology innovation, makes it possible to reduce air pollutions in the entire Japan by balancing economic growth and pollution prevention. This

RUSSIAN INDUSTRY INVESTMENT SITUATION

Directory of Open Access Journals (Sweden)

O. V. Pochukaeva

2011-01-01

Full Text Available The actual deficiency of investment into Russian industry innovative development increases its technological drag from industries of countries with developed markets. Although the rate of investment into real sectors of Russian economics mid 2000 was higher compared to the previous period, annual investment amounts were much lower than in 1990. At present, highest investment amounts are directed to industry extractive branches and to the commerce. Amounts invested to various economy branches do not correspond to their contribution to the country’sGross Added Product; particularly underinvested are manufacturing industry branches. At present, foreign share in the country economy total investment makes 15–18%. Recently, most interesting for foreigners was investment to machine-building branches with overwhelming part (for example, 90% in 2007–2008 of foreign investment into the machine-building industry being directed to creation of new automobile plants. Today, first place in the list of foreign investors’ preferences in Russia is taken by the machine-tool construction sector.

Terminal Investment Strategies and Male Mate choice: Extreme Tests of Bateman.

Science.gov (United States)

Andrade, Maydianne C B; Kasumovic, Michael M

2005-11-01

Bateman's principle predicts the intensity of sexual selection depends on rates of increase of fecundity with mating success for each sex (Bateman slopes). The sex with the steeper increase (usually males) is under more intense sexual selection and is expected to compete for access to the sex under less intense sexual selection (usually females). Under Bateman and modern refinements of his ideas, differences in parental investment are key to defining Bateman slopes and thus sex roles. Other theories predict sex differences in mating investment, or any expenditures that reduce male potential reproductive rate, can also control sex roles. We focus on sexual behaviour in systems where males have low paternal investment but frequently mate only once in their lifetimes, after which they are often killed by the female. Mating effort (=terminal investment) is high for these males, and many forms of investment theory might predict sex role reversal. We find no qualitative evidence for sex role reversal in a sample of spiders that show this extreme male investment pattern. We also present new data for terminally-investing redback spiders (Latrodectus hasselti). Bateman slopes are relatively steep for male redbacks, and, as predicted by Bateman, there is little evidence for role reversal. Instead, males are competitive and show limited choosiness despite wide variation in female reproductive value. This study supports the proposal that high male mating investment coupled with low parental investment may predispose males to choosiness but will not lead to role reversal. We support the utility of using Bateman slopes to predict sex roles, even in systems with extreme male mating investment.

Self-Averaging Property of Minimal Investment Risk of Mean-Variance Model.

Science.gov (United States)

Shinzato, Takashi

2015-01-01

In portfolio optimization problems, the minimum expected investment risk is not always smaller than the expected minimal investment risk. That is, using a well-known approach from operations research, it is possible to derive a strategy that minimizes the expected investment risk, but this strategy does not always result in the best rate of return on assets. Prior to making investment decisions, it is important to an investor to know the potential minimal investment risk (or the expected minimal investment risk) and to determine the strategy that will maximize the return on assets. We use the self-averaging property to analyze the potential minimal investment risk and the concentrated investment level for the strategy that gives the best rate of return. We compare the results from our method with the results obtained by the operations research approach and with those obtained by a numerical simulation using the optimal portfolio. The results of our method and the numerical simulation are in agreement, but they differ from that of the operations research approach.

Self-Averaging Property of Minimal Investment Risk of Mean-Variance Model.

Directory of Open Access Journals (Sweden)

Takashi Shinzato

Full Text Available In portfolio optimization problems, the minimum expected investment risk is not always smaller than the expected minimal investment risk. That is, using a well-known approach from operations research, it is possible to derive a strategy that minimizes the expected investment risk, but this strategy does not always result in the best rate of return on assets. Prior to making investment decisions, it is important to an investor to know the potential minimal investment risk (or the expected minimal investment risk and to determine the strategy that will maximize the return on assets. We use the self-averaging property to analyze the potential minimal investment risk and the concentrated investment level for the strategy that gives the best rate of return. We compare the results from our method with the results obtained by the operations research approach and with those obtained by a numerical simulation using the optimal portfolio. The results of our method and the numerical simulation are in agreement, but they differ from that of the operations research approach.

Dr. Alyce SU on China Overseas Investment Strategy

Institute of Scientific and Technical Information of China (English)

2010-01-01

@@ Brazil Brazil Investment Background Brazil's National Bank for Economic and Social Development (BNDES) (similar role to China Development Bank) is Brazil's leading long term loan provider to Brazilian domestic enterprises. BNDES's subsidiary BNDESPar holds shares of Brazil's listed and unlisted companies. Since 2010, BNDES and BNDESPar have been restructuring investment portfolio by selling shares in Fibria and 2.4% of Banco de Brasil for cash for making future loans. It's 5.3% shares in VALE is widely expected to be the next liquidity event.

Social Investment or Private Profit? Diverging Notions of "Investment" in Early Childhood Education and Care

Science.gov (United States)

Adamson, Elizabeth; Brennan, Deborah

2014-01-01

In recent decades, many OECD countries have adopted the notion of "social investment" to reframe traditional approaches to social welfare. Social investment strategies and policies focus on employment rather than welfare and promote public expenditure on skills and education throughout the life course, starting with early childhood…

[Are investment activity and backlog in investments risks for university medicine in Germany?].

Science.gov (United States)

Amann, I; Heyder, R; Strehl, R

2009-08-01

University medicine in Germany requires significantly higher funding and investment because its tasks not only include health care but also research and teaching. However, over recent decades less and less funding compared to the development of the turnover has been available. This trend is due to decreasing public funding. The diminishing funding has caused a major backlog of investment at German university hospitals. The first part of the article summarizes the investments policies at university hospitals and other hospitals. The second part describes the investment needs in university medicine and exposes risk factors for research, education and health care due to the process of investment planning and realization. Goal-oriented solutions are shown to facilitate investments. The third part discusses several risks caused by insufficient investments in university medicine. There are special risks for research, teaching, and the capacity for innovation in university medicine besides economical and medical risks. Some policies and financial strategies to overcome the backlog in investments are presented. After a summary, the article concludes with some practical examples of further measures to ensure sustainable funding.

Scenarios and Strategies for Africa

Energy Technology Data Exchange (ETDEWEB)

NONE

2011-11-15

In 2011, IRENA will start developing scenarios and strategies for Africa. This is a pilot study for a project that will ultimately encompass the whole world. The selection of Africa first indicates the priority that the IRENA work programme places on the continent. In the framework of the 2011 IRENA work programme, the analysis of scenarios and strategies will feed into the renewables readiness assessment, which will assess policy priorities and best practices in renewable energy policy-making. This, in turn, will be the basis for financing investment and capacity building activities. Energy policy advice must consider issues, such as the structure of energy supply and demand, the past and future energy trends, renewable energy resources, energy economics and technology access. Scenarios and strategies are key tools for such an analysis. Regional and national differences must be considered and individual sectors and end-use categories further analysed. These include power generation, cooking, heating, industrial process heat, and transport. Urban and rural solutions will be dealt with separately, as well as centralised and decentralised solutions. The analysis will cover issues, such as potentials, technology, supply chains and investment needs.

A Taxonomy of Information Technology-Enhanced Pricing Strategies

NARCIS (Netherlands)

Dixit, A.; Whipple, T.W.; Zinkhan, G.M.; Gailey, E.

2008-01-01

As a result of evolving technology, opportunities for innovative pricing strategies continuously emerge. The authors provide an updated taxonomy to show how such emerging strategies relate to recent technological advances. Specifically, they cite increased availability of information, enhanced

Correlationally Assessing the Relationship of Information Technology Investments in Electronic Medical Records to Business Value

Science.gov (United States)

Richardson, Daniel J.

2009-01-01

The lag in information exchange and assimilation adoption experienced by modern primary care physicians in the conduct of evidence based medicine may be affecting health care system productivity and patient quality of care. Further, interest in whether or not information technology (IT) investments show an increase in business value has increased…

Factor investing based on Musharakah principle

Science.gov (United States)

Simon, Shahril; Omar, Mohd; Lazam, Norazliani Md; Amin, Mohd Nazrul Mohd

2015-10-01

Shariah stock investing has become a widely discussed topic in financial industry as part of today's investment strategy. The strategy primarily applies market capitalization allocations. However, some researchers have argued that market capitalization weighting is inherently flawed and have advocated replacing market capitalization allocations with factor allocations. In this paper, we discuss the rationale for factor investing based on Musharakah principle. The essential elements or factors of Musharakah principle such as business sector, management capability, profitability growth and capital efficiency are embedded in the Shariah-compliant stock. We then transform these factors into indexation for better analysis and performance measurement. Investment universe for this research covers Malaysian stocks for the period of January 2009 to December 2013. We found out that these factor indexes have historically earned excess returns over market capitalization weighted indexes and experienced higher Sharpe Ratios.

Strategies and technologies for nuclear materials stewardship

International Nuclear Information System (INIS)

Cunningham, P.T.; Arthur, E.D.; Wagner, R.L. Jr.; Hanson, E.M.

1997-01-01

A strategy for future nuclear materials management and utilization from proliferation and long-term waste perspectives is described. It is aimed at providing flexible and robust responses to foreseeable nuclear energy scenarios. The strategy also provides for a smooth transition, in terms of technology development and facility implementation, to possible future use of breeder reactor technology. The strategy incorporates features that include minimization of stocks of separated plutonium; creation of a network of secure interim, retrievable storage facilities; and development and implementation of a system of Integrated Actinide Conversion Systems (IACS) aimed at near and far-term management of plutonium and other actinides. Technologies applicable to such IACS concepts are discussed as well as a high-level approach for implementation. (author)

Strategies and technologies for nuclear materials stewardship

International Nuclear Information System (INIS)

Cunningham, P.T.; Arthur, E.D.; Wagner, R.L. Jr.; Hanson, E.M.

1997-01-01

A strategy for future nuclear materials management and utilization from proliferation and long-term waste perspectives is described. It is aimed at providing flexible and robust responses to foreseeable nuclear energy scenarios. The strategy also provides for a smooth transition, in terms of technology development and facility implementation, to possible future use of breeder reactor technology. The strategy incorporates features that include minimization of stocks of separated plutonium; creation of a network of secure interim, retrievable storage facilities; and development and implementation of a system of Integrated Actinide Conversion Systems (IACS) aimed at near and far-term management of plutonium and other actinides. Technologies applicable to such IACS concepts are discussed as well as a high-level approach for implementation

Investigation into How Managers Justify Investments in IT Infrastructure

Science.gov (United States)

Ibe, Richmond Ikechukwu

2012-01-01

Organization leaders are dependent on information technology for corporate productivity; however, senior managers have expressed concerns about insufficient benefits from information technology investments. The problem researched was to understand how midsized businesses justify investments in information technology infrastructure. The purpose of…

The value from investments in health information technology at the U.S. Department of Veterans Affairs.

Science.gov (United States)

Byrne, Colene M; Mercincavage, Lauren M; Pan, Eric C; Vincent, Adam G; Johnston, Douglas S; Middleton, Blackford

2010-04-01

We compare health information technology (IT) in the Department of Veterans Affairs (VA) to norms in the private sector, and we estimate the costs and benefits of selected VA health IT systems. The VA spent proportionately more on IT than the private health care sector spent, but it achieved higher levels of IT adoption and quality of care. The potential value of the VA's health IT investments is estimated at $3.09 billion in cumulative benefits net of investment costs. This study serves as a framework to inform efforts to measure and calculate the benefits of federal health IT stimulus programs.

Competitive edge through technological innovation

International Nuclear Information System (INIS)

Gottlieb, M.

1997-01-01

The vital role of advanced technology in natural gas cost reduction has been described. Among advanced technologies, seismic, drilling and fracturing technologies have been singled out as being the most important. Access to new supply frontiers (aided by the application of advanced technology), and more effective business strategies were considered as the other most influential factors in efficiently exploiting oil and gas resources. In view of predictions of substantially increased demand, advanced technology is poised to be even more important in the future. With this as background, an examination of the level of investment for the development of advanced technology revealed that energy industry R and D expenditures were lowest among industries in the U.S. (only 0.7 per cent of sales). It was concluded that notwithstanding industry's ability to improve output per R and D dollar invested, the achievement of the necessary technological advancements is a strategic imperative for both the industry and the U.S. as a whole. As far as the industry is concerned, its ability to maintain a competitive edge over competing energy forms, will be determined largely on the basis of its willingness to invest in future advanced technology development. 2 refs., 14 figs

Chinese Investments in Serbia—A Joint Pledge for the Future of the New Silk Road

Directory of Open Access Journals (Sweden)

Dimitrijević Duško

2017-06-01

Full Text Available Following the political changes in 2000, Serbia has rapidly started to catch up with the countries of Central and Eastern Europe in various aspects of the transition process. One of these very important aspects were foreign investments, both ‘direct’ and ‘portfolio’ ones, that had a significant impact on the development of Serbian economy by recovering economic structure and raising competitiveness in world markets, followed by improving the balance of payments and technological, scientific and managerial base. Foreign investments as an “economic engine” enable accelerated realization of national economic goals which include re-industrialization and renewal of industrial capacity. The openness of the Serbian market and the lack of financial resources allow China and other states concerned under favourable conditions invest in the development of Serbian economy. In this way, Chinese investments have become a driving force for the promotion of economic and other relations between the two countries. On the other hand, however, Chinese investments have proven to be an ideal test for the realization of the objectives of the development strategy of the ‘New Silk Road’ which among other things include the improvement of China’s position on world markets, including the EU market. For the proper understanding of Sino-Serbian relations, this study first gives a short explanation of the Chinese strategy of the New Silk Road. Then, it includes an analysis of Serbia’s position towards China. Analysis of the development of Serbian-Chinese economic relations, especially in the field of foreign investment and within the framework of multilateral cooperation mechanism ‘16+1’, occupies the central part of the study. The study concludes with an evaluation of comparative advantages and certain disadvantages for the Chinese foreign investment in Serbian economy, which in itself has certain significance for the realization of the New Silk Road

Quantifying Productivity Gains from Foreign Investment

NARCIS (Netherlands)

C. Fons-Rosen (Christian); S. Kalemli-Ozcan (Sebnem); B.E. Sorensen (Bent); C. Villegas-Sanchez (Carolina)

2013-01-01

textabstractWe quantify the causal effect of foreign investment on total factor productivity (TFP) using a new global firm-level database. Our identification strategy relies on exploiting the difference in the amount of foreign investment by financial and industrial investors and simultaneously

What are the determinants of investment in environmental R&D?

International Nuclear Information System (INIS)

Costa-Campi, M.T.; García-Quevedo, J.; Martínez-Ros, E.

2017-01-01

To face the challenges posed by climate change, environmental R&D and innovation are critical factors if we hope to cut emissions; yet, investment in environmental R&D remains below the social optimum. The aim of this paper is to analyse the determinants of investment in environmental innovation and to detect the differences, if any, with the determinants of investment in general innovation. In addition, this paper examines the relationship between environmental innovation R&D expenditure and a range of policy instruments, including environmental regulation and other policy measures including R&D subsidies and environmental taxes. The empirical analysis is carried out for 22 manufacturing sectors in Spain for the period 2008–2013. To overcome problems of data availability, we construct a comprehensive database from different surveys. The main implications from our results are (1). Managerial strategy appears as a relevant driver of environmental R&D investments. (2) The establishment of a policy mix between environmental, energy and technological regulatory measures is recommended. (3) The promotion of self-regulation through actions that encourage companies to follow a policy that affects their energy efficiency and is environmentally friendly. - Highlights: • Analysis of the environmental innovation investment. • Link between environmental innovation and policy instruments. • Use of a policy mix instruments enhances environmental innovation.

Environmental investment funds. Investing into the future. Umweltfonds. Investieren in die Zukunft

Energy Technology Data Exchange (ETDEWEB)

Homolka, W [Bayerische Hypotheken- und Wechsel-Bank AG, Muenchen (Germany)

1990-01-01

The book wants to show that ecologically oriented and socially responsible investment has so far been underrated as a criterion of choice for finance decisions. Environmental investment funds offer the chance to make important investments into the future and the development of new technologies and methods of production, provided the openness of their claim is appreciated which is to go for anything that will improve our environment. Such confidence in the positive forces of the market is adequately rewarded, as international examples show. Environmental investment funds are a form of finance management for far-sighted investors and who are committed to the environment. The author presents the bases of ethic-ecologically oriented fund investment, reports experience abroad, and gives a current overview of the situation, nationally and internationally, in this sector of the finance market. (orig./HSCH).

Investigation of factors determining risk-taking strategies in Pension fund investment of Defined Benefit schemes in the UK corporate pension system

OpenAIRE

Hu, Chunan

2014-01-01

This paper investigates various incentives determining risk taking strategies of the corporate pension fund investment from the perspective of sponsors. In the United Kingdom, occupational pension plans especially defined benefit (DB) pension schemes play important roles in the financial market. Comparing with the conventional framework managing pension risk as a contained part of the whole firm risk, recent studies start to focus on pension risk especially investment risk as an individual to...

Optimal security investments and extreme risk.

Science.gov (United States)

Mohtadi, Hamid; Agiwal, Swati

2012-08-01

In the aftermath of 9/11, concern over security increased dramatically in both the public and the private sector. Yet, no clear algorithm exists to inform firms on the amount and the timing of security investments to mitigate the impact of catastrophic risks. The goal of this article is to devise an optimum investment strategy for firms to mitigate exposure to catastrophic risks, focusing on how much to invest and when to invest. The latter question addresses the issue of whether postponing a risk mitigating decision is an optimal strategy or not. Accordingly, we develop and estimate both a one-period model and a multiperiod model within the framework of extreme value theory (EVT). We calibrate these models using probability measures for catastrophic terrorism risks associated with attacks on the food sector. We then compare our findings with the purchase of catastrophic risk insurance. © 2012 Society for Risk Analysis.

Investing in Marine Scrubber under Uncertainty with Real Option Thinking

DEFF Research Database (Denmark)

Jiang, Liping; Hansen, Carsten Ørts

works that examine the economic feasibility of scrubber retrofitting through the net present value rule, this paper applies the Real Option Analysis to find the optimal investment strategies. The proposed decision-making framework addresses the uncertainty and the value of deferral option embedded...... in the scrubber investment. The multiple sources of investment uncertainties are explicitly analyzed and integrated in the modeling by using Rainbow option. The results demonstrate that the value of the scrubber investment has significantly increased for several cases by considering the deferral option....... It is thus important for ship owners to consider the available options before proceeding with abandoning or investing strategy. The proposed framework can be widely applied to other ship retrofitting investment evaluations, which include similar investment alternatives and uncertainties....

Simulación de Estrategias de Inversión para Pequeños Caficultores Colombianos Simulation of Investment Strategies for Small Coffee Farmers in Colombia

Directory of Open Access Journals (Sweden)

Felipe Abaunza Osorio

2011-12-01

Full Text Available El cultivo del café proporciona el sustento de más de medio millón de pequeños caficultores en Colombia. La volatilidad y las fluctuaciones del precio del café dificultan la toma decisiones de inversión afectando la calidad de vida. Los caficultores no cuentan con herramientas para el análisis de esquemas estratégicos, así como el análisis a largo plazo del impacto de estas estrategias sobre sus ingresos. En este trabajo se plantean diferentes esquemas estratégicos de inversión para los caficultores basados en las estrategias genéricas de Porter y en estrategias de diversificación. Para el análisis a largo plazo de algunas de las estrategias propuestas se usa un modelo de dinámica de sistemas, y se tienen en cuenta diferentes escenarios en cuanto a precios del café.Coffee farming is the main source of income for more than half a million peasants in Colombia. These small farmers are exposed to the high volatility of coffee price which causes fluctuations in their income and which is an obstacle for making good investment decisions. In addition, small farmers have no tools for formulating and evaluating investment strategies or for assessing the impact of such strategies in their income. We propose and discuss alternative investment strategies for small coffee farmers. These strategies are based on Porter's generic strategies and on diversification strategies. To evaluate the long-run effect of alternative investment plans in farmers' income, we build a system dynamics simulation model, and run it under several price scenarios.

Unintended possible consequences of fuel input taxes for individual investments in greenhouse gas mitigation technologies and the resulting emissions

Directory of Open Access Journals (Sweden)

Heinz E. Klingelhöfer

2017-03-01

Full Text Available Background: South Africa is planning to introduce a carbon tax as a Pigouvian measure for the reduction of greenhouse gas emissions, one of the tax bases designed as a fuel input tax. In this form, it is supposed to incentivise users to reduce and/or substitute fossil fuels, leading to a reduction of CO2 emissions. Aim: This article examines how such a carbon tax regime may affect the individual willingness to invest in greenhouse gas mitigation technologies. Setting: Mathematical derivation, using methods of linear programming, duality theory and sensitivity analysis. Methods: By employing a two-step evaluation approach, it allows to identify the factors determining the maximum price an individual investor would pay for such an investment, given the conditions of imperfect markets. Results: This price ceiling depends on the (corrected net present values of the payments and on the interdependencies arising from changes in the optimal investment and production programmes. Although the well-established results of environmental economics usually can be confirmed for a single investment, increasing carbon taxes may entail sometimes contradictory and unexpected consequences for individual investments in greenhouse gas mitigation technologies and the resulting emissions. Under certain circumstances, they may discourage such investments and, when still undertaken, even lead to higher emissions. However, these results can be interpreted in an economically comprehensible manner. Conclusion: Under the usually given conditions of imperfect markets, the impact of a carbon tax regime on individual investment decisions to mitigate greenhouse gas emissions is not as straight forward as under the usually assumed, but unrealistically simplifying perfect market conditions. To avoid undesired and discouraging effects, policy makers cannot make solitary decisions, but have to take interdependencies on the addressee´s side into account. The individual investor

Transmission investment problems in Europe: Going beyond standard solutions

International Nuclear Information System (INIS)

Buijs, Patrik; Bekaert, David; Cole, Stijn; Van Hertem, Dirk; Belmans, Ronnie

2011-01-01

The European transmission grid is facing an investment challenge. There is a strong call for more transmission capacity. At the same time, the investment climate is fierce and troubled by public opposition, a complex regulatory framework, etc. Many transmission capacity expansion projects are delayed or canceled. In this paper different technology options suitable for increasing transmission capacity are discussed. The aim is to provide policy-makers with information on technologies without going too much into technical details. The focus is on opportunities and limitations to implement various technological alternatives in practice, including technical solutions that go beyond constructing new connection lines. The criteria used in this technology assessment are based on the obstacles reported in the European Priority Interconnection Plan. This ensures a realistic approach based on problems encountered in real projects. Although AC overhead lines (OHL) will remain the standard solution for grid expansion, it is argued that different technology options can overcome many obstacles that OHL face. Additionally, it is illustrated that the higher investment costs for some solutions can be offset with an increased benefit, e.g. by accomplishing investments with smaller delays due to fewer obstacles encountered. - Research highlights: → Assessment of real problems encountered in transmission investments. → Comparison of transmission technologies. → Techno-economic evaluation of transmission technologies.

THE REGIONAL ASPECT OF USING GEOINFORMATION TECHNOLOGIES AT THE STAGE OF INCREASING THE INVESTMENT ATTRACTIVENESS OF ENGINEERING-PREPARED TERRITORIES

Directory of Open Access Journals (Sweden)

A. V. Volkov

2017-01-01

Full Text Available This paper highlights the advantages of geoinformation technologies using in the formation of perspective land plots for construction to increase the investment attractiveness of engineering prepared territories. It discusses the formation of land plots, which were prepared for placement of new enterprises, their legal registration and the necessary infrastructure. It analyzes the approaches to pricing prepared land plots in the market, as well as their demand among investors for major investment projects in the construction sector. The paper describes the characteristics of types of sites for construction, substantiating the creation of a data base for prospective engineering prepared territories.The emphasis is made on the question of working with a large amount of spatial information being analyzed that dictates the use of GIS technologies for increasing efficiency of interaction of interested parties. The article analyzes the structure of the Federal geographic information system, created to provide electronic interaction at the level of the Federal Executive power, local government bodies, legal persons and individuals.Geographic information system (GIS of this level can provide a comprehensive assessment of the quality of the prepared documents, execution of project agreements of territorial planning and information support for decision for all levels of government in planning of territory development. GIS allow us to operatively evaluate the investment attractiveness of prospective land plots for construction. The use of technologies of collecting and providing information about engineering prepared territories to potential investors improves the investment attractiveness of the Russian Federation on the whole. 

Liability-driven investment in longevity risk management

OpenAIRE

Helena Aro; Teemu Pennanen

2013-01-01

This paper studies optimal investment from the point of view of an investor with longevity-linked liabilities. The relevant optimization problems rarely are analytically tractable, but we are able to show numerically that liability driven investment can significantly outperform common strategies that do not take the liabilities into account. In problems without liabilities the advantage disappears, which suggests that the superiority of the proposed strategies is indeed based on connections b...

A Danish Heat Atlas for Supply Strategies and Demand Side Management

DEFF Research Database (Denmark)

Möller, Bernd

The expansion of district heating, the assessment of the impact of heat supply strategies, as well as the analysis of significant heat demand savings require sound decision support at high detail. Data is needed to continuously quantify potentials and costs of measures in the end-use and supply...... heat demand and possible savings. The location of each building relative to heat supply technologies is mapped and used for the assessment of supply strategies by potentials, costs and environmental impact. Both elements can furthermore be used to balance investments in supply with investments...

Perspectives of energy technologies: scenarios and strategies at the 2050 vista

International Nuclear Information System (INIS)

2008-01-01

Every two years, the International Energy Agency (IEA) publishes the 'Energy Technology Perspectives' (ETP) report which analyses the foreseeable energy scenarios and strategies at the 2050 vista and stresses on the best available technologies. For the first time, the IEA describes in this study a scenario allowing to divide by two the CO 2 emissions at the world scale, i.e. compatible with the 'factor 4' scenario of industrialized countries. The study estimates the R and D needs and the necessary additional investments to meet the different tendentious and voluntaristic scenarios proposed by the IEA. This 15. session of the cycle of energy-climate conferences aimed at presenting, from the ETP 2008 study, a thorough examination of the present day situation and perspectives of existing or future 'clean' energy technologies through the analysis of several scenarios. An examination of the interpretation of these scenarios at the France and European levels is made in order to define what should be the trends of public policies and international cooperation. This document gathers the transparencies of the two presentations given during this conference. The first presentation by Pieter Boot, Director of the Office of Sustainable Energy Policy and Technology of IEA, makes a synthesis of the ETP study and presents the recommendations of the agency. The second presentation by Olivier Appert, President of the French institute of petroleum (IFP), gives a counterpoint of the first presentation by considering the financing and acceptance aspects, in particular from the French point of view. Finally a debate with the audience completes the presentations. (J.S.)

Is carbon lock-in blocking investments in the hydrogen economy? A survey of actors' strategies

International Nuclear Information System (INIS)

Bento, Nuno

2010-01-01

The difficulty of introducing hydrogen and fuel cells in the market stems from the fact that they are not an evolutionary innovation such as biofuels or hybrid cars. Instead they create a disruption in technological utilization. The domination of oil technologies sets a socio-economical context favoring actors involved in the current paradigm, and gives less opportunity to alternative fuels to develop and challenge the status quo. If this hypothesis is correct, then companies interested in the hydrogen economy would not become active because of an unstable context or contradictory interests concerning the replacement of the present system. A review of actions and announcements of main actors shows that technology readiness and the absence of infrastructure are the major justifications to delay investments. Some measures are discussed, which could be deployed in order to reduce uncertainties, such as regulation of carbon emissions from cars, technological subvention, and partnerships for infrastructure implementation.

The Importance of Investment Decisions in Project Management

Directory of Open Access Journals (Sweden)

Cosmina Mădălina Pop

2008-10-01

Full Text Available The financing decision alongside with investment decision represents the core of financial management. The paper presents the main steps in realizing investment projects, the option criteria used in pre-investment analysis, the techniques of financing the investments project, but also the methods of evaluation applied in selecting the most suitable project, accordingly with company’s developlment strategy and policy.

A U.S. utilities perspective of foreign investments

Energy Technology Data Exchange (ETDEWEB)

White, M.; Imsdahl, B.

1994-12-31

This paper reviews what MDU Resources Group, Inc. will use for criteria to evaluate investment opportunities in foreign countries and the strategy it has developed for foreign investments. The paper further outlines what MDU Resources Group, Inc. considers critical to make an investment in an international project.

Analysis prediction of Indonesian banks (BCA, BNI, MANDIRI) using adaptive neuro-fuzzy inference system (ANFIS) and investment strategies

Science.gov (United States)

Trianto, Andriantama Budi; Hadi, I. M.; Liong, The Houw; Purqon, Acep

2015-09-01

Indonesian economical development is growing well. It has effect for their invesment in Banks and the stock market. In this study, we perform prediction for the three blue chips of Indonesian bank i.e. BCA, BNI, and MANDIRI by using the method of Adaptive Neuro-Fuzzy Inference System (ANFIS) with Takagi-Sugeno rules and Generalized bell (Gbell) as the membership function. Our results show that ANFIS perform good prediction with RMSE for BCA of 27, BNI of 5.29, and MANDIRI of 13.41, respectively. Furthermore, we develop an active strategy to gain more benefit. We compare between passive strategy versus active strategy. Our results shows that for the passive strategy gains 13 million rupiah, while for the active strategy gains 47 million rupiah in one year. The active investment strategy significantly shows gaining multiple benefit than the passive one.

Optimal Pricing Strategy for Wireless Social Community Networks

OpenAIRE

Mazloumian, Amin; Manshaei, Mohammad Hossein; Felegyhazi, Mark; Hubaux, Jean-Pierre

2008-01-01

The increasing number of mobile applications fuels the demand for affordable and ubiquitous wireless access. The traditional wireless network technologies such as EV-DO or WiMAX provide this service but require a huge upfront investment in infrastructure and spectrum. On the contrary, as they do not have to face such an investment, social community operators rely on subscribers who constitute a community of users. The pricing strategy of the provided wireless access is an open problem for thi...

The Pricing Strategies and the Dominant Technology Modes

Directory of Open Access Journals (Sweden)

Kramarenko Anna О.

2017-11-01

Full Text Available The article is aimed at defining the basic approaches to pricing that correspond to the modern technological mode, as well as the prospects of substituting them with new strategies in the process of evolution of technology and socio-economic development. The technological evolution within the terms of cyclic substitution of the dominant technological ways together with periodicity of domination of the single pricing strategies have been considered. It was identified that in the process of transition to the sixth technological mode, the core of which is the high-tech and the science-driven types of economic activity, the strategies of premium pricing are at the forefront, due to their significant profitability in conditions of the fast updating of assortment of products and the particular characteristics of products and services. It has been substantiated that the dominance of premium pricing creates an inflationary effect, especially in the terms of innovative economic activities, which are potentially the basis for active implementation of technologies of the new mode.

The development strategy of financial and innovative technologies

OpenAIRE

R.V. Lavrov

2013-01-01

The aim of the article. The aim of the article is to define and to estimate the forming of expediency of the development strategy of financial and innovative technologies in the context of modern economic space realities.The results of the analysis. The growing importance of the financial sector in the contemporary economic space, as well as rapid changes in it, generates a need for financial innovative technologies. Development strategy of financial and innovative technologies is always asso...

Investment, regulation, and uncertainty: managing new plant breeding techniques.

Science.gov (United States)

Smyth, Stuart J; McDonald, Jillian; Falck-Zepeda, Jose

2014-01-01

As with any technological innovation, time refines the technology, improving upon the original version of the innovative product. The initial GM crops had single traits for either herbicide tolerance or insect resistance. Current varieties have both of these traits stacked together and in many cases other abiotic and biotic traits have also been stacked. This innovation requires investment. While this is relatively straight forward, certain conditions need to exist such that investments can be facilitated. The principle requirement for investment is that regulatory frameworks render consistent and timely decisions. If the certainty of regulatory outcomes weakens, the potential for changes in investment patterns increases.   This article provides a summary background to the leading plant breeding technologies that are either currently being used to develop new crop varieties or are in the pipeline to be applied to plant breeding within the next few years. Challenges for existing regulatory systems are highlighted. Utilizing an option value approach from investment literature, an assessment of uncertainty regarding the regulatory approval for these varying techniques is undertaken. This research highlights which technology development options have the greatest degree of uncertainty and hence, which ones might be expected to see an investment decline.

When should irrigators invest in more water-efficient technologies as an adaptation to climate change?

Science.gov (United States)

Malek, K.; Adam, J. C.; Stockle, C.; Brady, M.; Yoder, J.

2015-12-01

The western US is expected to experience more frequent droughts with higher magnitudes and persistence due to the climate change, with potentially large impacts on agricultural productivity and the economy. Irrigated farmers have many options for minimizing drought impacts including changing crops, engaging in water markets, and switching irrigation technologies. Switching to more efficient irrigation technologies, which increase water availability in the crop root zone through reduction of irrigation losses, receives significant attention because of the promise of maintaining current production with less. However, more efficient irrigation systems are almost always more capital-intensive adaptation strategy particularly compared to changing crops or trading water. A farmer's decision to switch will depend on how much money they project to save from reducing drought damages. The objective of this study is to explore when (and under what climate change scenarios) it makes sense economically for farmers to invest in a new irrigation system. This study was performed over the Yakima River Basin (YRB) in Washington State, although the tools and information gained from this study are transferable to other watersheds in the western US. We used VIC-CropSyst, a large-scale grid-based modeling framework that simulates hydrological processes while mechanistically capturing crop water use, growth and development. The water flows simulated by VIC-CropSyst were used to run the RiverWare river system and water management model (YAK-RW), which simulates river processes and calculates regional water availability for agricultural use each day (i.e., the prorationing ratio). An automated computational platform has been developed and programed to perform the economic analysis for each grid cell, crop types and future climate projections separately, which allows us to explore whether or not implementing a new irrigation system is economically viable. Results of this study indicate that

Volatility measurement with directional change in Chinese stock market: Statistical property and investment strategy

Science.gov (United States)

Ma, Junjun; Xiong, Xiong; He, Feng; Zhang, Wei

2017-04-01

The stock price fluctuation is studied in this paper with intrinsic time perspective. The event, directional change (DC) or overshoot, are considered as time scale of price time series. With this directional change law, its corresponding statistical properties and parameter estimation is tested in Chinese stock market. Furthermore, a directional change trading strategy is proposed for invest in the market portfolio in Chinese stock market, and both in-sample and out-of-sample performance are compared among the different method of model parameter estimation. We conclude that DC method can capture important fluctuations in Chinese stock market and gain profit due to the statistical property that average upturn overshoot size is bigger than average downturn directional change size. The optimal parameter of DC method is not fixed and we obtained 1.8% annual excess return with this DC-based trading strategy.

THE ANALYSIS OF INVESTMENTS IN AN UNCERTAIN ENVIRONMENT

Directory of Open Access Journals (Sweden)

Silviu Cornel Virgil CHIRIAC

2014-11-01

Full Text Available The notion of investment is extremely complex, perceived with different meanings and significations. The use of investment strategies in the management activity implies the application of scientific techniques and methods. In order to ensure a constant economic growth it is necessary to prepare investment projects. In practice the predominant one is the investment activity based on real investments performed for the modernising of assets, in order to ensure their physical and moral wear and tear.

Combining tariffs, investment subsidies and soft loans in a renewable electricity deployment policy

International Nuclear Information System (INIS)

Mir-Artigues, Pere; Río, Pablo del

2014-01-01

Policy combinations and interactions have received a considerable attention in the climate and energy policy realm. However, virtually no attention has been paid to the analysis of the combination of different deployment instruments for the same renewable energy technology. This neglect is all the more striking given the existence in current policy practice of combinations of deployment instruments either across technologies or for the same technology, both in the EU and elsewhere. What renewable electricity support policies to use and, therefore, how to combine them in order to promote the deployment of renewable energy technologies cost-effectively is a main concern of governments. The aim of this paper is to provide insight on the cost-effectiveness of combinations of deployment instruments for the same technology. A financial model is developed for this purpose, whereby feed-in tariffs (FITs) are combined with investment subsidies and soft loans. The results show that the policy costs of combinations are the same as for the FITs-only option. Therefore, combining deployment instruments is not a cost-containment strategy. However, combinations may lead to different inter-temporal distributions of the same amount of policy costs and, thus, differently affect the social acceptability and political feasibility of renewable energy support. - Highlights: • Insight on the cost-effectiveness of combinations of deployment instruments for the same technology. • A financial model is developed. • Feed-in tariffs (FITs) are combined with investment subsidies and soft loans. • The policy costs of combinations are the same as for the FITs-only option. • Therefore, combining deployment measures is not a cost-containment strategy

The indirect strategies of internationalization of companies

Directory of Open Access Journals (Sweden)

Đorđević Momčilo

2012-01-01

Full Text Available The subject of this work are, as mentioned in the title, the indirect strategies of internationalization of companies. The first part talks about the new business environment, the factors that lead to changes and their implications. It is at the same time the business context, which must be taken into consideration that determines the success of companies in the new business environment. In this paper, the emphasis is on company business in international markets, and the selection of appropriate strategies of internationalization, which will be responsible for this new business environment. There are many reasons that are discussed in this paper, and would rather indicate that partners from different countries to accept different strategies, rather than opting for a strategy of export, or a strategy of direct investments abroad. The dynamic technical and technological development, and its universal impact, among other relevant factors, put in the first place the importance of different strategies which is achieved through technology transfer, knowledge and experience whereby the exports, as a classic strategy of involvement in international trade, becomes significantly more difficult. Also, the internationalization of enterprises through direct investment abroad, involves many difficulties related to fitting in a foreign enterprise environment, and a high risk strategy. In addition, there is still a large number of countries do not allow wholly owned foreign enterprises. The paper discusses the value of various indirect internationalization strategy, which may be useful for those domestic companies that are in front of problem the choice of acceptable strategies of internationalization.

Investment criteria of private equity/venture capital funds and financial performance of companies before initial investment

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2013-12-01

Full Text Available Understanding and recognizing of the investment criteria of private equity/venture capital seems to be crucial for all parties of this market. Entrepreneurs, who are looking for the capital for financing their businesses, can easier find the most proper fund and better formulate their expectations. For the funds, specifying theirs investment criteria is the reflection of the investment strategy leading to its better wording. The fund's investmentcriteriaare also importantfor investors - capital donors. First of allthey wantto knowin whattypes of assetswill be investedtheirfunds. That can help to assess the risk involved in the investment and calculate the expected rate of return. In addition topresentation ofthe investment criteriaof private equity/venture capital funds, thepaper refers to thecompany's financialsituationbefore investments. That draw the company profile, the funds are most interested to invest. The turnover, net profit, profitability ratios and liquidity were analyzed to specify this profile.

Impact of Climate Change. Policy Uncertainty in Power Investment

International Nuclear Information System (INIS)

Blyth, W.; Yang, M.

2006-10-01

Climate change policies are being introduced or actively considered in all IEA member countries, changing the investment conditions and technology choices in the energy sector. Many of these policies are at a formative stage, and policy uncertainty is currently high. The objective of this paper is to quantify the impacts of climate change policy on power investment. We use Real Options Analysis approach in the study and model uncertain carbon price and fuel price with stochastic variables. The analysis compares the effects of climate policy uncertainty with fuel price uncertainty, showing the relative importance of these sources of risk for different technologies. This paper considers views on the importance of climate policy risk, how it is managed, and how it might affect investment behaviour. The implications for policymakers are analyzed, allowing the key messages to be transferred into policy design decisions. We found that in many cases, the dominant risks facing base-load generation investment decisions will be market risks associated with electricity and fuel prices. However, under certain conditions and for some technologies, climate policy uncertainty can be an important risk factor, creating an incentive to delay investment and raising investment thresholds. This paper concludes that government climate change policies to promote investment in low-carbon technologies should aim to overcome this incentive to delay by sending long-term investment signals backed up by strengthened international policy action to enhance domestic policy credibility

Understanding the Impact of Business Cases on IT Investment Decisions

DEFF Research Database (Denmark)

Berghout, Egon; Tan, Chee-Wee

2013-01-01

This study synthesizes the extant literature to derive an integrative developmental framework for IT business cases that can be applied to diagnose the feasibility of technological investments. We then construct a theoretical model that postulates the impact of IT business case elements on the in......This study synthesizes the extant literature to derive an integrative developmental framework for IT business cases that can be applied to diagnose the feasibility of technological investments. We then construct a theoretical model that postulates the impact of IT business case elements...... on the initial cost estimates of technological investments. Subsequently, our theoretical model is subjected to empirical validation through content analysis of IT business cases developed for municipal e-government projects. Findings indicate that the richness of the richness of business cases translates...... to more initial costs being identified in technological investments, thereby conserving resources for the organization through informed investment decisions....

Essays in technology adoption and corporate finance

OpenAIRE

Patel, Pratish

2013-01-01

This dissertation consists of three chapters that concern technology adoption and corporate finance. The first chapter analyzes the optimal investment strategy of two firms confronted with the option to adopt a new technology. The second chapter analyzes the link between debt maturity and term spread. The third chapter analyzes the role of debt financing on skyscraper heights.

Investments on a Rugged Landscape: The Effect of Investor Population, Network Structure, and Complexity on Technological Change

DEFF Research Database (Denmark)

Hain, Daniel; Mas Tur, Elena

In this paper, we investigate which characteristics of technological and financial systems might be conductive for technological change. We are particularly in how the interplay between capabilities, resources and networks among investors with the complexity and maturity of technologies affect...... rates of technological change and diversity, and prevents technologies from getting stuck in the financial “valley of death”. In a next step, we introduce investor networks and allow agents to co-invest together in order to pool financial resources and get access to their forecasting capability...... in a specific technological domain. We compare which investor network structures lead to the high rates of technological change and diversity on a given technology landscape. Results from a Monte Carlo simulation indicate networked investor population to outperform the case of isolated stand-alone investors...

Perspectives of energy technologies: scenarios and strategies at the 2050 vista; Perspectives des technologies de l'energie: scenarios et strategies a l'horizon 2050

Energy Technology Data Exchange (ETDEWEB)

NONE

2008-07-01

Every two years, the International Energy Agency (IEA) publishes the 'Energy Technology Perspectives' (ETP) report which analyses the foreseeable energy scenarios and strategies at the 2050 vista and stresses on the best available technologies. For the first time, the IEA describes in this study a scenario allowing to divide by two the CO{sub 2} emissions at the world scale, i.e. compatible with the 'factor 4' scenario of industrialized countries. The study estimates the R and D needs and the necessary additional investments to meet the different tendentious and voluntaristic scenarios proposed by the IEA. This 15. session of the cycle of energy-climate conferences aimed at presenting, from the ETP 2008 study, a thorough examination of the present day situation and perspectives of existing or future 'clean' energy technologies through the analysis of several scenarios. An examination of the interpretation of these scenarios at the France and European levels is made in order to define what should be the trends of public policies and international cooperation. This document gathers the transparencies of the two presentations given during this conference. The first presentation by Pieter Boot, Director of the Office of Sustainable Energy Policy and Technology of IEA, makes a synthesis of the ETP study and presents the recommendations of the agency. The second presentation by Olivier Appert, President of the French institute of petroleum (IFP), gives a counterpoint of the first presentation by considering the financing and acceptance aspects, in particular from the French point of view. Finally a debate with the audience completes the presentations. (J.S.)

Socially Responsible Investment in Japanese Pensions

OpenAIRE

Henry Hongbo Jin; Olivia S. Mitchell; John Piggott

2005-01-01

As the level of retirement-related assets has grown, so too has public and private interest in so-called "Socially Responsible Investment" (SRI), an investment strategy that employs criteria other than the usual financial risk and return factors when selecting firms in which to invest. This study evaluates whether SRI indexes would alter portfolio risk and return patterns for the new defined contribution pension plans currently on offer in Japan. We conclude that SRI funds can be included as ...

Russian Gas for Europe. Creating Access and Choice. Underpinning Russia's gas export strategy with Gazprom's infrastructure investments

International Nuclear Information System (INIS)

Smeenk, T.

2010-07-01

This study deals with Gazprom's investment strategy regarding Russia's gas exports and export market behaviour, with a focus on European infrastructure projects, in a the geopolitical context. Because of its large gas reserves, Russia is well-positioned to take advantage of gas exports even as it faces possible competition from other gas suppliers and uncertain gas demand. Gas export earnings are an important source of income for Russia. As a government-controlled firm, Gazprom depends to a large extent on Europe for its hard-currency income. For Russia and Gazprom, the stream of income from gas exports and its expansion are economically vital. In this regard, gas export infrastructures such as Nord and South Stream could act as important instruments to expand Gazprom's market share in current markets and in growth markets. This study uses a real-option game model to assess the overall value of gas infrastructures in the face of demand uncertainties and potential competition. The result of this approach illustrates the strategic-economic character of Gazprom's infrastructure investments in possibly creating a first-mover's advantage. Yet, the model is of a highly stylised nature. Therefore, other aspects should be taken into account in assessing gas infrastructure investments. Besides the goal of possibly expanding Gazprom's market share, infrastructure investments could serve to mitigate overall transit risks. However, Gazprom's organisational constraints in realising gas infrastructures could put into question the rationale of such investments. In addition, Gazprom's position as well as that of Russian gas may be pressured by European (regulatory) policy in favour of alternative gas and other energy sources. The desired market outcomes for Gazprom have an impact on the prioritisation of Russian investments in the gas value chain.

Using Technology-Nested Instructional Strategies to Enhance Student Learning

Directory of Open Access Journals (Sweden)

Angela Lumpkin, PhD

2015-08-01

Full Text Available Students today expect the use of technology in their classes, rather than have to listen to less-than-engaging lectures. College students are connected electronically and incessant technology consumers. As a result, they may prefer the infusion of technologies to help them learn and enjoy the process of learning, rather than having to listen exclusively to lectures. To investigate this, the authors solicited student perceptions to assess the importance of learning through technology-nested instructional strategies. Student perceptions give direction to and affirm the benefits of instructional strategies that increase student motivation to engage more actively in their learning. Based on quantitative and qualitative responses through action research in multiple courses, students perceive their learning as more engaging and enjoyable when technology-nested instructional strategies are infused into their classes.

Cap-and-trade policy: The influence on investments in carbon dioxide reducing technologies in Indiana

Science.gov (United States)

Fahie, Monique

With most of the energy produced in the state of Indiana coming from coal, the implementation of policy instruments such as cap-and-trade, which is included in the most recent climate bill, will have significant effects. This thesis provides an analysis of the effects that a cap-and-trade policy might have on the investment decisions for alternative technologies in the power plant sector in Indiana. Two economic models of representative coal-fired power plants, Gallagher (600MW) and Rockport (2600MW), are selected and used to evaluate the repowering decision of a plant for several technologies: integrated gasification combined cycle (IGCC), wind farm combined with natural gas combined cycle (NGCC) and supercritical pulverized coal (SCPC). The firm will make its decisions based on the net present value (NPV) of cost estimates for these CO2 reducing technologies, the cost of purchasing offsets and CO 2 allowances. This model is applied to a base case and three American Clean Energy and Security Act of 2009 cases derived from the Energy Information Administration (EIA, 2009b). A sensitivity analysis is done on the discount rate and capital costs. The results of the study indicate that a SCPC plant without carbon capture and storage (CCS) is the least costly compliance option for both plants under all of the cases while retrofitting the existing plant with CCS is the most expensive. Gallagher's three least expensive options across most scenarios were SCPC without CCS, the operation of the existing plant as is and investment in wind plus NGCC. Rockport's three least expensive compliance options across most scenarios were SCPC without CCS, the operation of the existing plant as is and IGCC without CCS. For both plants, when a 12% discount rate is utilized, NPV of costs are generally lower and the operation of the existing plant technology with the aid of allowances and offsets to be in compliance is the cheapest option. If capital costs were to decrease by 30%, a SCPC

Technology Spillover from Foreign Direct Investment in Turkey

Directory of Open Access Journals (Sweden)

Özcan Karahan

2016-12-01

quarterly data for the period of 2002 and 2015 in Turkey. Thus we try to examine whether technological diffusion generated by FDI inflows to Turkey enhances the innovative capability of the country or not. Design/methodology/approach – The variables Foreign Direct Investment (FDI and Gross Domestic Product (GDP are sourced from Electronic Data Delivery System (EDDS in Central Bank of the Republic of Turkey. FDI series consist of values called "Net Incurrence of Liabilities" in Balance of Payments Analytical Presentation while GDP series gather from the expenditure based GDP data in EDDS. Both Johansen Cointegration Test and Granger Causality Test are applied to examine between Foreign Direct Investment flows and economic growth in Turkey. Findings – Results reveal that there is not any significant link among the FDI and economic growth during the studied time period in Turkey. It seems that FDI inflows to Turkey is not complementary to economic growth, which shows that positive spillover effect sourced from FDI inflows to Turkey does not exist. Research limitations/implications – Policymakers should recognize that technology spillover effects of FDI do not occur without greater absorptive capacity. Attracting FDI is only one part of the story and thus not yield the desired benefits itself. Positive effects of FDI depends on the overall incentive and capacity structure of the host country. Then the key policy implication here is that policymakers should give same weight of policies aimed at attracting FDI versus those that seek to improve local economic conditions. Originality/value – This study insight the spillover effects of FDI based on Turkish experience that benefits from FDI do not occur automatically and effortlessly in developing countries.

Evaluating the impact of investments in information technology on structural inertia in health organizations.

Science.gov (United States)

Bewley, Lee W

2010-01-01

Structural inertia is the overall capacity of an organization to adapt within a market environment. This paper reviews the impact of healthcare investments in information management/information technology (IM/IT) on the strategic management concept of structural inertia. Research indicates that healthcare executives should consider the relative state of structural inertia for their firms and match them with potential IM/IT solutions. Additionally, organizations should favorably consider IM/IT solutions that are comparatively less complex.

News and views: perspectives on graphene and other 2d materials research and technology investments

International Nuclear Information System (INIS)

Ribeiro-Soares, J.

2014-01-01

With the actual experimental realization of graphene samples, it became possible not only to exploit the special physical properties of graphene but also to exploit its technological applications. As the field developed, the discovery of other 2D materials occurred and this opened up access to a plethora of combinations of a large variety of electrical, optical, mechanical, and chemical properties. Now there are large investments being made around the world to develop the graphene research area and to boost graphene use in technology. Here, we discuss current research and some future prospects for this area of layered nanomaterials. (author)

Investment Strategies Optimization based on a SAX-GA Methodology

CERN Document Server

Canelas, António M L; Horta, Nuno C G

2013-01-01

This book presents a new computational finance approach combining a Symbolic Aggregate approXimation (SAX) technique with an optimization kernel based on genetic algorithms (GA). While the SAX representation is used to describe the financial time series, the evolutionary optimization kernel is used in order to identify the most relevant patterns and generate investment rules. The proposed approach considers several different chromosomes structures in order to achieve better results on the trading platform The methodology presented in this book has great potential on investment markets.

Patent Strategy at the Age of High Technology

Science.gov (United States)

Aoyama, Hirokazu

This paper is a summary of the lecture which the author presented at the 5th Hokuriku Workshop for Study of Scientific and Technological Information Activities on the 17th of January in 1986. The author analyzed the present situation and made some suggestions on them ; (1) the role of patent system has shifted from introduction of foreign technologies to independent technological development at the age of high technology, (2) circumstances of rapidly increasing international patent war, particularly patent conflict between U.S. and Japan concerning U.S. ITC, (3) as the service of soft aspects of economy has been closed up, the new business has come to the fore front, and the move to consider technology as a good has been activated, (4) how patent specification should be written, the way of obtaining and protecting patent successfully, (5) basic pattern of patent strategy and what the strategy should be to respond to the enterprises level, (6) present situation of patent information service, effective use of patent maps and information strategy.

Issues concerning outer space investments in international law ...

African Journals Online (AJOL)

Issues concerning outer space investments in international law. ... Recent improvements in technology have in essence increased the viability of outer space as the next frontier for international investment and development. In addition to ... Key words: Outer Space, Investments, International Law, International Space Station ...

Real Time Investments with Adequate Portfolio Theory

Directory of Open Access Journals (Sweden)

Alina Kvietkauskienė

2015-02-01

Full Text Available The objective of this paper is to identify investment decision makingschemes using the adequate portfolio model. This approach can be employed to project investment in stocks, using the opportunities offered by the markets and investor intelligence. It was decided to use adequate portfolio theory for investment decision making, simulation of financial markets, and optimisation of utility function. The main conclusion of article suggests investigating return on individual portfolio level. Real investment is a way to make sure of the soundness of applicable strategies.

Fiscal 1999 survey report on long-term energy technological strategies and the like. Long-term energy technological strategy survey (Medium-term energy technological strategy survey); 1999 nendo choki energy gijutsu senryaku nado ni kansuru chosa hokokusho. Choki energy gijutsu senryaku chosa (chuki energy gijutsu senryaku chosa)

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-03-01

Energy strategies to be implemented under the New Sunshine Program by around 2010 have been compiled, with nation's industrial technological strategies, long-term energy outlook, and the like taken into consideration. The present survey aims to work out medium-term energy technological strategies. In Chapter 2, by conducting studies on the state of energy strategies in the national industry technological strategies as primarily compiled, long-term energy supply and demand outlook, and the history so far of the New Sunshine Program, and social conditions surrounding energy/environmental technologies and energy conditions are arranged in order and then analyzed with a view to deriving social needs. In Chapter 3, in view of the derived social needs, medium-term energy technological strategies are broken down into strategic target details, based on the important regions and major and minor strategic targets of the national industry technological strategies. In Chapter 4, medium-term energy technological strategies are worked out. In Chapter 5, 'basic ideas,' 'measures for promoting technology development,' 'return of the fruits to society' are mentioned as the methods of realizing the strategies. In Chapter 6, surveys and researches are summarized, and future development is predicted. (NEDO)

The Dynamics of Bertrand Price Competition with Cost-Reducing Investments

DEFF Research Database (Denmark)

Iskhakov, Fedor; Rust, John; Schjerning, Bertel

We present a dynamic extension of the classic static model of Bertrand price competition that allows competing duopolists to undertake cost-reducing investments in an attempt to “leapfrog” their rival to attain low-cost leadership – at least temporarily. We show that leapfrogging occurs in equili......We present a dynamic extension of the classic static model of Bertrand price competition that allows competing duopolists to undertake cost-reducing investments in an attempt to “leapfrog” their rival to attain low-cost leadership – at least temporarily. We show that leapfrogging occurs...... in equilibrium, resolving the Bertrand investment paradox., i.e. leapfrogging explains why firms have an ex ante incentive to undertake cost-reducing investments even though they realize that simultaneous investments to acquire the state of the art production technology would result in Bertrand price competition...... leader. We show that the equilibrium involves investment preemption only when the firms invest in a deterministically alternating fashion and technological progress is deterministic. We prove that when technological progress is deterministic and firms move in an alternating fashion, the game has a unique...

Concentrating solar power plant investment and operation decisions under different price and support mechanisms

International Nuclear Information System (INIS)

Kost, Christoph; Flath, Christoph M.; Möst, Dominik

2013-01-01

The dispatch opportunities provided by storage-enhanced Concentrating Solar Power (CSP) plants have direct implications on the investment decisions as not only nameplate capacity but also the storage capacity and the solar multiple play a crucial role for the viability of the plant investment. By integrating additional technical aspects and operation strategies, this paper extends the optimization model proposed by Madaeni et al., How Thermal Energy Storage Enhances the Economic Viability of Concentrating Solar Power. Using a mixed integer maximization approach the paper yields both the optimal layout decision and the operation of CSP plants. Subsequently, the economic value of CSP storage is analyzed via energy modeling of a Spanish plant location under the respective wholesale market prices as well as the local feed-in tariff. The analysis shows that investment incentives for CSP plants with storage need to appropriately account for the interdependency between the price incentives and the plant operating strategy. As the resulting revenue characteristics influence the optimal size of solar field and storage differing operating strategies also give rise to differing optimal plant layouts. Most noteworthy, the current Spanish support scheme offers only limited incentives for larger thermal storage capacity. - Highlights: • Dispatch opportunities of CSP have direct implications on both investment and operational decisions. • Valuation approach with a single mixed integer maximization problem. • Profitability of CSP plants under the premium feed-in tariff in Spain was assessed. • Layout decision and storage size are influenced by remuneration scheme. • Discuss alternative remuneration schemes for “dispatchable” RE technologies

Technology Estimating: A Process to Determine the Cost and Schedule of Space Technology Research and Development

Science.gov (United States)

Cole, Stuart K.; Reeves, John D.; Williams-Byrd, Julie A.; Greenberg, Marc; Comstock, Doug; Olds, John R.; Wallace, Jon; DePasquale, Dominic; Schaffer, Mark

2013-01-01

NASA is investing in new technologies that include 14 primary technology roadmap areas, and aeronautics. Understanding the cost for research and development of these technologies and the time it takes to increase the maturity of the technology is important to the support of the ongoing and future NASA missions. Overall, technology estimating may help provide guidance to technology investment strategies to help improve evaluation of technology affordability, and aid in decision support. The research provides a summary of the framework development of a Technology Estimating process where four technology roadmap areas were selected to be studied. The framework includes definition of terms, discussion for narrowing the focus from 14 NASA Technology Roadmap areas to four, and further refinement to include technologies, TRL range of 2 to 6. Included in this paper is a discussion to address the evaluation of 20 unique technology parameters that were initially identified, evaluated and then subsequently reduced for use in characterizing these technologies. A discussion of data acquisition effort and criteria established for data quality are provided. The findings obtained during the research included gaps identified, and a description of a spreadsheet-based estimating tool initiated as a part of the Technology Estimating process.

Uranium enrichment: investment options for the long term

International Nuclear Information System (INIS)

Anon.

1983-01-01

The US government supplies a major portion of the enriched uranium used to fuel most of the nuclear power plants that furnish electricity in the free world. As manager of the US uranium enrichment concern, the Department of Energy (DOE) is investigating a number of technological choices to improve enrichment service and remain a significant world supplier. The Congress will ultimately select a strategy for federal investment in the uranium enrichment enterprise. A fundamental policy choice between possible future roles - that of the free world's main supplier of enrichment services, and that of a mainly domestic supplier - will underlie any investment decision the Congress makes. The technological choices are gaseous diffusion, gas centrifuge, and atomic vapor laser isotope separation (AVLIS). A base plan and four alternatives were examined by DOE and the Congressional Budget Office. In terms of total enterprise costs, Option IV, ultimately relying on advanced gas centrifuges for enrichment services, would offer the most economic approach, with costs over the full projection period totaling $123.5 billion. Option III, ultimately relying on AVLIS without gas centrifuge enrichment or gaseous diffusion, falls next in the sequence, with costs of $128.2 billion. Options I and II, involving combinations of the gas centrifuge and AVLIS technologies, follow closely with costs of $128.7 and $129.6 billion. The base plan has costs of $136.8 billion over the projection period. 1 figure, 22 tables

The Roles of Research Universities in Indigenous National Technological Innovation

Science.gov (United States)

Feng, Zhuolin; Zhao, Wenhua

2008-01-01

The world is increasingly merged into a global market economy, and the government's intervention power in economy has rapidly given way to that of science and technology. For the world's major economic powers, indigenous technological innovation has become a national strategy for enhancing competitiveness. Investment in scientific and…

Quantifying Transmission Investment in Malaria Parasites.

Directory of Open Access Journals (Sweden)

Megan A Greischar

2016-02-01

Full Text Available Many microparasites infect new hosts with specialized life stages, requiring a subset of the parasite population to forgo proliferation and develop into transmission forms. Transmission stage production influences infectivity, host exploitation, and the impact of medical interventions like drug treatment. Predicting how parasites will respond to public health efforts on both epidemiological and evolutionary timescales requires understanding transmission strategies. These strategies can rarely be observed directly and must typically be inferred from infection dynamics. Using malaria as a case study, we test previously described methods for inferring transmission stage investment against simulated data generated with a model of within-host infection dynamics, where the true transmission investment is known. We show that existing methods are inadequate and potentially very misleading. The key difficulty lies in separating transmission stages produced by different generations of parasites. We develop a new approach that performs much better on simulated data. Applying this approach to real data from mice infected with a single Plasmodium chabaudi strain, we estimate that transmission investment varies from zero to 20%, with evidence for variable investment over time in some hosts, but not others. These patterns suggest that, even in experimental infections where host genetics and other environmental factors are controlled, parasites may exhibit remarkably different patterns of transmission investment.

Fiscal 1999 survey report on long-term energy technological strategies and the like. Long-term energy technological strategy survey (Medium-term energy technological strategy survey); 1999 nendo choki energy gijutsu senryaku nado ni kansuru chosa hokokusho. Choki energy gijutsu senryaku chosa (chuki energy gijutsu senryaku chosa)

Energy Technology Data Exchange (ETDEWEB)

NONE

2000-03-01

Energy strategies to be implemented under the New Sunshine Program by around 2010 have been compiled, with nation's industrial technological strategies, long-term energy outlook, and the like taken into consideration. The present survey aims to work out medium-term energy technological strategies. In Chapter 2, by conducting studies on the state of energy strategies in the national industry technological strategies as primarily compiled, long-term energy supply and demand outlook, and the history so far of the New Sunshine Program, and social conditions surrounding energy/environmental technologies and energy conditions are arranged in order and then analyzed with a view to deriving social needs. In Chapter 3, in view of the derived social needs, medium-term energy technological strategies are broken down into strategic target details, based on the important regions and major and minor strategic targets of the national industry technological strategies. In Chapter 4, medium-term energy technological strategies are worked out. In Chapter 5, 'basic ideas,' 'measures for promoting technology development,' 'return of the fruits to society' are mentioned as the methods of realizing the strategies. In Chapter 6, surveys and researches are summarized, and future development is predicted. (NEDO)

Effect of Green Technology Investment on a Production-Inventory System with Carbon Tax

Directory of Open Access Journals (Sweden)

Tapan Kumar Datta

2017-01-01

Full Text Available Carbon emissions play the central role in global warming. Manufacturing firms are significant contributors to carbon emissions. In many countries, regulatory authorities are taking actions to reduce emissions. Carbon taxation and cap-and-trade schemes are two mechanisms implemented in many countries. In the present paper, the author analyzes a production-inventory model under a carbon tax system. The production rate is assumed to be a decision variable and can be set at any level within machine limits. A proportion of items produced are defective, and this proportion depends on the production rate. Demand depends on the selling price. Unit price is a decreasing function of the production rate. Emissions can be reduced to some extent by capital investment on green technology, and this capital investment amount is a decision variable. Customers are categorized as retail customers and wholesale customers. A discount is offered to the wholesale customers on the regular selling price. The results are illustrated by a numerical example and a sensitivity analysis is performed.

R&D Investment in New Technology-Based Firms: Strategic and Entrepreneurial Dynamics and the Impact of Universities

Science.gov (United States)

Lynskey, Michael J.

2016-01-01

This article examines how two core factors--strategic and entrepreneurial dynamics--influence research and development (R&D) investment in new technology-based firms (NTBFs) using data from a questionnaire survey conducted in Japan. Among the strategic dynamics, it is found that joint R&D projects with universities have a positive,…

Joint Small Arms Technology Development Strategy for Joint Service Small Arms Science and Technology Investments

Science.gov (United States)

2016-01-26

reduction efforts that need to be led by the Joint Services include One Way Luminescence, where the improvement in hit goes up for the follow on shots...new technology would enable spectral segment defeat, ranging from ultraviolet ( UV ), visible, Infrared (IR), radar, and radio and any combinations...program of work as directed via the Land Armaments Management Plan ( LAMP ) and advise the NAAG on systems and equipment aspects of dismounted operations

The strategy of innovation and investment activity of the integrated agro-industrial enterprises

OpenAIRE

LYTNEVA N.A.; GONCHAROV P.V.; KYSHTYMOVA E.A.

2015-01-01

In this article reveals the relevance of research to improve the system of strategic planning of innovation and investment activity in the agricultural enterprise, types of planning innovative-investment activity of agrarian enterprises, software-oriented model of strategic planning of innovation and investment activities of AIC, the evaluation criteria of innovation and investment activity of agricultural enterprises.

HIMSS Venture+ Forum and HX360 Provide Industry View of Health Technology Innovation, Startup and Investment Activity; Advancing the New Model of Care.

Science.gov (United States)

Burde, Howard A; Scarfo, Richard

2015-01-01

Presented by HIMSS, the Venture+ Forum program and pitch competition provides a 360-degree view on health technology investing and today's top innovative companies. It features exciting 3-minute pitch presentations from emerging and growth-stage companies, investor panels and a networking reception. Recent Venture+ Forum winners include TowerView Health, Prima-Temp, ActuaiMeds and M3 Clinician. As an industry catalyst for health IT innovation and business-building resource for growing companies and emerging technology solutions, HIMSS has co-developed with A VIA, a new initiative that addresses how emerging technologies, health system business model changes and investment will transform the delivery of care. HX360 engages senior healthcare leaders, innovation teams, investors and entrepreneurs around the vision of transforming healthcare delivery by leveraging technology, process and structure.

Essays on optimal hedging and investment strategies and on derivative pricing

NARCIS (Netherlands)

van den Goorbergh, R.W.J.

2004-01-01

This dissertation encompasses four essays on various topics within the field of finance. Chapter 1 presents an overview of the contributions of each essay. Chapter 2, titled Risk Aversion, Price Uncertainty, and Irreversible Investments, extends the theory of irreversible investment under

Literature Review on Cyber Security Investment Decisions

OpenAIRE

ŞENTÜRK, Hakan; ÇİL, Celal Zaim; SAĞIROĞLU, Şeref

2016-01-01

Severe financial losses incurred by cyber security attacks with increasing complexity and frequency, as well as booming cyber security sector offering variety of products as investment options have led the focus of the research in the field to the economic dimension of cyber security. The need for determination of methods to be used when making cyber security investment decisions under budget constraints have become prominent. In five sections as the cyber security investment strategies, risk...

Using Investment Funds to Support Advancements in Healthcare

OpenAIRE

Nawar, Anthony

2017-01-01

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

Environmental investment and firm performance: A network approach

International Nuclear Information System (INIS)

Bostian, Moriah; Färe, Rolf; Grosskopf, Shawna; Lundgren, Tommy

2016-01-01

This study examines the role of investment in environmental production practices for both environmental performance and energy efficiency over time. We employ a network DEA approach that links successive production technologies through intertemporal investment decisions with a period by period estimation. This allows us to estimate energy efficiency and environmental performance separately, as well as productivity change and its associated decompositions into efficiency change and technology change. Incorporating a network model also allows us to account for both short-term environmental management practices and long-term environmental investments in each of our productivity measures. We apply this framework to a panel of detailed plant-level production data for Swedish manufacturing firms covering the years 2002–2008. - Highlights: • We use a network DEA model to account for intertemporal environmental investment decisionsin measures of firm productivity. • We apply our network technology model to a panel of firms in Sweden's pulp and paperindustry for the years 2002 - 2008. • We model environmental investments and expenditures separately from other productionoriented inputs. • We find evidence of positive relationships between energy efficiency, environmental performance, and firm productivity.

Effects of tax depreciation on optimal firm investments

NARCIS (Netherlands)

Wielhouwer, J.L.; Kort, P.M.; De Waegenaere, A.M.B.

1999-01-01

This paper studies how the difference between technical depreciation and tax depreciation affects the firm's optimal investment strategy. The objective is maximization of shareholder value. When tax depreciation differs from technical depreciation, an additional investment not only generates value

CURRENT STATUS AND TRENDS INVESTMENT IN AGRICULTURE UKRAINE

OpenAIRE

Sokolova, A. N.; Yurko, Т. S.; Klimenko, I. V.

2018-01-01

Globalization processes accelerate the pace of scientific and technological progress and innovation and require investment in innovation to enhance the efficiency of the national economy of our state and some of its branches, inter–industry complexes and sub–complexes at the level of developed countries.The article examines the current state of investment in agriculture of Ukraine. The main criteria to encourage capital investment taking into account regional peculiarities capital investment ...

Developing a Strategic Plan for NASA JSC's Technology Investments

Science.gov (United States)

Stecklein, Jonette M.

2012-01-01

Human space exploration has always been heavily influenced by goals to achieve a specific mission on a specific schedule. This approach drove rapid technology development, the rapidity of which adds risks as well as provides a major driver for costs. The National Aeronautics and Space Administration (NASA) is now approaching the extension of human presence throughout the solar system by balancing a proactive yet less schedule-driven development of technology with opportunistic scheduling of missions as the needed technologies are realized. This approach should provide cost effective, low risk technology development that will enable efficient and effective manned spaceflight missions. As a first step, the NASA Human Spaceflight Architecture Team (HAT) has identified a suite of critical technologies needed to support future manned missions across a range of destinations, including in cislunar space, near earth asteroid visits, lunar exploration, Mars space, and Mars exploration. The challenge now is to develop a strategy and plan for technology development that efficiently enables these missions over a reasonable time period, without increasing technology development costs unnecessarily due to schedule pressure, and subsequently mitigating development and mission risks. NASA fs Johnson Space Center (JSC), as the nation's primary center for human exploration, is addressing this challenge through an innovative approach allocating Internal Research and Development funding to projects that have been prioritized using four focus criteria, with appropriate importance weighting. These four focus criteria are the Human Space Flight Technology Needs, JSC Core Technology Competencies, Commercialization Potential, and Partnership Potential. The inherent coupling in these focus criteria have been captured in a database and have provided an initial prioritization for allocation of technology development research funding. This paper will describe this process and this database

An Optimal Investment Strategy for Insurers in Incomplete Markets

Directory of Open Access Journals (Sweden)

Mohamed Badaoui

2018-04-01

Full Text Available In this paper we consider the problem of an insurance company where the wealth of the insurer is described by a Cramér-Lundberg process. The insurer is allowed to invest in a risky asset with stochastic volatility subject to the influence of an economic factor and the remaining surplus in a bank account. The price of the risky asset and the economic factor are modeled by a system of correlated stochastic differential equations. In a finite horizon framework and assuming that the market is incomplete, we study the problem of maximizing the expected utility of terminal wealth. When the insurer’s preferences are exponential, an existence and uniqueness theorem is proven for the non-linear Hamilton-Jacobi-Bellman equation (HJB. The optimal strategy and the value function have been produced in closed form. In addition and in order to show the connection between the insurer’s decision and the correlation coefficient we present two numerical approaches: A Monte-Carlo method based on the stochastic representation of the solution of the insurer problem via Feynman-Kac’s formula, and a mixed Finite Difference Monte-Carlo one. Finally the results are presented in the case of Scott model.

The Study on Stage Financing Model of IT Project Investment

Directory of Open Access Journals (Sweden)

Si-hua Chen

2014-01-01

Full Text Available Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

The Study on Stage Financing Model of IT Project Investment

Science.gov (United States)

Xu, Sheng-hua; Xiong, Neal N.

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model. PMID:25147845

The study on stage financing model of IT project investment.

Science.gov (United States)

Chen, Si-hua; Xu, Sheng-hua; Lee, Changhoon; Xiong, Neal N; He, Wei

2014-01-01

Stage financing is the basic operation of venture capital investment. In investment, usually venture capitalists use different strategies to obtain the maximum returns. Due to its advantages to reduce the information asymmetry and agency cost, stage financing is widely used by venture capitalists. Although considerable attentions are devoted to stage financing, very little is known about the risk aversion strategies of IT projects. This paper mainly addresses the problem of risk aversion of venture capital investment in IT projects. Based on the analysis of characteristics of venture capital investment of IT projects, this paper introduces a real option pricing model to measure the value brought by the stage financing strategy and design a risk aversion model for IT projects. Because real option pricing method regards investment activity as contingent decision, it helps to make judgment on the management flexibility of IT projects and then make a more reasonable evaluation about the IT programs. Lastly by being applied to a real case, it further illustrates the effectiveness and feasibility of the model.

Using Educational Technology as an Institutional Teaching and Learning Improvement Strategy?

Science.gov (United States)

Stoddart, Patrick

2015-01-01

Increasingly, educational technology is identified as crucial to addressing many scale issues around higher education learning and teaching. However, such projects are often run with the technical project goals achieved but the educational goals unrealised. Further, in an age of austerity, all investments must be closely scrutinised as to their…

32 CFR Appendix A to Part 37 - What Is the Civil-Military Integration Policy That Is the Basis for Technology Investment...

Science.gov (United States)

2010-07-01

... 32 National Defense 1 2010-07-01 2010-07-01 false What Is the Civil-Military Integration Policy That Is the Basis for Technology Investment Agreements? A Appendix A to Part 37 National Defense Department of Defense OFFICE OF THE SECRETARY OF DEFENSE DoD GRANT AND AGREEMENT REGULATIONS TECHNOLOGY...

Sparking investment in Ontario's power generation industry

International Nuclear Information System (INIS)

Allen, J.

2004-01-01

This paper discusses the business strategy needed to spark investment in Ontario's power generation industry. It examines the process of decision making and investing in an uncertain environment. The paper suggests that any strategy based on one view of the future courts trouble and that strategic flexibility can prepare for what cannot be predicted. Finally the paper suggests that Ontario needs to create a stable policy and regulatory environment that allows investors to fulfill reasonable expectations and investors need to place bets that provide the flexibility to respond quickly to changing market conditions

Can investments in health systems strategies lead to changes in immunization coverage?

Science.gov (United States)

Brenzel, Logan

2014-04-01

National immunization programs in developing countries have made major strides to immunize the world's children, increasing full coverage to 83% of children. However, the World Health Organization estimates that 22 million children less than five years of age are left unvaccinated, and coverage levels have been plateauing for nearly a decade. This paper describes the evidence on factors contributing to low vaccination uptake, and describes the connection between these factors and the documented strategies and interventions that can lead to changes in immunization outcomes. The author suggests that investments in these areas may contribute more effectively to immunization coverage and also have positive spill-over benefits for health systems. The paper concludes that while some good quality evidence exists of what works and may contribute to immunization outcomes, the quality of evidence needs to improve and major gaps need to be addressed.

Restoration of natural capital: a key strategy on the path to sustainability

NARCIS (Netherlands)

Blignaut, J.N.; Aronson, J.; Groot, de R.S.

2014-01-01

Three intertwining braids or strategies to enable transition towards sustainability can be identified, namely: (i) appropriate sustainable technologies, (ii) revising behaviour including reproduction and consumption patterns, and (iii) investment in the restoration of natural capital (RNC). Less

Multinational Corporations and Foreign Direct Investments in Romania. Effects on the Romanian Trade

Directory of Open Access Journals (Sweden)

Catana Adina Mihaela

2011-12-01

Full Text Available This paper focuses on the study of transnational corporations and their business development through foreign direct investments made in other countries, mostly greenfield type countries. The objective of this paper is to determine the impact of these companies enlargement on the Romanian retail market, especially on the consumer goods market. Transnational companies have experienced a very dynamic economic growth, enjoying success at first in their country and then expanding to other countries. As independent players on the international market, multinational corporations are becoming more and more powerful every day. Most of these companies record annual sales of ten million dollars each. The most important aspect of business globalization is the interdependence between national economies. In this process, Foreign Direct Investments have an important role, given the fact that the internal resources are not enough to ensure the development and support of businesses hence the need to obtain external resources. Generally, FDI have a strong training effect both in the national and global economy, providing the replacement and modernization of techniques and technologies, increasing production and supply of goods, improving their quality and competitiveness, creating new jobs and growing the quality of life. Thus, each national economy is building its economic development strategy in which investments have a predominant role. Foreign Direct Investment is a major driver of globalization that characterizes the modern economy. Increasing of Foreign Direct Investment flows, accompanied by the increasing of the portfolio investments, highlights the major role played by transnational corporations, especially in developing economies and transition economies. The most important areas in which FDI was made in Romania are: financial intermediation and insurance, trade, construction and real estate, information technology and communication. The entering of

Pengaruh Strategi dan Teknologi Informasi Perusahaan terhadap Globalisasi

OpenAIRE

*, Tamamudin

2010-01-01

The rapid change at this recent global competition increases different circumstance in the market and technology. The increasing of complexity and uncertainty represent factors forming new competitive environment. To have an adequate ability to compete in a competitive environment, it is hard to reject that company must be adaptive to the changes. Company success depends on the relationship between investment in technology and corporate strategy. But there are many determinant factors that a...

Environmental Concerns, Environmental Policy and Green Investment.

Science.gov (United States)

Gao, Xuexian; Zheng, Haidong

2017-12-13

Environmental regulators often use environmental policy to induce green investment by firms. However, if an environmental policy fails to exert a long-run effect on regulating the economic agents' behavior, it may be more reasonable to think of the firm as the leader in the game, since the investment in green technology is usually a strategic decision. In this paper, we consider a three-stage Stackelberg game to address the interaction between a profit-maximizing firm (Stackelberg leader) facing emission-dependent demand, and the environmental regulator (Stackelberg follower). The firm decides on the green technology level in the first stage of the game based on its understanding of the regulator's profits function, especially an environmental concern that is introduced as an exogenous variable. In the current research, we show that high levels of the regulator's environmental concerns do not necessarily lead to the choice of green technology by the firm, and green investment level depends on the combined effects of the market and operational factors for a given level of the regulator's environmental concerns. The result also shows that increasing environmental awareness amongst the consumers is an effective way to drive the firm's green investment.

Investment risks under uncertain climate change policy

International Nuclear Information System (INIS)

Blyth, William; Bradley, Richard; Yang, Ming; Bunn, Derek; Clarke, Charlie; Wilson, Tom

2007-01-01

This paper describes results from a model of decision-making under uncertainty using a real options methodology, developed by the International Energy Agency (IEA). The model represents investment decisions in power generation from the perspective of a private company. The investments are subject to uncertain future climate policy, which is treated as an external risk factor over which the company has no control. The aims of this paper are to (i) quantify these regulatory risks in order to improve understanding of how policy uncertainty may affect investment behaviour by private companies and (ii) illustrate the effectiveness of the real options approach as a policy analysis tool. The study analysed firms' investment options of coal- and gas-fired power plants and carbon capture and storage (CCS) technologies. Policy uncertainty is represented as an exogenous event that creates uncertainty in the carbon price. Our findings indicate that climate policy uncertainty creates a risk premium for power generation investments. In the case of gas- and coal-fired power generation, the risk premium would lead to an increase in electricity prices of 5-10% in order to stimulate investment. In the case of CCS, the risk premium would increase the carbon price required to stimulate investment by 16-37% compared to a situation of perfect certainty. The option to retrofit CCS acts as a hedge against high future carbon prices, and could accelerate investment in coal plant. This paper concludes that to minimise investment risks in low carbon technologies, policy-makers should aim to provide some long-term regulatory certainty. (author)

Employee Perception of the Impact of Information Technology Investment in Organisations: a survey of the hotel industry

Directory of Open Access Journals (Sweden)

Bruce Lo

2000-05-01

Full Text Available To improve their operational efficiency and to maintain their competitiveness in the market place many organisations continue to invest substantially in their Information Technology (IT capability. But how do the employees themselves view the impact and the value of IT investment? This paper considers this question in the context of the hospitality industry. More specifically, it investigates the different perception of hotel employees on the impact of organisational IT investment on (a IT usage by employees, (b employee satisfaction with the IT systems, (c changes in the level of employee performance, and (d organisational performance of the hotel. 945 hotel employees in Bali, Indonesia were surveyed to assess their perception of the organisational impact of IT. Factor analysis, analysis of variance and regression analysis were performed on the data to examine the' range of employee viewpoints. Results showed that there were significant differences among the employees' perception with respect to age, educational level, position in the hotel, and individual income. These findings suggest that even senior management may regard the investment in IT is worthwhile, there may be a divergence of opinion among the employees as to what are the real benefits of IT. In order to fully leverage the potential of their IT investment, managers should pay particular attention to shaping the views of the employees who ultimately determine whether the IT capabilities in an organisation are put to use.

The role for low carbon electrification technologies in poverty reduction and climate change strategies: A focus on renewable energy mini-grids with case studies in Nepal, Peru and Kenya

International Nuclear Information System (INIS)

Yadoo, Annabel; Cruickshank, Heather

2012-01-01

As a potential poverty reduction and climate change strategy, this paper considers the advantages and disadvantages of using renewable energy technologies for rural electrification in developing countries. Although each case must be considered independently, given a reliable fuel source, renewable energy mini-grids powered by biomass gasifiers or micro-hydro plants appear to be the favoured option due to their lower levelised costs, provision of AC power, potential to provide a 24 h service and ability to host larger capacity systems that can power a wide range of electricity uses. Sustainability indicators are applied to three case studies in order to explore the extent to which sustainable welfare benefits can be created by renewable energy mini-grids. Policy work should focus on raising awareness about renewable energy mini-grids, improving institutional, technical and regulatory frameworks and developing innovative financing mechanisms to encourage private sector investments. Establishing joint technology and community engagement training centres should also be encouraged. - Highlights: ► Renewable mini-grids are a valuable climate change and poverty reduction strategy. ► They can be cheaper than diesel on a levelized basis and offer grid level service. ► Awareness about mini-grids should be raised and institutional frameworks improved. ► Financing mechanisms should be developed to encourage private sector investments. ► Joint technology and community engagement training centres should be established.

Science and Technology for Communication and Persuasion Abroad: Gap Analysis and Survey

Science.gov (United States)

2012-03-01

technology are heavily influenced by studying technology use in the West—which, some argue, biases the field toward individualist rather than collectivist ...serious games, particularly for non-Western cultures , and to develop new technologies to that end. Such investment should include immersive virtual...environments, which favor different strategies of influence than text-based environments.27 Rilla Khaled, " Culturally -Relevant Persuasive Technology

Italian competitiveness in high technology industries