WorldWideScience

Sample records for upstream international investments

  1. Oman: Current status, upstream and export developments, investment opportunities

    International Nuclear Information System (INIS)

    Skeet, I.

    1994-01-01

    Oil production in Oman has consistently increased since 1980 to reach its current level of ca 800,000 bbl/d. Reserves total ca 5 billion bbl and gas reserves are over 20 trillion ft 3 , of which a third is being dedicated for export. The main operator is Petroleum Development Oman (PDO), which is 60% owned by the Omani government. Some production areas are taken up by other companies under production sharing contracts. Gas is used for local industrial purposes and a third of gas reserves are being dedicated to a liquefied natural gas export scheme planned to be on-stream by 2000. The government has been seeking foreign investment and increasing private-sector participation, an example being a Belgian-Omani consortium to construct a 100-MW gas-fired power station. However, opportunities for investing in the upstream oil/gas sector are limited since most prospective areas have already been taken up. The economic, political, and social problems which may affect future investment are discussed. Oman is essentially a one-resource economy and declines in oil prices have led to widening government deficits. Social expectations created by the oil-financed welfare state make it difficult for government expenditures to be cut back. There is lack of public debate in the state-controlled media and no public participation in policy and decision making. There is a perception of widening corruption in government and a nascent movement toward a more rigid Islamic view of society. Controls are needed to maintain a reasonable balance between oil revenues and public expenditures, while pressures from an increasingly literate and numerous population will demand changes to the traditional autocratic system of government. 5 figs., 2 tabs

  2. Investment in Azerbaijan's upstream requires attention to legal details

    International Nuclear Information System (INIS)

    Horton, S.; Mamedov, N.

    1996-01-01

    When the 20th century began, Baku was a boom town without equal in the Russian empire. The city developed into a legendary cultural center, where some of the West's leading commercial geniuses made substantial investments. Baku also was a city of diverse peoples, with its Azerbaijani core supplemented by substantial communities of Armenians, Germans, Russians and Swedes, not to mention merchant communities of other central Asian and Middle Eastern peoples. The miracle that caused Baku to bloom, then as now, was the promise of oil. Baku is arguably the world's first important oil-producing city. As the 20th century draws to a close, Baku once more is on the verge of a transition that may restore its status as an important center for international investment and commerce. This article examines Azerbaijan's legal environment as it relates to the natural resources sector

  3. Moving Upstream in U.S. Hospital Care Toward Investments in Population Health.

    Science.gov (United States)

    Begun, James W; Potthoff, Sandra

    The root causes for most health outcomes are often collectively referred to as the social determinants of health. Hospitals and health systems now must decide how much to "move upstream," or invest in programs that directly affect the social determinants of health. Moving upstream in healthcare delivery requires an acceptance of responsibility for the health of populations. We examine responses of 950 nonfederal, general hospitals in the United States to the 2015 American Hospital Association Population Health Survey to identify characteristics that distinguish those hospitals that are most aligned with population health and most engaged in addressing social determinants of health. Those "upstream" hospitals are significantly more likely to be large, not-for-profit, metropolitan, teaching-affiliated, and members of systems. Internally, the more upstream hospitals are more likely to organize their population health activities with strong executive-level involvement, full-time-equivalent support, and coordination at the system level.The characteristics differentiating hospitals strongly involved in population health and upstream activity are not unlike those characteristics associated with diffusion of many innovations in hospitals. These hospitals may be the early adopters in a diffusion process that will eventually include most hospitals or, at least, most not-for-profit hospitals. Alternatively, the population health and social determinants movements could be transient or could be limited to a small portion of hospitals such as those identified here, with distinctive patient populations, missions, and resources.

  4. Foreign investment opportunities in the Venezuelan upstream industry

    International Nuclear Information System (INIS)

    Pradas, F.

    1995-01-01

    Venezuela with 64 billion barrels of proven reserves estimates that 40 billion barrels of light and medium crudes are to be discovered. Petroleos de Venezuela medium term plans call for big investments and includes the establishment of associations with private enterprises which can provide capital, specialized technology and markets in order to accomplish its goals, one of which is to reach 4 MMBD of production by the end of the century. (author)

  5. Foreign investment opportunities in the Venezuelan upstream industry

    International Nuclear Information System (INIS)

    Pradas, F.

    1994-01-01

    An overview is provided of the Venezuelan petroleum industry, and the advantages of Venezuela for petroleum industry investment are noted. Proven reserves of hydrocarbons consist of 64 billion bbl of oil and condensates, 3.7 trillion m 3 of natural gas, and some 270 billion bbl of recoverable oil from vast reserves of heavy oil and bitumen. Additional reserves of light and medium crude awaiting discovery are estimated at 40 billion bbl. The state petroleum company PDVSA plans to increase proven reserves and to raise oil production capacity from the present level of 2.8 million bbl/d to 4 million bbl/d. To achieve those increases, it is estimated that PDVSA will need to invest ca $40 billion by the year 2000, of which $28 billion will come from PDVSA's own resources. It is intended that the remainder of the investment will be from foreign enterprises as part of joint ventures. PDVSA already has experience with joint ventures in the refining and petrochemical sectors, and a PDVSA subsidiary, Lagoven, is conducting a natural gas export project with several foreign firms. Another subsidiary, Maraven, is engaging in the first of several ventures to exploit the extensive heavy oil resources of the Orinoco belt. Foreign firms are also acting as contractors to reactivate inactive oil fields. PDVSA also markets Orimulsion, a bitumen-based emulsion fuel which competes with coal as a boiler fuel, through its joint venture subsidiary BITOR

  6. Global upstream investment faces a crisis of confidence

    International Nuclear Information System (INIS)

    Shepherd, Richard

    2001-01-01

    Offshore business appears to be in a catch-22 situation between on the one hand the interests of global economic welfare and on the other the stock market demands. The oil and gas industries need to grow the return on capital and to compete effectively with other (better performing) industries. But, the world demands more oil and very soon, and these are the issues and consequences discussed. The US government is confident that non-Opec oil supply can increase by 12.8 Mbd between now and 2020 and this is significantly more than projected in the last forecast. The article is presented under the headings of (i) value creation paradigm; (ii) spelling it out for 2001 and (iii) big projects, long lead times. Diagrams show (a) world oil demand 1971-2020; (b) fractional change in Brent prices 1986-2001 and (c) wells drilled and annual production in Prudhoe bay 1974-2010. Figures for the International Energy Agency forecast for both Opec and non-Opec countries are mentioned

  7. ANP's strategic regarding the government take considering the volumes of recoverable oil and the Brazilian attractiveness for upstream international investments; Estrategia da ANP quanto ao 'government take', considerando o volume recuperavel e a atratividade do Brasil para investimentos internacionais em 'upstream'

    Energy Technology Data Exchange (ETDEWEB)

    Motta, Regis [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Escola Politecnica. Dept. de Engenharia Industrial; Margueron, Claudio [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Escola Politecnica. Dept. de Geologia; Aquino, Thereza C.N. [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Escola Politecnica. Inst. de Geociencias

    2004-07-01

    This article discusses the Brazilian Petroleum Agency (ANP) strategy to boost the competitiveness of Brazil in attracting investments to the energy sector, analyzing it both technically and economically. The Campos basin, with its opportunities in heavy oil and deep water exploration, is used as a case study. Previous literature evaluated the economic potential of oil fields under different hypotheses for cost and price structures, reaching the conclusion that the fiscal regime of Brazil in 2000 was internationally competitive and the oil fields under investigation were attractive. This situation no longer applies. Some of the previous hypotheses are reviewed, using the creaming effect, which models both the diminishing success probabilities of drilling and volume levels as a given sedimentary basin approaches its mature stage of exploration. The main conclusion is that a reduction in the government take, lowering the fraction under ANP's control, would foster exploration and production in mature basins. Therefore, a large number of reserves with relatively small VOR's will become feasible, which are currently unattractive, given the hurdle rates observed by the international oil industry. (author)

  8. International Investment Law and EU Law

    DEFF Research Database (Denmark)

    regional economic integration agreements, International Competition Law, International Investment Regulation, International Monetary Law, International Intellectual Property Protection and International Tax Law. In addition to the regular annual volumes, EYIEL Special Issues routinely address specific...... current topics in International Economic Law. The entry into force of the Lisbon Treaty entails sweeping changes with respect to foreign investment regulation. Most prominently, the Treaty on the Functioning of the European Union (TFEU) now contains in its Article 207 an explicit competence...... for the regulation of foreign direct investment as part of the Common Commercial Policy (CCP) chapter. With this new competence, the EU will become an important actor in the field of international investment politics and law. The new empowerment in the field of international investment law prompts a multitude...

  9. Investment behavior, observable expectations, and internal funds

    OpenAIRE

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

    1999-01-01

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

  10. INTERNAL CONTROL OF INVESTMENT PROJECTS

    Directory of Open Access Journals (Sweden)

    Yu. N. Yudenkov

    2010-01-01

    Full Text Available Estimation and technics of the account of expenses, efficiency, financial result should enter into the list of regular checks from service of internal control that demands corresponding vocational training of internal controlers which should own methods of an estimation of expediency of acquisition of long-term actives.

  11. Tax Neutrality on International Capital Investments

    Directory of Open Access Journals (Sweden)

    Gizem KAPUCU

    2017-07-01

    Full Text Available The tax policies which states follow with regard to developing technology and capital investments with raising mobility due to globalism are need to be discussed in its legal basis. The principle of tax neutrality has the aim of being legal foundation for these policies. According to this, the neutrality principle in taxation of international capital investments is provided with two measures, namely; not effecting the investment decision and not discriminate between investments. In this paper, initially focused on the conceptual framework and the foundations of the tax neutrality principle and later capital export neutrality and capital import neutrality are considered and explained with regard to international capital movements. Moreover, conformity and diversion to the principle of the current situation and regulations in OECD, EU and Turkey are examined.

  12. Evolution of international trade and investment networks

    Science.gov (United States)

    Zhang, Shuhong; Wang, Lin; Liu, Zhixin; Wang, Xiaofan

    2016-11-01

    In this paper, an evolving two-layer international economy network (IEN) consisting of international trade network (ITN) and international investment network (IIN) as layers, is constructed to investigate the world economy from 2001 to 2010. First, the structure analysis shows that the average partner numbers for both trade and investment are increasing year by year, and the average volume has a significant decrease in 2008 for investment and 2009 for trade. The IIN has longer average path length and dramatically lower edge density compared with the ITN, yet its clustering coefficient is larger in all years. Then, the regional relativity indicates that the longer the distance between two countries, the smaller trade and investment volumes they carry in are general, and the impact of the geographical distance gradually reduces as time goes on. Furthermore, the countries and regions are ranked by Pagerank in ITN, IIN and IEN to illustrate the roles they played. And finally, community structures are detected to visualize the global economic landscape, with countries and regions in the same community ranked according to the total volume of trade or investment.

  13. Optimising investment performance through international diversification

    Directory of Open Access Journals (Sweden)

    J. Swart

    2014-01-01

    Full Text Available International portfolio diversification is often advocated as a way of enhancing portfolio performance particularly through the reduction of portfolio risk. Portfolio managers in Europe have for decades routinely invested a substantial portion of their portfolios in securities that were issued in other countries. During the last decade US investors have held a significant amount of foreign securities with over a trillion dollars invested in foreign assets by 1994. South African institutions have been allowed some freedom to diversify internationally since mid 1995 and individual investors since July 1997. In this paper the potential diversification benefits for South African investors are considered. The stability over time of the correlation structure is investigated and simple ex-ante investment strategies are formulated and evaluated.

  14. In Defense of International Investment Law

    NARCIS (Netherlands)

    Schill, S.W.; Bungenberg, M.; Herrmann, C.; Krajewski, M.; Terhechte, J.P.

    2016-01-01

    The present article responds to the critical perspective Kate Miles offers on international investment law in her article “Investor-State Dispute Settlement: Conflict, Convergence, and Future Directions”, published in this Yearbook. While sharing several concerns Miles identifies, and supporting

  15. 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 ...

  16. International business cycles and the relative price of investment goods

    OpenAIRE

    Parantap Basu; Christoph Thoenissen

    2009-01-01

    Is the relative price of investment goods a good proxy for investment frictions? We model this relative price in a flexible price international economy with two fundamental shocks, namely the total factor productivity (TFP) shock and the investment specific technology (IST) shock. The paper argues that the one-to-one correspondence between investment friction and the relative price of investment goods breaks down in an international economy because of the short run correlation between the ter...

  17. Are stricter investment rules contagious? Host country competition for foreign direct investment through international agreements

    OpenAIRE

    Neumayer, Eric; Nunnenkamp, Peter; Roy, Martin

    2014-01-01

    We argue that the trend toward international investment agreements (IIAs) with stricter investment rules is driven by competitive diffusion, namely defensive moves of developing countries concerned about foreign direct investment (FDI) diversion in favor of competing host countries. Accounting for spatial dependence in the formation of bilateral investment treaties (BITs) and preferential trade agreements (PTAs) that contain investment provisions, we find that the increase in agreements with ...

  18. Investment Policy, Internal Financing and ownership Concentration in the UK

    NARCIS (Netherlands)

    Goergen, M.; Renneboog, L.D.R.

    2000-01-01

    This paper investigates whether investment spending of firms is sensitive to the availability of internal funds.Imperfect capital markets create a hierarchy for the different sources of funds such that investment and financial decisions are not independent.The relation between corporate investment

  19. Investment and uncertainty in the international oil and gas industry

    International Nuclear Information System (INIS)

    Mohn, Klaus; Misund, Baard

    2009-01-01

    The standard theory of irreversible investments and real options suggests a negative relation between investment and uncertainty. Richer models with compound option structures open for a positive relationship. This paper presents a micro-econometric study of corporate investment and uncertainty in a period of market turbulence and restructuring in the international oil and gas industry. Based on data for 115 companies over the period 1992-2005, we estimate four different specifications of the q model of investment, with robust results for the uncertainty variables. The estimated models suggest that macroeconomic uncertainty creates a bottleneck for oil and gas investment and production, whereas industry-specific uncertainty has a stimulating effect. (author)

  20. International Competition for Foreign Multinational Investment,

    OpenAIRE

    Jan I. Haaland; Ian Wooton

    1998-01-01

    We examine the economic justification for providing investment subsidies to foreign-owned multinationals. These provide employment opportunities and generate demand for domestic intermediate inputs, produced by domestic workers with increasing returns to scale. Offering subsidies to multinationals may be in the national interest if the investment raises the net value of domestic production. When agglomerative forces are sufficiently strong, a subsidy that attracts the first foreign firm may i...

  1. The upstream oil and gas industry's initiative in the development of international standards

    International Nuclear Information System (INIS)

    Thomas, G.A.N.; Thorp, G.

    1993-01-01

    The paper describes the international work of the oil industry to formalize as International Standards many of the industry standards used world-wide. It also describes how matters have been developing in Europe. E and P Forum, representing the international exploration and production oil and gas industry, provides a forum for coordinating industry standardization, to ensure that the necessary standards are maintained by the appropriate technical body. The paper discusses the development of the standardization program in ISO/TC67, the Technical Committee directing the transformation of some 70 API Standards into ISO Standards and the relationship to CEN (the European standardization body). The objective of the upstream industry is to operate worldwide to consistent international standards. Company standards can then concentrate on functional and performance requirements. This will facilitate international trade and communication, open competition and the global market. For a practical realization of this objective the oil industry must foster a special relationship between the relevant US bodies, ISO and CEN. The sustained support of all sides of industry is required

  2. Exploring International Investment through a Classroom Portfolio Simulation Project

    Science.gov (United States)

    Chen, Xiaoying; Yur-Austin, Jasmine

    2013-01-01

    A rapid integration of financial markets has prevailed during the last three decades. Investors are able to diversify investment beyond national markets to mitigate return volatility of a "pure domestic portfolio." This article discusses a simulation project through which students learn the role of international investment by managing…

  3. Globalization and Knowledge Spillover: International Direct Investment, Exports and Patents

    NARCIS (Netherlands)

    C-L. Chang (Chia-Lin); S.P. Chang (Sung-Po); M.J. McAleer (Michael)

    2010-01-01

    textabstractThis paper examines the impact of the three main channels of international trade on domestic innovation, namely outward direct investment, inward direct investment (IDI) and exports. The number of Triadic patents serves as a proxy for innovation. The data set contains 37 countries that

  4. Gauging the investment potential of international real estate markets

    OpenAIRE

    Lee, Stephen L.

    2005-01-01

    Investing in real estate markets overseas means venturing into the unknown, where you meet unfamiliar political and economic environments, unstable currencies, strange cultures and languages, and so although the advantages of international diversification might appear attractive, the risks of international investment must not be overlooked. However, capital markets are becoming global markets, and commercial real estate markets are no exception, accordingly despite the difficulties posed by v...

  5. Foreign Investment and International Plant Configuration: Whither the Product Cycle?

    OpenAIRE

    Belderbos,René; Sleuwaegen,Leo

    2000-01-01

    We analyze the determinants of the decision to invest abroad in particular configurations of overseas plants for 120 Japanese firms active in 36 well-defined electronic product markets. We find support for a structured internationalization decision model in which the decision to produce abroad and the choice for a specific international plant configuration are treated as nested strategic options. Drivers at the industry and firm level push firms to consider overseas investment, and locational...

  6. Substantive Transparency Requirements in International Investment Law

    NARCIS (Netherlands)

    Pohl, Jens Hillebrand

    2017-01-01

    Few concepts in public governance evoke a more positive sentiment than transparency. Whether ultimately grounded in expediency or morality, transparency has emerged out of its municipal origins and been received at the international plane. This article examines the current state of evolution of the

  7. International petroleum investment and policies: green, privatising, and moving eastward?

    International Nuclear Information System (INIS)

    Waelde, T.W.; Ndi, G.K.

    1994-01-01

    Some of the issues currently shaping transnational investment in the petroleum industry are examined. These include; the re-defining of the role of the state in petroleum development strategy; the evolution of contractual practice; the introduction of more liberal investment legislation; the restructuring of state petroleum enterprises with a view to commercialisation, corporatisation or privatisation; the increasing significance of petroleum production in emerging nations; and heightened international awareness of the environmental impacts of energy development. The discussion includes an analysis of the implications of these issues for developing countries in terms of inward foreign investment, some reflections on the development versus environment debate and some consideration of the influence of current trends on the future of the international petroleum industry. (UK)

  8. Investment Returns and Economic Fundamentals in International Art Markets

    OpenAIRE

    Renneboog, L.D.R.; Spaenjers, C.

    2014-01-01

    Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close connection between the country of sale and the type (e.g., nationality) of artworks sold; (ii) substantial international variation in average returns to art investments over the period 1971-2007; (iii) an impact of both global a...

  9. 77 FR 772 - International Services Surveys and Direct Investment Surveys Reporting

    Science.gov (United States)

    2012-01-06

    ... and publish in the Federal Register notices of future surveys of foreign and direct investment in the....: 111012619-1619-01] RIN 0691-AA81 International Services Surveys and Direct Investment Surveys Reporting... international trade in services and direct investment surveys provided for by the International Investment and...

  10. The Role of International Investment Law in Renewable Energy Investment; focus on Build Operate and Transfer (BOT) Contracts

    OpenAIRE

    Adetiloye, Idowu Adejoke

    2014-01-01

    Renewable energy is one of the ways of reducing greenhouse gas emission. There is need for more investment in this sector. However, lack of stable regulatory framework and change in policy makes it unattractive to investors. International investment laws through its protections in investment agreement can help to mitigate risks considered by investors especially those with Build, Operate and Transfer (BOT) type of contracts.

  11. Determinants of human resource investment in internal controls

    Directory of Open Access Journals (Sweden)

    Jong-Hag Choi

    2013-09-01

    Full Text Available Using the unique reporting environment in Korea, this study investigates the determinants of human resource investment in internal controls for 1352 listed firms disclosing the number of personnel who are in charge of internal control-related tasks (IC personnel from 2005 to 2008. We find that the number of IC personnel within a firm and several key departments increase with firm size, number of employees, complexity and for Chaebols, and decrease in rapidly growing firms. Additional analysis reveals that the factors influencing internal control systems have an accentuated effect on firms with relatively larger firm size.

  12. Trends in electricity markets and international investment in Mexico

    International Nuclear Information System (INIS)

    Bohigas, N.

    1999-01-01

    A review of current market trends in the energy sector around the world was presented. There is a global movement towards the restructuring of public utility companies. The Americas are opening new energy markets, integrating gas and electricity, privatising public utilities and making mass investments. Mexico has made a proposal to liberalize the market since extensive restructuring is needed to encourage foreign investment. Over the next ten years, energy needs are expected to reach 22,000 MW. Much of this paper focused on how Hydro-Quebec International would be a partner of choice in the Mexican energy market. Hydro-Quebec International is a wholly owned subsidiary of Hydro-Quebec. It has a wide range of expertise in hydroelectric power. The utility has completed more than 300 contracts in 80 countries. Their projects in Mexico include the ECOMEX NGV project which involves the construction of compressed stations, and the CLOROTEC project which includes the construction of a thermal generating station and cogeneration with a capacity of 105 MW. This paper also described the ideal conditions for investing as being political stability, a defined regulatory structure, an established legal system, complementary partners, and acceptable rate of return. It was determined that in order to promote a more favourable investment climate, Mexico must approve the structural reform proposed to the electrical sector

  13. STRATEGIC INVESTMENT AND INTERNATIONAL OUTSOURCING IN UNIONISED OLIGOPOLY

    OpenAIRE

    Dermot Leahy; Catia Montagna

    2010-01-01

    We critically consider the conventional belief that the attractiveness of international outsourcing lies in cheaper labour costs overseas and that it offers a means to ‘escape’ the power of unions. We develop an oligopoly model in which firms facing unionised domestic labour market choose between producing an intermediate in-house or outsourcing it to a non-unionised foreign supplier that makes a relationship specific investment in developing the intermediate. We show that outsourcing typical...

  14. 77 FR 49721 - International Services Surveys and Direct Investment Surveys Reporting

    Science.gov (United States)

    2012-08-17

    .... See, e.g., Direct Investment Surveys: BE-12, Benchmark Survey of Foreign Direct Investment in the...] RIN 0691-AA81 International Services Surveys and Direct Investment Surveys Reporting AGENCY: Bureau of... BEA will follow to collect data on international trade in services and direct investment surveys. The...

  15. 77 FR 24373 - International Services Surveys and Direct Investment Surveys Reporting

    Science.gov (United States)

    2012-04-24

    ... regulations governing the procurement of information on international trade in services and direct investment...) revises its rules to establish general guidelines for how BEA will collect data on international trade in services and direct investment surveys, which are provided for by the International Investment and Trade in...

  16. Internal Associations of the Acidic Region of Upstream Binding Factor Control Its Nucleolar Localization.

    Science.gov (United States)

    Ueshima, Shuhei; Nagata, Kyosuke; Okuwaki, Mitsuru

    2017-11-15

    Upstream binding factor (UBF) is a member of the high-mobility group (HMG) box protein family, characterized by multiple HMG boxes and a C-terminal acidic region (AR). UBF is an essential transcription factor for rRNA genes and mediates the formation of transcriptionally active chromatin in the nucleolus. However, it remains unknown how UBF is specifically localized to the nucleolus. Here, we examined the molecular mechanisms that localize UBF to the nucleolus. We found that the first HMG box (HMG box 1), the linker region (LR), and the AR cooperatively regulate the nucleolar localization of UBF1. We demonstrated that the AR intramolecularly associates with and attenuates the DNA binding activity of HMG boxes and confers the structured DNA preference to HMG box 1. In contrast, the LR was found to serve as a nuclear localization signal and compete with HMG boxes to bind the AR, permitting nucleolar localization of UBF1. The LR sequence binds DNA and assists the stable chromatin binding of UBF. We also showed that the phosphorylation status of the AR does not clearly affect the localization of UBF1. Our results strongly suggest that associations of the AR with HMG boxes and the LR regulate UBF nucleolar localization. Copyright © 2017 American Society for Microbiology.

  17. Manipulating the discount rate when valuing international investment projects

    Directory of Open Access Journals (Sweden)

    A. A. Medved

    2017-01-01

    Full Text Available The article deals with the practice of evaluation of international investment projects using the cash flow discounting rate. The problem of the discount rate manipulating is connected with the category “country risk”, which often determines the impact on the rate and, accordingly, the investment decisions. Critically examines existing approaches to the definition of “country risk”. Categories that make up a complete picture of “country risk” are distinguished. The general defect of existing country risk concepts is revealed – the fact that the measurements are based on rather subjective assessments and do not have sufficient empirical evidence, the fact that almost all of them have a clear liberal democratic bias: as a rule, drawing attention to the relationship between the political system and stability, the liberal democratic structure of society is recognized as the most stable, without any acceptable scientific evidence, followed by autocracy, military dictatorships and new independent states. The author affirms the lack of a clear and unambiguous definition of this category, the controversial approach to ranking of countries. The author analyzes and proves the bias of rating assigned by foreign companies. As a conclusion the need to create a national research concept of the “country risk” category is аffirms with the subsequent promotion of national rating agencies to the world market. The author's conception of the category “country risk” is proposed, an author's definition is given to this notion, it is recommended to establish the primacy of national ratings over foreign ones both in domestic and international relations in order to have independent influence on international capital flows. It is also proposed the evaluation of projects based on the dynamic discounting rates, especially for long-term strategic projects.

  18. Regulatory changes to renewable energy support schemes: An international investment law perspective

    OpenAIRE

    Paleckaite, Gintare

    2014-01-01

    Thesist analyzes how regulatory changes related to renewable energy investment support schemes can be perceived under international investment law standards and how possible decisions of international investment law tribunals could impact investment in this sector. This research is based on case studies of two states: Spain and the Czech Republic and claims against them. These cases will assist in analyzing the effects of the amendment/revocation of renewable energy support schemes. Answers t...

  19. Mainstreaming Investment Treaty Jurisprudence: The Contribution of Investment Treaty Tribunals to the Consolidation and Development of General International Law

    NARCIS (Netherlands)

    Schill, S.W.B.; Tvede, K.R.

    2015-01-01

    The use of internal and external precedent has been studied in relation to numerous international courts and tribunals. The participation of investment treaty tribunals in judicial dialogues or judicial cross-fertilization, by contrast, has remained underexplored. The present article closes this gap

  20. Investments

    CERN Document Server

    Bodie, Zvi; Marcus, Alan J.

    2017-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. Connect is the only integrated learning system that empowers students by continuously adapting to deliver precisely what they need, when they need it, and how they need it, so that your class time is more engaging and effective.

  1. Internal governance systems and R&D investment: An international comparison.

    Directory of Open Access Journals (Sweden)

    Zouari-Hadiji Rim

    2010-01-01

    Full Text Available In the theoretical framework of corporate governance, this article studies the efficiency of the control exerted by the ownership structure and the board of directors on managers for the purpose of privileging investment in R&D. This efficiency is sensitive to national systems of governance. Tests realized on a sample of 531 U.S., Japanese and French firms with the canonical method corroborate the existence of positive relationships between concentration of ownership, the internal administrator dominance and the non-dual structure on the one hand, and the investment in R&D, on the other.

  2. Investments

    CERN Document Server

    Bodie, Zvi

    2013-01-01

    The integrated solutions for Bodie, Kane, and Marcus' Investments set the standard for graduate/MBA investments textbooks. The unifying theme is that security markets are nearly efficient, meaning that most securities are priced appropriately given their risk and return attributes. The content places greater emphasis on asset allocation and offers a much broader and deeper treatment of futures, options, and other derivative security markets than most investment texts. McGraw-Hill's adaptive learning component, LearnSmart, provides assignable modules that help students master chapter core concepts and come to class more prepared. Bodie Investments' blend of practical and theoretical coverage combines with a complete digital solution to help your students achieve higher outcomes in the course

  3. Evaluating international development investments based on ecosystem services impact

    Science.gov (United States)

    Fremier, A. K.; Brauman, K. A.; Mulligan, M.; Chaplin-Kramer, R.; Gordon, L.; Luedeling, E.; Jones, S. K.; DeClerck, F.

    2016-12-01

    Engineered water-control structures to supply water for agriculture are frequently funded by international development to an effort to improve human wellbeing. Dams, reservoirs, and other forms of water control frequently have negative impacts on other water users; however, their sustainability in the face of climate change and evolving watershed processes have been called into question. Increasingly, planning for and evaluation of investments in water control require integration of these larger scale impacts and dependencies. Ecosystem service approaches can use local to regional scale knowledge to integrate a broader scope of project impacts by quantifying trade-offs in multiple services across proposed development interventions and future scenarios (economic, climate, demographic). Here, we illustrate the role an ecosystem service approach can play in investment decision making to evaluate the impact of small reservoirs on human wellbeing in the Upper Volta Basin of West Africa. Our project has four components: (1) design of a spatially explicit regional-level social-ecological characterization; (2) construction of future scenario analyses for rainfed and irrigated production system interventions; (3) co-design and co-development of benefit sharing mechanisms at the reservoir catchment level and enhancing institutional capacity to implement these mechanisms through training, professional development and targeting tools; and (4) intervention decision analysis to identify benefits, costs and risks associated with decision options. We illustrate how this approach highlights different outcomes than standard cost-benefit analysis focused narrowly on the single project. Anticipated outcomes are development of ecosystem services-based methods for more equitably and sustainably evaluating development interventions and identifying management approaches to water-impoundment structures that promote a range of ecosystem services to provide food security to a broader

  4. Attracting foreign direct investment under high risk and volatility of international financial markets

    OpenAIRE

    PARTACHI Ion; ARVINTE Vitalie

    2009-01-01

    International financial crisis caused significant reduction of investment flows, especially to emerging markets, vulnerable to external shocks and foreign exchange rate fluctuations. Under these conditions, decision factors are pushed to adopt changes in investment strategies in order to maintain competitiveness in attracting foreign investments needed to stabilize economy and continue development programs. Under the conditions of incertitude and high risks emerging economies adopted differen...

  5. International capital flows and investment volatility in selected sub-Saharan African countries

    Directory of Open Access Journals (Sweden)

    William Brafu-Insaidoo

    2011-07-01

    Full Text Available The study examines the impact of foreign capital flows on investment volatility in emerging and frontier market economies in sub-Saharan Africa. In particular, the study attempts to answer the question of whether different components of foreign capital inflows explain investment volatility. Theory suggests that increased cross-border capital mobility increases investment volatility due to the possibility of substituting foreign for domestic investments. Empirical literature does not, however, provide any clear evidence in support of this theory. By using the dynamic panel data analysis, this study tests the hypothesis that increased capital flows increases investment volatility and the study established that international capital flows reduce investment volatility.

  6. Human Rights Promotion through Transnational Investment Regimes: An International Political Economy Approach

    Directory of Open Access Journals (Sweden)

    Claire Cutler

    2013-05-01

    Full Text Available International investment agreements are foundational instruments in a transnational investment regime that governs how states regulate the foreign-owned assets and the foreign investment activities of private actors. Over 3,000 investment agreements between states govern key governmental powers and form the basis for an emerging transnational investment regime. This transnational regime significantly decentralizes, denationalizes, and privatizes decision-making and policy choices over foreign investment. Investment agreements set limits to state action in a number of areas of vital public concern, including the protection of human and labour rights, the environment, and sustainable development. They determine the distribution of power between foreign investors and host states and their societies. However, the societies in which they operate seldom have any input into the terms or operation of these agreements, raising crucial questions of their democratic legitimacy as mechanisms of governance. This paper draws on political science and law to explore the political economy of international investment agreements and asks whether these agreements are potential vehicles for promoting international human rights. The analysis provides an historical account of the investment regime, while a review of the political economy of international investment agreements identifies what appears to be a paradox at the core of their operation. It then examines contract theory for insight into this apparent paradox and considers whether investment agreements are suitable mechanisms for advancing international human rights.

  7. International For-Profit Investments in Microfinance Institutions Equity

    Directory of Open Access Journals (Sweden)

    Carlos Rodriguez Monroy

    2013-07-01

    Full Text Available Purpose: The purpose of this document is to review the funding options for Microfinance Institutions (MFIs, define the size of the holdings of international investors in MFI equity and in particular the MFIs listed in stock exchanges, analyze the characteristics of these subset of the financial world and study the stock exchange evolution of some listed MFIs amid the financial crisis. Design/methodology/approach: Since academic literature on listed MFI equity is virtually inexistent, most of the information has been obtained from the World Bank, annual accounts of the listed MFIs, stock exchanges and from equity research documents. Findings and Originality/value: Microfinance Institutions share several common characteristics that make them a resilient business and the few MFIs that are listed in stock exchanges seem to have performed better in the financial crisis. Microfinance can be considered as one of the new frontiers of the expansion of the global banking industry. Practical implications: Presently, international for-profit investors have very few ways of investing in microfinance equity. Most of the equity of the MFI equity is funded locally or thanks to the local public sector. The stock exchange listing of the MFIs should drive MFIs towards a more professional management, more transparency and better governance. Social implications: Microfinance Institutions provide credit to microenterprises in poor countries that have no other alternative sources of external capital to expand its activity. If global investors could easily invest in the listed equity of the MFIs these institutions would expand its lending books and would improve its governance, part of the population living in poor areas or with lower income could ameliorate its standard of living. Originality/value: The number of Microfinance Institutions that are professionally run like commercial banks is still scarce and even more scarce are the MFI listed in public stock exchanges

  8. The Perception of Investors on Socially Responsible Investment: International Evidence

    OpenAIRE

    Chiew, Dominic Kia Seng

    2008-01-01

    It is quite impossible to deny the growing importance of socially responsible investing (SRI) since its introduction in the early 1990s (Robson and Wakefield, 2007), when little attention was paid to this subject within the business ethics community as an alternative outlet to the existing conventional investment philosophy (Sparkes, 2001). The increasing use of Socially Responsible Investment (SRI) in the financial markets has become more apparent today. Organization have included many other...

  9. Research document no. 20. The constitutionalizing of the international legal regime of the petroleum investments and the world market reconstruction

    International Nuclear Information System (INIS)

    Noel, P.

    2000-09-01

    We analyse the new international legal regime for upstream petroleum investments and ''state contracts'' in general. In striking contrast to the ''New international economic order'' and ''Permanent sovereignty over natural resources'' ideologies of the 1960 and 1970, the emerging regime promotes the sanctification of contractual economic rights; the strict definition of State sovereign prerogatives, and the severe limitation of their conditions of exercise; the internationalization of the settlement of disputes through direct firm-State arbitration; the integration of national territories in a competitive, transparent, non-discriminative global market for investment. We demonstrate that it is rooted in the principles of liberal constitutionalism, hence promoting the internationalization of the Rule of Law. Such a legal regime is conducive to the expansion of the market for petroleum rights, as it restores the institutional conditions for credible commitment by the State. It will also accelerate the trend toward the ''commoditization'' of hydrocarbon resources. Bilateral investments treaties (especially the United States BIT program) as well as multilateral/regional instruments both general (draft MAI, MIGA, MERCOSUR, ALENA) and energy-specific (Energy Charter Treaty) are analysed as the main pillars and diffusion mechanisms of the new regime. A final paragraph indicates the way forward: the evaluation of the impact of this new legal regime on the world oil supply curve, especially as it eventually reaches - or not - some of the lowest-cost, biggest-resources countries. (author)

  10. Investment and Internal Finance: Asymmetric Information or Managerial Discretion?

    NARCIS (Netherlands)

    H. Degryse (Hans); A. de Jong (Abe)

    2001-01-01

    textabstractThis paper examines the relation between cash-flow availability and investment spending in the Netherlands. In particular, we are interested whether managerial discretion and/or asymmetric information drive the positive relation between cash-flow and investment spending. This relation

  11. Software database creature for investment property measurement according to international standards

    Science.gov (United States)

    Ponomareva, S. V.; Merzliakova, N. A.

    2018-05-01

    The article deals with investment property measurement and accounting problems at the international, national and enterprise levels. The need to create the software for investment property measurement according to International Accounting Standards was substantiated. The necessary software functions and the processes were described.

  12. Foreign investment, international mergers and the 1993 capital income tax reform in Finland

    OpenAIRE

    Hannu Piekkola

    1995-01-01

    Foreign direct investment in Finland and the 1993 Finnish Capital Income Tax Reform are examined in this article. Under territorial taxation, the most common form of international double taxation relief; the tax reform will encourage new capital investment. New capital investment from the US, which applies worldwide taxation, would be mildly discouraged, and FDI in the form of mergers and acquisitions largely discouraged. In the UK and Japan, the worldwide principle only covers tax rates. Thu...

  13. Constitutionalization of international investment law: Indirect expropriation cases, fair and equitable treatment

    Directory of Open Access Journals (Sweden)

    César Higa

    2013-12-01

    Full Text Available The purpose of this paper is to explore the impact of international investment law rules in the Economic Constitutional Law, especially those included in investment chapters of Peruvian’s Free Trade Treaties. In particular, it is expected to demonstrate the following (i International Investment Law is part of Peruvian Legal System; (ii provisions of these laws are mandatory and should be applied domestically; and (iii interpretation and implementation of this legal right should be executed consistently with domestic legal system and Peruvian international obligations. This agreed Interpretation between Investment Law and Economic Constitution will have a positive effect in rationalization of public entities actions avoiding abuses and maltreatment to investors, in order to improve investment climate as a key element forachieving country’s sustainable development.

  14. Russia to invest 200 million Swiss Francs in international accelerator

    CERN Multimedia

    2001-01-01

    Russia will invest 200 million CHF in the LHC project, according to first deputy industry, science and technologies minister. The results of scientific research in the center will be use in various industries, enabling new Russian technologies to enter the world market.

  15. Do Financial Constraints Moderate the Impact of Financing Decisions From Internal-financing Sources on Investment?

    Directory of Open Access Journals (Sweden)

    Andewi Rokhmawati

    2017-07-01

    Full Text Available To prevent investment growth in 2013 to 2015 from decreasing, the Industrial Ministry provided fiscal incentives to stimulate investment-growth. Nevertheless, the investment growth of manufacturing firms still declined. This condition indicated that fiscal stimulus might be ineffective to prevent investment-growth from declining. The decline of investment might be influenced by the increase of firm financial constraints to access a source of long term debts. This study aimed to examine the influence of financial constraints in moderating the effect of financing decisions from internal financing sources on investment. The population of the study was all listed-manufacturing firms in Indonesia from 2013 to 2015. Samples were chosen based on the availability of firms’ financial report covering the period of the study. The study concluded that financial constraints significantly weaken the effect of internal funding decision on investment. Unconstrained firms had a higher beta than constrained firms. Although unconstrained firms had an opportunity to choose their source of funding, they preferred to finance their investment from cash flows because the cost of debts might be much higher than the cost of equity.Hence, to help firms to finance their feasible investment opportunity, the government should not only provide tax incentives but also provide a low-interest loan.

  16. A conceptual framework for investigating the impacts of international trade and investment agreements on noncommunicable disease risk factors.

    Science.gov (United States)

    Schram, Ashley; Ruckert, Arne; VanDuzer, J Anthony; Friel, Sharon; Gleeson, Deborah; Thow, Anne-Marie; Stuckler, David; Labonte, Ronald

    2018-01-01

    We developed a conceptual framework exploring pathways between trade and investment and noncommunicable disease (NCD) outcomes. Despite increased knowledge of the relevance of social and structural determinants of health, the discourse on NCD prevention has been dominated by individualizing paradigms targeted at lifestyle interventions. We situate individual risk factors, alongside key social determinants of health, as being conditioned and constrained by trade and investment policy, with the aim of creating a more comprehensive approach to investigations of the health impacts of trade and investment agreements, and to encourage upstream approaches to combating rising rates of NCDs. To develop the framework we employed causal chain analysis, a technique which sequences the immediate causes, underlying causes, and root causes of an outcome; and realist review, a type of literature review focussed on explaining the underlying mechanisms connecting two events. The results explore how facilitating trade in goods can increase flows of affordable unhealthy imports; while potentially altering revenues for public service provision and reshaping domestic economies and labour markets-both of which distribute and redistribute resources for healthy lifestyles. The facilitation of cross-border trade in services and investment can drive foreign investment in unhealthy commodities, which in turn, influences consumption of these products; while altering accessibility to pharmaceuticals that may mediate NCDs outcomes that result from increased consumption. Furthermore, trade and investment provisions that influence the policy-making process, set international standards, and restrict policy-space, may alter a state's propensity for regulating unhealthy commodities and the efficacy of those regulations. It is the hope that the development of this conceptual framework will encourage capacity and inclination among a greater number of researchers to investigate a more comprehensive

  17. 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...

  18. The part of the international investments in the Russian petroleum industry

    International Nuclear Information System (INIS)

    Locatelli, C.

    2004-03-01

    The ''russian risk'' is important for the international petroleum companies, in spite of the creation of the TNK-BP joint venture. The investment in the petroleum domain face different and contradictory interests in function of the economic implied actors. To analyze the situation the author discussed the russian petroleum industry as an ''unfinished model'', and how the place for the international investments is limited. (A.L.B.)

  19. In praise of tax havens: international tax planning and foreign direct investment

    OpenAIRE

    Hong, Qing; Smart, Michael

    2007-01-01

    The multinationalization of corporate investment in recent years has given rise to a number of international tax avoidance schemes that may be eroding tax revenues in industrialized countries, but which may also reduce tax burdens on mobile capital and so facilitate investment. Both the welfare effects of and the optimal response to international tax planning are therefore ambiguous. Evaluating these factors in a simple general equilibrium model, we find that citizens of high-tax countries be...

  20. Treaties to avoid international double income taxation and their relation with investments involving Brazil

    Directory of Open Access Journals (Sweden)

    Jônatas de Pessoa Alburquerque Martins

    2014-11-01

    Full Text Available To fight against fiscal evasion and facilitate the investment flow, the countries close agreements to go against double income taxation. This study aims to investigate the impact of the treaties to avoid double income taxation on the direct foreign investment relations of Brazil. The analysis included 162 countries and jurisdictions with which investments transactions were closed that originated or were received in Brazil, between 2005 and 2011. The panel data analysis technique was applied through the selection of six independent variables, in order to verify the behavior of the double taxation treaties in view of the investments. Through the estimated model, it was verified that these treaties had a positive and statistically significant impact – when compared to earlier studies – on the direct foreign investment volume. When dividing the sample between the investments received and made in Brazil, a greater increase was identified in the direct foreign investments received (130.1% than in the investments made (76.9%, although this was the variable with the second largest positive impact in the model. In conclusion, exclusively in the Brazilian context, the international double income taxation is a relevant factor in the investment decision, as the presence of treaties to guarantee the investors in the receipt of revenues without double taxation substantially increases the investment flow. This study differs from earlier research by the sample that only contains treaties in force in Brazil.

  1. Protecting policy space for public health nutrition in an era of international investment agreements.

    Science.gov (United States)

    Thow, Anne Marie; McGrady, Benn

    2014-02-01

    Philip Morris has recently brought claims against Australia (2011) and Uruguay (2010) under international investment agreements (IIAs). The claims allege that Philip Morris is entitled to compensation following the introduction of innovative tobacco packaging regulations to reduce smoking and prevent noncommunicable diseases (NCDs). Since tobacco control measures are often viewed as a model for public health nutrition measures, the claims raise the question of how investment law governs the latter. This paper begins to answer this question and to explain how governments can proactively protect policy space for public health nutrition in an era of expanding IIAs. The authors first consider the main interventions proposed to reduce diet-related NCDs and their intersection with investment in the food supply chain. They then review the nature of investment regimes and relevant case law and examine ways to maximize policy space for public health nutrition intervention within this legal context. As foreign investment increases across the food-chain and more global recommendations discouraging the consumption of unhealthful products are issued, investment law will increase in importance as part of the legal architecture governing the food supply. The implications of investment law for public health nutrition measures depend on various factors: the measures themselves, the terms of the applicable agreements, the conditions surrounding the foreign investment and the policies governing agricultural support. This analysis suggests that governments should adopt proactive measures--e.g. the clarification of terms and reliance on exceptions--to manage investment and protect their regulatory autonomy with respect to public health nutrition.

  2. Evaluating the Investment Benefit of Multinational Enterprises' International Projects Based on Risk Adjustment: Evidence from China

    Science.gov (United States)

    Chen, Chong

    2016-01-01

    This study examines the international risks faced by multinational enterprises to understand their impact on the evaluation of investment projects. Moreover, it establishes a 'three-dimensional' theoretical framework of risk identification to analyse the composition of international risk indicators of multinational enterprises based on the theory…

  3. BUSINESS DEVELOPMENT, FOREIGN DIRECT INVESTMENT AND INTERNATIONAL TRADE: A policy and economic comparative analysis for Canada

    Directory of Open Access Journals (Sweden)

    Isabel Husid

    2015-01-01

    Full Text Available The present work aims to achieve an overall view of Foreign Direct Investment and International Trade in Canada, analyzing both the current situation and the actions and policies being implemented by several provinces to promote this subject. This study will be valuable to companies and governments to understand what has been done and to support strategic planning to invest and trade with Canada, especially for the Brazilian market.

  4. Investment returns and economic fundamentals in international art markets

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.; Velthuis, O.; Baia-Curioni, S.

    Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. This chapter examines geographical segmentation and its effects on price formation and returns in the international art auction market. The chapter finds (1) a close connection between

  5. Investment Returns and Economic Fundamentals in International Art Markets

    NARCIS (Netherlands)

    Renneboog, L.D.R.; Spaenjers, C.

    2014-01-01

    Abstract: Works of art are neither easily tradable across borders, nor evaluated according to globally identical standards. We examine geographical segmentation and its effects on price formation and returns in the international art auction market. We find (i) a close connection between the country

  6. Necessity as a ground for precluding wrongfulness in international investment law

    Directory of Open Access Journals (Sweden)

    Vasiljević Mirko

    2016-01-01

    Full Text Available The issue of necessity as a ground for precluding wrongfulness has received close attention over the last two decades both in case law and in scholarly writings. Arbitrations conducted against Argentina for breaches of bilateral investment treaty obligations committed while fighting against economic crisis revived the old controversies related to the concept of necessity in general public international law, but also brought up some new dilemmas. This paper analyses the use of necessity in international investment law in light of what the authors suggest to be the legal purpose of this concept, points to and discusses the divergences in case law with respect to some of the elements of the defence based on necessity and offers the solutions susceptible to lead to a more harmonious understanding of necessity in international investment law.

  7. International Direct Investment and Transboundary Pollution: An Empirical Analysis of Complex Networks

    Directory of Open Access Journals (Sweden)

    Yuping Deng

    2015-04-01

    Full Text Available Using complex networks and spatial econometric methods, we empirically test the extent to which a country’s influence and its position in an international investment network affect environmental quality as well as the country’s role in transboundary pollution transfer. The estimated results show that the ties connecting nodes together in an international investment network have significant impacts on global environmental pollution. Additionally, node linkages between developing countries have stronger negative effects on environmental quality than node linkages between developed countries. Moreover, greater node importance and node centrality accelerate the speed and scale of the growth of polluting industries, which allows developed countries to more easily transfer their pollution-intensive industries to developing countries that possess higher node dependency. We also find that the factor endowment effect coexists with the pollution haven effect, the effects of environmental regulation advantage in the international investment network are greater than the impact of factor endowment advantage.

  8. Sovereign wealth funds – public investment vehicles, foreign policy element. Comparative evolution in the international context

    Directory of Open Access Journals (Sweden)

    Doina Drăniceanu

    2014-09-01

    Full Text Available Sovereign funds are an important actor occurring on international financial markets in the last decade, being, in fact, state controlled international investments. Generally, they are financed from foreign currency reserves of the emergent countries they are constituted in, being managed apart of the official reserves and used for external expansion; they are likely to be detrimental to certain strategic interests. As public financial vehicles, they own, endorse or manage public funds of some emergent countries, freely invested by them in a great number of assets, being seen as a foreign policy element.

  9. 17 CFR 240.17i-4 - Internal risk management control system requirements for supervised investment bank holding...

    Science.gov (United States)

    2010-04-01

    ... 17 Commodity and Securities Exchanges 3 2010-04-01 2010-04-01 false Internal risk management... Supervised Investment Bank Holding Company Rules § 240.17i-4 Internal risk management control system...) As part of its internal risk management control system, a supervised investment bank holding company...

  10. The Reasons Requirement in International Investment Arbitration: Critical Case Studies (book review)

    DEFF Research Database (Denmark)

    Tang, Yi Shin

    2008-01-01

    3. In the article, the Researcher reviews the work of Professors Guillermo A. Alvarez and W. Michael Reisman from Yale Law School, regarding the mechanisms of international investment arbitration and their importance for developing countries. The article provides a critical perspective on the aut...

  11. International Standards: Past Free Trade Agreements and the Prospects in the Transatlantic Trade and Investment Partnership

    Directory of Open Access Journals (Sweden)

    Eliasson Leif Johan

    2015-02-01

    Full Text Available The Transatlantic Trade and Investment Partnership represents a strategic vision of transatlantic relations, including job creation, global leadership, and establishing high international standards. This paper discusses how three recent bi-lateral and regional agreements, along with positions adopted in transatlantic negotiations, convey respective side's acceptable parameters, and how international standards are emerging from and disseminated through agreements involving the European Union and the United States

  12. Monetary policy as a source of risk in international business financings and investments

    Directory of Open Access Journals (Sweden)

    Paun Cristian

    2017-07-01

    Full Text Available This paper aims at explaining the volatility of two main macroeconomic variables (interest rate and exchange rate that impact the cost of international capital and, consequently, the international financing decision. Firstly, the main economic theories are called to illustrate the relevant determinants of these variables from the perspective of demand and supply of capital sides. The state intervention through monetary policy is introduced to emphasize the alteration of these prices (the price of capital, the price of foreign currencies. The paper is presenting the role of these prices in international financing decision (based on the theoretical model used to estimate cost of international capital, their impact on the foreign direct investment decision and on the international portfolio investment decision. Finally, the paper describe the economic consequences of the monetary public intervention on the financing and investment decision in direct connection with the business cycle theory. The paper associates the monetary policy to the business cycles. The paper comments the unsound solutions proposed against the economic crises and that continued to harm negatively these prices generating the seeds for next international economic recession. The paper is a theoretical one, containing some very interesting research hypothesis and opening the paths for presumable further empirical researches.

  13. Effects of national accounting standards convergence to international accounting standards on foreign direct investment

    Directory of Open Access Journals (Sweden)

    Asieh Farazandehnia

    2015-09-01

    Full Text Available One of the most important factors on attracting foreign investors to invest on Tehran Stock Exchange is to have transparent accounting rules and regulations. When there are some consistency between national accounting standards and international accounting standards, we may, at least, expect foreign investors to have better understanding on financial statements. In 2006, there were some changes on Iranian national accounting standards in an attempt to make them closer to international accounting standards. In this study, we select the information of 153 firms five years before and after this regulation and study the effect of convergence from national accounting standards to international accounting standards on foreign direct investment. Using some statistical tests, the study has determined that there was no meaningful relationship between foreign direct investment before and after change on accounting standards. In addition, there was no difference on the information quality before and after change on accounting standards. However, there was some meaningful relationship between the information quality and foreign direct investment.

  14. Foreign Direct Investments – the Standard of Fair and Equitable Treatment of Investments on the Example of a Case of the International Center for Settlement of Investment Disputes (ICSID

    Directory of Open Access Journals (Sweden)

    Ismail Musabegović

    2015-06-01

    Full Text Available Foreign direct investments (FDI have a tendency of growth, which will, in accordance with projections, be continued in the future. The increasing number of FDI triggers an increase in the number of cases related to them. After defining the term of international capital movements and its manifestations in the first part of the paper, in its second part the authors give an overview of foreign direct investment, both globally and in the region. The third part deals with the investment disputes before the arbitration court, while in the fourth section, a case of the International Center for Settlement of Investment Disputes (ICSID is presented. As the case of violation of the principle of fair and equitable treatment of investments is in the main focus of this paper, it is thesubject of а deeper analysis. In this paper, the authors use methodology which is characteristic for social sciences: descriptive and historical method, comparative analysis and case study.

  15. Sharing R&D investments in international environmental agreements with asymmetric countries

    Science.gov (United States)

    Biancardi, Marta; Villani, Giovanni

    2018-05-01

    This paper studies the coalition formation and the stability of the International Environmental Agreements (IEAs) in a pollution abatement dynamic model. We point out two meaningful aspects of this topic. Firstly, we consider asymmetry among countries, dividing them into two types: developed countries with a considerable environmental awareness and developing ones that pay less attention to environmental preservation. In addition, the former have a high-technology industry that allows for a unit abatement cost lower than the latter, and that are characterized by a labour-intensive industrial structure. Secondly, we introduce a positive externality in the cooperation by considering the R&D investment as two costs, namely the research investment and the developing cost. We assume that countries can coordinate their R&D activities by sharing their fixed research investments in order to avoid duplication of green activities. Moreover, by collaborating developing efforts, cooperators benefit from a reduction of a unit abatement cost higher than defectors. On the other hand, although non-cooperators completely support R&D investments for clean technologies, they realize lower abatements and benefits of a spillover effect due to development investments realized by cooperators. These two aspects could encourage the formation of stable coalitions.

  16. Study on Investor-State Dispute Settlement (‘ISDS’) and Alternatives of Dispute Resolution in International Investment Law

    DEFF Research Database (Denmark)

    Hindelang, Steffen

    aken the public concerns about current developments in the area of the European International Investment Policy, the European Parliament’s INTA Committee launched a study on Investor-State Dispute Settlement and Possible Alternatives of Dispute Resolution in International Investment Law....... In a nutshell, the study suggests that ISDS is a useful means of enforcing substantive investment protection standards contained in international investment agreements. The mechanism should therefore continue to form part of European international investment policy. However, the EU has to address four major...... challenges tied to this dispute settlement tool, i.e. (1) mitigating inconsistency, (2) securing the right balance between private and public interests, (3) establishing integrity of arbitral proceedings and (4) preventing misuse, allowing for error-correction and managing financial risk associated with ISDS...

  17. Legitimacy in global governance of sovereign default: the role of international investment agreements

    OpenAIRE

    Brahms, Lisa

    2013-01-01

    This paper analyzes the legitimacy of investor-state arbitration under international investment agreements in sovereign debt restructuring. The paper presents mechanisms governing sovereign default generally, namely collective action clauses and informal negotiation in the London and Paris clubs and then discusses how sovereign debt restructuring is governed by IIAs, looking at how the clauses affect restructuring. Taking the conception of legitimacy in global governance by Buchanan and Keoha...

  18. The International Environmental Institute: Leveraging the investment in Hanford for economic growth

    International Nuclear Information System (INIS)

    Atkin, S.D.; Schwenk, R.M.

    1994-02-01

    Billions of dollars are being invested to achieve environmental compliance at the Hanford Site. The 30-yr-plan for the Site calls for remediation and restoration followed by rampdown and closure of the US Department of Energy's (DOE) mission at the Site. The investment of the Federal government during this restoration period provides a real opportunity to go beyond the cleanup mission and convert the Site's assets to other uses that benefit the region, nation, and world. The International Environmental Institute (Institute) was created to help realize this opportunity. This is accomplished by utilizing the assets of the Site -- it's land, equipment, facilities, technologies, and people -- to achieve economic growth and worldwide spinoff benefits from the Hanford investment. The Institute is developing new ways of getting the private sector involved with the Hanford Site. We are working with local and state governments, academia, and the private sector, to jointly develop and commercialize environmental technologies and to redeploy, loan, or lease those assets that are no longer needed by the DOE. The Institute is also interacting with other communities around the world to assess models, issues, and performance measures for successful defense conversion. Through these various worldwide partnerships, the investment in Hanford can be successfully leveraged to help create the desired economic future for the Northwest and environmental industry for the world

  19. Stimulation of investment in international energy through Nigerian tax exemption laws

    International Nuclear Information System (INIS)

    Osimiri, U.J.

    2002-01-01

    This article assesses the impact of recent tax exemption legislation as a vehicle for the attraction of investment in the quest for the development of international energy in Nigeria, particularly oil and gas. It seeks to argue that generous tax incentives are the most successful method of inducement of foreign investors, judging from the rising profile in the expansion of investment in the gas sector and the attendant increase in world trade. It attempts to assert that tax incentives alone, without the combination of other favourable factors, like political stability, observance of the rule of law and deregulation or trade liberalisation, cannot produce the desired result of local industrialisation and integration into the world economy. (author)

  20. The effects of R&D investments in international environmental agreements with asymmetric countries

    International Nuclear Information System (INIS)

    Biancardi, Marta; Villani, Giovanni

    2015-01-01

    The paper examines the stability of international environmental agreements (IEAs) in a dynamic context where abatement levels are associated with the stock pollutant evolution. We underline two meaningful aspects of this matter. Firstly, we consider asymmetry among countries, dividing them in two types: developed countries that have a considerable environmental awareness and developing ones that pay a less attention to environmental preservation. Secondly, we introduce a positive externality in the cooperation where countries coordinate their R&D activities sharing the investments in order to avoid duplication of green activities. Otherwise, the non-cooperators support completely their R&D investments for clean technologies. These two aspects encourage the formation of stable coalitions till to determine conditions for which also the grand coalition is stable.

  1. Corporations and the Uses of Law: International Investment Arbitration as a “Multilateral Legal Order

    Directory of Open Access Journals (Sweden)

    Peter Muchlinski

    2011-05-01

    Full Text Available This paper seeks to examine the claim, made by certain legal scholars, that international investment law, though based mainly on Bilateral Investment Treaties (BITs is in fact a multilateral order that introduces principles of an emergent “global administrative law” into the regulation of state conduct in relation to foreign investors and their investments. Such scholars argue that this order develops through the decisions of investor-State arbitral tribunals which are creating a harmonised understanding of the meaning of BIT provisions and an institutional system of adjudication that furthers the development of global administrative principles. Through a critical examination of this approach the paper argues that this field is not a multilateral order but an unstructured process of privatised legal entrepreneurship which seeks to further a professional interest in developing an extensive, investor friendly, regime of BITs. Furthermore, that process fails as a means of providing effective or legitimate legal review of administrative action.  The argument is made both on a theoretical level and by a review of a specific issue in international investment law, namely, the development of  wider types of claims and the rise of so-called “treaty shopping” by means of corporate group structuring.  In particular the multi-jurisdictional location of various affiliates in a multinational enterprise creates a network of potential claimants in investor state disputes, giving rise to the risk of multiple claims, while the possibility of setting up affiliates in various jurisdictions creates opportunities for “treaty shopping”. “Treaty shopping” involves the enterprise locating an affiliate in a jurisdiction that has signed an investment protection treaty with the host country, allowing various affiliates and/or the parent in a group enterprise to benefit from treaty protection even though they possess the nationality of a state that has no

  2. Accounting for financial investments according to international and national accounting standards and financial reporting: a comparative aspect

    OpenAIRE

    Здреник, Василь Степанович; Рафальська, Наталія Олександрівна

    2012-01-01

    The main aspects of accounting for financial investments according to  national and international standards have been considered, as well as differences between them have been revealed and solutions to these issues have been offered

  3. Legitimacy and Reflexivity in International Investment Arbitration: A New Self-Restraint?

    Directory of Open Access Journals (Sweden)

    David Schneiderman

    2011-05-01

    Full Text Available There are at least two views within investment arbitration about how to respond to legitimation problems associated with inconsistent rulings, latitudinal interpretations, and arbitral bias and conflicts of interest. Some prefer to keep the regime on course and not respond to these outside perturbations. Others prefer to take into account external influences, such as human rights and environmental commitments, in the course of investment treaty interpretation. Both understand that, whatever the response, these questions will be determined by lawyers, scholars, and arbitrators operating within the system of international investment law and not by actors operating outside of it. Both views, in other words, are congenial to systems-theoretic accounts. As articulated by Teubner, there is a proliferation of functional legal sub-systems, developing autonomously of states, each of which, in the course of maximizing internal rationality, potentially is on a collision course with other operative sub-systems. These can only be forestalled if sub-systems act reflexively by devising strategies of self-limitation that selectively internalize objections emanating from external spheres. As this maps on to self-understandings of actors operating within investment arbitration, this paper takes up systems theory as a heuristic for assessing the regime’s responsiveness to outside influences. In order to take stock of the degree of reflexivity, the paper examines the direction investment law is taking in a few key areas: first, in the shift in emphasis away from expropriations (the ‘takings rule’ to the fair and equitable treatment standard, which is performing similar functions; second, in the attempt to merge global standards by embracing World Trade Organization Appellate Body decision making; and third, the hesitant embrace of proportionality doctrine as a means of weighing public interests into the equation. These moments of reflexivity turn out to be

  4. The Determinants of International Capital Movements and an Analysis in the Context of Foreign Direct Investments: A Case of Turkey

    Directory of Open Access Journals (Sweden)

    Oğuzhan AYDEMİR

    2015-07-01

    Full Text Available Foreign direct investments being an important part of the international capital movements are evaluated as the investments making in the form of reestablishing a factory in a foreign country, becoming a partner with an existing company or purchasing an established company. Foreign direct investments make a major contribution to economic development in connection with employment, technology, business information, integration with international markets and generating a sound competition environment. In view of the results which foreign direct investments give to national economy; determining the economic factors as to which national economy foreign direct investments would prefer is of great importance in terms of providing foreign capital inflows with continuity. In this regard; the factors determining foreign direct investments are estimated and the relationship between these factors and direct foreign capital inflows is analyzed in this study. As a result of the study; it is seen that gross domestic product (GDP, trade openness, unit labor cost and inflation are the economic determinants of foreign direct investments. Separately it is concluded that GDP, trade openness and unit labor cost have a positive effect on foreign direct investments and that there is negative relationship between inflation and foreign direct investments.

  5. Ukraine in the International Rankings of Investment Attractiveness: an Analysis of the Views of Global Agencies and Organizations

    Directory of Open Access Journals (Sweden)

    Shuba Maryna V

    2015-09-01

    Full Text Available The article is aimed at determination of the Ukraine's positions in the most prominent global investment and credit rankings. The article considers the estimations of Ukraine by the Index of investment attractiveness, carried out by the European Business Association, by the Index of economic freedom, the rating of investment attractiveness by the International Business Compass, Doing Business rating, credit ratings by the agencies S&P, Moody's and Fitch. The positive characteristics as to the investment climate in Ukraine have been summarized. To establish a relationship between the economic growth of Ukraine and inflows of the foreign direct investment, a coefficient of steamy correlation between GDP and the foreign direct investment in Ukraine has been calculated. The result of the calculation is indicative of the close relationship and a direct linear dependence between these indicators.

  6. RETURN ON INVESTMENT OF PUBLIC SPENDING IN TOURISM POLICY AND INTERNATIONAL TOURISM GROWTH: A COMPARATIVE ANALYSIS BETWEEN COUNTRIES.

    OpenAIRE

    Karen Gardenia Ramos Higuera.

    2017-01-01

    The purpose of this study is to examine the relationship between the international tourism growth and public funding invested in the tourism policy by United States, Australia and Mexico. The research method is quantitative, based on country level data; an econometric statistical analysis was carried out, using simple linear regressions. This study found that the public investment in the tourism policy is strongly statistically related to (1) international tourist expenditure generated and (2...

  7. International trade and investment law: a new framework for public health and the common good.

    Science.gov (United States)

    Delany, Louise; Signal, Louise; Thomson, George

    2018-05-08

    International trade and investment agreements can have positive outcomes, but also have negative consequences that affect global health and influence fundamental health determinants: poverty, inequality and the environment. This article proposes principles and strategies for designing future international law to attain health and common good objectives. Basic principles are needed for international trade and investment agreements that are consistent with the common good, public health, and human rights. These principles should reflect the importance of reducing inequalities, along with social and environmental sustainability. Economic growth should be recognised as a means to common good objectives, rather than an end in itself. Our favoured approach is both radical and comprehensive: we describe what this approach would include and outline the strategies for its implementation, the processes and capacity building necessary for its achievement, and related governance and corporate issues. The comprehensive approach includes significant changes to current models for trade and investment agreements, in particular (i) health, social and environmental objectives would be recognised as legitimate in their own right and implemented accordingly; (ii) changes to dispute-resolution processes, both state-to-state and investor-state; (iii) greater deference to international legal frameworks for health, environmental protection, and human rights; (iv) greater coherence across the international law framework; (v) limitations on investor privileges, and (vi) enforceable corporate responsibilities for contributing to health, environmental, human rights and other common good objectives. We also identify some limited changes that could be considered as an alternative to the proposed comprehensive approach. Future research is needed to develop a range of model treaties, and on the means by which such treaties and reforms might be achieved. Such research would focus also on

  8. International Trade and Foreign Direct Investment as Innovation Factors of the U.S. Economy

    Directory of Open Access Journals (Sweden)

    Napiórkowski1 Tomasz M.

    2014-10-01

    Full Text Available The aim of this research is to asses the hypothesis that foreign direct investment (FDI and international trade have had a positive impact on innovation in one of the most significant economies in the world, the United States (U.S.. To do so, the author used annual data from 1995 to 2010 to build a set of econometric models. In each model, 11 in total the number of patent applications by U.S. residents is regressed on inward FDI stock, exports and imports of the economy as a collective, and in each of the 10 SITC groups separately.

  9. The Russian oil industry between public and private governance: obstacles to international oil companies' investment strategies

    International Nuclear Information System (INIS)

    Locatelli, Catherine

    2006-01-01

    The low level of involvement by international oil companies in Russia seems difficult to explain given what development of its resources and production has to offer. There are still many restrictions and contradictions, born of the particular institutional and political environment of the Russian oil industry at the end of 15 years of transition, that act as a bar to international integration. Three factors currently define the establishment of relations with foreign investors. First, because of the many different levels of negotiation with Russian companies, the State and the Regions, the decisions are based on complex relations between the various forces. Second, the reforms, and especially privatisation and the allocation of rights of ownership to deposits, are considered by sizeable sections of public opinion and many political classes to be illegitimate, thus making the issue of international investment and foreign presence still more complicated. Finally, the State's wish to take back the oil industry in order to use it to fulfil its economic and foreign policies is creating further uncertainty. These three elements seriously restrict the entry of international oil companies to the Russian market

  10. IODP New Ventures in Exploring Scientific Targets (INVEST: Defining the New Goals of an International Drilling Program

    Directory of Open Access Journals (Sweden)

    Fumio Inagaki

    2010-04-01

    Full Text Available The INVEST conference, an international meeting to define the scientific goals and required technology for a new ocean drilling program, was held at the University of Bremen on 22–25 September 2009. Based on the large attendance and vigorous engagement of scientists in the discussion of new science/technology ideas, INVEST was extremely successful. Initially 400 participants were expected, but the INVEST steering and organization committees were thrilled to see a much larger number of scientists flock to Bremen to demonstrate their support and enthusiasm for the continuation of an international scientific ocean drilling program. In all, 584 participants, including sixty-four students, from twenty-one nations and >200 institutions and agencies attended the INVEST conference. Contributions to INVEST included 103 submitted white papers that were posted on the INVEST webpage (http://www.marum.de/iodp-invest. html, and breakout discussions in fifty working groups that focused on a range of topics during the course of the conference. In addition, students and early career scientists, as well as national funding agency managers and platform providers, presented a total of eighty-six posters. Interspersed with the working group and plenary sessions were twelve keynote lectures, chosen to highlight overarching themes and new directions in research and technology.

  11. International investment agreements and public health: neutralizing a threat through treaty drafting.

    Science.gov (United States)

    Mercurio, Bryan

    2014-07-01

    The high profile investment claims filed by Philip Morris challenging Uruguayan and Australian measures that restrict advertising and logos on tobacco packaging awakened the public health community to the existence and potential detrimental impact of international investment agreements (IIAs). More recently, Eli Lilly challenged Canada's invalidation of a pharmaceutical patent under an IIA. All of the cases claim that the intellectual property rights of the investor were infringed. As a result of these cases, many commentators and activists view IIAs as a threat to public health and have lobbied against their inclusion in ongoing trade negotiations. This article does not argue against IIAs. Instead, it seeks to demonstrate how more sophisticated treaty drafting can neutralize the threat to public health. In this regard, the article seeks to engage members of the public health community as campaigners not against IIAs but as advocates of better treaty drafting to ensure that IIAs do not infringe upon the right of a nation to take non-discriminatory measures for the promotion and protection of the health of their populations.

  12. The Russian opportunity and investments by international companies: the oil paradox

    International Nuclear Information System (INIS)

    Locatelli, C.

    2003-01-01

    The early days of 2003 saw Russia and its oil sector drawing the attention of international investors, as evidenced by the joint venture between BP and TNK, Exxon Mobil's plans regarding Yukos or Shell's. Some people saw in those agreements or plans the signs of a normalisation of the Russian economy, particularly in terms of property rights. The arresting of Mr Khodorkovsky, the chairman of Yukos put a sudden stop to such optimism and comes as a reminder of a few realities. Despite the progresses made, the economic and institutional environment of the country is still unstable, as shown by the questioning of the Production Sharing Agreement Act or the increasingly demanding access to oil resources. The BP TNK agreement is not a reproducible investment model. If there is some opening it will be on the terms set by the Russian government. (authors)

  13. Present international patterns of foreign direct investment: underlying causes and some policy implications for Brazil

    Directory of Open Access Journals (Sweden)

    François Chesnais

    2013-12-01

    Full Text Available An important feature of the 1980s has been the substantial fall in the flow of foreign direct investment (FDI to the developing countries and also, with the limited exception of the Asian NIE (Korea, Taiwan, Malaysia, Singapore and China, to the newly industrialized countries, in particular those in Latin America. FDI has been concentrated more than ever among the advanced industrialized countries of OECD. The same period has witnessed a number of extremely important changes, both in the nature and location of basic or key technologies, the role of technology in industrial competitiveness; the most appropriate industrial management paradigm following the difficulties of the "Fordist" one; the nature of predominant international supply or market structures; and the relationships between productive and financial capital. Today a number of governments in developing countries and in NIC, among them the new government of Brazil, are again engaged in an attempt to attract FDI and to make foreign capital one of the major pillars of industrial revival and future growth. This paper argues that this policy objective is both fairly illusory and largely mistaken. It is fairly illusory in that it seriously underestimates the nature and strength of the structural factors which have been at work since the mid-1970s and seriously modified the strategies and investment priorities of the TNC which under took the brunt of the investment in developing countries and NICs in the earlier "golden age" of the 1960s and 1970s . The objective of luring foreign capital again to Brazil in ways and on a level similar to the 1960s is also largely mistaken in that it fails to recognize that the change in technological paradigms has modified the parameters of international technology transfers (cf. Ernst and O'Connor, 1989 and made indigenous and endogenous industrial growth dependent to a much higher degree than in the previous period (19601975 on factors which foreign capital

  14. The internal initiation of translation in bovine viral diarrhea virus RNA depends on the presence of an RNA pseudoknot upstream of the initiation codon

    Directory of Open Access Journals (Sweden)

    Moes Lorin

    2007-11-01

    Full Text Available Abstract Background Bovine viral diarrhea virus (BVDV is the prototype representative of the pestivirus genus in the Flaviviridae family. It has been shown that the initiation of translation of BVDV RNA occurs by an internal ribosome entry mechanism mediated by the 5' untranslated region of the viral RNA 1. The 5' and 3' boundaries of the IRES of the cytopathic BVDV NADL have been mapped and it has been suggested that the IRES extends into the coding of the BVDV polyprotein 2. A putative pseudoknot structure has been recognized in the BVDV 5'UTR in close proximity to the AUG start codon. A pseudoknot structure is characteristic for flavivirus IRESes and in the case of the closely related classical swine fever virus (CSFV and the more distantly related Hepatitis C virus (HCV pseudoknot function in translation has been demonstrated. Results To characterize the BVDV IRESes in detail, we studied the BVDV translational initiation by transfection of dicistronic expression plasmids into mammalian cells. A region coding for the amino terminus of the BVDV SD-1 polyprotein contributes considerably to efficient initiation of translation. The translation efficiency mediated by the IRES of BVDV strains NADL and SD-1 approximates the poliovirus type I IRES directed translation in BHK cells. Compared to the poliovirus IRES increased expression levels are mediated by the BVDV IRES of strain SD-1 in murine cell lines, while lower levels are observed in human cell lines. Site directed mutagenesis revealed that a RNA pseudoknot upstream of the initiator AUG is an important structural element for IRES function. Mutants with impaired ability to base pair in stem I or II lost their translational activity. In mutants with repaired base pairing either in stem 1 or in stem 2 full translational activity was restored. Thus, the BVDV IRES translation is dependent on the pseudoknot integrity. These features of the pestivirus IRES are reminiscent of those of the classical

  15. The internal initiation of translation in bovine viral diarrhea virus RNA depends on the presence of an RNA pseudoknot upstream of the initiation codon.

    Science.gov (United States)

    Moes, Lorin; Wirth, Manfred

    2007-11-22

    Bovine viral diarrhea virus (BVDV) is the prototype representative of the pestivirus genus in the Flaviviridae family. It has been shown that the initiation of translation of BVDV RNA occurs by an internal ribosome entry mechanism mediated by the 5' untranslated region of the viral RNA 1. The 5' and 3' boundaries of the IRES of the cytopathic BVDV NADL have been mapped and it has been suggested that the IRES extends into the coding of the BVDV polyprotein 2. A putative pseudoknot structure has been recognized in the BVDV 5'UTR in close proximity to the AUG start codon. A pseudoknot structure is characteristic for flavivirus IRESes and in the case of the closely related classical swine fever virus (CSFV) and the more distantly related Hepatitis C virus (HCV) pseudoknot function in translation has been demonstrated. To characterize the BVDV IRESes in detail, we studied the BVDV translational initiation by transfection of dicistronic expression plasmids into mammalian cells. A region coding for the amino terminus of the BVDV SD-1 polyprotein contributes considerably to efficient initiation of translation. The translation efficiency mediated by the IRES of BVDV strains NADL and SD-1 approximates the poliovirus type I IRES directed translation in BHK cells. Compared to the poliovirus IRES increased expression levels are mediated by the BVDV IRES of strain SD-1 in murine cell lines, while lower levels are observed in human cell lines. Site directed mutagenesis revealed that a RNA pseudoknot upstream of the initiator AUG is an important structural element for IRES function. Mutants with impaired ability to base pair in stem I or II lost their translational activity. In mutants with repaired base pairing either in stem 1 or in stem 2 full translational activity was restored. Thus, the BVDV IRES translation is dependent on the pseudoknot integrity. These features of the pestivirus IRES are reminiscent of those of the classical swine fever virus, a pestivirus, and the

  16. Non-Formal Education in International Comparison: Patterns of Participation and Investment in Selected European Countries

    Science.gov (United States)

    Kaufmann, Katrin

    2015-01-01

    This investigation focuses on participation and related investment patterns in job related non-formal education (NFE) in selected European countries. Broadening previous research formats of NFE are distinguished by investment including financial and time investments by employers, employees and public authorities. By this, company-sponsored and…

  17. OECD global forum on international investment. Foreign direct investment and the environment: lessons from the mining sector

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2002-07-01

    Foreign direct investment (FDI) is one of the forces fostering closer economic interdependence among countries. The rapid increase in FDI flows has generated considerable debate about its environmental and social implications in host countries. While much of the debate on these issues has been general in nature, this volume deepens the analysis by examining the FDI-environment relationship in a specific sector and identifies emerging best practices. Empirical evidence from the mining sector is presented, and the key elements of the policy and institutional frameworks that guide investors' environmental behaviour are discussed. In addition, the emerging role of voluntary commitments by enterprises to safeguard the environment is examined. The publication is an edited selection of conference papers. Coal mining is included in 5 of the 11 papers included: a paper on sub-Sarahan Africa (with reference to South Africa, Zambia and Tanzania), a paper on Latin America (reference to Chile), a paper on the Russian Federation and Kazakhstan, a paper entitled: an asset for competitiveness: sound environmental management in mining countries, and a paper on FDI in mining: discrimination and non-discrimination. 10 figs., 28 tabs.

  18. International Investment Location Decisions: The Case of Korean firms into China

    Directory of Open Access Journals (Sweden)

    Hongshik Lee

    2004-12-01

    Full Text Available Recent literature maintains there are at least two explanations for the motivations of FDI, one involving trade barriers (horizontal-FDI and the other factor proportions hypothesis (vertical-FDI. The first view is that multinationals act in order to overcome trade barrier, and the second view is that multinationals arise to take advantage of international factor price differences. The purpose of this paper is to study the motivations of Korean foreign direct investment in China. Using the panel data on Korean FDI in China for the years 1988~2002, we examined the geographic determinants of direct investment in China from Korean firms. In doing so, we investigated, on the one hand, to what extent multinational activity is consistent with the factor proportions theory, i.e., to what extent multinational activity is related to cheap factor supplies. On the other hand, we study the market access motivation for multinational activity. Our econometric results suggest that factor proportions hypothesis is indeed the dominant influence on investor calculations for the early period of Korean FDI in China. Since end of 1990s, however, market-seeking FDI pattern is more common than FDI motivated by factor price differentials. We also find that the hypothesis that good-quality infrastructure is conducive to attracting FDI is not supported for Korean firms. Evidence supports the claim that regions with high degree of reform, which implement preferential treatments to foreign investors, still have advantage over other regions in attracting FDI. In sum, the findings in this paper indicate that Korean FDI for the early period of KorRecent literature maintains there are at least two explanations for the motivations of FDI, one involving trade barriers (horizontal-FDI and the other factor proportions hypothesis (vertical-FDI. The first view is that multinationals act in order to overcome trade barrier, and the second view is that multinationals arise to take

  19. The Local Structure of Globalization. The Network Dynamics of Foreign Direct Investments in the International Electricity Industry

    Science.gov (United States)

    Koskinen, Johan; Lomi, Alessandro

    2013-05-01

    We study the evolution of the network of foreign direct investment (FDI) in the international electricity industry during the period 1994-2003. We assume that the ties in the network of investment relations between countries are created and deleted in continuous time, according to a conditional Gibbs distribution. This assumption allows us to take simultaneously into account the aggregate predictions of the well-established gravity model of international trade as well as local dependencies between network ties connecting the countries in our sample. According to the modified version of the gravity model that we specify, the probability of observing an investment tie between two countries depends on the mass of the economies involved, their physical distance, and the tendency of the network to self-organize into local configurations of network ties. While the limiting distribution of the data generating process is an exponential random graph model, we do not assume the system to be in equilibrium. We find evidence of the effects of the standard gravity model of international trade on evolution of the global FDI network. However, we also provide evidence of significant dyadic and extra-dyadic dependencies between investment ties that are typically ignored in available research. We show that local dependencies between national electricity industries are sufficient for explaining global properties of the network of foreign direct investments. We also show, however, that network dependencies vary significantly over time giving rise to a time-heterogeneous localized process of network evolution.

  20. Upstream cash cloud

    International Nuclear Information System (INIS)

    Shepherd, R.

    1998-01-01

    This paper focuses on the effects of the slowdown in budgetary growth on the upstream business and offshore services. The dangers facing investors, the strong growth in energy demand, oil company priorities, the dip in profits of the oil companies, new field economics, the budgets for exploration and production, and the rig market outlook are discussed. (UK)

  1. Treaties to avoid international double income taxation and their relation with investments involving Brazil

    OpenAIRE

    Jônatas de Pessoa Alburquerque Martins; Jackeline Lucas Souza

    2014-01-01

    To fight against fiscal evasion and facilitate the investment flow, the countries close agreements to go against double income taxation. This study aims to investigate the impact of the treaties to avoid double income taxation on the direct foreign investment relations of Brazil. The analysis included 162 countries and jurisdictions with which investments transactions were closed that originated or were received in Brazil, between 2005 and 2011. The panel data analysis technique was applied t...

  2. Trends in Business Investment

    OpenAIRE

    Lydon, Reamonn; Scally, John

    2014-01-01

    This article examines trends in business investment in Ireland. Consistent with the international evidence on investment cycles, we show that business investment in Ireland exhibits large cyclical movements around a long-run trend relative to GDP. Changes in business investment broadly coincide with the overall business cycle, although swings in investment tend to be far greater, with extended periods of both over- and under-investment relative to GDP. The sharp fall in business investment si...

  3. Upstream health law.

    Science.gov (United States)

    Sage, William M; McIlhattan, Kelley

    2014-01-01

    For the first time, entrepreneurs are aggressively developing new technologies and business models designed to improve individual and population health, not just to deliver specialized medical care. Consumers of these goods and services are not yet "patients"; they are simply people. As this sector of the health care industry expands, it is likely to require new forms of legal governance, which we term "upstream health law." © 2014 American Society of Law, Medicine & Ethics, Inc.

  4. Non-Formal Education in International Comparison: Patterns of Participation and Investment in Selected European Countries

    Directory of Open Access Journals (Sweden)

    Katrin Kaufmann

    2015-12-01

    Full Text Available This investigation focuses on participation and related investment patterns in job related non-formal education (NFE in selected European countries. Broadening previous research formats of NFE are distinguished by investment including financial and time investments by employers, employees and public authorities. By this, company-sponsored and individual-financed NFE are distinguished sharply and cases with shared investment between employers and employees (co-financed NFE and between employers, employees and public funding (co-financed pooled NFE are accounted for, additionally. For explaining participation in NFE supply and demand models are referred to. Hypotheses on cross-country differences for investment in NFE refer to the Varieties-of-Capitalism approach and countries are selected representing different varieties of capitalism (Norway, Sweden, Germany, Lithuania, Latvia, Spain, France, UK. Analyses are based on data of the Adult Education Survey (AES 2011/12.

  5. Influence of financial crisis in new investments international Brazilian electric sector

    Energy Technology Data Exchange (ETDEWEB)

    Vela, Jorge Alcala; Cantuaria, Andre Luis

    2010-09-15

    Electricity sector in addition to being a public utility, requires a substantial investment, explore natural resources and the basis of all production chains and consumption of our society. In conclusion, the econometric model used to study the investment to 2010 by Eletrobras meets a correlation acceptable. So a well dependence exists between power and investment in the projects selected. The lack of sophistication and low level of development in credit derivatives financial systems in Brazil, both as a healthy situation of the accounts and balance sheets, due to bitter experience in past crises are allowing a better resistance now.

  6. The timing of pollution abatement investments and the business cycle. An international comparison

    Energy Technology Data Exchange (ETDEWEB)

    Bouman, M. [Department of Economics, Faculty of Economics and Econometrics, University of Amsterdam, Amsterdam (Netherlands); Hofkes, M.W. [Department of Economics, Faculty of Economics and Econometrics, Vrije Universiteit Amsterdam, Amsterdam (Netherlands)

    1995-12-31

    A simple equilibrium business-cycle model for an economy with both clean- and dirty-producing plants is developed. The authors derive that the optimal timing of cleaning the production process is during a slowdown of the economy. Due to external effects and market failures the timing of pollution abatement investments is not expected to be optimal in the real world. We test the optimality of the timing of those investments with data for Germany, the Netherlands and the U.S.A. It appears that for more than 25 percent of the sectors pollution abatement investments show counter-cyclical behaviour, while in only one sector these investments are pro-cyclical. 1 tab., 3 appendices, 10 refs.

  7. The timing of pollution abatement investments and the business cycle. An international comparison

    International Nuclear Information System (INIS)

    Bouman, M.; Hofkes, M.W.

    1995-01-01

    A simple equilibrium business-cycle model for an economy with both clean- and dirty-producing plants is developed. The authors derive that the optimal timing of cleaning the production process is during a slowdown of the economy. Due to external effects and market failures the timing of pollution abatement investments is not expected to be optimal in the real world. We test the optimality of the timing of those investments with data for Germany, the Netherlands and the U.S.A. It appears that for more than 25 percent of the sectors pollution abatement investments show counter-cyclical behaviour, while in only one sector these investments are pro-cyclical. 1 tab., 3 appendices, 10 refs

  8. Alternatives in international diversification for investment portfolios focused in stocks of Lima Stock Exchange

    Directory of Open Access Journals (Sweden)

    Juan Carlos Ames Santillán

    2012-06-01

    Full Text Available This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk.

  9. Alternatives in international diversification for investment portfolios focused in stocks of Lima Stock Exchange

    OpenAIRE

    Ames Santillán, Juan Carlos

    2012-01-01

    This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk. El presente trabajo estima la fronte...

  10. Alternatives in international diversification for investment portfolios focused in stocks of Lima Stock Exchange

    OpenAIRE

    Juan Carlos Ames Santillán

    2012-01-01

    This paper gives an estimation of efficient frontiers for investment portfolios, they include stocks from Lima Stock Exchange General Index, Dow Jones Industrial Average, Gold, Cooper, Fixed Income Instruments of Peruvian government and savings in Peruvian financial institutions. The paper concludes that risk of investment in local portfolio reduces as a consequence of diversification, gold is an important asset and contributes to reduce portfolio risk.

  11. LHCb upstream tracker

    CERN Multimedia

    Artuso, Marina

    2016-01-01

    The detector for the LHCb upgrade is designed for 40MHz readout, allowing the experiment to run at an instantaneous luminosity of 2x10^33 cm$^2$s$^-1$. The upgrade of the tracker subsystem in front of the dipole magnet, the Upstream Tracker, is crucial for charged track reconstruction and fast trigger decisions based on a tracking algorithm involving also vertex detector information. The detector consists of 4 planes with a total area of about 8.5m$^2$, made of single sided silicon strip sensors read-out by a novel custom-made ASIC (SALT). Details on the performance of prototype sensors, front-end electronics, near-detector electronics and mechanical components are presented.

  12. Joint development of China's medium/small hydropower projects with international investment

    International Nuclear Information System (INIS)

    Xiaozhang, Z.

    1991-01-01

    A general profile of development of small and medium hydropower in China, is described at first. The socio-economic impacts as well as direct financial benefit will then be analyzed. A prospective view of medium/small hydro development for year 2,000 leads to a description of needs for foreign investment in this field. Following the adoption of open policy, a series of regulations for joint venture with foreign investment have been stipulated by the government, and are briefly illustrated. Future prospect is predicted on the basis of past experiences and planning for the next decade. 3 tabs

  13. Institutions and international investments: Evidence from China and other emerging markets

    NARCIS (Netherlands)

    Zhang, Y.

    2011-01-01

    This thesis empirically investigates the underlying factors that explain the new global trade and investment patterns. At the baseline level, three questions on the globalization process of emerging markets are addressed. First, what is the causal linkage among institutions, external trade and

  14. Longitudinal Assessment of International Investment in U.S. University Research & Development

    Science.gov (United States)

    Doran, Gai L.

    2016-01-01

    The global economic crisis exacerbated by U.S. sequestration has resulted in funding for research and development either remaining flat or declining slightly. By comparison, collectively, countries in Europe and Asia have expanded R&D investments. The purpose of this study was to understand the characteristics of and extent to which…

  15. Provisions on waiting periods in international investment protection treaties and their impact on the jurisdiction of arbitral tribunals

    Directory of Open Access Journals (Sweden)

    Đundić Petar

    2012-01-01

    Full Text Available Provisions on so-called waiting periods in international investment protection treaties give an investor from one contracting state an opportunity to initiate arbitration against the host state provided that the time designated by the treaty from the date on which the dispute arose has elapsed. The aim of those provisions is to enable parties to the dispute to use this time for consultations and attempt to reach a negotiated settlement. The paper analyzes the attitude of contemporary arbitral practice towards the legal nature and effect of those provisions on tribunals' jurisdiction in investment disputes. The analysis shows gradual and clear shift of position taken by the tribunals in cases in which claimants did not comply with waiting periods. Because arbitral tribunals today are more resolved to penalize premature submission of the dispute to arbitration than they were one decade ago, in the future one can expect much more cautious conduct of potential claimants in this regard.

  16. Private Sector Investments from Small States in Emerging Markets: Can International Financial Institutions Help Handle the Risks?

    Directory of Open Access Journals (Sweden)

    Hilmar Þór Hilmarsson

    2008-12-01

    Full Text Available The private sector plays an important role in the economic reconstruction of emerging market economies, and international financial institutions (IFIs increasingly work in partnership with the private sector to increase economic growth and reduce poverty in those economies. IFIs, for example, offer: (i equity financing and/or loans for private sector projects, (ii investment guarantees against political risks (or non-commercial risks, (iii technical assistance, and (iv advisory services, etc. This article will briefly discuss the services that IFIs offer the private sector in emerging markets and cases in which these services could be useful for Icelandic companies. The institutions discussed are (i the World Bank Group, (ii the European Bank for Reconstruction and Development (EBRD, (iii the Asian Development Bank (AsDB, (iv the Inter-American Development Bank (IDB, and (v the African Development Bank (AfDB. A few Icelandic firms already have plans for relatively large projects in emerging market economies, especially in the energy sector, some of them in countries that could be classified as being risky. The ongoing economic crisis in Iceland will make project financing in emerging markets more problematic than before and therefore investments in partnership with international financial institutions could be an option that Icelandic firms will increasingly need to consider if they intend to invest abroad. However, increased private sector and IFI partnerships will not happen without government action. Iceland is a member of only two of the above-mentioned IFIs: the World Bank Group and the EBRD. The decision for Iceland to become member of the AsDB, IDB and AfDB rests solely with the government. Further government inaction in this area could become an impediment for foreign direct investment from Iceland to emerging markets and increase risks when the Icelandic private sector invests in those economies. Unnecessary risks might not only hurt

  17. Canadian upstream oil and gas industry profitability: Historical review and future perspectives [with executive summary

    International Nuclear Information System (INIS)

    1991-09-01

    The profitability of the Canadian upstream oil and gas industry is examined by analyzing return on equity and return on capital invested. By all measures and interpretations, the upstream industry has been unprofitable since the mid-1980s; returns generated are far below the industry's own historical cost of capital, and are inadequate relative to other sectors of the Canadian economy and to international oil and gas companies. This poor profitability is attributed to such factors as: overly optimistic price forecasts and healthy cash flows generated in the early 1980s, which led to excess capital spending; poor returns on capital reflective of the physical limitations of the Western Canadian Sedimentary Basin; high capital and operating costs; and a high royalty burden imposed by provincial governments. The consequences of low profitability include inadequate returns to equity investors, a drop in spending on upstream services such as drilling and exploration, a reduced ability of the industry to generate employment, and an adverse effect on the economy of Alberta. Forecasts indicate that the upstream sector is extremely vulnerable to a scenario of relatively flat prices due to high and increasing operating costs and depletion charges, and the significant royalty payments that still are in effect. Little scope is foreseen for industry profitability to return to acceptable levels over the first half of the 1990s. Reduced royalties have the potential to make a significant contribution to improved profitability. 52 figs., 40 tabs

  18. Restructuring: new relationships between the oil companies and the upstream oil firms

    International Nuclear Information System (INIS)

    Barreau, S.

    2001-11-01

    Since the 1986 oil shock, international oil companies have focused on their base competencies, concentrating on activities viewed as their core businesses and steadily increasing the number of tasks to be subcontracted to the upstream oil and gas service sector. The upstream oil and gas service companies had to be restructured to face this new challenge. The strategies they launched at the end of the 80's were varied. Some firms became largely integrated (Schlumberger, Baker Hughes, Halliburton) whereas other firms chose to broaden their range of services. However generally, they opted for external investment which led to an important wave of mergers and acquisitions. The first part characterizes the upstream oil and gas sector by introducing the main oil and gas service firms and their recent strategic evolution. This concludes with both an economic valuation and a typology of attempted growth strategies. To illustrate this, a matrix has been created to characterise the dynamic paths of the oil and gas service firms. The purpose of the second part is to consider the economic theories related to industrial strategies. The strategies of innovation, market protection, vertical integration and diversification have been studied to illustrate the main conclusion which is that the aim of all these strategies was to change the relationships between the oil companies and the upstream oil and gas service firms. (author)

  19. Investment, Financing Constraints, and Internal Capital Markets: Evidence from the Advertising Expenditures of Multinational Firms

    OpenAIRE

    C. Edward Fee; Charles J. Hadlock; Joshua R. Pierce

    2009-01-01

    We find a significant positive relation between a firm's advertising spending in the United States and its contemporaneous foreign cash flow. This relation holds even after controlling for factors that should be related to the optimal level of domestic advertising, and it is stronger for subsets of firms that we expect to be relatively more financially constrained. Our evidence supports the hypothesis that there is a causal and economically substantial link between cash flow and investment sp...

  20. The part of the international investments in the Russian petroleum industry; La place des investissements internationaux dans l'industrie petroliere russe

    Energy Technology Data Exchange (ETDEWEB)

    Locatelli, C

    2004-03-01

    The ''russian risk'' is important for the international petroleum companies, in spite of the creation of the TNK-BP joint venture. The investment in the petroleum domain face different and contradictory interests in function of the economic implied actors. To analyze the situation the author discussed the russian petroleum industry as an ''unfinished model'', and how the place for the international investments is limited. (A.L.B.)

  1. Investment opportunities with YPFB capitalization

    International Nuclear Information System (INIS)

    Escobar, F.

    1996-01-01

    Investment opportunities with Yacimientos Petroliferos Fiscales Bolivianos (LPFB) in La Paz, Bolivia, were discussed, especially as they may be affected by the new Hydrocarbon Law No. 1689, whose main objective is to encourage investments in Bolivia and to increase production capacity through investors' incorporation. Some of the areas of potential importance examined included reserve development, transportation, upstream consulting, and hydrocarbon development

  2. Coping with poverty in international assistance policy: an evaluation of spatially integrated investment strategies. [World Bank, USAID, and UN

    Energy Technology Data Exchange (ETDEWEB)

    Rondinelli, D A [Syracuse Univ., NY; Ruddle, K

    1978-04-01

    International assistance agencies have turned increasingly to integrated rural development policies in an attempt to ameliorate the inequitable distribution of economic growth plaguing Third World nations since World War II. This paper reviews the functionally and spatially integrated investment strategies of the World Bank, US Agency for International Development, and the United Nations, outlines their objectives, perceptions of the problem, basic assumptions and programs, and evaluates them in terms of potential difficulties for implementation. Those factors crucial to making integrated development policies operational--knowledge of human ecosystems in rural areas, analytical ability, operational procedures, arrangements for local participation, subsistence systems indicators and administrative capacity of local and national governments--are discussed and assessed.

  3. Making Markets for Low-Cost Schooling: The Devices and Investments behind Bridge International Academies

    Science.gov (United States)

    Riep, Curtis B.

    2017-01-01

    This paper explores the market-making devices behind Bridge International Academies: a for-profit education company aiming to school millions of nursery and primary aged-students living on less than $2 per day. A wide variety of devices are utilised by Bridge International Academies to construct mass markets for low-cost schooling, including GPS…

  4. Petroleum investment conditions in Peru

    International Nuclear Information System (INIS)

    Garcia Schreck, M.

    1996-01-01

    This report focuses on the current petroleum investment conditions in Peru, and Peru's hydrocarbon potential. Investment conditions are examined, and political risk, internal security, the economic environment, and the legal framework for investment are considered. (UK)

  5. STRATEGIC MOTIVATIONS OF AUSTRALIAN AND NEW ZEALAND MANUFACTURING FOREIGN DIRECT INVESTMENTS IN INTERNATIONAL MARKETS

    Directory of Open Access Journals (Sweden)

    Rizwan Tahir

    2011-07-01

    Full Text Available We empirically investigate how different location-specific variables and strategic motives influenced Australian and New Zealand (ANZ firms' ownership strategy choices in foreign markets between 1998 and 2008. This study is the first to analyse how strategic motives and ownership-specific, location-specific, and internalisation variables have influenced the ownership structure choices of ANZ firms in foreign markets. The results indicate that large market potential and low levels of cultural distance increase the probability that ANZ manufacturing firms will undertake wholly owned subsidiary (WOS ownership structures and market-seeking (MS and/or efficiency-seeking (ES foreign direct investment (FDI. Low exchange rate fluctuation increases the probability that ANZ manufacturing firms will undertake WOS-type risk reduction-seeking (RRS FDI.

  6. Interning and Investing: Rethinking Unpaid Work, Social Capital, and the “Human Capital Regime”

    Directory of Open Access Journals (Sweden)

    Sophie Hope

    2015-09-01

    Full Text Available For young workers, interning is a strategy for speculating on one’s asset portfolio. Students and graduates undertake internships as a way of maintaining their self-appreciation and avoiding depreciation in a “human capital regime.” In this article, we explore the specific example of interning in the creative industries as the self-management of human capital vis-à-vis the human capital theses. Taking three cultural objects and recent representations of the issue of unpaid internships—Intern magazine, an advert for a “volunteering opportunity” student placement, and testimonies from interns—we analyze how unpaid work in the creative industries and the neoliberal version of human capital entrepreneurship can be seen as embodied by interns.

  7. Capturing the upstream

    International Nuclear Information System (INIS)

    Scott, F.

    1998-01-01

    Recent political changes in Nigeria have had a major impact on its oil and gas industry which is the basis of the Nigerian economy. The positive impacts of these political changes have been somewhat obscured because they coincided with the crisis in the international oil markets following the Asian financial crisis and the subsequent developments in the Soviet Union. Since the mid 1970s, oil has been Nigeria's primary source of revenue, generating more than 90 per cent of its foreign exchange earnings and over 80 per cent of total government revenues. Little was done to develop an alternative economic base because it was assumed that high revenues from the oil industry would continue. This paper describes the strategies adopted by the current Nigerian government to increase its reserves and to encourage future development of its petroleum industry through a variety of means, including joint ventures, production sharing contracts and privatization

  8. Analysis of Circular Development and Investment Possibilities (Transport, Energy and Building Related to International Sports Event Planning

    Directory of Open Access Journals (Sweden)

    Horváth Bálint

    2017-09-01

    Full Text Available This study investigates the possibilities of various development areas (transport, energy, building to make the cost-efficient realisation of high-profile investments, and organising and holding international sports events possible. Using a case study, the paper introduces development routes based on the evaluation of environmental and economic perspectives. The current research introduces the investment characteristics based on the development of the Hungarian building, energy and transport sectors for the 2017-2030 period. The main criterion is the integration of ‘circular economy’. For sectors which operate with high material and energy consumption, the consideration of circular economy principles may prove to be important for sustainable development. Through planning highvolume sports and worldwide events, the usual development strategy for traffic systems focuses on public transport and rentable vehicles (f. e. electric scooter, or bicycle which can decrease CO2 emissions via modern technological solutions. Regarding the buildings, sports arenas and related facilities, besides the existing low-carbon solutions, the functions of buildings must be expanded and their usage prolonged. The management of waste left after the life cycle is expended has to be pre-planned. These are the options for making the sector’s GHG emissions decrease apart from circular tenders, which can be further combined with SMART energetic solutions.

  9. Application of numerical method in calculating the internal rate of return of joint venture investment using diminishing musyarakah model

    Science.gov (United States)

    Ruslan, Siti Zaharah Mohd; Jaffar, Maheran Mohd

    2017-05-01

    Islamic banking in Malaysia offers variety of products based on Islamic principles. One of the concepts is a diminishing musyarakah. The concept of diminishing musyarakah helps Muslims to avoid transaction which are based on riba. The diminishing musyarakah can be defined as an agreement between capital provider and entrepreneurs that enable entrepreneurs to buy equity in instalments where profits and losses are shared based on agreed ratio. The objective of this paper is to determine the internal rate of return (IRR) for a diminishing musyarakah model by applying a numerical method. There are several numerical methods in calculating the IRR such as by using an interpolation method and a trial and error method by using Microsoft Office Excel. In this paper we use a bisection method and secant method as an alternative way in calculating the IRR. It was found that the diminishing musyarakah model can be adapted in managing the performance of joint venture investments. Therefore, this paper will encourage more companies to use the concept of joint venture in managing their investments performance.

  10. Oman: current status, upstream and export developments, investment opportunities

    International Nuclear Information System (INIS)

    Skeet, Ian

    1995-01-01

    Oman is an attractive and welcoming country, well-ordered and unpretentious. It has benefited from remarkable achievements of economic and social development since 1970. It now has a resource base that should be sufficient to keep it on continuing path of further development. However, the second 20-years of modern Oman will inevitable contain some testing challenges. These are centred in two main areas - the economic, where expenditure has already outstripped revenue and where firm controls are needed to maintain a reasonable balance; and the social, where the pressures from an increasingly literate and numerous population will demand changes to the autocratic traditional system of government. (author)

  11. The international experience of using tax initiatives as the mechanism to stimulate employers to invest in employees’ education

    Directory of Open Access Journals (Sweden)

    I.V. Voinalovych

    2015-12-01

    Full Text Available The role of the taxation instrument as the mechanism to encourage employers to participate in education and vocational training to facilitate the accumulation of human capital and Ukraine’s economy innovation development are defined. The international experiences in the use of tax incentives for encouraging employers’ investment in the education of employees and training staff are researched. The variety of tax incentives (tax allowance, tax exemption, tax credit, tax relief, tax deferral and the features of their applying in European countries are considered. The author defines the benefits and disadvantages of implementation of tax incentives that should be taken into account in determining the perspectives for their use in vocational education and training in Ukraine. It is determined that increasing the efficiency of taxation is provided by the combination of various tax incentives and economic instruments, aimed at enhancing both employers’ and individuals’ participation in lifelong learning.

  12. Valuation of investment projects by an international oil company: a new proof of a straightforward, rigorous method

    International Nuclear Information System (INIS)

    Pierru, A.; Babusiaux, D.

    2009-02-01

    The problem studied is that of valuing investment projects of an international oil company subject to tax schemes that vary from one country to another. The existing disparities in the tax treatment of interest paid can lead the firm to seek an optimal allocation of its debt capacity among the various projects. In this context, the generalized ATWACC (After-Tax Weighted Average Cost of Capital) method presents numerous advantages over standard methods and is particularly well suited to the valuation of oil-field development projects where debt financing differs from the amount that would correspond to the debt ratio targeted by the firm at the corporate scale. In this paper, we discuss adapting the generalized ATWACC method to the specificities of the oil industry and offer new proof of its validity, based on a model that maximizes, under constraints, the firm's equity value. (authors)

  13. Investigating the interplay between fundamentals of national research systems: performance, investments and international collaborations

    OpenAIRE

    Cimini, Giulio; Zaccaria, Andrea; Gabrielli, Andrea

    2015-01-01

    We discuss, at the macro-level of nations, the contribution of research funding and rate of international collaboration to research performance, with important implications for the science of science policy. In particular, we cross-correlate suitable measures of these quantities with a scientometric-based assessment of scientific success, studying both the average performance of nations and their temporal dynamics in the space defined by these variables during the last decade. We find signifi...

  14. China's upstream oil and gas industry opens in steps to outsiders, awaits big discovery

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    Since 1979, when the government began opening upstream projects to foreign capital, international companies have invested more than $4.2 billion in Chinese exploration and production, most of it offshore. But the payoff, both to China and to its new international investors, has been limited. The trend, nevertheless, is toward more and better opportunities for companies from outside China. The government wants the country to return to petroleum self-sufficiency. It recognizes that economic growth of 8--10%/year will keep demand rising steadily and make self-sufficiency increasingly difficult to reachieve and maintain. What's most important, it recognized long ago that the capital and technology essential to the job can come only from abroad. The paper discusses the shifting emphasis of the government's dealings with outsiders; the second round of bidding for onshore tracts; operations of the China National Petroleum Corp. which handles onshore operations; offshore operations; and China's progress since 1979

  15. Investing in Germany's nuclear expertise can reap international awards

    Energy Technology Data Exchange (ETDEWEB)

    Shepherd, John [nuclear 24, Brighton (United Kingdom)

    2015-07-15

    At the international expert conference, Annual Meeting on Nuclear Technology (AMNT 2015) in Berlin in May, there was a very welcome public admission from one of the German government's key policymakers. The director-general of the energy policy department at the Federal Ministry for Economic Affairs and Energy (Bundesministerium fuer Wirtschaft und Energie - BMWi), Thorsten Herdan, said the high level of expertise available throughout Germany's nuclear energy industry was greatly valued at home and abroad and must be retained. He rightly said that the country's technical competence and know-how ''will still be needed'' - despite the country's commitment to phasing out the use of nuclear at home under the politically-inspired 'energy transition' (Energiewende). The nuclear energy industry's commitment to identifying, training and nurturing a new generation of nuclear professionals is self evident. Perhaps what is needed now is for governments such as Germany's, whether supporters of nuclear power generation or not, to do more to endorse the importance of developing nuclear expertise. In the nuclear industry, governments will find a more than willing partner in supporting the training and education of the nuclear engineers and regulators of the future.

  16. Research document no. 20. The constitutionalizing of the international legal regime of the petroleum investments and the world market reconstruction; Cahier de recherche no. 20. La constitutionalisation du regime juridique international des investissements petroliers et la (re)construction du marche mondial

    Energy Technology Data Exchange (ETDEWEB)

    Noel, P

    2000-09-01

    We analyse the new international legal regime for upstream petroleum investments and ''state contracts'' in general. In striking contrast to the ''New international economic order'' and ''Permanent sovereignty over natural resources'' ideologies of the 1960 and 1970, the emerging regime promotes the sanctification of contractual economic rights; the strict definition of State sovereign prerogatives, and the severe limitation of their conditions of exercise; the internationalization of the settlement of disputes through direct firm-State arbitration; the integration of national territories in a competitive, transparent, non-discriminative global market for investment. We demonstrate that it is rooted in the principles of liberal constitutionalism, hence promoting the internationalization of the Rule of Law. Such a legal regime is conducive to the expansion of the market for petroleum rights, as it restores the institutional conditions for credible commitment by the State. It will also accelerate the trend toward the ''commoditization'' of hydrocarbon resources. Bilateral investments treaties (especially the United States BIT program) as well as multilateral/regional instruments both general (draft MAI, MIGA, MERCOSUR, ALENA) and energy-specific (Energy Charter Treaty) are analysed as the main pillars and diffusion mechanisms of the new regime. A final paragraph indicates the way forward: the evaluation of the impact of this new legal regime on the world oil supply curve, especially as it eventually reaches - or not - some of the lowest-cost, biggest-resources countries. (author)

  17. Meeting the challenge : capturing the upstream

    International Nuclear Information System (INIS)

    Bogle, E.W.

    1998-01-01

    The challenge facing the exploration and production sector of the petroleum industry to capture and hold onto the upstream was the main focus of this paper. The exploration and production (E and P) business was described as being highly complex, characterized by constant change and increasing competition. Some of the dynamic changes which have occurred in the Western Canada Basin (WCB) during the last five years and how they relate to the international playing field were reviewed. Significant changes to the production ranking profile as a result of acquisitions, and basin reserve endowment and maturity are the two major factors affecting current and future dynamics of upstream WCB E and P activity. Competitive pressures, contractor relationships, infrastructure access and controls, environmental issues are some of the other factors. Taking these factors into account, Talisman Energy Inc. has used its growth in the WCB to leverage its international activities, diversifying to less mature, but proven hydrocarbon basins. The company's international exploration strategy is designed to be adaptive and flexible and is guided by focus on a limited number of core areas with proven source rock and existing production, achievement of a set production level within a five-year time frame, ensuring strong relationships with host governments and partners, and selecting areas where a multiple of opportunity types are available. In general, for any upstream company it is important to recognize that the more predictable traditional order has given way to a market-driven environment where the rules change almost daily, and success depends on the ability to adapt to change.14 figs

  18. DOWNSTREAM ECOCIDE FROM UPSTREAM WATER PIRACY

    OpenAIRE

    Miah Muhammad Adel

    2012-01-01

    Upstream India and downstream Bangladesh share more than 50 international rivers. India has set up water diversion constructions in more than 50% of these rivers, the largest one being on the Bangladeshâs northwest upon the Ganges River, puts Bangladeshâs Gangetic ecosystem at stake. In some border rivers, India has set up groins on her side of river banks. Also, Indian side pumps Bangladesh river water stealthily from border-rivers. Further, India is constructing another dam and reservoir up...

  19. International investment criteria

    International Nuclear Information System (INIS)

    Boivin, D.

    1998-01-01

    Cost elements of a typical petrochemical business were examined. Feedstock is considered to be the primary cost factor for the petrochemical industry, amounting to about 65 per cent of revenue. Therefore, the supply and price of feedstock is the main determinant in choosing the location of a petrochemical plant. The second issue in determining a petrochemical location is the infrastructure such as the availability of pipelines, roads and ports. Other determining factors include construction costs, the ability to get trained personnel to operate sophisticated petrochemical facilities, the prevailing tax regime, and the physical and political environment. Nova Chemicals conducted a study to compare the effective tax rates in Ontario, Alberta, British Columbia, Quebec, Louisiana and Texas. Quebec, Alberta, Ontario, and Louisiana are very close in terms of of the overall impact of taxes, although Canadian provinces are disadvantaged versus other jurisdictions in view of the Canadian withholding tax. It was also noted that other countries which are keen to develop petrochemical industries provide tax holidays of periods of eight to twelve years. These tax regimes are important factors in the decision-making process that is driving the globalization of the chemical industry. It is, however, equally important to weigh the issue of political and economic risk. The melt-down of the Asian economies provides ample demonstration of the importance of political stability. 1 tab

  20. Upstream waves in Saturn's foreshock

    Science.gov (United States)

    Bavassano Cattaneo, M. B.; Cattaneo, P.; Moreno, G.; Lepping, R. P.

    1991-01-01

    An analysis based on plasma and magnetic-field data obtained from Voyager 1 during its Saturn encounter is reported. The plasma data provided every 96 sec and magnetic-field data averaged over 48 sec are utilized. The evidence of upstream waves at Saturn are detected. The waves have a period, in the spacecraft frame, of about 550 sec and a relative amplitude larger than 0.3, are left- and right-hand elliptically polarized, and propagate at about 30 deg with respect to the average magnetic field. The appearance of the waves is correlated with the spacecraft being magnetically connected to the bow shock.

  1. The impact of International Financial Reporting Standards (IFRS) adoption on Foreign Direct Investments (FDI): Evidence from Africa and implications for managers of education

    OpenAIRE

    Akpomi, Margaret Emalereta; Nnadi, Matthias Akandu

    2017-01-01

    Foreign direct investments have been shown by previous studies to promote economic growth and development especially in the emerging markets through human capital development and technology transfer. In this study, adopting the International Financial Reporting Standards (IFRS) is considered a way of attracting FDI, improving comparability in financial reporting, reducing information asymmetries and cost for foreign investors. The effect of regulatory quality is found as an incentive fo...

  2. The LHCb Upstream Tracker Project

    CERN Document Server

    Steinkamp, Olaf

    2015-01-01

    The LHCb detector performs searches for New Physics in CP-violating observables and rare heavy-quark decays at the LHC. A comprehensive upgrade is planned for the long shutdown of the LHC in 2018/19. A goal of this upgrade is to abolish hardware triggers and read out the full detector at 40 MHz. This requires to replace the existing TT station upstream of the LHCb magnet by a new silicon micro-strip detector, the Upstream Tracker (UT). The UT will have a new front-end chip compatible with 40 MHz readout, silicon sensors with improved radiation hardness, finer readout granularity, and improved acceptance coverage at small polar angles. The outer region of each detection layer will be covered by p-in-n sensors with 10 cm long strips and a pitch of about 180 mum, while n-in-p sensors with half the pitch and strip length will be employed in the regions of highest particle density close to the beam pipe. The innermost sensors will have a circular cutout to optimize the forward acceptance. The front-end chip is bei...

  3. ESG Integration and the Investment Management Process : Fundamental Investing Reinvented

    NARCIS (Netherlands)

    van Duuren, Emiel; Plantinga, Auke; Scholtens, Bert

    2016-01-01

    We investigate how conventional asset managers account for environmental, social and governance factors (ESG) in their investment process. We do so on the basis of an international survey among fund managers. We find that many conventional managers integrate responsible investing in their investment

  4. GLOBAL TRENDS OF ALTERNATIVE INVESTMENTS

    Directory of Open Access Journals (Sweden)

    Ivan LUCHIAN

    2016-08-01

    Full Text Available An alternative investment is an investment product other than the traditional investments of stocks, bonds, cash, or property. The term is a relatively loose one and includes tangible assets such as art, wine, antiques, coins, or stamps and some financial assets such as commodities, hedge funds, venture capital,and others. At the moment it was created a global industry opportunities for making investments in nontraditional form. The aim of this paper consists in demonstrating the possibilities of these investments. For this have been studied related main international markets, a fter then deducted world dominant trends. This article is concerned to present some details of alternative investments global market.

  5. Hoisting the Sails, Shining the Bright Pearl——Interviewing LiQingPing, Vice Chairman of the Board of International Pearl Jadeite Jewelry Investment Company, General Manager & CEO of Ming Qin Jewelry Group

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    @@ Li Qingping was born in Wuning County, Jiangxi Province, in 1954. Now, he is Vice Chairman of the Board of International Pearl, Jadeite and Jewelry Investment Company, General Manager & CEO of Ming Qin Jewelry Group.

  6. Buzz words in the upstream

    International Nuclear Information System (INIS)

    Knoll, B.

    1998-01-01

    Examples of misleading or misunderstood 'buzz' words that are prevalent in modern upstream technology are illustrated. The terms underbalanced drilling, horizontal wells, and geo-steering, which were unheard of in the early 1980s, have become key 'buzz' words in modern exploitation terminology. The terms are not only misused, but the technologies themselves are frequently mis-applied as shown by the frequency of economic failures, or less than optimal technical successes which have occurred when these technologies have been employed. Two examples, 'horizontal drilling' and 'geosteering', are used to illustrate the point. With regard to horizontal drilling, many oil field professionals consider it as merely a more advanced method of directional drilling. This represents a serious, yet common, misconception. In truth, horizontal wells are not just an altered drilling process, but a fundamental change in exploitation technology. A more appropriate definition would be that a horizontal well is an enhanced oil recovery process, clearly implying a relationship to the exploitation benefit potential of horizontal wells. The other term, 'geo-steering' refers to defining, generating and monitoring a wellpath on geology rather than geometry. It, too, is frequently misused in the technical media. The term is also misrepresented by implying that it is applicable only to the horizontal section of a well, which in fact is far from the truth. To counter these misconceptions, the paper provides appropriate definitions for each of these terms, and defines the conditions under which the techniques themselves are most appropriately used. 7 figs

  7. Urbanization and international trade and investment policies as determinants of noncommunicable diseases in Sub-Saharan Africa.

    Science.gov (United States)

    Schram, Ashley; Labonté, Ronald; Sanders, David

    2013-01-01

    There are three dominant globalization pathways affecting noncommunicable diseases in Sub-Saharan Africa (SSA): urbanization, trade liberalization, and investment liberalization. Urbanization carries potential health benefits due to improved access to an increased variety of food imports, although for the growing number of urban poor, this has often meant increased reliance on cheap, highly processed food commodities. Reduced barriers to trade have eased the importation of such commodities, while investment liberalization has increased corporate consolidation over global and domestic food chains. Higher profit margins on processed foods have promoted the creation of 'obesogenic' environments, which through progressively integrated global food systems have been increasingly 'exported' to developing nations. This article explores globalization processes, the food environment, and dietary health outcomes in SSA through the use of trend analyses and structural equation modelling. The findings are considered in the context of global barriers and facilitators for healthy public policy. © 2013.

  8. Impact and implications of international financial reporting standards in the UK : evidence from the alternative investment market\\ud

    OpenAIRE

    Ali, Arshad; Akbar, Saeed; Ormrod, Phillip; Shah, Syed Zulfiqar Ali

    2016-01-01

    This paper investigates implications of the IFRS adoption from the perspective of small and growing companies listed on the UK Alternative Investment Market (AIM). The study considers the cost-benefit issues of the IFRS adoption and investigates its economic consequences. The results reveal that only a small number of comparatively larger AIM companies have voluntarily adopted IFRS for some anticipated economic objectives. The results also suggest that most of the mandatory adopters have done...

  9. Restructuring: new relationships between the oil companies and the upstream oil firms; Alliances et restructurations: nouvelles relations entre maitres d'oeuvre et parapetrolier

    Energy Technology Data Exchange (ETDEWEB)

    Barreau, S

    2001-11-01

    Since the 1986 oil shock, international oil companies have focused on their base competencies, concentrating on activities viewed as their core businesses and steadily increasing the number of tasks to be subcontracted to the upstream oil and gas service sector. The upstream oil and gas service companies had to be restructured to face this new challenge. The strategies they launched at the end of the 80's were varied. Some firms became largely integrated (Schlumberger, Baker Hughes, Halliburton) whereas other firms chose to broaden their range of services. However generally, they opted for external investment which led to an important wave of mergers and acquisitions. The first part characterizes the upstream oil and gas sector by introducing the main oil and gas service firms and their recent strategic evolution. This concludes with both an economic valuation and a typology of attempted growth strategies. To illustrate this, a matrix has been created to characterise the dynamic paths of the oil and gas service firms. The purpose of the second part is to consider the economic theories related to industrial strategies. The strategies of innovation, market protection, vertical integration and diversification have been studied to illustrate the main conclusion which is that the aim of all these strategies was to change the relationships between the oil companies and the upstream oil and gas service firms. (author)

  10. Restructuring: new relationships between the oil companies and the upstream oil firms; Alliances et restructurations: nouvelles relations entre maitres d'oeuvre et parapetrolier

    Energy Technology Data Exchange (ETDEWEB)

    Barreau, S

    2001-11-01

    Since the 1986 oil shock, international oil companies have focused on their base competencies, concentrating on activities viewed as their core businesses and steadily increasing the number of tasks to be subcontracted to the upstream oil and gas service sector. The upstream oil and gas service companies had to be restructured to face this new challenge. The strategies they launched at the end of the 80's were varied. Some firms became largely integrated (Schlumberger, Baker Hughes, Halliburton) whereas other firms chose to broaden their range of services. However generally, they opted for external investment which led to an important wave of mergers and acquisitions. The first part characterizes the upstream oil and gas sector by introducing the main oil and gas service firms and their recent strategic evolution. This concludes with both an economic valuation and a typology of attempted growth strategies. To illustrate this, a matrix has been created to characterise the dynamic paths of the oil and gas service firms. The purpose of the second part is to consider the economic theories related to industrial strategies. The strategies of innovation, market protection, vertical integration and diversification have been studied to illustrate the main conclusion which is that the aim of all these strategies was to change the relationships between the oil companies and the upstream oil and gas service firms. (author)

  11. Investment Avenues

    Science.gov (United States)

    Jain, Priyanka

    2012-11-01

    Investors are a heterogeneous group, they may be large or small, rich or poor, expert or lay man and not all investors need equal degree of protection (Mayya, 1996). An investor has three objectives while investing his money, namely safety of invested money, liquidity position of invested money and return on investment. The return on investment may further be divided into capital gain and the rate of return on investment as interest or dividend. Among all investment options available, securities are considered the most challenging as well as rewarding. Securities include shares, debentures, derivatives, units of mutual funds, Government securities etc. An investor may be an individual or corporate legal entity investing funds with a view to derive maximum economic advantage from investment such as rate of return, capital appreciation, marketability, tax advantage and convenience of investment.The Capital market facilitates mobilization of savings of individuals and pools them into reservoir of capital which can be used for the economic development of a country. An efficient capital market is essential for raising capital by the corporate sector of the economy and for the protection of the interest of investors in corporate securities. There arises a need to strike a balance between raising of capital for economic development on one side and protection of investors on the other. Unless the interests of investors are protected, raising of capital, by corporates is not possible. Like, the primary objective of a senior citizenís asset allocation is the generation of regular income.

  12. Rare earth industries: Upstream business

    International Nuclear Information System (INIS)

    2011-01-01

    Evidently, many factors contribute to the rush to invest in the unprecedented revival of rare earths. One major reason has to do with the rapidly growing world demand. The other reason relates to the attractive price of rare earths which is projected to stay strong in the coming years. This is because supply is predicted to have difficulty keeping pace with demand. Experts believe a major driver of global rare earths demand is the forecasted expansion in the green economy. Climate change is a major driver of the green economy. With climate change, there is concern that the uncontrolled emission of the greenhouse gases, especially carbon dioxide, can lead to catastrophic consequences for the world. This has been documented in countless studies and reports. Another important driver of the green economy is the growing shortfall in many resources. The world is now experiencing declines in key resources to meet a growing global demand. With more than 6 billion people now in the world and growing, the pressure exerted on global resources including energy, water and food is a major concern. Recent demand surge in China and India has dented the supply position of major world resources. The much quoted Stern Report from the UK has warned that, unless immediate steps are taken to reduce greenhouse gas emissions, it may be a costly exercise to undertake the corrections later. Since energy use, especially fossil fuels, is a major contributor to climate change, greener options are being sought. Add to that the fact that the fossil energy resources of the world are declining, the need to seek alternatives becomes even more urgent. One option is to change to renewable energy sources. These include such potentials as solar, wind and biomass. Rare earths have somehow become a critical feature of the technologies in such renewable. Another option is to improve the efficient use of energy in transport, buildings and all the other energy intensive industries. Again the technologies in

  13. Federal Investment

    Science.gov (United States)

    Campbell, Sheila; Tawil, Natalie

    2013-01-01

    The federal government pays for a wide range of goods and services that are expected to be useful some years in the future. Those purchases, called investment, fall into three categories: physical capital, research and development (R&D), and education and training. There are several economic rationales for federal investment. It can provide…

  14. Foreign investments in modern economic activities

    OpenAIRE

    Emil Biber

    2004-01-01

    Worldwide economies are more and more linked by international economic and financial flows to globalization and economic integration phenomena that is effect and cause for them. External investments represent for investors a long-term investment abroad meanwhile for users these could be direct investments or portfolio investments

  15. 12 CFR 347.108 - Portfolio investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Portfolio investments. 347.108 Section 347.108... INTERNATIONAL BANKING § 347.108 Portfolio investments. (a) Portfolio investments. If a bank, directly or indirectly, acquires or holds an equity interest in a foreign organization as a portfolio investment and the...

  16. Analysis of the opening model of the Brazilian upstream business; Analise da adequacao do modelo de E e P brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Canelas, Andre [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Coordenacao dos Programas de Pos-graduacao de Engenharia. Programa de Planejamento Energetico

    2004-07-01

    This paper analyses the institutional model adopted for the reform of the oil industry in Brazil, beginning with the approval of Law n. 9.478 by the Brazilian Parliament in 1997. The reform of the Brazilian oil industry took place in the context of the reforms of the world's national economies throughout the 1980's and 1990's. From this worldwide process of reform stemmed a huge increase in the international capital flow directed to long-run investment opportunities in the economic infrastructure sectors. The aim of this paper is to analyse both the regulatory model for the oil and gas upstream activities in Brazil and the bidding model adopted at Brazil's National Petroleum Agency's auctions for the acquisition of exploration areas. This paper is dedicated, in its entirety, to Prof. Carmen Alveal (in memoriam), whose knowledge, support, encouragement and friendship were, for me, the most important of all, professionally and morally. (author)

  17. XD Metrics on Demand Value Analytics: Visualizing the Impact of Internal Information Technology Investments on External Funding, Publications, and Collaboration Networks

    Directory of Open Access Journals (Sweden)

    Olga Scrivner

    2018-01-01

    Full Text Available Many universities invest substantial resources in the design, deployment, and maintenance of campus-based cyberinfrastructure (CI. To justify the expense, it is important that university administrators and others understand and communicate the value of these internal investments in terms of scholarly impact. This paper introduces two visualizations and their usage in the Value Analytics (VA module for Open XD metrics on demand (XDMoD, which enable analysis of external grant funding income, scholarly publications, and collaboration networks. The VA module was developed by Indiana University’s (IU Research Technologies division, Pervasive Technology Institute, and the CI for Network Science Center (CNS, in conjunction with the University at Buffalo’s Center for Computational Research. It provides diverse visualizations of measures of information technology (IT usage, external funding, and publications in support of IT strategic decision-making. This paper details the data, analysis workflows, and visual mappings used in two VA visualizations that aim to communicate the value of different IT usage in terms of NSF and NIH funding, resulting publications, and associated research collaborations. To illustrate the feasibility of measuring IT values on research, we measured its financial and academic impact from the period between 2012 and 2017 for IU. The financial return on investment (ROI is measured in terms of IU funding, totaling $339,013,365 for 885 NIH and NSF projects associated with IT usage, and the academic ROI constitutes 968 publications associated with 83 of these NSF and NIH awards. In addition, the results show that Medical Specialties, Brain Research, and Infectious Diseases are the top three scientific disciplines ranked by the number of publications during the given time period.

  18. Ranking independent timber investments by alternative investment criteria

    Science.gov (United States)

    Thomas J. Mills; Gary E. Dixon

    1982-01-01

    A sample of 231 independent timber investments were ranked by internal rate of return, present net worth per acre and the benefit cost ratio—the last two discounted by 3, 6.4. 7.5. and 10 percent—to determine if the different criteria had a practical influence on timber investment ranking. The samples in this study were drawn from a group of timber investments...

  19. 26 CFR 1.851-7 - Certain unit investment trusts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Certain unit investment trusts. 1.851-7 Section... unit investment trusts. (a) In general. For purposes of the Internal Revenue Code, a unit investment.... Accordingly, a unit investment trust is not a taxpayer subject to taxation under the Internal Revenue Code. No...

  20. Multilateral negotiations in foreign investment

    Directory of Open Access Journals (Sweden)

    David Orlando Ruiz Castro

    2016-04-01

    Full Text Available Direct foreign investment is one of the most important economic variables in the world. Aspects related to international investment agreements are reaching an outstanding place in economic international diplomacy. Nowadays, in the multilateral level there is not an agreement regarding investment and therefore this study is focused on this particular type of agreement. In order to reach this objective this study shows, first of all, how different attempts have been developed to get a multicultural a agreement regarding investment, and to refuse the general opinion that says that exponential growth of foreign investment flows in recent years has given impulse to launch a multilateral investment agreement. Secondly, this study discusses about regulations related to foreign investment under current WTO regulations, such as investment, measure agreements, and service agreement. Then, it analyzes what has happened inside the WTO from the creation of the investment team at the Singapore Conference to the failed Conference in Cancun. Finally, it analyzes the main arguments against the multilateral agreement and the effects of future possible multilateral negotiations in investment and it ends with some recommendations and conclusions.

  1. UNO contribution to attract energy investments in transition economy countries in cooperation with international organizations, banks, and the business community

    International Nuclear Information System (INIS)

    Groza, L.

    1996-01-01

    Limited financial resources hamper the ability of transition economy countries to take advantage of recent technological progress in energy production, distribution, and consumption. Increased cooperation within and outside the UN system imposed new approaches and action programs to identify financing channels in view of implementing the economic development projects. Since the CNE'94 round table discussions on the role of the UN Economic Commission for Europe in energy cooperation for sustainable development and assistance for transition economy countries, new actions initiated by UN are supported by international organizations, banks, and the business community. The paper is based on recent UN documents, data, and information after six years of reforms. (author). 14 refs

  2. Investment in exploration-production and refining 2015

    International Nuclear Information System (INIS)

    Maisonnier, G.; Hureau, G.; Serbutoviez, S.; Silva, C.

    2016-01-01

    IFPEN analyses in this study the 2015 evolution of global investment in the field of exploration-production and refining: - Changes in oil and gas prices; - Investment in Exploration/Production: the end of an upward cycle; - Drilling and the global drilling market, upstream activities and markets; - 2015, a breath of fresh air for refining

  3. Overseas Investment, Encouraging Long Journey

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2010-01-01

    @@ In the context of the financial crisis,international capital flows,cross-border investment,as well as the mergers and acquisitions generally continues shrinking at a large range in 2009,while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  4. Upstream Disaster Management to Support People Experiencing Homelessness.

    Science.gov (United States)

    Sundareswaran, Madura; Ghazzawi, Andrea; O'Sullivan, Tracey L

    2015-08-18

    The unique context of day-to-day living for people who are chronically homeless or living with housing insecurity puts them at high risk during community disasters. The impacts of extreme events, such as flooding, storms, riots, and other sources of community disruption, underscore the importance of preparedness efforts and fostering community resilience. This study is part of larger initiative focused on enhancing resilience and preparedness among high risk populations. The purpose of this study was to explore critical issues and strategies to promote resilience and disaster preparedness among people who are homeless in Canada. A sample of interviews (n=21) from key informants across Canada was analyzed to explore existing programs and supports for homeless populations. The data was selected from a larger sample of (n=43) interviews focused on programs and supports for people who are at heightened risk for negative impacts during disasters. Qualitative content analysis was used to extract emergent themes and develop a model of multi-level collaboration to support disaster resilience among people who are homeless. The results indicate there is a need for more upstream continuity planning, collaboration and communication between the emergency management sector and community service organizations that support people who are homeless. Prioritization and investment in the social determinants of health and community supports is necessary to promote resilience among this high-risk population. The findings from this study highlight the importance of acknowledging community support organizations as assets in disaster preparedness. Day-to-day resilience is an ongoing theme for people who are chronically homeless or living with housing insecurity. Upstream investment to build adaptive capacity and collaborate with community organizations is an important strategy to enhance community resilience.

  5. Financing Investment

    DEFF Research Database (Denmark)

    Hirth, Stefan; Flor, Christian Riis

    Intuition suggests that corporate investment should be decreasing in financing constraints. We show that even when financing is obtained using a standard debt contract and there is symmetric information between the firm and outside investors, the relation is actually U-shaped. We thus provide a new...... theoretical explanation for the recent empirical findings of Cleary et al. (2007). We split up the endogenously implied financing costs and propose a trade-off between expected liquidation costs and second-best investment costs. For rather unconstrained firms, the risk of costly liquidation dominates the cost...

  6. 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 ...

  7. 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.

  8. Investment choice and perceived mating intentions regulated by external resource cues and internal fluctuation in blood glucose levels.

    Science.gov (United States)

    Rao, Li-Lin; Wang, Xiao-Tian; Li, Shu

    2014-01-01

    We examined resource allocation priorities in the framework of an updated Maslow hierarchy of fundamental human needs. In Experiment 1, the participants in the food abundance priming condition viewing photos of high-calorie food allocated more money to savings than to spending. However, the participants preferred spending to savings under the condition of mating availability priming with romantic photographs. In Experiment 2, before and after drinking either water or a sugary beverage, fasting participants rated photos of a conversation between a man and a woman. Water drinking lowered the rating scores of mating intentions as well as blood glucose (BG) levels. The sugary drink buffered this decline in sexual perceptivity. Overall, the change in BG levels was positively associated with changes in the ratings of mating intentions but was not associated with other likelihood ratings. These results suggest that both external cues of food and mating resources and internal BG fluctuation regulate the cognitive priority of physiological needs vs. mate acquisition and retention.

  9. Investment Choice and Perceived Mating Intentions Regulated by External Resource Cues and Internal Fluctuation in Blood Glucose Levels

    Directory of Open Access Journals (Sweden)

    Li-Lin eRao

    2015-01-01

    Full Text Available We examined resource allocation priorities in the framework of an updated Maslow hierarchy of fundamental human needs. In Experiment 1, the participants in the food abundance priming condition viewing photos of high-calorie food allocated more money to savings than to spending. However, the participants preferred spending to savings under the condition of mating availability priming with romantic photographs. In Experiment 2, before and after drinking either water or a sugary beverage, fasting participants rated photos of a conversation between a man and a woman. Water drinking lowered the rating scores of mating intentions as well as blood glucose (BG levels. The sugary drink buffered this decline in sexual perceptivity. Overall, the change in BG levels was positively associated with changes in the ratings of mating intentions but was not associated with other likelihood ratings. These results suggest that both external cues of food and mating resources and internal BG fluctuation regulate the cognitive priority of physiological needs versus mate acquisition and retention.

  10. A decision model for financial assurance instruments in the upstream petroleum sector

    International Nuclear Information System (INIS)

    Ferreira, Doneivan; Suslick, Saul; Farley, Joshua; Costanza, Robert; Krivov, Sergey

    2004-01-01

    The main objective of this paper is to deepen the discussion regarding the application of financial assurance instruments, bonds, in the upstream oil sector. This paper will also attempt to explain the current choice of instruments within the sector. The concepts of environmental damages and internalization of environmental and regulatory costs will be briefly explored. Bonding mechanisms are presently being adopted by several governments with the objective of guaranteeing the availability of funds for end-of-leasing operations. Regulators are mainly concerned with the prospect of inheriting liabilities from lessees. Several forms of bonding instruments currently available were identified and a new instrument classification was proposed. Ten commonly used instruments were selected and analyzed under the perspective of both regulators and industry (surety, paid-in and periodic-payment collateral accounts, letters of credit, self-guarantees, investment grade securities, real estate collaterals, insurance policies, pools, and special funds). A multiattribute value function model was then proposed to examine current instrument preferences. Preliminary simulations confirm the current scenario where regulators are likely to require surety bonds, letters of credit, and periodic payment collateral account tools

  11. (MFN) CLAUSE IN INVESTMENT TREATIES

    African Journals Online (AJOL)

    Fr. Ikenga

    favoured-nation' treatment (MFN) clause which seeks to grant to an investor from ... designed to take account of the special characteristics of international investment disputes ... it regularly publishes information about its activities and cases.

  12. Inventories and upstream gasoline price dynamics

    NARCIS (Netherlands)

    Kuper, Gerard H.

    This paper sheds new light on the asymmetric dynamics in upstream U.S. gasoline prices. The model is based on Pindyck's inventory model of commodity price dynamics. We show that asymmetry in gasoline price dynamics is caused by changes in the net marginal convenience yield: higher costs of marketing

  13. Russian upstream joint ventures logging progress

    International Nuclear Information System (INIS)

    Anon.

    1992-01-01

    This paper reports that Occidental Petroleum Corp. has begun exporting oil from Russia as part of an enhanced recovery joint venture in western Siberia. Oxy holds a 50% interest in the joint venture company, Vanyoganneft, and will market the oil. In other activity, two Canadian companies are marking progress with Russian upstream joint ventures

  14. A method for estimating maternal and newborn lives saved from health-related investments funded by the UK government Department for International Development using the Lives Saved Tool

    Directory of Open Access Journals (Sweden)

    Ingrid K. Friberg

    2017-11-01

    Full Text Available Abstract Background In 2010, the UK Government Department for International Development (DFID committed through its 'Framework for results for reproductive, maternal and newborn health (RMNH' to save 50,000 maternal lives and 250,000 newborn lives by 2015. They also committed to monitoring the performance of this portfolio of investments to demonstrate transparency and accountability. Methods currently available to directly measure lives saved are cost-, time-, and labour-intensive. The gold standard for calculating the total number of lives saved would require measuring mortality with large scale population based surveys or annual vital events surveillance. Neither is currently available in all low- and middle-income countries. Estimating the independent effect of DFID support relative to all other effects on health would also be challenging. Methods The Lives Saved Tool (LiST is an evidence based software for modelling the effect of changes in health intervention coverage on reproductive, maternal, newborn and child mortality. A multi-country LiST-based analysis protocol was developed to retrospectively assess the total annual number of maternal and newborn lives saved from DFID aid programming in low- and middle-income countries. Results Annual LiST analyses using the latest program data from DFID country offices were conducted between 2013 and 2016, estimating the annual number of maternal and neonatal lives saved across 2010–2015. For each country, independent project results were aggregated into health intervention coverage estimates, with and in the absence of DFID funding. More than 80% of reported projects were suitable for inclusion in the analysis, with 151 projects analysed in the 2016 analysis. Between 2010 and 2014, it is estimated that DFID contributed to saving the lives of 15,000 women in pregnancy and childbirth with health programming and 88,000 with family planning programming. It is estimated that DFID health programming

  15. A method for estimating maternal and newborn lives saved from health-related investments funded by the UK government Department for International Development using the Lives Saved Tool.

    Science.gov (United States)

    Friberg, Ingrid K; Baschieri, Angela; Abbotts, Jo

    2017-11-07

    In 2010, the UK Government Department for International Development (DFID) committed through its 'Framework for results for reproductive, maternal and newborn health (RMNH)' to save 50,000 maternal lives and 250,000 newborn lives by 2015. They also committed to monitoring the performance of this portfolio of investments to demonstrate transparency and accountability. Methods currently available to directly measure lives saved are cost-, time-, and labour-intensive. The gold standard for calculating the total number of lives saved would require measuring mortality with large scale population based surveys or annual vital events surveillance. Neither is currently available in all low- and middle-income countries. Estimating the independent effect of DFID support relative to all other effects on health would also be challenging. The Lives Saved Tool (LiST) is an evidence based software for modelling the effect of changes in health intervention coverage on reproductive, maternal, newborn and child mortality. A multi-country LiST-based analysis protocol was developed to retrospectively assess the total annual number of maternal and newborn lives saved from DFID aid programming in low- and middle-income countries. Annual LiST analyses using the latest program data from DFID country offices were conducted between 2013 and 2016, estimating the annual number of maternal and neonatal lives saved across 2010-2015. For each country, independent project results were aggregated into health intervention coverage estimates, with and in the absence of DFID funding. More than 80% of reported projects were suitable for inclusion in the analysis, with 151 projects analysed in the 2016 analysis. Between 2010 and 2014, it is estimated that DFID contributed to saving the lives of 15,000 women in pregnancy and childbirth with health programming and 88,000 with family planning programming. It is estimated that DFID health programming contributed to saving 187,000 newborn lives. It is

  16. Investment Opportunities & Job Information

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    Shanghai Vacancies from Chinajob.com China Pacific Insurance (Group) Co. Ltd. Senior Investment Manager and Senior Accounting Analyst are needed, full time; annual salary: $50,000-100,000. China Europe International Business School wants professors or people with doctoral degrees to teach Accounting, Finance, Human Resources and Management, Strategic and General Management, Carving out Management, Production and Transportation Management, and Information Management Systems, full time. Salary starts at $1...

  17. Biodiesel byproduct bioconversion to rhamnolipids: Upstream aspects

    OpenAIRE

    Salazar-Bryam, Ana Maria; Lovaglio, Roberta Barros; Contiero, Jonas

    2017-01-01

    This study focused on two important aspects of the upstream process: the appropriate use of crude glycerol as a low-cost carbon source, and strain selection. The effect of different crude glycerol concentrations on rhamnolipid biosynthesis by two Pseudomonas aeruginosa strains (wild type LBI and mutant LBI 2A1) was studied. Finally, the synthesized rhamnolipids were characterized by mass spectrometry. When both strains were compared, 50 g/L was the most favorable concentration for both, but P...

  18. Anatomy of top 100 upstream players

    International Nuclear Information System (INIS)

    Burk, V.A.

    1992-01-01

    A brief review is given of a recent survey of the top one hundred upstream oil and gas companies which file financial data with the US Securities and Exchange Commission. The analysis indicates the increasing globalisation of the industry with exploration and development spending increasing dramatically outside the US. To survive, companies must operate as efficient low cost finders and producers of oil and gas and anticipate and meet changing market demands quickly. (UK)

  19. "Upstream Thinking": the catchment management approach of a water provider

    Science.gov (United States)

    Grand-Clement, E.; Ross, M.; Smith, D.; Anderson, K.; Luscombe, D.; Le Feuvre, N.; Brazier, R. E.

    2012-04-01

    Human activities have large impacts on water quality and provision. Water companies throughout the UK are faced with the consequences of poor land management and need to find appropriate solutions to decreasing water quality. This is particularly true in the South West of England, where 93% of the drinking water is sourced from rivers and reservoirs: large areas of drained peatlands (i.e. Exmoor and Dartmoor National Parks) are responsible for a significant input of dissolved organic carbon (DOC) discolouring the water, whilst poorly managed farming activities can lead to diffuse pollution. Alongside the direct environmental implications, poor water quality is partly increasing water treatment costs and will drive significant future investment in additional water treatment, with further repercussions on customers. This highlights the need for water companies throughout the UK, and further afield, to be more involved in catchment management. "Upstream Thinking" is South West Water's (SWW) approach to catchment management, where working with stakeholders to improve water quality upstream aims to avoid increasingly costly solutions downstream. This approach has led the company to invest in two major areas of work: (1) The Farmland programme where problematic farm management practices and potential solutions are identified, typically 40% of the required investment is then offered in exchange for a legal undertaking to maintain the new farm assets in good condition for 25 years; (2) The Mires programme which involves heavy investment in peatland restoration through the blocking of open ditches in order to improve water storage and quality in the long term. From these two projects, it has been clear that stakeholder involvement of groups such as local farmers, the Westcountry Rivers Trust, the Exmoor National Park Authority, the Environment Agency, Natural England and the Exmoor Society is essential, first because it draws in catchment improvement expertise which is not

  20. Upstream Atlantic salmon (Salmo salar) passage

    International Nuclear Information System (INIS)

    Clay, C.H.

    1993-01-01

    Upstream salmon passage though a dam is discussed with respect to three main components: the fishway entrance, the fishway, and the exit. Design considerations and alternative types of components are presented. For fishway entrances, an important consideration is the positioning of the entrance as far upstream as the fish can swim with respect to obstacles. For powerhouses using water diverted from a river, the problem of leading fish past the powerhouse may be overcome by either installing a tailrace barrier or increasing the flow until the home stream odor is sufficient to attract fish. Swimming ability should be the first consideration in fishway design. Fishways with 50 cm drops per pool would be satisfactory in most cases. The problem of headwater fluctuation is overcome through careful fishway selection. Fish locks, hoists, and elevators are other alternatives to pool/weir fishways. The location for a fish exit must be decided on the basis of whether the fishway will be used only for upstream migrations. 5 refs., 1 fig., 1 tab

  1. Evolutionist approach of upstream activities competitiveness of the petroleum industry in a long term perspective

    International Nuclear Information System (INIS)

    Dos Santos, E.M.

    1997-01-01

    The purpose of this work is to analyze the concept of competitiveness of companies and nations in the upstream sector of the international oil industry, trying to identify the possibilities of future development of this sector as well as the interactions that may exist between different actors such as governments, consumers and oil companies to boost or re-launch the competitive position of their enterprises and countries in the international context of the industry. In order to attain that, we analyze the developments of the most important economic attributes that characterize the oil activity as well as its most crucial political aspects. We develop a model of 'oil competition' and a definition of 'oil competitiveness' that take clearly into consideration both the differences between various oil actors and the dynamic aspects linked to the evolution of the oil industry. We do so by constructing an evolutionist model of competition and competitiveness. This approach emulates a 'biological process' where firms and the economic environment interact with each other within a process similar to 'natural selection' with the survival of the fittest. This evolutionist model adopts some analytical instruments established by Michael Porter, from the University of Harvard, to interpret the changes and the dissimilarities of behavior of various oil actors as well as to explain their respective role in the new oil world that is being organized. Thus, we introduce the notions of 'dominant form of competition' and 'generic strategy of enterprises'. Then, we use our methodology to analyze the past of the oil industry (the stability and the instability). We conclude this work by discussing about the future evolution of the oil activities in the context of a new long term cycle of investment for the sector. (author)

  2. Alternative approaches to transmission investment

    Energy Technology Data Exchange (ETDEWEB)

    Welch, J.L. [International Transmission Co., Detroit, MI (United States)

    2004-07-01

    The International Transmission Company (ITC) is an independent power transmission company that owns, operates and maintains the high voltage transmission system in southeastern Michigan. The company's current focus is on investing in the transmission infrastructure to improve reliability, relieve congestion, improve access to generation and reduce energy costs for consumers. There is a need for investment in power transmission. Trends indicate that power transactions are on the rise while transmission investment is lagging because pricing protocols are inadequate and there is no regional tariff mechanism to allocate the benefits of new investment. The presentation reviewed the applicability of FTRs to transmission owners and the pitfalls of participant funding pricing. It also outlined the regional benefit allocation mechanism (RBAM) with an illustrative example. It was concluded that existing pricing policies must be improved to address the growing need for transmission investment. RBAM is needed to help investors recover costs from project beneficiaries. figs.

  3. 26 CFR 1.852-3 - Investment company taxable income.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Investment company taxable income. 1.852-3 Section 1.852-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and Real Estate Investment Trusts § 1.852...

  4. Canada's upstream petroleum industry : 1997 perspective

    International Nuclear Information System (INIS)

    1997-06-01

    A review of the trends and activities in the upstream petroleum industry during 1996 were presented, emphasizing the significance of the industry' contribution to Canada's economy. Among the areas included were highlights of Canada's hydrocarbon reserves, conventional production, frontier production, and non-conventional (oil sands) production. New market opportunities and activities in the pipeline transportation sector were also discussed. Environmental issues including health and safety received due attention. In this regard, the industry's efforts to work with government and other stakeholders to ensure that requirements for land use are balanced with the need to protect wilderness and wildlife habitat, received special mention. 16 figs

  5. EMMPRIN, an upstream regulator of MMPs, in CNS biology.

    Science.gov (United States)

    Kaushik, Deepak Kumar; Hahn, Jennifer Nancy; Yong, V Wee

    2015-01-01

    Matrix metalloproteinases (MMPs) are engaged in pathologies associated with infections, tumors, autoimmune disorders and neurological dysfunctions. With the identification of an upstream regulator of MMPs, EMMPRIN (Extracellular matrix metalloproteinase inducer, CD147), it is relevant to address if EMMPRIN plays a role in the pathology of central nervous system (CNS) diseases. This would enable the possibility of a more upstream and effective therapeutic target. Indeed, conditions including gliomas, Alzheimer's disease (AD), multiple sclerosis (MS), and other insults such as hypoxia/ischemia show elevated levels of EMMPRIN which correlate with MMP production. In contrast, given EMMPRIN's role in CNS homeostasis with respect to regulation of monocarboxylate transporters (MCTs) and interactions with adhesion molecules including integrins, we need to consider that EMMPRIN may also serve important regulatory or protective functions. This review summarizes the current understanding of EMMPRIN's involvement in CNS homeostasis, its possible roles in escalating or reducing neural injury, and the mechanisms of EMMPRIN including and apart from MMP induction. Copyright © 2015 International Society of Matrix Biology. Published by Elsevier B.V. All rights reserved.

  6. Hospital Capital Investment During the Great Recession.

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal.

  7. Hospital Capital Investment During the Great Recession

    Science.gov (United States)

    Choi, Sung

    2017-01-01

    Hospital capital investment is important for acquiring and maintaining technology and equipment needed to provide health care. Reduction in capital investment by a hospital has negative implications for patient outcomes. Most hospitals rely on debt and internal cash flow to fund capital investment. The great recession may have made it difficult for hospitals to borrow, thus reducing their capital investment. I investigated the impact of the great recession on capital investment made by California hospitals. Modeling how hospital capital investment may have been liquidity constrained during the recession is a novel contribution to the literature. I estimated the model with California Office of Statewide Health Planning and Development data and system generalized method of moments. Findings suggest that not-for-profit and public hospitals were liquidity constrained during the recession. Comparing the changes in hospital capital investment between 2006 and 2009 showed that hospitals used cash flow to increase capital investment by $2.45 million, other things equal. PMID:28617202

  8. Biodiesel byproduct bioconversion to rhamnolipids: Upstream aspects.

    Science.gov (United States)

    Salazar-Bryam, Ana Maria; Lovaglio, Roberta Barros; Contiero, Jonas

    2017-06-01

    This study focused on two important aspects of the upstream process: the appropriate use of crude glycerol as a low-cost carbon source, and strain selection. The effect of different crude glycerol concentrations on rhamnolipid biosynthesis by two Pseudomonas aeruginosa strains (wild type LBI and mutant LBI 2A1) was studied. Finally, the synthesized rhamnolipids were characterized by mass spectrometry. When both strains were compared, 50 g/L was the most favorable concentration for both, but P. aeruginosa LBI 2A1 showed an increase in rhamnolipid production (2.55 g/L) of 192% over wild type (1.3 g/L). The higher rhamnolipid production could be related to a possible mechanism developed after the mutation process at high antibiotic concentrations. Mass spectrometry confirmed the glycolipid nature of the produced biosurfactant, and the homologue composition showed a wide mixture of mono and di-rhamnolipids. These results show that high glycerol concentrations can inhibit microbial metabolism, due to osmotic stress, leading to a better understanding of glycerol metabolism towards its optimization in fermentation media. Since P. aeruginosa LBI 2A1 showed higher conversion yields than P. aeruginosa LBI, the use of a mutant strain associated with a low cost carbon source might improve biosurfactant biosynthesis, therefore yielding an important upstream improvement.

  9. Biodiesel byproduct bioconversion to rhamnolipids: Upstream aspects

    Directory of Open Access Journals (Sweden)

    Ana Maria Salazar-Bryam

    2017-06-01

    Full Text Available This study focused on two important aspects of the upstream process: the appropriate use of crude glycerol as a low-cost carbon source, and strain selection. The effect of different crude glycerol concentrations on rhamnolipid biosynthesis by two Pseudomonas aeruginosa strains (wild type LBI and mutant LBI 2A1 was studied. Finally, the synthesized rhamnolipids were characterized by mass spectrometry. When both strains were compared, 50 g/L was the most favorable concentration for both, but P. aeruginosa LBI 2A1 showed an increase in rhamnolipid production (2.55 g/L of 192% over wild type (1.3 g/L. The higher rhamnolipid production could be related to a possible mechanism developed after the mutation process at high antibiotic concentrations. Mass spectrometry confirmed the glycolipid nature of the produced biosurfactant, and the homologue composition showed a wide mixture of mono and di-rhamnolipids. These results show that high glycerol concentrations can inhibit microbial metabolism, due to osmotic stress, leading to a better understanding of glycerol metabolism towards its optimization in fermentation media. Since P. aeruginosa LBI 2A1 showed higher conversion yields than P. aeruginosa LBI, the use of a mutant strain associated with a low cost carbon source might improve biosurfactant biosynthesis, therefore yielding an important upstream improvement. Keywords: Biotechnology, Microbiology

  10. How will climate change policy affect upstream oil and gas

    International Nuclear Information System (INIS)

    Hyndman, R.

    2003-01-01

    This presentation outlined the status of climate change policies in Canada and Alberta for large industry with particular reference to the effect that the policies may have on upstream oil and gas. Global climate change and energy use was outlined along with what actions that should be taken to secure energy supplies and stabilize greenhouse gas (GHG) emissions. An economic model projection of global carbon dioxide emissions without the Kyoto agreement was presented. Global action on climate change will likely include greater efforts in energy efficiency to slow the growth in demand for energy. However, demand for oil and gas is still likely to increase in the next few decades due to a growing population worldwide. The author emphasized that developing countries should not forgo economic growth to avoid higher energy use. It was argued that Canadian climate change policies are out of line with the global climate change effort because they focus on short-term reductions rather than developing technologies. The policies also divert investment to competing suppliers that do not impose GHG costs, with no global GHG benefit. The author described why Alberta climate change policy rejects the Kyoto target. Natural Resource Canada's approach to large industrial emitters was also discussed along with a proposed policy framework by the Canadian Association of Petroleum Producers (CAPP) for long term certainty. 2 tabs., 12 figs

  11. 12 CFR 347.120 - Computation of investment amounts.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 4 2010-01-01 2010-01-01 false Computation of investment amounts. 347.120... GENERAL POLICY INTERNATIONAL BANKING § 347.120 Computation of investment amounts. In computing the amount that may be invested in any foreign organization under §§ 347.117 through 347.119, any investments held...

  12. 26 CFR 1.936-10 - Qualified investments.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 10 2010-04-01 2010-04-01 false Qualified investments. 1.936-10 Section 1.936... (CONTINUED) INCOME TAXES Possessions of the United States § 1.936-10 Qualified investments. (a) In general. [Reserved] (b) Qualified investments in Puerto Rico. [Reserved] (c) Qualified investment in certain...

  13. International comparison of the economy of constructing nuclear power plants by using the method of referred investment costs in Czechoslovakia and in the USA

    International Nuclear Information System (INIS)

    Majer, P.; Jelen, J.

    1989-01-01

    The method of referred investment costs was applied to a comparison of the economy of constructing the nuclear power plant at Temelin, Czechoslovakia, with that for the hypothetic nuclear power plant at Middletown, USA. For a reasonably adopted Czechoslovak crown/USD rate, the obtained costs for building the Temelin power plant are 50% higher than those for building the reference Middletown power plant. This compares rather favorably with the general level of investment costs in Czechoslovakia under the present economic conditions. The analysis performed shows that savings in investment costs should be sought in the fields of technological modernization of preparatory work and in all construction work, with the aim to reduce particularly live work. (P.A.). 12 tabs., 8 refs

  14. 75 FR 57217 - Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad

    Science.gov (United States)

    2010-09-20

    ... both U.S. and international definitions for foreign direct investment and must be represented in the...] RIN 0691-AA74 Direct Investment Surveys: BE-11, Annual Survey of U.S. Direct Investment Abroad AGENCY... the reporting requirements for the BE-11, Annual Survey of U.S. Direct Investment Abroad. The survey...

  15. Upstream from OPERA: extreme attention to detail

    CERN Multimedia

    CERN Bulletin

    2011-01-01

    Two weeks ago, at a seminar held at CERN, the OPERA collaboration revealed their astonishing observation: neutrinos might move faster than light. The finding is currently under scrutiny in the scientific community. While the result downstream at Gran Sasso speaks for itself, upstream at CERN things are no less intriguing, with high-tech GPS systems, novel techniques for accurately measuring the time, and unique ways keeping the initial particle beam stable. Take away one ingredient and the accuracy needed for the final measurement is spoiled.   Underground installations of the CERN Neutrinos to Gran Sasso (CNGS) project. First ingredient: a stable beam CERN produces neutrinos by sending a beam of protons to hit a target. The collisions produce a secondary beam, which mostly consists of pions and kaons that decay in flight within an evacuated tunnel. Their decay products are muons and muon-neutrinos. An absorber stops the pions and kaons that do not decay, while the resulting muons are absorb...

  16. Water stress in global transboundary river basins : Significance of upstream water use on downstream stress

    NARCIS (Netherlands)

    Munia, H.; Guillaume, J. H A; Mirumachi, N.; Porkka, M.; Wada, Y.|info:eu-repo/dai/nl/341387819; Kummu, M.

    2016-01-01

    Growing population and water demand have increased pressure on water resources in various parts of the globe, including many transboundary river basins. While the impacts of upstream water use on downstream water availability have been analysed in many of these international river basins, this has

  17. Sustainable Markets Investment Briefings: Investment Treaties

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the second of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 2 explains how investment treaties between states work to protect and promote foreign investment.

  18. Quando gli investimenti rappresentano un vincolo. Contributo alla discussione sulla crisi italiana nella crisi internazionale.(When investments represent a constraint. A note on the discussion on Italy’s crisis within the international crisis

    Directory of Open Access Journals (Sweden)

    Stefano Lucarelli

    2013-07-01

    Full Text Available The article continues the debate on the "crisis within the crisis" that characterises Italy's economy. The authors argue that while the international and specifically the European crisis greatly contributed to the deterioration of Italy's economic prospects, the country is affected by longer term issues of its own. To analyse such problems, the article focuses on the growing inability of the Italian private sector to innovate. It does so by analysing in a comparative perspective private sector expenditure for fixed investments and for research and development. The policy conclusions are surprising in so far as a surge of investments would seriously risk to negatively contribute to Italy's current account, thus further aggravating.    

  19. Water Stress in Global Transboundary River Basins: Significance of Upstream Water Use on Downstream Stress

    Science.gov (United States)

    Munia, H.; Guillaume, J. H. A.; Mirumachi, N.; Porkka,M.; Wada, Yoshihide; Kummu, M.

    2016-01-01

    Growing population and water demand have increased pressure on water resources in various parts of the globe, including many transboundary river basins. While the impacts of upstream water use on downstream water availability have been analyzed in many of these international river basins, this has not been systematically done at the global scale using coherent and comparable datasets. In this study, we aim to assess the change in downstream water stress due to upstream water use in the world's transboundary river basins. Water stress was first calculated considering only local water use of each sub-basin based on country-basin mesh, then compared with the situation when upstream water use was subtracted from downstream water availability. Wefound that water stress was generally already high when considering only local water use, affecting 0.95-1.44 billion people or 33%-51% of the population in transboundary river basins. After accounting for upstream water use, stress level increased by at least 1 percentage-point for 30-65 sub-basins, affecting 0.29-1.13 billion people. Altogether 288 out of 298 middle-stream and downstream sub-basin areas experienced some change in stress level. Further, we assessed whether there is a link between increased water stress due to upstream water use and the number of conflictive and cooperative events in the transboundary river basins, as captured by two prominent databases. No direct relationship was found. This supports the argument that conflicts and cooperation events originate from a combination of different drivers, among which upstream-induced water stress may play a role. Our findings contribute to better understanding of upstream-downstream dynamics in water stress to help address water allocation problems.

  20. Analysis of the opening model of the Brazilian upstream business; Analise da adequacao do modelo de E e P brasileiro

    Energy Technology Data Exchange (ETDEWEB)

    Canelas, Andre [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Coordenacao dos Programas de Pos-graduacao de Engenharia. Programa de Planejamento Energetico]. E-mail: canelas@ppe.ufrj.br

    2004-07-01

    This paper analyses the institutional model adopted for the reform of the oil industry in Brazil, beginning with the approval of Law n. 9.478 by the Brazilian Parliament in 1997. The reform of the Brazilian oil industry took place in the context of the reforms of the world's national economies throughout the 1980's and 1990's. From this worldwide process of reform stemmed a huge increase in the international capital flow directed to long-run investment opportunities in the economic infrastructure sectors. The aim of this paper is to analyse both the regulatory model for the oil and gas upstream activities in Brazil and the bidding model adopted at Brazil's National Petroleum Agency's auctions for the acquisition of exploration areas. This paper is dedicated, in its entirety, to Prof. Carmen Alveal (in memoriam), whose knowledge, support, encouragement and friendship were, for me, the most important of all, professionally and morally. (author)

  1. INVESTING IN THE GLOBAL ENERGY: KEY TRENDS

    Directory of Open Access Journals (Sweden)

    A. Stepanova

    2016-06-01

    Full Text Available The questions of energy investments in the regions of the world, which allowed to carry out analysis of various types of energy production, focus on enerhozberezheni and renewable energy sources. Proved the importance of investing energy sector for the entire civilized world and defined the priorities of the process. Indicated that investment in the energy sector is based on public policy, to determine possible solutions to the energy dependence of Ukraine, taking into account the international experience.

  2. (MFN) CLAUSE IN INVESTMENT TREATIES

    African Journals Online (AJOL)

    Fr. Ikenga

    of inequalities and disparities in treatment in investment law, they carry a significant risk of over interpretation by .... The last question to be answered in relation to the meaning and ambit of the MFN clause is whether .... for domestic remedies as antecedents to international arbitral jurisdiction 'unduly add to the costs of a.

  3. Upstream petroleum industry flaring guide : review draft

    International Nuclear Information System (INIS)

    1999-03-01

    The Alberta requirements and expectations for upstream petroleum flaring are presented. Flaring is associated with a wide range of energy activities including oil and gas well drilling and well completion operations. The guide incorporates the recommendations made to the Alberta Energy and Utilities Board (EUB) in June 1998 by the multi-stakeholder Clean Air Strategic Alliance (CASA) on associated or solution gas flaring. Additional requirements which address flaring issues not covered in the CASA report are also included in this guide. The Guide requires a 15 per cent reduction in solution gas flare volume by the end of year 2000 from the 1996 baseline, and a 25 per cent reduction by the end of 2001. The Guide prescribes new flare performance requirements for all flares, within three years for existing solution gas flares, five years for flares at other existing permanent facilities. It sets personal consultation and public notification requirements for new and existing solution gas batteries, and new sulphur recovery requirements for facilities not covered by existing EUB regulations. The Guide also addresses the question of conflict resolution to deal with flaring concerns, the release of flaring and venting data, the proposed reduction of flare limits, progress towards minimizing requirements for electricity generators using otherwise flared gas, annual reporting to the EUB, and management framework review in 2001

  4. Developmental Origins, Epigenetics, and Equity: Moving Upstream.

    Science.gov (United States)

    Wallack, Lawrence; Thornburg, Kent

    2016-05-01

    The Developmental Origins of Health and Disease and the related science of epigenetics redefines the meaning of what constitutes upstream approaches to significant social and public health problems. An increasingly frequent concept being expressed is "When it comes to your health, your zip code may be more important than your genetic code". Epigenetics explains how the environment-our zip code-literally gets under our skin, creates biological changes that increase our vulnerability for disease, and even children's prospects for social success, over their life course and into future generations. This science requires us to rethink where disease comes from and the best way to promote health. It identifies the most fundamental social equity issue in our society: that initial social and biological disadvantage, established even prior to birth, and linked to the social experience of prior generations, is made worse by adverse environments throughout the life course. But at the same time, it provides hope because it tells us that a concerted focus on using public policy to improve our social, physical, and economic environments can ultimately change our biology and the trajectory of health and social success into future generations.

  5. Do democratic institutions and foreign direct investment affect ...

    African Journals Online (AJOL)

    Do democratic institutions and foreign direct investment affect economic growth? Evidence from ... International Journal of Development and Management Review ... The importance of sound democratic institutional structures and foreign direct investment for enhancing economic growth is well documentedin literature.

  6. The role of investment, fundamental Q and financing frictions in agricultural investment decisions: an analysis pre and post financial crisis

    OpenAIRE

    Conor M. O'Toole; Carol Newman; Thia Hennessy

    2011-01-01

    This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's in- vestment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of nancing frictions in determining invest...

  7. Overseas Investment,Encouraging Long Jonrney

    Institute of Scientific and Technical Information of China (English)

    Janet Tang

    2011-01-01

    @@ In the context of the financial crisis, international capital flows, cross-border investment, as well as the mergers and acquisitions generally continues shrinking at a large range in 2009, while China's foreign investment and overseas cooperation still maintains a good momentum of development.

  8. 78 FR 72451 - Net Investment Income Tax

    Science.gov (United States)

    2013-12-02

    ... Net Investment Income Tax AGENCY: Internal Revenue Service (IRS), Treasury. ACTION: Withdrawal of... computation of net investment income. The regulations affect individuals, estates, and trusts whose incomes meet certain income thresholds. DATES: The proposed rule published December 5, 2012 (77 FR 72612), is...

  9. Technological acceleration and organizational transformations in the upstream oil and gas industry

    International Nuclear Information System (INIS)

    Isabelle, M.

    2000-12-01

    The upstream oil and gas industry experienced a dramatic technological acceleration in the early 1970's. The relationships between the agents in this industry have themselves undergone deep changes since that date. This thesis shows that a tight link exists between the technological acceleration and the organizational transformations in the upstream oil and gas industry. In a first part, it focuses on the economic theory's developments concerning industrial organization. In a second part, it applies these developments to three types of relations: those between the owner-states of hydrocarbon resources and the international petroleum companies; those between the international petroleum companies and their subcontractors; and finally those between the international petroleum companies themselves. (author)

  10. User-led approach to information system investments

    International Nuclear Information System (INIS)

    Pferd, J.W.; Fuller, A.G.

    1992-01-01

    Information system (IS) expenditures for upstream E and P have come under strong review along with other overhead expenses. Increasing frustration with IS budgets and concern about their business value have led Unocal to change the way it starts, manages and implements IS projects. Successful IS investments are aligned with the goals and functions of work groups and are balanced against other investments. The twin axes of business need and technical excellence must be served together to fully achieve successful IS investments. This paper describes project organizations and methods to achieve these dual objectives

  11. A user-led approach to information systems investments

    International Nuclear Information System (INIS)

    Pferd, J.W.; Fuller, A.G.

    1993-01-01

    Information-system (IS) expenditures for upstream E ampersand P have come under strong review along with other overhead expenses. Increasing frustration with IS budgets and concern about their business value led Unocal Corp. to change the way it begins, manages, and implements IS projects. Successful IS investments are aligned with the goals and functions of work groups or business units and are balanced against other investments. The twin demands of business needs and sound technical design must be served together to achieve long-term success from IS investments. This paper describes project organizations and methods to achieve these two objectives

  12. Crisis will impact investments

    International Nuclear Information System (INIS)

    Anon.

    2008-01-01

    of supply deterioration. While today's world economic crisis should reduce energy demand, decrease CO 2 emissions and decrease electricity and gas prices, the credit crunch will likely delay the needed investments in infrastructure to replace aging plants or to build new plants, electrical lines and gas pipelines. Also, governments will have less tax revenues and will have to limit their spending, analysts said. They might be tempted to reduce financial subsidies to renewable energies, as did the Spanish government in October 2008, limiting its incentives to solar development. Analysts said such decisions could jeopardize the growth of renewable energies, especially wind and solar, which need subsidies to be financially competitive. Governments could also impose new taxes on certain utilities; for example, windfall profits linked to CO 2 certificates obtained for free and incorporated in the wholesale prices at their market price. Also, many governments may want to protect their citizens' purchasing power by taking measures such as capping electricity prices (as announced by the Belgian minister of Energy in October 2008) or imposing special measures to protect vulnerable customers (as per discussions currently taking place in the U.K.). During the first half of 2008, some long-awaited mergers and acquisitions were closed, in turn triggering acquisitions of the divested assets following these transactions. The crisis should trigger an increased market consolidation, the acquirers being those with solid balance sheets and cash. Analysts said young companies and new entrants with weak balance sheets could be acquired by stronger ones, thus decreasing market competition. Utilities have to quickly adapt to the new landscape by thriving toward operational excellence, analysts said. This means they will have to streamline their internal processes, simplify their organizations and increase their reactivity while continuously benchmarking their results with the 'best in

  13. BRICS Investment Policies from PFI Perspective

    Directory of Open Access Journals (Sweden)

    Andrei Sakharov 

    2017-12-01

    Full Text Available The Organisation for Economic Co-operation and Development (OECD Policy Framework for Investment (PFI contains recommendations and best practices in 12 investment-related policy areas, and is widely regarded as the world’s most comprehensive and authoritative instrument on international investment regulation. The topicality of PFI recommendations for OECD members and other countries, including Russia, is dictated by competition in international investment markets. The instrument’s implementation can significantly boost a national jurisdiction’s attractiveness to investors and thus increase its economic competitiveness. The experience of the BRICS countries as large developing economies involved in collaboration with the OECD could be of great value from the standpoint of PFI implementation in Russia. This article examines investment policies of Brazil, India, China and South Africa from the perspective of PFI recommendations. The analysis is organized around four major themes: the general characteristics of investment regimes and investment stimuli, national investment regulation regimes, trade policies and overcoming structural limitations. The analysis forms the basis for recommendations to improve the investment policy regime in Russia

  14. 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.

  15. Transnational Investments in Informational Capital

    DEFF Research Database (Denmark)

    D. Munk, Martin

    This paper analyses the acquisition of informational capital, e.g. academic capital, measured as student mobility, and understood as transnational investments in prestigious foreign educational institutions. In the 1990s, educational “zones of prestige” have especially been the United States......) are more likely than students from other social classes to pursue transnational investments, even though students from the middle and working classes have now entered the competition. This result is also recently found in an analysis of Danish academic emigrants. All in all, the studies confirm...... the hypothesis that students from upper classes are more likely than others to invest in specific informational capital in the field of education, in national environments but also in international settings....

  16. The economic impacts of the upstream activities after the reform of the Brazilian oil industry; Impactos economicos da exploracao e producao apos a abertura da industria petrolifera brasileira

    Energy Technology Data Exchange (ETDEWEB)

    Canelas, Andre [Universidade Federal, Rio de Janeiro, RJ (Brazil). Coordenacao dos Programas de Pos-graduacao de Engenharia. Programa de Planejamento Energetico

    2004-07-01

    This paper analyzes the macroeconomic impacts of the investments in the oil and gas upstream, which took place after the reform of the Brazilian oil industry. The reason why I chose to analyze such a period of time was the institutional change which took place in the Brazilian oil industry after the Brazilian Parliament approved Law n. 9.478 in 1997. The law represented the new regulation of the activities related to the oil industry in Brazil. Since then, there has been a very large amount of capital spending in the oil and gas upstream, not only by PETROBRAS, the state-owned oil company, but also by the oil companies which entered the Brazilian oil industry after it was opened to foreign and private upstream investments. This paper analyses the economic impacts of these upstream investments by PETROBRAS and by the new players in Brazil, addressing the impacts of these investments on the generation of aggregate value and yield and the economic activity of other industries. This paper is dedicated, in its entirety, to Prof. Carmen Alveal, whose knowledge, support, encouragement and friendship were, for me, the most important of all, professionally and morally. (author)

  17. Investment innovation trends: Factor-based investing

    Directory of Open Access Journals (Sweden)

    Sanja Centineo

    2017-05-01

    Full Text Available This article shows that it can take a long period of time until research knowledge finds its application in practice and get disseminated as innovation trend. Factor-based investing is such an example. Having its developing roots in the nineties, it took more than two decades until this approach was detected by the by investment community. The goal of this article is to recall the definition of factor investing, present its historical evolvement and motivate its recent break-through and current trend among investment practitioners (known also under the notion smart beta. It aims at familiarizing with this investment approach from a practical perspective and highlighting its diversifying benefits in a portfolio context with the potential to outperform the market on risk-adjusted basis.

  18. Investment in Developing Countries

    Science.gov (United States)

    Motooka, Takeshi

    1973-01-01

    The fundamental problems of investment in rural education in the present developing countries are analyzed. Needs of rural education are outlined and financial considerations related to investment in the improvement of rural educational programs are discussed. (SM)

  19. Quantitative investment analysis

    CERN Document Server

    DeFusco, Richard

    2007-01-01

    In the "Second Edition" of "Quantitative Investment Analysis," financial experts Richard DeFusco, Dennis McLeavey, Jerald Pinto, and David Runkle outline the tools and techniques needed to understand and apply quantitative methods to today's investment process.

  20. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    The paper studies retail Socially Responsible Investment and portfolio allocation. It extends conventional portfolio theory by allowing for a personal value based investment decision. When preferences for responsibility enter the framework for mean-variance analysis, it yields an optimal...... responsible investment model. An example of index investing illustrates the theory. Results show that it is crucial for the responsible investor to consider portfolio risk, expected return, and responsibility simultaneously in order to obtain an optimal portfolio. The model enables responsible investors...

  1. Investment in capital markets

    OpenAIRE

    Ledenyov, Dimitri O.; Ledenyov, Viktor O.

    2017-01-01

    Investment in Capital Markets creates a strategic vision on the financial capital investment in the capital markets with the aim to get an increased return premium in the short and long time periods. The book is written with a main goal to explain the pros and cons of the financial capital investment in the capital markets, discussing the sophisticated investment concepts and techniques in the simple understandable readable general format language. We would like to highlight the three interes...

  2. Pension Fund Investment Policy

    OpenAIRE

    Zvi Bodie

    1988-01-01

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

  3. The Exon-Florio National Security Test for Foreign Investment

    National Research Council Canada - National Science Library

    Jackson, James K

    2006-01-01

    .... While the United States actively promotes internationally the policy of relaxing rules concerning foreign investment, including the national treatment of foreign firms, some Members of Congress...

  4. Sustainable Markets Investment Briefings: Foreign investment contracts

    Energy Technology Data Exchange (ETDEWEB)

    Cotula, Lorenzo

    2007-08-15

    This is the fourth of a series of briefings which discuss the sustainable development issues raised by legal arrangements for the protection of foreign investment. The briefings are based on legal research by IIED and its partners. The goal is to provide accessible but accurate information for human rights, development and environmental organisations working on issues raised by foreign investment in low- and middle-income countries. Briefing 4 sets out some of the ways in which foreign investment contracts can impact on sustainable development.

  5. 26 CFR 1.72-6 - Investment in the contract.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Investment in the contract. 1.72-6 Section 1.72... (CONTINUED) INCOME TAXES (CONTINUED) Items Specifically Included in Gross Income § 1.72-6 Investment in the contract. (a) General rule. (1) For the purpose of computing the “investment in the contract”, it is first...

  6. 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.

  7. Investment Attractiveness of Food Industries in Ukraine

    Directory of Open Access Journals (Sweden)

    L. О.

    2017-02-01

    Full Text Available Effective investment is a factor for long-term company development. As enhancement of investment attractiveness is a required condition for economic growth and improvement of living standards, it needs to be on the agenda at government and company level. The article’s objective is to study investment attractiveness of food industries in Ukraine over 2012–2015. Investment attractiveness of food industries can be measured by indicators of liquidity, financial sustainability, and profit rate. Basically, food industries in Ukraine are attractive for investment, which is demonstrated by assessment of the financial indicators. The investment attractiveness worsened slightly in 2015 compared with 2014. The essential problems faced by food industries are shortage of internal funds and negative profit rate of all the activities, assets and own capital. Official statistical data and software package SPSS are used to build the dendrogram, allowing for dividing food industries by level of investment attractiveness into three groups: industries with high, medium and low level of investment attractiveness. It is found that meat industry is the one with the highest level of investment attractiveness. Also, investors should look positively at food-canning industry, oil and animal fat industry, flour-milling industry, starch and starch products industry, and other foods industry.

  8. FOREIGN DIRECT INVESTMENTS DURING FINANCIAL CRISES

    Directory of Open Access Journals (Sweden)

    VINTILA DENISIA MARIANA

    2011-12-01

    Full Text Available The fundamental idea of International capital flows is that short-term flows can be easily reversed, while flows on a longer time horizon are more stable. Crises are associated with withdrawals of short-term capital flows and growth of the foreign direct investment flows. The current crisis has meant a major decline of international capital flows, also of the foreign direct investment. The analysis in this article tries to establish if and under which conditions foreign direct investments can bring greater stability during the crisis, comparing the evolution of foreign direct investments in the current crisis with their response in previous crises. We show that during previous crises foreign direct investments were stable, behaving differently from other types of capital. Yet, during the current crisis, foreign direct investments have proven to be not so stable and all the components declined, raising questions about the resumption of the positive trend. The stability of foreign direct investments in the past was given by the increase of mergers and acquisitions during the crisis, reflecting fire-sale FDI. This feature is not found in the current crisis as mergers and acquisitions were severe affected by the crises and recorded a major decline. The current paper is realized in the doctoral program entitled PhD in economics at the standards of European knowledge- DoEsEc, scientific coordinator Prof. PhD Rodica Zaharia, institution The Academy of Economic Studies Bucharest, Faculty of International Business, period of research 2009-2012.

  9. Action Investment Energy Games

    DEFF Research Database (Denmark)

    Larsen, Kim Guldstrand; Laursen, Simon; Srba, Jiri

    2012-01-01

    We introduce the formalism of action investment energy games where we study the trade-off between investments limited by given budgets and resource constrained (energy) behavior of the underlying system. More specifically, we consider energy games extended with costs of enabling actions and fixed...... budgets for each player. We ask the question whether for any Player 2 investment there exists a Player 1 investment such that Player 1 wins the resulting energy game. We study the action investment energy game for energy intervals with both upper and lower bounds, and with a lower bound only, and give...

  10. Impact of upstream industrial effluents on irrigation water quality ...

    African Journals Online (AJOL)

    Impact of upstream industrial effluents on irrigation water quality, soils and ... Knowledge of irrigation water quality is critical to predicting, managing and reducing salt ... Presence of heavy metals in concentration higher than the recommended ...

  11. Economic Efficiency and Investment Implementation in Energy Saving Projects

    Directory of Open Access Journals (Sweden)

    Venelin Terziev

    2017-09-01

    Full Text Available Investment in building thermoinsulation is a subject to appraisal for efficiency from the position of discounted cash flows taken specifically by energy saving. The appraisal of investment as optimal is attended by achieving the shortest term for investment implementation, the lowest investment outlays, the maximum total net value of energy savings, the shortest investment payback period. The complex application of the dynamic methods for appraising economic efficiency of an investment – net present value, internal rate of return, profitability index and discounted payback period, involves drawing of particular values which comparison definitely will show if this kind of investment is practically “attractive”. However, the question for significance weight of each of these indicators above in decision making for implementation a particular real investment still remains unsolved. This requires working out a system of criteria, priorities that can determine which of the indicators for economic efficiency of specific investment project will have the highest significance.

  12. Optimal Responsible Investment

    DEFF Research Database (Denmark)

    Jessen, Pernille

    Numerous institutions are now engaged in Socially Responsible Investment or have signed the "UN Principles for Responsible Investment". Retail investors, however, are still lacking behind. This is peculiar since the sector constitutes key stakeholders in environmental, social and governmental...... standards. This paper considers optimal responsible investment for a small retail investor. It extends conventional portfolio theory by allowing for a personal-value based investment decision. Preferences for responsibility are defined in the framework of mean-variance analysis and an optimal responsible...... investment model identified. Implications of the altered investment problem are investigated when the dynamics between portfolio risk, expected return and responsibility is considered. Relying on the definition of a responsible investor, it is shown how superior investment opportunities can emerge when...

  13. Supplier’s Joint Investments in Cost Reduction and Quality Improvement in a Decentralized Supply Chain

    Directory of Open Access Journals (Sweden)

    Hengyun Zhang

    2017-01-01

    Full Text Available We consider a decentralized supply chain with a downstream manufacturer and an upstream supplier. The upstream supplier sells a product to the manufacturer, who faces a quality and price sensitive demand. The supplier has a chance to invest in both cost reduction and quality improvement of its product. We derive the optimal investment and pricing decisions for the supply chain members. We do so in both the centralized and the decentralized supply chains. We show that the optimal investment and pricing decisions in the decentralized supply chain may deviate from that in the centralized supply chain. We develop a mechanism to coordinate the decentralized supply chain. The developed mechanism contains four policies: wholesale price, sharing of revenue, sharing of cost reduction investment cost, and sharing of quality improvement investment cost. We also show that the developed coordination mechanism can lead to Pareto improvement.

  14. 26 CFR 55.4982-1 - Imposition of excise tax on undistributed income of regulated investment companies.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 17 2010-04-01 2010-04-01 false Imposition of excise tax on undistributed income of regulated investment companies. 55.4982-1 Section 55.4982-1 Internal Revenue INTERNAL REVENUE... ESTATE INVESTMENT TRUSTS AND REGULATED INVESTMENT COMPANIES Excise Tax on Regulated Investment Companies...

  15. Does Foreign Aid Increase Foreign Direct Investment?

    DEFF Research Database (Denmark)

    Selaya, Pablo; Sunesen, Eva Rytter

      The notion that foreign aid and foreign direct investment (FDI) are complementary sources of capital is conventional among governments and international cooperation agencies. This paper argues that the notion is incomplete. Within the framework of an open economy Solow model we show...... that the theoretical relationship between foreign aid and FDI is indeterminate. Aid may raise the marginal productivity of capital by financing complementary inputs, such as public infrastructure projects and human capital investment. However, aid may also crowd out productive private investments if it comes...... in the shape of physical capital transfers. We therefore turn to an empirical analysis of the relationship between FDI and disaggregated aid flows. Our results strongly support the hypotheses that aid invested in complementary inputs draws in foreign capital while aid invested in physical capital crowds out...

  16. At the United Nation Foundation's Social Good Summit, Vice President Biden Announces New Cancer Moonshot International Cooperation and Investments | Office of Cancer Clinical Proteomics Research

    Science.gov (United States)

    This week, Vice President Joe Biden announced progress on his global vision for the Cancer Moonshot.  Announced were 10 new Memoranda of Understanding or Memoranda of Cooperation for international cancer research and care, as well as new efforts in the emerging scientific areas of precision oncology, the funding of collaborative research centers to address cancer disparities in low- and middle- income (LMIC) countries, and a strengthening of existing U.S. bilateral science and technology engagements around cancer.  

  17. Moving Upstream and Going Local: The Responsibility to Protect Ten Years Later

    Directory of Open Access Journals (Sweden)

    Bridget Moix

    2015-10-01

    Full Text Available Ten years ago the international community pledged to protect civilians from genocide, ethnic cleansing, war crimes, and crimes against humanity by endorsing the responsibility to protect (R2P doctrine. Yet today, horrific violence against civilians continues in places like Syria, Iraq, and South Sudan. This article examines some of the progress and gaps in the international community’s efforts to better protect civilians against mass violence over the past decade. It proposes two emerging directions for advancing the R2P agenda in the coming years: 1 greater focus on upstream prevention, and 2 increased support for locally-led peacebuilding and prevention actors and capacities.

  18. Investment in exploration-production and refining 2012

    International Nuclear Information System (INIS)

    Hureau, Geoffroy; Serbutoviez, Sylvain; Silva, Constancio; Maisonnier, Guy

    2012-10-01

    2012 has been marked by uncertainty and contrasts. In Europe, the debt crisis has threatened the economic stability of the entire Euro-zone. This has had consequences for other countries in the European Union as well. World economic growth is increasingly sluggish. This is affecting industrialised countries first and foremost, as well as a number of emerging countries - albeit to a lesser degree. Political and social stability has not yet returned to those countries that were affected by the Arab spring, with the region covered by North Africa and the Middle East still very vulnerable. The wave of revolutions in this region has been followed by international tension over Iran's growing nuclear capability, and its regular threats to blockade the Strait of Hormuz - through which a significant percentage of the world's petroleum passes. Economic, financial and geopolitical uncertainty has a tendency to drive oil prices up or push them down, creating a highly fluctuating oil market. Prices remain high overall, because of all the geopolitical uncertainty. The exponential growth of shale gas initially, and then tight oil over the last few years in the US, are dramatically transforming the landscape and have significantly changed our way of thinking about the oil and gas sector in the medium term. The increasing use of shale gas is accentuating the contrast between the world's three main gas markets - North America, Europe and Asia - and is challenging received wisdom about how international gas flows are changing. The word 'contrast' also springs to mind when looking into how investment in hydrocarbons has changed, with an upstream sector that is flourishing and a downstream sector that is treading water. In spite of the uncertain economic context, investment in exploration-production is still increasing at a healthy rate, with activity reaching record levels in all areas. The decline in activity of 2009/2010 now seems a long way off. As far as

  19. Geological nominations at UNESCO World Heritage, an upstream struggle

    Science.gov (United States)

    Olive-Garcia, Cécile; van Wyk de Vries, Benjamin

    2017-04-01

    Using my 10 years experience in setting up and defending a UNESCO world Heritage Geological nomination, this presentation aims to give a personal insight into this international process and the differential use of science, subjective perception (aesthetic and 'naturality'), and politics. At this point in the process, new protocols have been tested in order to improve the dialogue, accountability and transparency between the different stake-holders. These are, the State parties, the IUCN, the scientific community, and UNESCO itself. Our proposal is the Chaîne des Puys-Limagne fault ensemble, which combines tectonic, geomorphological evolution and volcanology. The project's essence is a conjunction of inseparable geological features and processes, set in the context of plate tectonics. This very unicit yof diverse forms and processes creates the value of the site. However, it is just this that has caused a problem, as the advisory body has a categorical approach of nominations that separates items to assess them in an unconnected manner.From the start we proposed a combined approach, where a property is seen in its entirety, and the constituent elements seen as interlinked elements reflecting the joint underlying phenomena. At this point, our project has received the first ever open review by an independent technical mission (jointly set up by IUCN, UNESCO and the State party). The subsequent report was broadly supportive of the project's approach and of the value of the ensemble of features. The UNESCO committee in 2016, re-referred the nomination, acknowledging the potential Outstanding Universal Value of the site and requesting the parties to continue the upstream process (e.g. collaborative work), notably on the recommendations and conclusions of the Independent Technical mission report. Meetings are continuing, and I shall provide you with the hot-off-the-press news as this ground breaking nomination progresses.

  20. The economic content of the term “investment attractiveness”

    Directory of Open Access Journals (Sweden)

    E. R. Zakirova

    2016-01-01

    Full Text Available The article is devoted to the definition of the economic content of the concept of “investment attraction” and the study of the criteria of investment attractiveness. We conducted a retrospective analysis and systematization of the various definitions of “capital”, “investment”, “investment attraction”, given by domestic and foreign authors. A generalized definition of capital is given: “capital’ is an objective economic category, which offers a business entity to carry out its investment activities in order to expand the scope and value of the business, making a profit and improve its investment attractiveness. It is emphasized that the concept of “investment” is broader than the concept of “capital”: it is investment in capital with varying degrees of liquidity for the purpose of subsequent increments and increase the value of the business entity. The author defines the main characteristics of the investment. A distinction of the term “investment attractiveness” of similar concepts, “market attractiveness”, “investment climate”, “investment image”, “investment potential” is made. It is concluded that the investment attractiveness is a component of the investment climate, which is characterized by an objective character and eliminates the subjectivity. Based on the understanding of different approaches to the study of the investment attractiveness and define its criteria the author offers a brief description of the concept of “investment attractiveness”: investment attractiveness is an independent economic category – a set of internal and external factors, as well as qualitative and quantitative indicators of the investment potential of any of the levels of the economic system – state, regional, sectoral, level of economic entities. Evaluation of investment attractiveness at all levels of the economic system is carried out in the current period (current situation analysis and forecast

  1. Independents in European Gas Markets after liberalisation - downstream integration of upstream oil and gas companies

    International Nuclear Information System (INIS)

    Eikeland, Per Ove

    2005-01-01

    A central objective of gas market liberalisation in Europe in the 1990s was to increase competition by opening end-use markets for independent suppliers. Upstream oil and gas companies in Europe reacted to this opportunity by announcing strategies to integrate forward in European gas markets. By late 2004, however, upstream companies still recorded generally weak downstream strategy implementation in Europe. The article concludes that this general implementation gap should be explained by political failure in EU member states to abolish gas market barriers to entry for independents. Variation between companies in degree of implementation should be explained by variation in conditions in the companies' home markets / wider business spheres and internal company factors. (Author)

  2. The role of financing frictions in agricultural investment decisions: an analysis pre and post financial crisis

    OpenAIRE

    O'Toole, Conor M.; Newman, Carol F.; Hennessy, Thia C.

    2011-01-01

    This paper uses a fundamental Q model of investment to consider the role played by financing frictions in agricultural investment decisions, controlling econometrically for censoring, heterogeneity and errors-in-variables. Our findings suggest that farmer's investment decisions are not driven by market fundamentals. We find some evidence that debt overhang restricts investment but investment is not dependent on liquidity or internal funds. The role of financing frictions in determining invest...

  3. 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).

  4. Lack of Definition of Compensation in International Investment Disputes for Non-Expropriation Claims: Is There an Appropriate Mechanism to Determine it?

    Directory of Open Access Journals (Sweden)

    Ligia Catherine Arias Barrera

    2011-12-01

    The structure followed is as follows: Firstly, the principle of full compensation applicable to international state responsibility and the key aspects of State liability in three main legal systems. Secondly, the analysis of some relevant awards based on non-expropriation claims including NAFTA, ICSID and Energy Chapter Treaty cases. The aim is to determine whether the principle of full compensation has been applied by arbitrators. Finally, to propose some general parameters to determine compensation in non-expropriation claims and to avoid entry into conflict with the three main liability systems studied, i.e French, German and English.

  5. 26 CFR 1.804-3 - Gross investment income of a life insurance company.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 8 2010-04-01 2010-04-01 false Gross investment income of a life insurance company. 1.804-3 Section 1.804-3 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Investment Income § 1.804-3 Gross investment income of a life...

  6. 26 CFR 1.852-5 - Earnings and profits of a regulated investment company.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Earnings and profits of a regulated investment company. 1.852-5 Section 1.852-5 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and Real Estate Investment...

  7. 26 CFR 1.852-4 - Method of taxation of shareholders of regulated investment companies.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Method of taxation of shareholders of regulated investment companies. 1.852-4 Section 1.852-4 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE... Investment Trusts § 1.852-4 Method of taxation of shareholders of regulated investment companies. (a...

  8. FORMS AND MOTIVATIONS OF FOREIGN DIRECT INVESTMENT

    Directory of Open Access Journals (Sweden)

    Maria-Ramona SÂRBU

    2014-04-01

    Full Text Available This study proposes the identification of forms of Foreign Direct Investment (FDI and analyzes factors influencing FDI motivation. Designing a coherent program to encourage foreign direct investment is based on knowledge of the factors that determine international companies to resort to this type of development: these companies resort to foreign direct investment if they have ownership advantages and internationalization, while another country has locational advantages to the company's home country. Thus, identifying the factors that influence the motivation of FDI is important both at the microeconomic level, local, local authorities and macroeconomic, national, government to develop measures for multiplying FDI .

  9. International Monetary Fund sacrifices higher growth, employment, spending, and public investment in health systems in order to keep inflation unnecessarily low.

    Science.gov (United States)

    Rowden, Rick

    2010-01-01

    The International Monetary Fund's response to evidence on the impact of its programs on public health fails to address the fundamental criticisms about its policies. The IMF's demand for borrowers to achieve extremely low inflation targets is founded on very little empirical evidence in the peer-reviewed literature. The low-inflation policies privilege international creditors over domestic debtors and short-term priorities over long-term development goals, and contain high social costs, referred to by economists as a "sacrifice ratio." For example, governments' raising of interest rates to bring down inflation undermines the ability of domestic firms to expand production and employment and thus "sacrifices" higher economic growth and higher tax revenues and unnecessarily constrains domestic health spending. During financial crisis, most countries seek to lower interest rates to stimulate the economy, the opposite of the IMF's general advice. Perversely, compliance with IMF policies has become a prerequisite for receiving donor aid. Critiques of the IMF express significant concerns that IMF fiscal and monetary policies are unduly restrictive. Health advocates must weigh in on such matters and pressure their finance ministries, particularly in the G7, to take steps at the level of the IMF Executive Board to revisit and modify its policy framework on deficits and inflation. Such reforms are crucial to enable countries to generate more domestic resources while the global health community searches for ways to support strengthening health system capacity.

  10. A Critical Review of the Literature on Firm-Level Theories on Ship Investment

    OpenAIRE

    Sinem Celik Girgin; Thanasis Karlis; Hong-Oanh Nguyen

    2018-01-01

    The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (...

  11. 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.

  12. Investment and uncertainty

    DEFF Research Database (Denmark)

    Greasley, David; Madsen, Jakob B.

    2006-01-01

    A severe collapse of fixed capital formation distinguished the onset of the Great Depression from other investment downturns between the world wars. Using a model estimated for the years 1890-2000, we show that the expected profitability of capital measured by Tobin's q, and the uncertainty...... surrounding expected profits indicated by share price volatility, were the chief influences on investment levels, and that heightened share price volatility played the dominant role in the crucial investment collapse in 1930. Investment did not simply follow the downward course of income at the onset...

  13. Clustering in large networks does not promote upstream reciprocity.

    Directory of Open Access Journals (Sweden)

    Naoki Masuda

    Full Text Available Upstream reciprocity (also called generalized reciprocity is a putative mechanism for cooperation in social dilemma situations with which players help others when they are helped by somebody else. It is a type of indirect reciprocity. Although upstream reciprocity is often observed in experiments, most theories suggest that it is operative only when players form short cycles such as triangles, implying a small population size, or when it is combined with other mechanisms that promote cooperation on their own. An expectation is that real social networks, which are known to be full of triangles and other short cycles, may accommodate upstream reciprocity. In this study, I extend the upstream reciprocity game proposed for a directed cycle by Boyd and Richerson to the case of general networks. The model is not evolutionary and concerns the conditions under which the unanimity of cooperative players is a Nash equilibrium. I show that an abundance of triangles or other short cycles in a network does little to promote upstream reciprocity. Cooperation is less likely for a larger population size even if triangles are abundant in the network. In addition, in contrast to the results for evolutionary social dilemma games on networks, scale-free networks lead to less cooperation than networks with a homogeneous degree distribution.

  14. Valuating Indonesian upstream oil management scenario through system dynamics modelling

    Science.gov (United States)

    Ketut Gunarta, I.; Putri, F. A.

    2018-04-01

    Under the existing regulation in Constitution Number 22 Year 2001 (UU No 22 Tahun 2001), Production Sharing Contract (PSC) continues to be the scenario in conducting oil and gas upstream mining activities as the previous regulation (UU No. 8 Tahun 1971). Because of the high costs and risks in upstream mining activities, the contractors are dominated by foreign companies, meanwhile National Oil Company (NOC) doesn’t act much. The domination of foreign contractor companies also warned Indonesia in several issues addressing to energy independence and energy security. Therefore, to achieve the goals of energy which is independence and security, there need to be a revision in upstream oil activities regulating scenario. The scenarios will be comparing the current scenario, which is PSC, with the “full concession” scenario for National Oil Company (NOC) in managing oil upstream mining activities. Both scenario will be modelled using System Dynamics methodology and assessed furthermore using financial valuation method of income approach. Under the 2 scenarios, the author will compare which scenario is better for upstream oil management in reaching the goals mentioned before and more profitable in financial aspect. From the simulation, it is gathered that concession scenario offers better option than PSC in reaching energy independence and energy security.

  15. Clustering in large networks does not promote upstream reciprocity.

    Science.gov (United States)

    Masuda, Naoki

    2011-01-01

    Upstream reciprocity (also called generalized reciprocity) is a putative mechanism for cooperation in social dilemma situations with which players help others when they are helped by somebody else. It is a type of indirect reciprocity. Although upstream reciprocity is often observed in experiments, most theories suggest that it is operative only when players form short cycles such as triangles, implying a small population size, or when it is combined with other mechanisms that promote cooperation on their own. An expectation is that real social networks, which are known to be full of triangles and other short cycles, may accommodate upstream reciprocity. In this study, I extend the upstream reciprocity game proposed for a directed cycle by Boyd and Richerson to the case of general networks. The model is not evolutionary and concerns the conditions under which the unanimity of cooperative players is a Nash equilibrium. I show that an abundance of triangles or other short cycles in a network does little to promote upstream reciprocity. Cooperation is less likely for a larger population size even if triangles are abundant in the network. In addition, in contrast to the results for evolutionary social dilemma games on networks, scale-free networks lead to less cooperation than networks with a homogeneous degree distribution.

  16. Participation costs can suppress the evolution of upstream reciprocity.

    Science.gov (United States)

    Peña, Jorge; Pestelacci, Enea; Berchtold, André; Tomassini, Marco

    2011-03-21

    Indirect reciprocity, one of the many mechanisms proposed to explain the evolution of cooperation, is the idea that altruistic actions can be rewarded by third parties. Upstream or generalized reciprocity is one type of indirect reciprocity in which individuals help someone if they have been helped by somebody else in the past. Although empirically found to be at work in humans, the evolution of upstream reciprocity is difficult to explain from a theoretical point of view. A recent model of upstream reciprocity, first proposed by Nowak and Roch (2007) and further analyzed by Iwagami and Masuda (2010), shows that while upstream reciprocity alone does not lead to the evolution of cooperation, it can act in tandem with mechanisms such as network reciprocity and increase the total level of cooperativity in the population. We argue, however, that Nowak and Roch's model systematically leads to non-uniform interaction rates, where more cooperative individuals take part in more games than less cooperative ones. As a result, the critical benefit-to-cost ratios derived under this model in previous studies are not invariant with respect to the addition of participation costs. We show that accounting for these costs can hinder and even suppress the evolution of upstream reciprocity, both for populations with non-random encounters and graph-structured populations. Copyright © 2011 Elsevier Ltd. All rights reserved.

  17. Natural gas market review 2008 - optimising investments and ensuring security in a high-priced environment

    Energy Technology Data Exchange (ETDEWEB)

    NONE

    2008-09-18

    Over the last 18 months, natural gas prices have continued to rise steadily in all IEA markets. What are the causes of this steady upward trend? Unprecedented oil and coal prices which have encouraged power generators to switch to gas, together with tight supplies, demand for gas in new markets and delayed investments all played a role. Investment uncertainties, cost increases and delays remain major concerns in most gas markets and are continuing to constitute a threat to long-term security of supply. A massive expansion in LNG production is expected in the short term to 2012, but the lag in LNG investment beyond 2012 is a concern for all gas users in both IEA and non-IEA markets. Despite this tight market context, regional markets continue on their way to globalisation. This tendency seems irreversible, and it impacts even the most independent markets. Price linkages and other interactions between markets are becoming more pronounced. This publication addresses these major developments, assessing investment in natural gas projects (LNG, pipelines, upstream), escalating costs, the activities of international oil and gas companies, and gas demand in the power sector. In addition, the publication includes data and forecasts on OECD and non-OECD regions to 2015 and in-depth reviews of five OECD countries and regions including the European Union. It also provides analysis of 34 non-OECD countries in South America, the Middle East, Africa, and Asia, including a detailed assessment of the outlook for gas in Russia, as well as insights on new technologies to deliver gas to markets.

  18. Investment climate in the GCC

    International Nuclear Information System (INIS)

    Luciani, Giacomo

    1999-01-01

    The future for oil producers in the Gulf is discussed and the emphasis is very much on Saudi Arabia. The net source flow to developing countries is illustrated but substantial changes are expected soon due to a combination of crises in the Far East and in Russia. Foreign investment in Saudi increased dramatically in 1997 and Saudi has great potential for maximising inward flows and minimising outward flows for the benefit of the national economy. It was stressed that at present, international factors are largely negative but domestic factors are very positive and will prevail in determining investments. The paper was presented under the sub-headings of (i) oil prices, (ii) the Asian crisis, (iii) stability in the Middle East, (iv) population growth (v) private sector viability, (vi) redefining the role of the state and (vii) long-term oil revenue prospects. Saudi Arabia is expected to continue to be a major player in the petroleum business

  19. INVESTMENT FUNDS IN ROMANIA

    Directory of Open Access Journals (Sweden)

    COPIL CRINA ANGELA

    2013-07-01

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

  20. Human Resource Local Content in Ghana's Upstream Petroleum Industry

    Science.gov (United States)

    Benin, Papa

    Enactment of Ghana's Petroleum (Local Content and Local Participation) Regulations, 2013 (L.I. 2204) was intended to regulate the percentage of local products, personnel, financing, and goods and services rendered within Ghana's upstream petroleum industry value chain. Five years after the inception of Ghana's upstream oil and gas industry, a gap is evident between the requirements of L.I. 2204 and professional practice. Drawing on Lewin's change theory, a cross-sectional study was conducted to examine the extent of differences between the prevailing human resource local content and the requirements of L.I. 2204 in Ghana's upstream petroleum industry. The extent to which training acquired by indigenous Ghanaians seeking jobs in Ghana's oil fields affects the prevalent local content in its upstream petroleum industry was also examined. Survey data were collected from 97 management, technical, and other staff in 2 multinational petroleum companies whose oil and gas development plans have been approved by the Petroleum Commission of Ghana. To answer the research questions and test their hypotheses, one-way ANOVA was performed with staff category (management, technical, and other) as the independent variable and prevalent local content as the dependent variable. Results indicated that prevailing local content in Ghana's upstream petroleum industry meets the requirements of L.I. 2204. Further, training acquired by indigenous Ghanaians seeking jobs in Ghana's oil fields affects the prevalent local content in its offshore petroleum industry. Findings may encourage leaders within multinational oil companies and the Petroleum Commission of Ghana to organize educational seminars that equip indigenous Ghanaians with specialized skills for working in Ghana's upstream petroleum industry.

  1. 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

  2. Missouri airport investment study

    Science.gov (United States)

    The studys purpose is to provide MoDOT with insight to the potential ROI for airport : investments in terms of economic development. To do so, this study addresses two central : objectives: first, an approach to evaluate airport investments; and s...

  3. 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.

  4. Investment for food

    NARCIS (Netherlands)

    Groenveld, D.

    1961-01-01

    Groenveld attempted to show the magnitude of investments in agriculture, which were necessary to meet the increasing world demand for food. The formula S = K/Y (ΔN +ΔH) was assumed as a description that for a community the proportion of national income saved and invested must equal the product of

  5. Considerations in Duplex Investment.

    Science.gov (United States)

    Wright, Arthur; Goen, Tom

    Problems of duplex investment are noted in the introduction to this booklet designed to provide a technique by which the investment decision can be approached, develop estimates of typical costs and returns under differing conditions, and encourage investors to analyze objectives and conditions before the decision to buy or build is made. A…

  6. The Investment Policy Statement

    Science.gov (United States)

    Griswold, John S.; Jarvis, William F.

    2011-01-01

    Successful investing for long-term funds requires a strategic plan. This is true despite--indeed, because of--the fact that the future is unknowable. The plan must be specific, embodying in concrete terms the best thinking of the board of trustees about the investment pool, its goals and purposes; but it also needs to be sufficiently flexible to…

  7. Exploring Social Learning through Upstream Engagement in Science and Technology

    DEFF Research Database (Denmark)

    Mortensen, Jonas Egmose

    This discussion paper deliberates on how the concept of social learning can be used for evaluating upstream engagement initiatives in science and technology.  The paper briefly introduces to the concept of upstream engagement and a concrete case, the UK Citizen Science for Sustainability project...... (SuScit), as an outset for discussing how the concept of social learning can be used for analysing and understanding relations between citizen participation, Science and research, and sustainability. A number of relevant research questions and methodological considerations are distilled...

  8. Accounting-information support investment in object of tourism industry

    Directory of Open Access Journals (Sweden)

    Ya.D. Krupka

    2015-06-01

    Full Text Available The article reveals the peculiarities of investments in tourism, their financial support through various sources. Given the branching system of travel, and additional related services offered by the author, each of the objects viewed as an investment project which, in turn, provides investment and obtaining from them certain benefits. In the article the system of investment projects, including the relationship of forms of investment (own cash and property investments of investors, credit and other borrowed resources, funds from sponsors and donations and the effects of investment (profit from operations, related income, social benefits for citizens and other benefits for society. Given the fact that every project goes through several stages since its launch and completion stages of submitted investment projects include the following phases: pre, investment process and control the results and return on capital investment projects under operation. The scheme of the project life cycle, which provided a way out of the project, corresponding interpretation investing activities international and national accounting standards and financial reporting. In this paper, special attention is paid to the rehabilitation of tourist visits, keeping investments in them, as well as an attempt to give an objective assessment of the effectiveness of such investments on the basis of accounting information.

  9. Competition in investment banking

    Directory of Open Access Journals (Sweden)

    Katrina Ellis

    2011-01-01

    Full Text Available We construct a comprehensive measure of overall investment banking competitiveness for follow-on offerings that aggregates the various dimensions of competition such as fees, pricing accuracy, analyst recommendations, distributional abilities, market making prowess, debt offering capabilities, and overall reputation. The measure allows us to incorporate trade-offs that investment banks may use in competing for new or established clients. We find that firms who switch to similar-quality underwriters enjoy more intense competition among investment banks which manifests in lower fees and more optimistic recommendations. Investment banks do compete vigorously for some clients, with the level of competition related to the likelihood of gaining or losing clients. Finally, investment banks not performing up to market norms are more likely to be dropped in the follow-on offering. In contrast, firms who seek a higher reputation underwriter face relatively non-competitive markets.

  10. 26 CFR 1.851-1 - Definition of regulated investment company.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Definition of regulated investment company. 1....851-1 Definition of regulated investment company. (a) In general. The term “regulated investment....S.C. 80a-3(c)) from the definition of “investment company” and not included in the definition of...

  11. 26 CFR 1.857-7 - Earnings and profits of a real estate investment trust.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Earnings and profits of a real estate investment... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-7 Earnings and profits of a real estate investment trust. (a) Any real estate investment trust whether or not such trust...

  12. 26 CFR 1.857-8 - Records to be kept by a real estate investment trust.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Records to be kept by a real estate investment... (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-8 Records to be kept by a real estate investment trust. (a) In general. Under section 857(a)(2) a real estate investment...

  13. 26 CFR 5c.168(f)(8)-4 - Minimum investment of lessor.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 14 2010-04-01 2010-04-01 false Minimum investment of lessor. 5c.168(f)(8)-4....168(f)(8)-4 Minimum investment of lessor. (a) Minimum investment. Under section 168(f)(8)(B)(ii), an... has a minimum at risk investment which, at the time the property is placed in service under the lease...

  14. 26 CFR 1.851-6 - Investment companies furnishing capital to development corporations.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Investment companies furnishing capital to... Investment Trusts § 1.851-6 Investment companies furnishing capital to development corporations. (a) Qualifying requirements. (1) In the case of a regulated investment company which furnishes capital to...

  15. 26 CFR 1.857-2 - Real estate investment trust taxable income and net capital gain.

    Science.gov (United States)

    2010-04-01

    ... estate investment trust taxable income and net capital gain. (a) Real estate investment trust taxable... paid during the taxable year, and the net capital gain is excluded in computing real estate investment... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Real estate investment trust taxable income and...

  16. Innovation and performance: The case of the upstream petroleum sector

    Science.gov (United States)

    Persaud, A. C. Jai

    This thesis investigates innovation in the upstream crude oil and natural gas sector, a strategic part of the Canadian economy and a vital industry for North American energy trade and security. Significant interest exists in understanding innovation in this sector from a private and public policy perspective. Interest in the sector has intensified recently due to concerns about world oil supply, Canada's oil sands development, and the potential that Canada may become an "energy superpower." The study examines the factors that drive companies involved in exploration, development, and production in the upstream petroleum sector to innovate and the impact of their innovation activities through major technologies on their performance. The thesis focuses on process innovation, which involves the adoption of new or significantly improved production processes, and is distinct from product innovation, which is based on the development and commercialization of a product with improved product characteristics to deliver new services to the consumer. The thesis provides a comprehensive review of the literature and develops an investigative model framework to examine the drivers of innovation and the impact of innovation on performance in the upstream petroleum sector. The research employs a survey questionnaire that was developed to obtain data and information, which was missing in the literature or not publicly available to test key relationships of innovation and performance indicators. In addition to the survey questionnaire, a number of knowledgeable experts in the industry were also interviewed. A total of 68 respondents completed the survey questionnaire, accounting for 40 percent of the firms in the industry. This percentage goes up to over 50 percent when account is taken of extremely small firms who could not fill out the survey. Further, the 68 respondents account for most of the industry revenues, production, and employment. The respondents include most of the key

  17. 1 October 2013 - British Minister of State for Trade and Investment Lord Green of Hurstpierpoint signing the guest book with Head of Internationals Relations R. Voss; visiting the LHC tunnel at Point 1 and the ATLAS experimental cavern with ATLAS Collaboration Members K. Behr and J. Catmore.

    CERN Multimedia

    Jean-Claude Gadmer

    2013-01-01

    1 October 2013 - British Minister of State for Trade and Investment Lord Green of Hurstpierpoint signing the guest book with Head of Internationals Relations R. Voss; visiting the LHC tunnel at Point 1 and the ATLAS experimental cavern with ATLAS Collaboration Members K. Behr and J. Catmore.

  18. The Investment Capacities of the Ukrainian Economy the EU countries

    Directory of Open Access Journals (Sweden)

    O. S.

    2017-02-01

    Full Text Available The article deals with selected aspects of investment in the context of the enhanced competition at investment markets and the need to increase the investment performance. A review of literary sources shows that investment capacities essentially refer to the economy’s capability to fund processes or phases related with generation of innovation, formation and modernization of fixed assets or intangible assets; development of education, research and information sectors; reproduction, support and creation of national wealth. It is emphasized that formation and realization of investment capacities in the economy can be attributed to processes that have significant effects for economic performance in the long run, especially when the capacities are innovative. The author’s definition of investment capacities of the economy is given, as the capacity to support financially the upward investment trend through accumulating fixed capital and increasing the profit rate from its generation in current and medium-term periods. The existing methodology for assessment of investment capacities at country level is analyzed; recommendations to improve the system of aggregated investment statistics, taking into account the Eurostat methodology, are given. Statistical indicators measuring the investment capacities in EU countries and Ukraine are analyzed. The analysis shows that the investment rate in Ukrainian industrial enterprises was 21.8% in 2014 and 19.6% in 2015, giving an indication of downward investment trend and the shrinking investment capacities of the national economy. Growth in the share of profit in the value added in 2015 by 6.7 percentage points (to 47.3% compared with 2014 is evidence that instead of investing internal resources, enterprises use them to cover financial loses or tend to take them off the national boundaries. Upward investment trend can be recovered by the increased supply of investment projects with low level of investment risk

  19. Geopolitics and the corporate investment decision

    International Nuclear Information System (INIS)

    Boulos, A.J.

    1996-01-01

    The impact of geopolitics in any international oil company's investment decisions, was discussed. Geopolitics in this context was defined as all government policies, be they economic, political strategic or military, that determine national interests, which a company has to take into account in making an investment decision. Geopolitical considerations have taken on added importance with the arrival of the Cold War and its aftermath, to the point where investment decisions based on traditional parameters such as geological productivity, rates of return, net present values, fiscal and contractual provisions frequently take a back seat to investment decisions that were taken with geopolitical impacts foremost in mind. From time to time, geopolitical factors can even pre-empt corporate investment decisions. The nature of geopolitics, its historical antecedents, the emergence of international rivalries following World War I, intensified after World War II, particularly after the formation of OPEC in 1973, the changing forms of resource ownership, and the general impact of geopolitical factors on corporate investment decisions were reviewed

  20. Energy investments and employment

    International Nuclear Information System (INIS)

    1993-08-01

    A study was conducted to assess the effect that different energy options would have on provincial and regional employment prospects in British Columbia. Current and future economic and employment patterns were examined to develop a more detailed understanding of the skills, age, gender, location, and other characteristics of British Columbia workers. Over 40 previous studies examining the energy/employment relationship were also reviewed. Based on this review and an analysis of the province's economic and labor conditions, the following conclusions are drawn. Investment in non-energy sectors offers better prospects for reducing unemployment than investment in the energy sector, whether for new supply or improving efficiency. Investments in the energy sector provide fewer jobs than investments in most other sectors of the economy. Among the available electricity supply options, large hydroelectric projects tend to produce the fewest jobs per investment dollar. Smaller thermal projects such as wood residue plants produce the most jobs. If and when more energy is needed in British Columbia, the most cost-effective combination of energy supply and efficiency options will also create the most jobs. Compared to traditional energy supply options, investments in energy efficiency would create about twice as many total jobs, create jobs that better match the skills of the province's unemployed and its population distribution, and create jobs that last longer on the average. Construction-related measures such as improved insulation tend to produce more jobs per investment dollar than the substitution of more energy-efficient equipment. 69 refs., 9 tabs

  1. INVESTMENT ATTRACTIVENESS OF ENTERPRISES

    Directory of Open Access Journals (Sweden)

    Nadiia Davydenko

    2017-03-01

    Full Text Available In the article the approaches to defining the essence of the concept of “investment attractiveness of enterprises” were analyzed. On the example of "Agrofirm Brusilov" depth analysis of the agricultural enterprises to evaluate of profitability, liquidity, solvency, financial stability, the timing of the return of invested funds and minimizing investment risks was conducted. To study methods of rating and system analysis were used. To justify the conditions of  increasing investment attractiveness farms method of scoring was used. It was established as a result of the use of integrated evaluation of the financial position one can see problem aspects of financial position of the company and develop measures to enhance liquidity, solvency, identify potential for raising the efficiency of company and prevention of financial crisis. The analysis of financial position showed that the management of the enterprise doesn’t  think  about  financial stability and solvency, does not understand the benefit of borrowed capital. Using research results in practice of agricultural enterprises allows us to give a real evaluation of investment attractiveness and justify ways to improve it. Key words: investments, investment attractiveness, potential business, financial position.

  2. Sector report: Malaysia. Upstream oil and gas industry

    International Nuclear Information System (INIS)

    1997-01-01

    This report is one of a series designed to introduce British exporters to the opportunities offered by the Malaysian market in oil and natural gas. The report includes Malaysia's oil and gas reserves, production, exploration, major profits upstream, production sharing contracts, pipeline construction, operators in production, service sector, and Petronas. (UK)

  3. Collisionless shocks and upstream waves and particles: Introductory remarks

    International Nuclear Information System (INIS)

    Kennel, C.F.

    1981-01-01

    We discuss more aspects of collisionless shock theory that might be pertinent to the problem of upstream waves and particles. It is hoped that our qualititive remarks may be a useful guide for the general reader as he goes through the detailed papers to come

  4. Characterization of upstream sequences from the 8S globulin gene ...

    African Journals Online (AJOL)

    Administrator

    2011-09-21

    Sep 21, 2011 ... added recombinant proteins and enzymes for industries. The upstream region ... cost, eukaryotic expression and no endogenous patho- gen pollution, thus it ... developmental process (Santino et al., 1997) which may deplete nutrient ... ideal bioreactors for economic production and storage of value-added ...

  5. Employee assistance programs in the upstream petroleum industry

    International Nuclear Information System (INIS)

    Crutcher, R.A.; Yip, R.Y.; Young, M.R.

    1991-01-01

    This paper is a descriptive overview of Employee Assistance Programs (EAPs) in the upstream Canadian petroleum industry. The authors review current EAP models within the occupational health setting and the Canadian health care context. This article also explores the challenging issues of EAP's emergent functions in workplace substance abuse programs, its changing role in organizational effectiveness and its professional identity

  6. Inlet effect induced ''upstream'' critical heat flux in smooth tubes

    International Nuclear Information System (INIS)

    Kitto, J.B. Jr.

    1986-01-01

    An unusual form of ''upstream'' critical heat flux (CHF) has been observed and directly linked to the inlet flow pattern during an experimental study of high pressure (17 - 20 MPa) water flowing through a vertical 38.1 mm ID smooth bore tube with uniform axial and nonuniform circumferential heating. These upstream CHF data were characterized by temperature excursions which initially occurred at a relatively fixed axial location in the middle of the test section while the outlet and inlet heated lengths experienced no change. A rifled tube inlet flow conditioner could be substituted for a smooth tube section to generate the desired swirling inlet flow pattern. The upstream CHF data were found to match data from a uniformly heated smooth bore tube when the comparison was made using the peak local heat flux. The mechanism proposed to account for the upstream CHF observations involves the destructive interference between the decaying swirl flow and the secondary circumferential liquid flow field resulting from the one-sided heating

  7. DIRECT INVESTMENT ON REGIONAL MARKETS

    Directory of Open Access Journals (Sweden)

    LIVIU NEAMŢU

    2013-08-01

    Full Text Available Foreign direct investment are that category of investments that allow participation in leadership andeffective control of the companies in which it invests. It's so new firms, as well as the establishment ofinternational operations of the company through expansion of existing operations. Typically, the companyincurred in a market that is confined to a distinct geographical area, but the limits of market changes. Thechange can be the result of higher management decisions on market opening and development of a newtechnology or product. Markets with a lower level of development are likely to attract a higher level of directinvestments than those in more developed countries. The specific reasons behind the decision of a company toinvest abroad are operating efficiency, reduce risk, market development and Government policy in the hostcountry. Transnational corporations are large conglomerates which consists of the parent company and itssubsidiaries/branches, both in the country of residence and abroad. Transnational corporations affect stronglyboth the production and the world of international economic relations. This influence is determined by themotivations of expansion that they promote. The expansion of transnational corporations has as satisfying"ambitions" of global expansion, and impulsionate getting supraprofiturilor. The strength of these structures isbased on maximizing profits.

  8. Investing in Energy Efficiency. Removing the Barriers

    International Nuclear Information System (INIS)

    2004-01-01

    Investing in improving energy efficiency has the clear advantages of reducing energy costs, improving security of supply and mitigating the environmental impacts of energy use. And still, many viable opportunities for higher energy efficiency are not tapped because of the existence of numerous barriers to such investments. These lost opportunities imply costs to the individual energy consumers and to the society as a whole and they are particularly important in economies in transition. This report identifies various types of barriers for making energy efficiency investments (be they of legal, administrative, institutional or financial nature), mainly in buildings, district heating and efficient lighting. The role of various bodies and organisations for the facilitation of energy efficiency investments is analysed, from public authorities and regulators to banks and international financing institutions

  9. Primary Sources of Corporate Investment in Hungary

    Directory of Open Access Journals (Sweden)

    Katona Klára

    2017-06-01

    Full Text Available This research aims to reveal how Hungarian companies have financed investments over the last two decades. Which financing strategy characterized them: was internal capital accumulation or external resources, such as bank loans or foreign capital the primary source of corporate investments? The study gives an overview of the conditions typical in the Hungarian financing and capital market over the last 25 years through an empirical analysis. Using a linear regression model, the paper examines the main investments sources among the top 5000 Hungarian firms according to revenues between 1996 and 2014. The model proved that the effect of loans in financing investments was significant and positive in all examined firms, independently from their ownership in the whole period. The rate of indebtedness of foreign companies was mainly attributable to local bank credits and not loans granted by mother companies.

  10. Irreversible investments revisited

    DEFF Research Database (Denmark)

    Sandal, Leif K.; Steinshamn, Stein I.; Hoff, Ayoe

    2007-01-01

    A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric cost......-function of investment, and investments can be both positive and negative. Exploitation is controlled through the utilisation rate of available capital. A novel feature in this model is that there are costs associated with the available capital whether it is utilised or not. And, in contrast to most of the previous...

  11. Downstream natural gas in Europe - high hopes dashed for upstream oil and gas companies

    International Nuclear Information System (INIS)

    Eikeland, P.O.

    2007-01-01

    Access for independents to retail gas markets was a central concern in European policy reform efforts in the 1990s. Upstream oil and gas companies reacted with strategic intentions of forward integration. By late 2004, forward integration was still weak, however. An important explanation of the gap between announced strategic re-orientation and actual strategy implementation lies in the political failure of EU member states to dismantle market barriers to entry for independents. Variations between companies in downstream strategy implementation are explained by variations in business opportunities and internal company factors. [Author

  12. Downstream natural gas in Europe-High hopes dashed for upstream oil and gas companies

    International Nuclear Information System (INIS)

    Eikeland, Per Ove

    2007-01-01

    Access for independents to retail gas markets was a central concern in European policy reform efforts in the 1990s. Upstream oil and gas companies reacted with strategic intentions of forward integration. By late 2004, forward integration was still weak, however. An important explanation of the gap between announced strategic re-orientation and actual strategy implementation lies in the political failure of EU member states to dismantle market barriers to entry for independents. Variations between companies in downstream strategy implementation are explained by variations in business opportunities and internal company factors

  13. 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)

  14. Upstream oil and gas industry options paper : report of the upstream oil and gas working group of the Industry Issues Table to the National Climate Change Secretariat

    International Nuclear Information System (INIS)

    1999-09-01

    The Canadian Association of Petroleum Producers (CAPP) has coordinated the efforts of the upstream oil and natural gas industry to draft a foundation paper to provide data on industry greenhouse gas (GHG) emissions and actions. This paper is a technical piece targeted at government officials and stakeholders involved in the National Climate Change Secretariat process. The paper also outlines the context for considering policies aimed at reducing oil and gas industry emissions on climate change. The 6 key messages that CAPP wanted to emphasize in this paper were: (1) Canada's situation is very different from that of the U.S. and most other industrial countries, (2) GHG emissions are primarily an end-use consumption issue, (3) the climate change issue and the Kyoto Protocol present a major uncertainty that could undermine Canadian oil and natural gas development opportunities, (4) Canada should not be penalised by its growth of oil and natural gas resources, (5) the ability to reduce emissions by changing production technology is limited because large reductions in Canadian upstream emissions would only mean a shift of production to other countries which would not help to reduce global emissions, and (6) Canada should focus on promoting cost-effective action, research and development and international flexibility, and ensure that recognition is given to those companies that reduce emissions. tabs., figs

  15. Developing 2 C-compatible investment criteria

    Energy Technology Data Exchange (ETDEWEB)

    Roeser, Frauke [NewClimate - Institute for Climate Policy and Global Sustainability gGmbH, Bonn (Germany); Weischer, Lutz [Germanwatch e.V., Koeln (Germany); Thomae, Jakob [2degrees Investing Initiative, New York, NY (United States); Hoehne, Niklas; Hagemann, Markus; El Alaoui, Alexander; Bals, Christoph; Eckstein, David; Kreft, Soenke; Rosse, Morten

    2015-11-30

    This report studies the development of criteria for assessing the compatibility of financial investments with the international goal to limit global temperature increase to below 2 C above pre-industrial levels. The findings are intended as a starting point and a key input for a longer term process to develop consensus-based 2 C investing criteria. The focus here is placed on investments in projects and physical assets, in particular of development and climate finance organisations. In order to limit global temperature increase to 2 C, global greenhouse gas (GHG) emissions will have to be reduced significantly, eventually to zero, during the course of this century. This requires shifting capital from high to low carbon investments as well as significant capital mobilisation for investments in 2 C-compatible infrastructure. Given the long lifetime of physical assets, and the urgency of decarbonisation over the coming decades, this needs to begin today. Public financial institutions can play a prominent role in contributing to aligning investment flows with the 2 C limit, as well as in closing the current infrastructure investment gap, responding to their explicit or implicit climate mandates and leadership role in the finance sector. The majority of international financial institutions integrate climate considerations into their finance decisions to some degree, and are familiar with different types of criteria, including positive and negative lists, qualitative and quantitative benchmarks, and the use of shadow carbon pricing. However, current approaches do not link to the 2 C limit. 2 C investment criteria are therefore needed to guide investors in this regard. Such criteria may also support other purposes, including an understanding of climate risks and improved reporting and accountability.

  16. Developing 2 C-compatible investment criteria

    International Nuclear Information System (INIS)

    Roeser, Frauke; Weischer, Lutz; Thomae, Jakob; Hoehne, Niklas; Hagemann, Markus; El Alaoui, Alexander; Bals, Christoph; Eckstein, David; Kreft, Soenke; Rosse, Morten

    2015-01-01

    This report studies the development of criteria for assessing the compatibility of financial investments with the international goal to limit global temperature increase to below 2 C above pre-industrial levels. The findings are intended as a starting point and a key input for a longer term process to develop consensus-based 2 C investing criteria. The focus here is placed on investments in projects and physical assets, in particular of development and climate finance organisations. In order to limit global temperature increase to 2 C, global greenhouse gas (GHG) emissions will have to be reduced significantly, eventually to zero, during the course of this century. This requires shifting capital from high to low carbon investments as well as significant capital mobilisation for investments in 2 C-compatible infrastructure. Given the long lifetime of physical assets, and the urgency of decarbonisation over the coming decades, this needs to begin today. Public financial institutions can play a prominent role in contributing to aligning investment flows with the 2 C limit, as well as in closing the current infrastructure investment gap, responding to their explicit or implicit climate mandates and leadership role in the finance sector. The majority of international financial institutions integrate climate considerations into their finance decisions to some degree, and are familiar with different types of criteria, including positive and negative lists, qualitative and quantitative benchmarks, and the use of shadow carbon pricing. However, current approaches do not link to the 2 C limit. 2 C investment criteria are therefore needed to guide investors in this regard. Such criteria may also support other purposes, including an understanding of climate risks and improved reporting and accountability.

  17. Energy investment advisory series No. 3: Investment opportunities in the Persian Gulf energy sector

    Energy Technology Data Exchange (ETDEWEB)

    Hadgen, R.E.

    1994-12-01

    Sometimes the greatest investment opportunities are in those areas where the least progress seems to be taking place. This report describes energy-based developments taking place in the Persian/Arabian Gulf. The 8 Gulf states are building their nations; each has large minority groups and swelling populations; their economies are built on one product (hydrocarbons). Large expatriate populations, being integrated into local societies and economies, have led to hostility and guarded access to contacts with the outside world. Gulf nations cannot benefit from any oil price rise as they did in the past, as their populations have grown too rapidly. Policies change daily and can be changed back to original ones as well as into new ones. Since the oil and gas industries are the primary source of government revenue, oil and gas are likely to remain longest under government control. A breakdown of energy-base investment potentials in the Middle East is tabulated: upstream oil, refining, domestic oil marketing, upstream gas, LNG, electricity, petrochemical.

  18. 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)

  19. Environment, Trade, and Investment

    Science.gov (United States)

    Environment, trade, and investment are fundamentally linked as the environment provides many basic inputs of economic activity – forests, fisheries, metals, minerals – as well as the energy used to process those materials.

  20. Socially responsible investment engagement

    NARCIS (Netherlands)

    Goessling, T.; Buijter, Bas; Freeman, R.E.; Kujala, J.; Sachs, S.

    2017-01-01

    This study explores engagement in socially responsible investment (SRI) processes. More specifically, it researches the impact of shareholder salience on the success of engagement activities. The research question asks: What is the relationship between shareholder salience and engagement effort

  1. Multimodal freight investment criteria.

    Science.gov (United States)

    2010-07-01

    Literature was reviewed on multi-modal investment criteria for freight projects, examining measures and techniques for quantifying project benefits and costs, as well as ways to describe the economic importance of freight transportation. : A limited ...

  2. Sanitation investments in Ghana

    DEFF Research Database (Denmark)

    Awunyo-Akaba, Y.; Awunyo-Akaba, J.; Gyapong, M.

    2016-01-01

    with people’s willingness and ability to invest in household sanitation across all communities. The status of being a stranger i.e. migrant in the area left some populations without rights over the land they occupied and with low incentives to invest in sanitation, while indigenous communities were challenged......Background: Ghana’s low investment in household sanitation is evident from the low rates of improved sanitation. This study analysed how land ownership, tenancy security and livelihood patterns are related to sanitation investments in three adjacent rural and peri-urban communities in a district...... communities were triangulated with multiple interview material and contextual knowledge on social structures, history of settlement, land use, livelihoods, and access to and perceptions about sanitation. Results: This study shows that the history of settlement and land ownership issues are highly correlated...

  3. Parental Investments in Children

    DEFF Research Database (Denmark)

    Bonke, Jens; Esping-Andersen, Gösta

    This study examines parental time investment in their children, distinguishing between developmental and non-developmental care. Our analyses centre on three influential determinants: educational background, marital homogamy, and spouses’ relative bargaining power. We find that the emphasis...

  4. Direct Spanish Investments in Latin America

    Directory of Open Access Journals (Sweden)

    Alfredo Arahuetes García

    1995-11-01

    Full Text Available In the period 1981-1992, the international flow of direct investments witnessed significant changes which affected their magnitude, geographical orientation, sectorial distribution, forms of investment and sources of financing. This happened in such a way that traditional distribution among industrialized and developing countries was modified as was the capacity for attraction of the different areas in development. In this sense, the main contrast could be seen in the growing importance of East and South East Asia and the decline of Latin American countries which traditionally have been the largest receivers of direct investments within the group of developing countries. The expansive phase of direct investments begun in 1986 threatened to exclude Latin American countries but the establishment of a new framework for the treatment of the problem of external debt -the Brady Plan-, the change in the context of theinternational economy in 1990 and the stability and economic growth of the countries of the region favoured, without a doubt, the recovery of the capacity for attraction for new flows of direct investments regarding Latin American countries.In this way, Latin America registered once again a growing participation in the international flow of direct investments. The evolution of direct Spanish investment in Latin America followed a path similar to that of wider international flows and, after the intense absorption of the first years of the Eighties, the rest of the decade registered a discreet attraction for investors which only began to change course from 1989 onwards with the reestablishment of the new phase of the economic cycle in the countries of the region.

  5. 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

  6. Emissions trading and green investments in Russia

    International Nuclear Information System (INIS)

    Moe, A.; Tangen, K.; Berdin, V.; Pluzhnikov, O.

    2003-01-01

    In simple terms a Green Investment Scheme entails connecting revenues from emissions trading to investments in environmental activities in Russia. This article presents insights derived from an international project on the GIS, focusing on issues that must be addressed if the concept is to become operational, on the background of the domestic, as well as international interests connected to a GIS. GIS is a worthwhile concept with the potential to bring real environmental benefits and meet profound concerns from several of the key actors in the Kyoto regime. However, establishing a well-functioning GIS means removing many of the current barriers that hold back investments in Russia. At the time of writing, Russia has still not decided whether it will ratify Kyoto Protocol. GIS illustrates that there will be substantial benefits for Russia from ratifying the Kyoto Protocol, which is a prerequisite for its entering into force. (Author)

  7. Regulatory Impacts on Distributed Generation and Upstream Transmission Substation Expansion Planning: A Novel Stochastic Bi-level Model

    Directory of Open Access Journals (Sweden)

    F. Misaghi

    2017-06-01

    Full Text Available In this paper, a novel framework is proposed to study impacts of regulatory incentive on distributed generation (DG investment in sub-transmission substations, as well as upgrading of upstream transmission substations. Both conventional and wind power technologies are considered here. Investment incentives are fuel cost, firm contracts, capacity payment and investment subsidy relating to wind power. The problem is modelled as a bi-level stochastic optimization problem, where the upper level consists of investor's decisions maximizing its own profit. Both market clearing and decision on upgrading of transmission substation aiming at minimizing the total cost are considered in the lower level. Due to non-convexity of the lower level and impossibility of converting to single level problem (i.e. mathematical programming with equilibrium constraints (MPEC, an algorithm combing enumeration and mathematical optimization is used to tackle with the non-convexity. For each upgrading strategy of substations, a stochastic MPEC, converted to a mixed integer linear programming (MILP is solved. The proposed model is examined on a six-bus and an actual network. Numerical studies confirm that the proposed model can be used for analysing investment behaviour of DGs and substation expansion.

  8. Investing in river health.

    Science.gov (United States)

    Bennett, J

    2002-01-01

    Rivers provide society with numerous returns. These relate to both the passive and extractive uses of the resources embodied in river environments. Some returns are manifest in the form of financial gains whilst others are non-monetary. For instance, rivers are a source of monetary income for those who harvest their fish. The water flowing in rivers is extracted for drinking and to water crops and livestock that in turn yield monetary profits. However, rivers are also the source of non-monetary values arising from biological diversity. People who use them for recreation (picnicking, swimming, boating) also receive non-monetary returns. The use of rivers to yield these returns has had negative consequences. With extraction for financial return has come diminished water quantity and quality. The result has been a diminished capacity of rivers to yield (non-extractive) environmental returns and to continue to provide extractive values. A river is like any other asset. With use, the value of an asset depreciates because its productivity declines. In order to maintain the productive capacity of their assets, managers put aside from their profits depreciation reserves that can be invested in the repair or replacement of those assets. Society now faces a situation in which its river assets have depreciated in terms of their capacity to provide monetary and non-monetary returns. An investment in river "repair" is required. But, investment means that society gives up something now in order to achieve some benefit in the future. Society thus has to grapple wih the choice between investing in river health and other investments--such as in hospitals, schools, defence etc. - as well as between investing in river health and current consumption--such as on clothes, food, cars etc. A commonly used aid for investment decision making in the public sector is benefit cost analysis. However, its usefulness in tackling the river investment problem is restricted because it requires all

  9. Shifting Paradigms in International Investment Law

    DEFF Research Database (Denmark)

    rightly remain muted at this point. Overall, the field is in a tense state of flux, with important questions in need of apt resolution; some more controversial—reforming the system of investor–State dispute settlement, for one—than others (protecting the State’s ability to regulate, for instance)....

  10. A Dynamic Growth Model for Flows of Foreign Direct Investment

    OpenAIRE

    Yi-Hui Chiang; Yiming Li; Chih-Young Hung

    2007-01-01

    In this work, we for the first time study the dynamic flows of the foreign direct investment (FDI) with a dynamic growth theory. We define the FDI flow as a process which transmits throughout a given social system by way of diverse communication channels. In model formulation, seven assumptions are thus proposed and the foreign capital policy of the host country is considered as an external influence; in addition, the investment policy of the investing country is modeled as an internal influe...

  11. Promote Long-term Low-risk Investment

    Institute of Scientific and Technical Information of China (English)

    2006-01-01

    How do you pick stocks in China? Which sectors in the Ashare market have the greatest investment potential? What problems would China's stock market face if the economy contracts? These are questions Xinhua Finance's Money Journal recently put to the man responsible for Franklin Templeton Investments' fund management business in China,India and Brazil. Stephen H. Dover, Managing Director and International Chief Investment Officer for Franklin Templeton Advisors, the largest listed fund management company...

  12. INVESTMENT STRUCTURE AND EVOLUTION IN THE CONTEXT OF ECONOMIC CRISIS

    Directory of Open Access Journals (Sweden)

    CODAU CIPRIAN-CRACIUN

    2011-12-01

    Full Text Available The scope of this article is the evolution analysis of net investment in Romania between economic growth and international economic crisis. The analysis captures both the evolution of net investment by structure elements (buildings, outfits, other investments and the structure and evolution of investments by sources of financing. Also there is an analysis of the foreign direct investment (FDI share in the total net investment and the impact of the economic crisis on this share. The article aims to identify the main factors for the evolution of investments in Romania before the financial crisis and determine how the financial crisis influenced the structure and volume of investments in the national economy. Most previous studies have focused either on a small part of the investments made in Romania (in most cases the FDI have been analyzed or on the period of economic expansion without capturing the evolution of investment during the economic crisis. Previous research has highlighted especially the FDI influence on macroeconomic indicators of high importance for the economy (unemployment rate, GDP growth rate, etc. with less focus on the factors influencing these investments and the close connection between the economic context (economy status and the volume of these investments. For the analysis of the investment evolution during the mentioned period statistical data was used that captured both the investment evolution trend and the changes occurred by the national economy stepping into recession amid the global financial crisis established. To get an overview of the situation it was considered a time internal that captured both the economic growth and the period after the onset of the economic crisis. Thereby information was obtained on the volume of net investment during 2000-2010, on foreign direct investment in the period 2003-2010 and their share in total net investment and also on the main sources of investment financing during the

  13. Japanese investment in Peru: limits of developmental investment

    OpenAIRE

    Kamiya, Marco

    2004-01-01

    Japanese Investment in Latin America was considerable in the 1960s and 1970s, but the investment never took off in the developmental style as in East Asia. The author examines why Japanese Foreign Direct Investment in Peru did not follow the pattern of developmental investment, analyzing the elements involved regarding policies in Peru and particular circumstances in Japan in the 1990 decade.

  14. Commercial real estate analysis and investments

    NARCIS (Netherlands)

    Geltner, D.; Miller, N.; Clayton, J.; Eichholtz, P.M.A.

    2013-01-01

    The well-known and respected authorship team of Geltner and Miller bring you a new edition of what has become the undisputed and authoritative resource on commercial real estate investment. Streamlined and completely updated with expanded coverage of corporate and international real estate

  15. Agency Costs, Firm Value, and Corporate Investment

    NARCIS (Netherlands)

    M. Teixeira de Vasconcelos (Manuel)

    2012-01-01

    textabstractOften firms lack the necessary internal resources to pursue all profitable investment opportunities at their disposal. One of the most important roles of financial markets is to allocate resources from different economic agents to the firms that will better employ them, thereby enabling

  16. On-line soft sensing in upstream bioprocessing.

    Science.gov (United States)

    Randek, Judit; Mandenius, Carl-Fredrik

    2018-02-01

    This review provides an overview and a critical discussion of novel possibilities of applying soft sensors for on-line monitoring and control of industrial bioprocesses. Focus is on bio-product formation in the upstream process but also the integration with other parts of the process is addressed. The term soft sensor is used for the combination of analytical hardware data (from sensors, analytical devices, instruments and actuators) with mathematical models that create new real-time information about the process. In particular, the review assesses these possibilities from an industrial perspective, including sensor performance, information value and production economy. The capabilities of existing analytical on-line techniques are scrutinized in view of their usefulness in soft sensor setups and in relation to typical needs in bioprocessing in general. The review concludes with specific recommendations for further development of soft sensors for the monitoring and control of upstream bioprocessing.

  17. Upstream-downstream cooperation approach in Guanting Reservoir watershed.

    Science.gov (United States)

    Yang, Zhi-Feng; Zhang, Wen-Guo

    2005-01-01

    A case study is introduced and discussed concerning water dispute of misuse and pollution between up- and down-stream parts. The relations between water usage and local industrial structures are analyzed. Results show it is important to change industrial structures of the target region along with controlling water pollution by technical and engineering methods. Three manners of upstream-downstream cooperation are presented and discussed based on the actual conditions of Guangting Reservoir watershed. Two typical scenarios are supposed and studied along with the local plan on water resources development. The best solution for this cooperation presents a good way to help the upstream developing in a new pattern of eco-economy.

  18. Torque fluctuations caused by upstream mean flow and turbulence

    Science.gov (United States)

    Farr, T. D.; Hancock, P. E.

    2014-12-01

    A series of studies are in progress investigating the effects of turbine-array-wake interactions for a range of atmospheric boundary layer states by means of the EnFlo meteorological wind tunnel. The small, three-blade model wind turbines drive 4-quadrant motor-generators. Only a single turbine in neutral flow is considered here. The motor-generator current can be measured with adequate sensitivity by means of a current sensor allowing the mean and fluctuating torque to be inferred. Spectra of torque fluctuations and streamwise velocity fluctuations ahead of the rotor, between 0.1 and 2 diameters, show that only the large-scale turbulent motions contribute significantly to the torque fluctuations. Time-lagged cross-correlation between upstream velocity and torque fluctuations are largest over the inner part of the blade. They also show the turbulence to be frozen in behaviour over the 2 diameters upstream of the turbine.

  19. India advancing as international exploration target

    International Nuclear Information System (INIS)

    Anon.

    1994-01-01

    Mighty as it is in terms of sedimentary area, hydrocarbon potential, and sheer market size, India does not occupy a position of like stature on the international oil explorer's chart. Yet Indian government policy initiatives during the past 3 years have thrown the country open to foreign investment upstream and downstream. Strapped for cash, hounded by declining production and reserves, the government is leaving higher cost and higher risk exploration to foreign and domestic private sector companies. Furthermore, India has approved majority capital holdings in the downstream sector, invited bids on field reactivation schemes and speculative seismic surveys, and adopted attractive and flexible production sharing contracts to govern these agreements. A strong tradition upholding sanctity of law provides a solid guarantee that such contracts will not be broken or modified. The paper discusses India's restructuring, the bidding rounds, the growing interest of foreign companies, downstream and gas deals, acreage and terms being offered, and other projects

  20. Environmental regulatory framework for the upstream petroleum industry

    International Nuclear Information System (INIS)

    1996-01-01

    In order to provide its member companies with a useful reference document in environmental analysis and compliance, CAPP compiled a list of Canadian legislation, regulations and guidelines which relate to the upstream petroleum industry. Text of all federal, Alberta, British Columbia and Saskatchewan legislation, regulations, guidelines and related documents were provided. Pending legislation, regulations and government policy have been identified. Annual updates will be provided to all subscribers

  1. Entrepreneurial Leadership in Upstream Oil and Gas Industry

    OpenAIRE

    Kalu, Mona Ukpai

    2015-01-01

    The study examined Entrepreneurial leadership in Upstream Oil and Gas industry and its ability to accelerate innovative energy technology development. The declining deliverability from existing reservoirs and ever increasing demand for energy to fuel growth in many parts of the world is driving oil and gas exploration into more difficult to access reservoirs like bituminous sands and shale gas. Accelerating new innovative technology development to access these new streams of profitable oil an...

  2. 17 CFR 210.6-03 - Special rules of general application to registered investment companies.

    Science.gov (United States)

    2010-04-01

    ... regulated investment company as defined in subtitle A, chapter 1, subchapter M of the Internal Revenue Code... case of a person which in essence is comprised of more than one separate investment company, be given...

  3. Landscape of Global Health Relevant Investment With a Focus on East Africa and India

    Data.gov (United States)

    US Agency for International Development — The Global Health Investment Landsacping project database consists of information about impact-oriented and global health-supporting investment funds or capital...

  4. Power generation investment in electricity markets

    International Nuclear Information System (INIS)

    2003-01-01

    Most IEA countries are liberalizing their electricity markets, shifting the responsibility for financing new investment in power generation to private investors. No longer able to automatically pass on costs to consumers, and with future prices of electricity uncertain, investors face a much riskier environment for investment in electricity infrastructure. This report looks at how investors have responded to the need to internalize investment risk in power generation. While capital and total costs remain the parameters shaping investment choices, the value of technologies which can be installed quickly and operated flexibly is increasingly appreciated. Investors are also managing risk by greater use of contracting, by acquiring retail businesses, and through mergers with natural gas suppliers. While liberalization was supposed to limit government intervention in the electricity market, volatile electricity prices have put pressure on governments to intervene and limit such prices. This study looks at several cases of volatile prices in IEA countries' electricity markets, and finds that while market prices can be a sufficient incentive for new investment in peak capacity, government intervention into the market to limit prices may undermine such investment

  5. DENSITY FLUCTUATIONS UPSTREAM AND DOWNSTREAM OF INTERPLANETARY SHOCKS

    Energy Technology Data Exchange (ETDEWEB)

    Pitňa, A.; Šafránková, J.; Němeček, Z.; Goncharov, O.; Němec, F.; Přech, L. [Charles University, Faculty of Mathematics and Physics, V Holešovičkách 2, 180 00 Prague 8 (Czech Republic); Chen, C. H. K. [Department of Physics, Imperial College London, London SW7 2AZ (United Kingdom); Zastenker, G. N., E-mail: jana.safrankova@mff.cuni.cz [Space Research Institute of Russian Academy of Sciences, Moscow, Russia, Profsoyuznaya ul. 84/32, Moscow 117997 (Russian Federation)

    2016-03-01

    Interplanetary (IP) shocks as typical large-scale disturbances arising from processes such as stream–stream interactions or Interplanetary Coronal Mass Ejection (ICME) launching play a significant role in the energy redistribution, dissipation, particle heating, acceleration, etc. They can change the properties of the turbulent cascade on shorter scales. We focus on changes of the level and spectral properties of ion flux fluctuations upstream and downstream of fast forward oblique shocks. Although the fluctuation level increases by an order of magnitude across the shock, the spectral slope in the magnetohydrodynamic range is conserved. The frequency spectra upstream of IP shocks are the same as those in the solar wind (if not spoiled by foreshock waves). The spectral slopes downstream are roughly proportional to the corresponding slopes upstream, suggesting that the properties of the turbulent cascade are conserved across the shock; thus, the shock does not destroy the shape of the spectrum as turbulence passes through it. Frequency spectra downstream of IP shocks often exhibit “an exponential decay” in the ion kinetic range that was earlier reported at electron scales in the solar wind or at ion scales in the interstellar medium. We suggest that the exponential shape of ion flux spectra in this range is caused by stronger damping of the fluctuations in the downstream region.

  6. Upstream waves simultaneously observed by ISEE and UKS

    International Nuclear Information System (INIS)

    Russell, C.T.; Luhmann, J.G.; Elphic, R.C.; Southwood, D.J.; Smith, M.F.; Johnstone, A.D.

    1987-01-01

    Measurements obtained in the solar wind by ISEE-2 and the United Kingdom Subsatellite (UKS) have been examined for observations of upstream waves. These data reveal that the waves in the foreshock region are enhanced at all frequencies from at least 0.003 Hz to 0.5 Hz. The wave spectra generally have a spectral peak, but this peak is usually broad and the peak frequency depends on the position of the spacecraft. Generally, the spectra seen at the two spacecraft are most similar at high frequencies and least similar at low frequencies. The geometry of the interaction is displayed in the plane containing the magnetic field, the solar wind velocity, and the spacecraft location. However, this coordinate system does not order all the observed wave properties. It does not clearly explain or order the handedness of the waves, or their direction of propagation. It is clear that the upstream region is inherently three-dimensional. The position-dependent nature of the upstream waves indicates that comparisons between ground-based measurements and in-situ observations must be undertaken with some caution

  7. Essays in Investment Theory

    International Nuclear Information System (INIS)

    Bobtcheff, C.

    2006-01-01

    This thesis analyzes different aspects of the investment decision. In the first chapter, we consider an economy in which different energy sources may produce electricity. The model focuses first on the optimal use of a hydroelectric dam from which water can be extracted and which is supplied with a random water flow. The presence of constraints on a minimal and on a maximal storage capacity makes electricity consumption smoothing possible only when the quantity of water available to the agent lies in a certain range that we determine. In a second stage, we introduce a second energy source with unlimited supply at some exogenous cost. The marginal propensity to produce hydroelectricity is an increasing function of the second technology cost. The availability at a low cost of the alternative source improves thus time diversification. Finally, the optimal electric park is composed of a number of dams that is increasing with the cost of the second technology. Chapter 2 studies the decision of an investor who wants to undertake an irreversible investment when he has the choice between two mutually exclusive projects that present input price and/or output price uncertainty. We prove that the investor decides not to invest in any project when each investment generates the same payoff independently of its size. Therefore, some inaction region appears in which the investor prefers not to invest whereas an immediate investment would have been optimal if no choice had been available: a 'choice value' is thus created. A key feature of this bidimensional degree of uncertainty is thus that the payoff generated by each project is not a sufficient statistic to make a rational investment. In this context, our analysis provides a new motive for waiting to invest: the benefits associated with the dominance of one project over the other. In chapter 3, we study the investment decision problem of a duo-poly with price competition on a market of finite size driven by stochastic taste

  8. Foreign Direct Investment versus Portfolio Investment : A Global Games Approach

    OpenAIRE

    Yamin Ahmad; Pietro Cova; Rodrigo Harrison

    2004-01-01

    We present a model of investment under uncertainty about fundamentals, using a global games approach. Goldstein & Razin (2003) show that there is an information based trade-off between foreign direct investment (FDI) and portfolio investment (PI) which rationalizes some well known stylised facts in the literature - the relative volatility and reversibility of foreign direct investment versus portfolio investment. We extend their result and show that uncertainty about fundamentals does not imp...

  9. 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...

  10. Are Foreign Investments Replacing Domestic Investments? - Evidence from Finnish Manufacturing

    OpenAIRE

    Oksanen, Olli-Pekka

    2006-01-01

    This study analyses the relationship between firms’ foreign and domestic investments using a panel dataset containing 218 Finnish manufacturing firms during the years 1998-2002. The study examines whether foreign investments increase or decrease domestic investments and whether the effect varies between investments directed to developed markets or emerging markets. Financial constraints’ effect on the relationship is also investigated. The empirical part estimates an empirical investment equa...

  11. INVESTMENT FUNDS ON ROMANIAN CAPITAL MARKET

    Directory of Open Access Journals (Sweden)

    Cristian GHEORGHE

    2014-05-01

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

  12. Analysis of foreign direct investment in the Czech Republic

    Directory of Open Access Journals (Sweden)

    Marcela Domesová

    2011-01-01

    Full Text Available The foreign direct investments are joined with the process of world globalisation. Foreign direct investments are carried out especially by multinational companies. The basic forms of the foreign direct investments are “greenfield” investments and “brownfield“ investments in the form of the privatization. The Czech Republic has shown mass inflow of foreign direct investments since 1998. The aim of the paper is to evaluate the inflow of foreign direct investments in the context of the balance of payments and the evaluation their impact on the outside economic equilibrium and gross value added in the Czech Republic. The subject of the analysis is the identification of the most important factors of foreign direct investments inflow and the classification of foreign direct investments inflow from the point of view of branches and technological intensity of production as well. The aim is fulfilled by analysis of selected indicators of the balance of payments, analysis of gross value added and international comparison of foreign direct investments inflow in countries of Visegrad Group. The results show the part of privatization in foreign capital inflow, increasing import intensity and export efficiency linked with foreign direct investments. The results are subject of research focused on the process of world globalisation and regional development.

  13. Optimal Regulation of Lumpy Investments

    NARCIS (Netherlands)

    Zwart, G.; Broer, D.P.

    2012-01-01

    When a monopolist has discretion over the timing of infrastructure investments, regulation of post-investment prices interferes with incentivizing socially optimal investment timing. In a model of regulated lumpy investment under uncertainty, we study regulation when the regulator can condition

  14. Monitoring upstream sinkhole development by detailed sonar profiling

    Energy Technology Data Exchange (ETDEWEB)

    Rigbey, S. [Acres International Ltd., Niagara Falls, ON (Canada)

    2004-09-01

    This paper describes the development and use of a simple sonar system that has been used by engineers for routine monitoring of small sinkholes on the upstream face of a distressed earth dam. Improper construction of the dam led to the development of several sinkholes measuring 10 to 20 m in diameter upstream from the dam which is founded on deep alluvial sands and gravels. The dam has a central core of silt and leakage varies between 200 and 500 l/s, depending on the water level of the reservoir. The main issues with the upstream blanket are: improper fill placement due to the inability to dewater the area properly; omission of a filter material between the blanket and the alluvium foundation; thin placement of fill and runnelling of the blanket prior to impoundment; and, short upstream extent of the blanket. A downstream weighting toe of material was placed to address the seepage and piping that developed immediately following impounding. Other incidents continued over the years, such as downstream sinkholes, slumping of the crest and repairs about 12 years after construction. An inverter filter was also constructed to better control the seepage. Simple bathymetric surveys conducted by sounding the bottom of the reservoir from the ice surface each winter revealed the presence of several large sinkholes. Although infilling programs were conducted, sinkholes redeveloped after each program. The bathymetric surveys were found to be limited in accuracy and repeatability. Therefore, it was not possible to monitor small developments on a yearly basis. A 3-dimensional seepage model was developed to reconcile some of the unexplained piezometric patterns and to better understand the seepage patterns. However, this was also unsuccessful on its own. A trial sonar survey was then undertaken in 2002 by a Vancouver-based sonar company using an Imagenix profiling sonar head. It was successful in locating a small, previously unknown sinkhole measuring a few metres in diameter at

  15. Mutual Funds as a Form of Collective Investment in Russia

    Science.gov (United States)

    Tershukova, Marina B.; Savinov, Oleg G.; Zhegalova, Elena V.; Zhuruhinc, Georgy I.; Zhegalova, Alexandra S.

    2016-01-01

    The relevance of the research problem inspired with the fact nowadays there is a need for theoretical generalization based on international experience the essence of the collective investment system and the rationale for prioritizing the mutual funds development as the most attractive form of collective investment. The goal of the article lies in…

  16. Tax Incentives : Using Tax Incentives to Attract Foreign Direct Investment

    OpenAIRE

    Morisset, Jacques

    2003-01-01

    The increasing mobility of international firms and the gradual elimination of barriers to global capital flows have stimulated competition among governments to attract foreign direct investment, often through tax incentives. This note reviews the debate about the effectiveness of tax incentives, examining two much-contested questions: can tax incentives attract foreign investment? And what...

  17. LIQUIDITY AND BUSINESS INVESTMENT - EVIDENCE FROM DUTCH PANEL-DATA

    NARCIS (Netherlands)

    VANEES, H

    1994-01-01

    Several recent studies have focused on the impact of liquidity on business investment. We analyze the relevance of this approach for The Netherlands. It turns out that the impact of internal funds on Dutch business investment is relatively strong. With respect to the use of criteria to classify

  18. A Three-Stage Supply Chain Investment Model under Asymmetric Information

    DEFF Research Database (Denmark)

    Agrell, Per J.; Bogetoft, Peter

    for the economic performance of three scenarios under asymmetric information on investment cost: direct contracting with an integrated CM-supplier, decentralized contracting to tier-1 suppliers and centralized contracting to tier-1 and tier-2 suppliers. The results show that the observed practice to delegate...... investments to tier-1 and possibly tier-2 suppliers leads to relatively poor performance due to under-investments. The superior arrangement is the centralized conditional model, where the OEM forces coordination among upstream suppliers by offering conditional financing. We close the paper with an analogy...

  19. Irreversible investments revisited

    DEFF Research Database (Denmark)

    Sandal, Leif K.; Steinshamn, Stein I.; Hoff, Ayoe

    2007-01-01

    A multi-dimensional, non-linear dynamic model in continuous time is presented for the purpose of finding the optimal combination of exploitation and capital investment in optimal renewable resource management. Non-malleability of capital is incorporated in the model through an asymmetric cost......-function of investment, and investments can be both positive and negative. Exploitation is controlled through the utilisation rate of available capital. A novel feature in this model is that there are costs associated with the available capital whether it is utilised or not. And, in contrast to most of the previous...... literature, the state variables, namely the physical capital and the biological resource, enter the objective function. Due to the nonlinearities in this model some of the results are in sharp contrast to previous literature....

  20. Finans/Invest

    DEFF Research Database (Denmark)

    Bechmann, Ken L.

    2014-01-01

    Som det vil være velkendt for de fleste læsere, så er der skiftedag på Finans/Invest. Således var Finans/Invest 8/13 det sidste nummer med Anders Grosen som redaktør, og nærværende nummer er det første med professor Ken L. Bechmann som redaktør. I denne første leder beskriver den nye redaktør lidt...... om hans syn på Finans/Invest og tidsskriftets store betydning for formidling af faglig viden inden for finansiering. Yderligere beskrives nogle af de mindre redaktionelle ændringer, som den nye redaktør har planlagt. Endelig indeholder lederen traditionen tro redaktørens refleksioner over og...

  1. Stock prices and business investment

    OpenAIRE

    Yaron Leitner

    2007-01-01

    Is there a link between the stock market and business investment? Empirical evidence indicates that there is. A firm tends to invest more when its stock price increases, and it tends to invest less when the price falls. In “Stock Prices and Business Investment,” Yaron Leitner discusses existing research that explains this relationship. One question under consideration is whether the stock market actually improves investment decisions.

  2. 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...

  3. Investigating investment in biopharmaceutical R&D

    Science.gov (United States)

    Carter, Percy H.; Berndt, Ernst R.; DiMasi, Joseph A.; Trusheim, Mark

    2016-01-01

    Recent studies have highlighted a reduction in projected financial returns associated with biopharmaceutical R&D, owing to decreased productivity, increases in costs and flattening revenue per new drug, prompting calls for dramatic revisions to R&D models. On the basis of previous financial modelling, the simplest hypothesis would be that new investment in such R&D should be minimal and focused on biologics in preference to small molecules, as the internal rate of return on investment for biologics projects has been reported to be higher. PMID:27616295

  4. Foreign investment in Russia: obstacles and opportunities

    International Nuclear Information System (INIS)

    Moody-Stuat, M.

    1994-01-01

    An overview of recent developments with regard to foreign investment in the Russian oil industry is presented. Progress has already been made in the oil and gas sector but some important issues which still remain insufficiently resolved for the potential Western investor are examined. These are: the settlement of the internal division of responsibilities; a stable legal and fiscal framework for foreign investment; decisions on what Russia wants from foreign oil companies; only difficult and costly fields are on offer; reserve estimates are not based on economic criteria; implementation of environmental and operational standards. (UK)

  5. Technology strategy in the upstream petroleum supply chain

    International Nuclear Information System (INIS)

    Bret-Rouzaut, N.; Thom, M.

    2005-03-01

    This study focuses on technology activities in the upstream oil and gas industry. Data from the period 1984 to 2002 is studied for evidence. The objectives are to describe technology strategies within this sector and to develop an understanding of how technology-related tasks and the control of technology are distributed throughout the supply chain. Frameworks for decision-making around technology strategy are presented. Firms that operate internationally and with the widest range of technological capabilities (so technology strategy is not modified strongly by any specialisation) are studied. These firms are large, private international oil companies and large integrated service and supply companies. Technology has different and distinct capabilities; it is a response to growth opportunities, it is a way to lower costs and it can lower the risks of certain business activities. Firms engage in Research and Development (R and D) to provide new technology. However, R and D is risky due to its typically long payback period and during this time many changes to forecasts and unforeseen paths may arise. These unforeseen circumstances provide unexpected benefits or expenses. In the context of this report, technology is defined as something that gives the user competitive advantage. Evidence points to having access to technology as a source of competitive advantage but oil companies and their suppliers have very different competitive objectives and strategies around technology. The former compete over the acquisition, exploration and production of crude oil and natural gas; competition is based on having some lead-time and/or cost advantage in terms of integrating the best technologies into any project. The later compete for the supply of products and services; competition is based on their technology content, quality and price. The international oil companies (IOCs), who are the traditional big spenders on technology, have reduced their technological activities

  6. Dynamic modeling of uncertainty in the planned values of investments in petrochemical and refining projects

    International Nuclear Information System (INIS)

    Vianello, Juliano Melquiades; Costa, Leticia; Teixeira, José Paulo

    2014-01-01

    There is a large gap between the planned value of investment in a project and its financial implementation. This fact creates a mismatch between the planned and effectively achieved net present value (NPV) of the project. Considering the project portfolio of a company, this could even threaten your solvency in the future. Therefore, a quantitative-risk analysis that takes into account different possible scenarios for these values of investment is extremely important to measure statistically the real value of a project. The aim of this paper is to present the reasons for this mismatch between planned and executed investments and, from this study, obtain a suitable stochastic process to generate different scenarios for these investments in the oil industry. Although the results are valid for projects in the petrochemical and refining sector, also called in the oil industry as downstream, the methodology can be applied to the upstream or even other branches of industry. - Highlights: • We measure statistically the real value of an investment project. • We present the reasons for the mismatch between planned and executed investments. • We obtain a stochastic process to generate scenarios for oil industry investments. • Results are valid for projects in the petrochemical and refining sector, downstream. • The methodology can be applied to the upstream or even other branches of industry

  7. 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

  8. IAS 25, Bilanzierung von Finanzinvestitionen (Accounting for Investments)

    OpenAIRE

    Steiner, Manfred

    1997-01-01

    IAS 25, Bilanzierung von Finanzinvestitionen (Accounting for Investments). - In: Rechnungslegung nach International Accounting Standards (IAS) / hrsg. von Jörg Baetge ... - Stuttgart : Schäffer-Poeschel, 1997. - S. 923-953

  9. Investing in self-reliance: IDRC's fourth annual public meeting ...

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

    2016-04-15

    Apr 15, 2016 ... Investing in self-reliance: IDRC's fourth annual public meeting ... to advance the Government of Canada's priorities in international development, in areas ... Flexible intellectual property rights lead to greater innovation in Africa.

  10. Optimal investment horizons

    Science.gov (United States)

    Simonsen, I.; Jensen, M. H.; Johansen, A.

    2002-06-01

    In stochastic finance, one traditionally considers the return as a competitive measure of an asset, i.e., the profit generated by that asset after some fixed time span Δt, say one week or one year. This measures how well (or how bad) the asset performs over that given period of time. It has been established that the distribution of returns exhibits ``fat tails'' indicating that large returns occur more frequently than what is expected from standard Gaussian stochastic processes [1-3]. Instead of estimating this ``fat tail'' distribution of returns, we propose here an alternative approach, which is outlined by addressing the following question: What is the smallest time interval needed for an asset to cross a fixed return level of say 10%? For a particular asset, we refer to this time as the investment horizon and the corresponding distribution as the investment horizon distribution. This latter distribution complements that of returns and provides new and possibly crucial information for portfolio design and risk-management, as well as for pricing of more exotic options. By considering historical financial data, exemplified by the Dow Jones Industrial Average, we obtain a novel set of probability distributions for the investment horizons which can be used to estimate the optimal investment horizon for a stock or a future contract.

  11. Beyond the Investment Narrative

    Science.gov (United States)

    Moss, Peter

    2013-01-01

    The current policy interest in early childhood education and care is driven by an investment narrative, a story of quality and high returns emerging from a dominant neoliberal political economy. This short note expresses deep reservations about this narrative, and hints at another narrative that foregrounds democracy, experimentation and…

  12. Sudan Investment Climate Assessment

    OpenAIRE

    World Bank

    2009-01-01

    This report on Sudan's Investment Climate Assessment (ICA) provides a baseline assessment of challenges to productivity, diversification and inclusion. Chapter 1 describes some of the questions underlying the three issues of competitiveness, diversification and broad-based growth. Chapter 2 analyzes firm performance and competitiveness. Chapter 3 discusses markets and trust. Chapter 4 des...

  13. Investing in Youth: Brazil

    Science.gov (United States)

    OECD Publishing, 2014

    2014-01-01

    The series Investing in Youth builds on the expertise of the Organisation for Economic Cooperation and Development (OECD) on youth employment, social support and skills. It covers both OECD countries and countries in the process of accession to the OECD, as well as some emerging economies. This report provides a detailed diagnosis of the youth…

  14. Investments secure supply security

    International Nuclear Information System (INIS)

    Van Baarle, D.

    2006-01-01

    In order to guarantee the supply of energy considerable investment must be made to improve the infrastructure (e.g. capacity for LNG-transport and -storage) and ties with the natural gas supplier in the Russian Federation must be intensified [nl

  15. Energy Investment: Beyond Competence

    Science.gov (United States)

    Tosti, Donald T.; Amarant, John

    2005-01-01

    People vary considerably in their work performance as well as their overall approach to work. At one extreme are the outstanding performers, who approach work with enthusiasm and energy, and, at the other extreme, are those who seem to do only what is necessary to get by. Organizatins often invest a good deal of energy in trying to improve the…

  16. Inflation Protected Investment Strategies

    Directory of Open Access Journals (Sweden)

    Mirco Mahlstedt

    2016-03-01

    Full Text Available In this paper, a dynamic inflation-protected investment strategy is presented, which is based on traditional asset classes and Markov-switching models. Different stock market, as well as inflation regimes are identified, and within those regimes, the inflation hedging potential of stocks, bonds, real estate, commodities and gold are investigated. Within each regime, we determine optimal investment portfolios driven by the investment idea of protection from losses due to changing inflation if inflation is rising or high, but decoupling the performance from inflation if inflation is low. The results clearly indicate that these asset classes behave differently in different stock market and inflation regimes. Whereas in the long-run, we agree with the general opinion in the literature that stocks and bonds are a suitable hedge against inflation, we observe for short time horizons that the hedging potential of each asset class, especially of real estate and commodities, depend strongly on the state of the current market environment. Thus, our approach provides a possible explanation for different statements in the literature regarding the inflation hedging properties of these asset classes. A dynamic inflation-protected investment strategy is developed, which combines inflation protection and upside potential. This strategy outperforms standard buy-and-hold strategies, as well as the well-known 1 N -portfolio.

  17. Investing in Youth: Latvia

    Science.gov (United States)

    OECD Publishing, 2015

    2015-01-01

    The series Investing in Youth builds on the expertise of the Organisation for Economic Cooperation and Development (OECD) on youth employment, social support and skills. It covers both OECD countries and countries in the process of accession to the OECD, as well as some emerging economies. This report provides a detailed diagnosis of the youth…

  18. Investing in Youth: Lithuania

    Science.gov (United States)

    OECD Publishing, 2016

    2016-01-01

    The series Investing in Youth builds on the expertise of the Organisation for Economic Cooperation and Development (OECD) on youth employment, social support and skills. It covers both OECD countries and countries in the process of accession to the OECD, as well as some emerging economies. The present report on Lithuania is the fourth of a new…

  19. Investing in Diamonds

    NARCIS (Netherlands)

    Renneboog, Luc

    2015-01-01

    This paper examines the risk-return characteristics of investment grade gems (white diamonds, colored diamonds and other types of gems including sapphires, rubies, and emeralds). The transactions are coming from gem auctions and span the period 1999-2012. Over our time frame, the annual nominal USD

  20. Assystem valorizes the investments

    International Nuclear Information System (INIS)

    Anon.

    1995-01-01

    Assystem is a group of 60 contractor societies which ensures conception and dismantling of plants as well as a more complete valorization of industrial investment as controlling the production and information systems of the industries. Different examples of prestations proposed by Assystem are given. (O.L.). 3 figs

  1. Investments into education

    DEFF Research Database (Denmark)

    Kirchsteiger, Georg; Sebald, Alexander Christopher

    2006-01-01

    groups with differing human capital and welfare levels. Depending on the parameters of the model, a temporary or permanent public investment into human capital formation is needed to overcome steady states with low human capital and welfare levels. Furthermore, even the best steady state is suboptimal...

  2. Adaptation investments and homeownership

    DEFF Research Database (Denmark)

    Hansen, Jørgen Drud; Skak, Morten

    2008-01-01

    the home through a supplementary investment. Ownership offers low costs of adaptation, but has high contract costs compared with renting. Consumers simultaneously decide housing demand and tenure, and because of the different cost structure only consumers with strong preferences for individual adaptation...

  3. Adaptation investments and homeownership

    DEFF Research Database (Denmark)

    Hansen, Jørgen Drud; Skak, Morten

    2008-01-01

    by adapting the home through a supplementary investment. Ownership offers low costs of adaptation, but has high contract costs compared with renting. Consumers simultaneously choose housing demand and tenure, and because of the different cost structure only consumers with strong preferences for individual...

  4. Possibility of choosing development investment programs of a production company by applying discounted investment appraisal technique

    Directory of Open Access Journals (Sweden)

    Vesić-Vasović Jasmina

    2014-01-01

    Full Text Available The selection of development investment programs is one of the most important decisions in industrial production. The paper sets out the possibilities of applying dynamic criteria for investment decision making. It presents a practical numerical example for the value calculation of investment criteria Net Present Value and Internal Rate of Return for the reviewed investment project solutions. In this manner it is possible to make an orderly set of alternatives with clear preferences for the most suitable alternative in comparison with other ones. Such rating of project solutions will enable the decision maker to emphasize advantages with more arguments and select the most suitable project solution in accordance with the established criteria, conditions and limitations.

  5. International

    International Nuclear Information System (INIS)

    Anon.

    1997-01-01

    This rubric reports on 10 short notes about international economical facts about nuclear power: Electricite de France (EdF) and its assistance and management contracts with Eastern Europe countries (Poland, Hungary, Bulgaria); Transnuclear Inc. company (a 100% Cogema daughter company) acquired the US Vectra Technologies company; the construction of the Khumo nuclear power plant in Northern Korea plays in favour of the reconciliation between Northern and Southern Korea; the delivery of two VVER 1000 Russian reactors to China; the enforcement of the cooperation agreement between Euratom and Argentina; Japan requested for the financing of a Russian fast breeder reactor; Russia has planned to sell a floating barge-type nuclear power plant to Indonesia; the control of the Swedish reactor vessels of Sydkraft AB company committed to Tractebel (Belgium); the renewal of the nuclear cooperation agreement between Swiss and USA; the call for bids from the Turkish TEAS electric power company for the building of the Akkuyu nuclear power plant answered by three candidates: Atomic Energy of Canada Limited (AECL), Westinghouse (US) and the French-German NPI company. (J.S.)

  6. Increased risk of oesophageal adenocarcinoma among upstream petroleum workers

    Science.gov (United States)

    Kirkeleit, Jorunn; Riise, Trond; Bjørge, Tone; Moen, Bente E; Bråtveit, Magne; Christiani, David C

    2013-01-01

    Objectives To investigate cancer risk, particularly oesophageal cancer, among male upstream petroleum workers offshore potentially exposed to various carcinogenic agents. Methods Using the Norwegian Registry of Employers and Employees, 24 765 male offshore workers registered from 1981 to 2003 was compared with 283 002 male referents from the general working population matched by age and community of residence. The historical cohort was linked to the Cancer Registry of Norway and the Norwegian Cause of Death Registry. Results Male offshore workers had excess risk of oesophageal cancer (RR 2.6, 95% CI 1.4 to 4.8) compared with the reference population. Only the adenocarcinoma type had a significantly increased risk (RR 2.7, 95% CI 1.0 to 7.0), mainly because of an increased risk among upstream operators (RR 4.3, 95% CI 1.3 to 14.5). Upstream operators did not have significant excess of respiratory system or colon cancer or mortality from any other lifestyle-related diseases investigated. Conclusion We found a fourfold excess risk of oesophageal adenocarcinoma among male workers assumed to have had the most extensive contact with crude oil. Due to the small number of cases, and a lack of detailed data on occupational exposure and lifestyle factors associated with oesophageal adenocarcinoma, the results must be interpreted with caution. Nevertheless, given the low risk of lifestyle-related cancers and causes of death in this working group, the results add to the observations in other low-powered studies on oesophageal cancer, further suggesting that factors related to the petroleum stream or carcinogenic agents used in the production process might be associated with risk of oesophageal adenocarcinoma. PMID:19858535

  7. POSTRANSLATIONAL MODIFICATIONS OF P53: UPSTREAM SIGNALING PATHWAYS.

    Energy Technology Data Exchange (ETDEWEB)

    ANDERSON,C.W.APPELLA,E.

    2003-10-23

    The p53 tumor suppressor is a tetrameric transcription factor that is posttranslational modified at >20 different sites by phosphorylation, acetylation, or sumoylation in response to various cellular stress conditions. Specific posttranslational modifications, or groups of modifications, that result from the activation of different stress-induced signaling pathways are thought to modulate p53 activity to regulate cell fate by inducing cell cycle arrest, apoptosis, or cellular senescence. Here we review recent progress in characterizing the upstream signaling pathways whose activation in response to various genotoxic and non-genotoxic stresses result in p53 posttranslational modifications.

  8. Electromagnetic ion beam instability upstream of the earth's bow shock

    International Nuclear Information System (INIS)

    Gary, S.P.; Gosling, J.T.; Forslund, D.W.

    1981-01-01

    The linear theory of the electromagnetic ion beam instability for arbitrary angles of propagation has been studied. The parameters considered in the theory are typical of the solar wind upstream of the earth's bow shock when a 'reflected' proton beam is present. Maximum growth occurs for propagation parallel to the ambient field B, but this instability also displays significant growth at wave-vectors oblique to B, Oblique, unstable modes seem to be the likely source of the compressive magnetic fluctuations recently observed in conjunction with 'diffuse' ion population. An energetic ion beam does not directly give rise to linear growth of either ion acoustic or whistler mode instabilities

  9. Multiple upstream modules regulate zebrafish myf5 expression

    Directory of Open Access Journals (Sweden)

    Weng Chih-Wei

    2007-01-01

    Full Text Available Abstract Background Myf5 is one member of the basic helix-loop-helix family of transcription factors, and it functions as a myogenic factor that is important for the specification and differentiation of muscle cells. The expression of myf5 is somite- and stage-dependent during embryogenesis through a delicate regulation. However, this complex regulatory mechanism of myf5 is not clearly understood. Results We isolated a 156-kb bacterial artificial chromosome clone that includes an upstream 80-kb region and a downstream 70-kb region of zebrafish myf5 and generated a transgenic line carrying this 156-kb segment fused to a green fluorescent protein (GFP reporter gene. We find strong GFP expression in the most rostral somite and in the presomitic mesoderm during segmentation stages, similar to endogenous myf5 expression. Later, the GFP signals persist in caudal somites near the tail bud but are down-regulated in the older, rostral somites. During the pharyngula period, we detect GFP signals in pectoral fin buds, dorsal rostral myotomes, hypaxial myotomes, and inferior oblique and superior oblique muscles, a pattern that also corresponds well with endogenous myf5 transcripts. To characterize the specific upstream cis-elements that regulate this complex and dynamic expression pattern, we also generated several transgenic lines that harbor various lengths within the upstream 80-kb segment. We find that (1 the -80 kb/-9977 segment contains a fin and cranial muscle element and a notochord repressor; (2 the -9977/-6213 segment contains a strong repressive element that does not include the notochord-specific repressor; (3 the -6212/-2938 segment contains tissue-specific elements for bone and spinal cord; (4 the -2937/-291 segment contains an eye enhancer, and the -2937/-2457 segment is required for notochord and myocyte expression; and (5 the -290/-1 segment is responsible for basal transcription in somites and the presomitic mesoderm. Conclusion We suggest

  10. Financial Development and Investment-Cash Flow Sensitivity

    Directory of Open Access Journals (Sweden)

    Jungwon Suh

    2007-06-01

    Full Text Available Using firm-level data from thirty-five countries around the world, this paper empirically examines whether investment-cash flow sensitivity reflects financial constraints. Recent US studies have raised questions on the prediction that investment-cash flow sensitivity is a measure of financial constraints. Looking at thirty-five countries with varying degrees of financial development, this study tests whether investment-cash flow sensitivity is in fact related to financial constraints. In most countries, the evidence supporting the argument that firms likely facing financially constraints display high investment-cash flow sensitivity is weak. Moreover, the evidence that firms in the absence of developed financial markets display high investment-cash flow sensitivity is also weak. Overall, the results from this international investigation do not support the prediction that investment-cash flow sensitivity reflects financial constraints.

  11. Investment Strategy and Efficiency of Investment Activity of European Insurers

    Directory of Open Access Journals (Sweden)

    Zhabynets Olga Yo.

    2014-02-01

    Full Text Available The article studies investment strategy and efficiency of investment activity of European insurance companies. In particular, it analyses the share of investments of insurance companies of Europe in GDP, investment portfolio of European insurers and its structure, contribution of insurance companies – leaders of investment activity – into the European investment portfolio. It studies influence of the financial crisis upon investment strategy of European insurers and analyses efficiency of investment activity of European insurers in risk insurance and life insurance. The article proves that investment business models of insurance companies are capable of resisting crisis phenomena more efficiently than other financial institutions. It marks out that measures of insurance companies that are directed at increase of profitability of investments require from them both significant expenditures on creation of the system of investment risk management and open access to different categories of financial assets and markets, which influences the general risk level, taken upon by an insurance company. The author draws a conclusion that, taking into account recent developments, European insurers should focus on equity and investment risk management, finding new possibilities for their (investments growth and also adaptation of new systems and operations for solution of these important tasks.

  12. Knowledge Enclosures, Forced Specializations and Investment Crisis

    Directory of Open Access Journals (Sweden)

    Filippo Belloc

    2012-12-01

    Full Text Available Like land before the industrial revolution, in the present global economy much knowledge is being enclosed in private hands. In this paper we argue that these enclosures have become a major factor in specialization among firms and among countries: both are forced to specialize in the fields that are not restricted by the enclosures of the others. We use data on 26 OECD countries over the 1978-2006 period. We estimate the effect of patents endowments of countries on their investment specialization across sectors and show that knowledge enclosures involve self-reinforcing innovation patterns. Moreover, we perform a structural change analysis and find that the TRIPs agreement has significantly strengthened the relationship between countries' patents specialization and investment specialization. We conclude by suggesting that stronger international patent protection may restrict global investment opportunities, and this may be one of the factors contributing to the present crisis.

  13. Accounting for Investement Property Under Romanian Accounting System

    OpenAIRE

    Sava Raluca

    2015-01-01

    Investment property, an important component of the current assets, need special attention both in terms of their impact on accounting and well as in reporting the annual financial statements. Internationally their accounting treatment is presented by the IAS 40 Investment property issued in 2000 and being operative for annual periods beginning on or after 1 January 2001 with a number of subsequent amendments.First step in aligning the Romanian accounting system (RAS) to the international acco...

  14. Summary of the World Energy Investment Outlook 2003

    International Nuclear Information System (INIS)

    2004-01-01

    The current edition of the World Energy Investment Outlook published by the International Energy Agency (IEA) focuses on the foreseeable worldwide investment requirement in the energy sector. The study lists these conclusions, among others: -Total investments of U.S. dollar 16,000 billion worldwide are needed for the energy supply infrastructure over the period 2001 to 2030. They are necessary to add to the power supply capacities and to replace existing power systems and power supply systems. - The financial resources available worldwide are sufficient, basically, to finance the energy investments forecast in the study. The framework conditions necessary for this purpose must be established. - The world energy resources are sufficient to meet the projected demand. Mobilizing the investments depends on the ability of the energy sector to hold its own in the competition for capital with other sectors of the economy. - Energy investments will be dominated by the electricity sector. This sector is likely to absorb nearly U.S. dollar 10,000 billion, or 60% of the total investment. - The developing countries, where energy generation and consumption are going to increase at the fastest rate, will take nearly half of the energy investment worldwide. - A major share of these energy investments is needed to keep up the present level of supply. - The largest share of investments into fossil sources of energy will be spent on extraction costs, exploration included, with different shares applying to the different sources of energy. (orig.) [de

  15. Oil investment in Latin America

    International Nuclear Information System (INIS)

    Kielmas, M.

    1994-01-01

    In the early 1990s Latin America became a favoured target for foreign investors as one of the side-effects of the collapse of communism in Eastern Europe and the Soviet Union. The reason is linked to macroeconomic reforms in Latin America and the failure of equivalent reforms in the former communist countries. Latin American state-owned-oil companies have been welcomed as borrowers on the international financial markets. Simultaneously private sector investment in the oil industry has increased. This chapter examines nationalisation and the state oil companies, the financing of the state sector, privatisation, the boosting of oil exploration and security issues. The sustainability of the economic reforms in the region is discussed. (UK)

  16. The economic rationale for investing decisions innovative projects rationalization of investments for innovative projects

    Directory of Open Access Journals (Sweden)

    L. O. Zhitinskaya

    2017-01-01

    Full Text Available The article provides a selection of methods for determining the feasibility of an investment-innovative project. Estimated indicators are identified analytically, on their basis a conclusion is made about the economic efficiency and feasibility of the project, which is the basis of its competitiveness. Such growth analytics is necessary, since the social and economic development of the country and the region largely depends on the investment climate, which is facilitated by the legislation of the Russian Federation (the Tax Code of the Russian Federation, the law of the Russian Federation on the regulation of investment activities, etc.. Since competitiveness is also determined by the economic feasibility and financial solvency of innovative projects, modern information and software, as well as the methodology for project appraisal and the corresponding order of their implementation, are needed. In the Russian Federation, a method is used to assess the efficiency of capital investments in capitalist countries, as well as the methodology of economic (competitive analysis of investment-innovative projects. The basis of the method is that reimbursement of investments occurs in two economic forms: net profit and depreciation (net income. Of the numerous methods for assessing the feasibility of investment, the most often used along with discount methods (taking into account the factor of money changes over time, statistical methods with determining the payback period and the average rate of return on investment. Defined indicators: the net present value (NPV and the internal rate of return (IRR. The methodology specified in the article is useful to the investor in order to rationalize investment flows, helps to achieve the maximum IRR. The implementation of the innovative project serves the competitiveness of the manufacturing enterprise by increasing the technical and technological levels of the products.

  17. How to use Big Data technologies to optimize operations in Upstream Petroleum Industry

    Directory of Open Access Journals (Sweden)

    Abdelkader Baaziz

    2013-12-01

    Full Text Available “Big Data is the oil of the new economy” is the most famous citation during the three last years. It has even been adopted by the World Economic Forum in 2011. In fact, Big Data is like crude! It’s valuable, but if unrefined it cannot be used. It must be broken down, analyzed for it to have value. But what about Big Data generated by the Petroleum Industry and particularly its upstream segment? Upstream is no stranger to Big Data. Understanding and leveraging data in the upstream segment enables firms to remain competitive throughout planning, exploration, delineation, and field development.Oil & Gas Companies conduct advanced geophysics modeling and simulation to support operations where 2D, 3D & 4D Seismic generate significant data during exploration phases. They closely monitor the performance of their operational assets. To do this, they use tens of thousands of data-collecting sensors in subsurface wells and surface facilities to provide continuous and real-time monitoring of assets and environmental conditions. Unfortunately, this information comes in various and increasingly complex forms, making it a challenge to collect, interpret, and leverage the disparate data. As an example, Chevron’s internal IT traffic alone exceeds 1.5 terabytes a day.Big Data technologies integrate common and disparate data sets to deliver the right information at the appropriate time to the correct decision-maker. These capabilities help firms act on large volumes of data, transforming decision-making from reactive to proactive and optimizing all phases of exploration, development and production. Furthermore, Big Data offers multiple opportunities to ensure safer, more responsible operations. Another invaluable effect of that would be shared learning.The aim of this paper is to explain how to use Big Data technologies to optimize operations. How can Big Data help experts to decision-making leading the desired outcomes?Keywords:Big Data; Analytics

  18. Social Impact Investment: Increasing Private Sector Investment to ...

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

    The social impact investment market is now global in scope and it is rapidly expanding in some ... of social impact investing to address environmental, social, and economic challenges. ... New project to improve water management in the Sahel.

  19. Investment in exploration-production and refining 2013

    International Nuclear Information System (INIS)

    Hureau, Geoffroy; Serbutoviez, Sylvain; Silva, Constancio; Maisonnier, Guy

    2013-10-01

    IFPEN analyses in this study the 2013 evolution of global investment in the field of exploration-production and refining. 1 - Changes in oil and gas prices; 2 - Exploration production: a new year of growth: the increase in investments continues into 2013, exploration - Discoveries in 2013, 1978 - 2012: Investments - Production - Price; 3 - Main markets in the upstream oil equipment and services sector: introduction, drilling (Drilling activity, Number of wells drilled throughout the world, Number of onshore wells, Number of offshore wells, Drilling markets, equipment and services for wells, Onshore drilling market, Offshore drilling market, Fracking market); Geophysical market (Geophysical activity, Geophysical market); Offshore construction (Offshore construction activities, Fixed platforms (Jack-ups), Floating Platform Systems (FPS), Sub-sea constructions, Offshore construction market); Conclusion; 4 - Refining: looking for new equilibriums: falling excess capacity and regional disparities, recovery in capital spending in emerging countries, Asia is still the eldorado for investment in the downstream oil Sector (Continuing overcapacity in the medium-term, Differing investment strategies)

  20. ISEE/IMP Observations of simultaneous upstream ion events

    International Nuclear Information System (INIS)

    Mitchel, D.G.; Roelof, E.C.; Sanderson, T.R.; Reinhard, R.; Wenzel, K.

    1983-01-01

    Propagation of upstream energetic (50--200 keV) ions is analyzed in sixteen events observed simulataneously by solid state detectors on ISEE 3 at approx.200 R/sub E/ and on IMP 8 at approx.35 R/sub E/ from the earth. Conclusions are based on comparisons of the pitch angle distributions observed at the two spacecraft and transformed into the solar wind frame. They are beamlike at ISEE 3 and are confined to the outward hemisphere. When IMP 8 is furtherest from the bow shock, they are also usually beamlike, or hemispheric. However, when IMP 8 is closer to the bow shock, pancakelike distributions are observed. This systematic variation in the IMP 8 pitch angle distributions delimits a scattering region l< or approx. =14 R/sub E/ upstream of the earth's bow shock (l measured along the interplanetary magnetic field) that dominates ion propagation, influences the global distribution of fluxes in the foreshock, and may play a role in acceleration of the ions. When IMP 8 is beyond lapprox.15 R/sub E/, the propagation appears to be essentially scatter-free between IMP 8 and ISEE 3; this is deduced from the absence of earthward fluxes at IMP 8 as well as the tendency for the spin-averaged fluxes to be comparable at the two spacecraft

  1. 26 CFR 1.38-1 - Investment in certain depreciable property.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 1 2010-04-01 2010-04-01 true Investment in certain depreciable property. 1.38-1 Section 1.38-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY INCOME TAX INCOME TAXES Credits Against Tax § 1.38-1 Investment in certain depreciable property. Regulations under...

  2. 26 CFR 1.854-1 - Limitations applicable to dividends received from regulated investment company.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Limitations applicable to dividends received from regulated investment company. 1.854-1 Section 1.854-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and...

  3. 26 CFR 1.852-10 - Distributions in redemption of interests in unit investment trusts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Distributions in redemption of interests in unit investment trusts. 1.852-10 Section 1.852-10 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and Real Estate...

  4. 26 CFR 1.857-6 - Method of taxation of shareholders of real estate investment trusts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Method of taxation of shareholders of real estate investment trusts. 1.857-6 Section 1.857-6 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT...-6 Method of taxation of shareholders of real estate investment trusts. (a) Ordinary income. Except...

  5. 26 CFR 1.852-1 - Taxation of regulated investment companies.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Taxation of regulated investment companies. 1.852-1 Section 1.852-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED....852-1 Taxation of regulated investment companies. (a) Requirements applicable thereto—(1) In general...

  6. 26 CFR 1.857-1 - Taxation of real estate investment trusts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Taxation of real estate investment trusts. 1.857-1 Section 1.857-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1.857-1 Taxation of real estate...

  7. Oil spill hazards at the upstream level: a risk management paradigm for a developing country

    International Nuclear Information System (INIS)

    Okogu, B.E.

    1994-01-01

    This paper documents the experience of recent oil spills internationally and in Nigeria and proposes an appropriate system of risk management. In the best of circumstances, externality problems are difficult to handle; they are even worse in developing countries with weak sociopolitical institutions and where transnational companies tend to have lower operating standards. Typically, a company would invest in spill prevention up to the point where the marginal benefit just equals marginal costs. In a situation where spill detection and clean up enforcement are weak, as is the case in many developing countries, investment in prevention will tend to be low. Consequently, an insurance-type oil spill contingency fund, financed through an oil tax, is proposed. (author)

  8. Socially Responsible Investing

    DEFF Research Database (Denmark)

    Parisi, Cristiana; Stang, Andreas

    This paper analyzes the Scandinavian market for Socially Responsible Investing (SRI) mutual funds in order to determine the returns from discriminatory investment decision compared to the return from conventional portfolios. The analysis is conducted on 642 Scandinavian equity mutual funds...... counterparts. In the case of Norway no statistical difference in return is found when conducting the three factor regression. The Scandinavian market is considered particularly relevant for the interest of the investors in SRI mutual funds. However, to the authors’ knowledge, this is the first study to present....... The methodology adopts the Sharpe ratio to establish the risk return relationship. Moreover, the Capital Asset Pricing Model (CAPM) and the Fama and French Three Factor model are used to test the hypotheses. The results indicate the underperformance of Swedish and Danish SRI funds relative to their conventional...

  9. Investment in transport infrastructure, regulation, and gas-gas competition

    International Nuclear Information System (INIS)

    Gasmi, Farid; Oviedo, Juan Daniel

    2010-01-01

    This paper develops a simple model in which a regulated (upstream) transporter provides capacity to a marketer competing in output with an incumbent in the (downstream) gas commodity market. The equilibrium outcome of the firms' interaction in the downstream market is explicitly taken into account by the regulator when setting the transport charge. We consider various forms of competition in this market and derive the corresponding optimal transport charge policies. We then run simulations that allow us to perform a comparative welfare analysis of these transport infrastructure investment policies based on different assumptions about the intensity of the competition that prevails in the gas commodity market. (author)

  10. Investment in transport infrastructure, regulation, and gas-gas competition

    Energy Technology Data Exchange (ETDEWEB)

    Gasmi, Farid [Toulouse School of Economics (ARQADE and IDEI), Universite Toulouse 1 Capitole (France); Oviedo, Juan Daniel [Universidad del Rosario (Colombia)

    2010-05-15

    This paper develops a simple model in which a regulated (upstream) transporter provides capacity to a marketer competing in output with an incumbent in the (downstream) gas commodity market. The equilibrium outcome of the firms' interaction in the downstream market is explicitly taken into account by the regulator when setting the transport charge. We consider various forms of competition in this market and derive the corresponding optimal transport charge policies. We then run simulations that allow us to perform a comparative welfare analysis of these transport infrastructure investment policies based on different assumptions about the intensity of the competition that prevails in the gas commodity market. (author)

  11. BUSINESS ANGELS AND INVESTMENTS

    Directory of Open Access Journals (Sweden)

    CLAUDIA ISAC

    2015-12-01

    Full Text Available In this paper we have synthesized a part of legislative and conceptual elements linked to a new model of investors which is increasingly publicized in Romania, business angels. In the first part of the paper we have presented theoretical notions related to the concept of investments and to the importance of the investment decision at managerial level. Modern investments regarding, in particular, the launch of some products and services as well as the start-up of companies are dependent on the source of funding that can take many forms, one of them being that of business angels. Thus, the legislative framework in Romania represents an opportunity not only for those looking for sources of financing but also for investors seeking more flexible and more advantageous ways to place capital. Thus, at the end of the paper we have tried to reveal the main fiscal facilities from EU member countries in order to be studied by any business angel and the most important organizations offering information on the business angels’ portfolio.

  12. RISKS IN INVESTMENT AND MANAGEMENT

    Directory of Open Access Journals (Sweden)

    Ms. Tatiana A. Ykovleva

    2016-12-01

    Full Text Available The article discusses the features of investment risks and their causes, as well as provides a detailed classification of investment risks. The authors reveal the essence and content of the investment process, risk management, providing material for presentation in the form of a diagram. In conclusion, the article explains the use of the system of specialized institutions as a way to exclude the basic, or primary investment risk.

  13. 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.

  14. Sovereign wealth fund investments and the need to undertake socially responsible investment

    OpenAIRE

    Yin, Wei

    2017-01-01

    There is an increasing consensus that, beyond financial returns, investors should also consider the environmental and social impacts of their business activities. Major institutional investors currently are entering the realm of socially responsible investment (SRI), which incorporates environmental, social, and governance (ESG) factors into decision-making based on internationally recognized standards and principles. As influential institutional investors, sovereign wealth funds ...

  15. 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

  16. From green investments to ecotax

    International Nuclear Information System (INIS)

    Stam, B.

    1996-01-01

    Since 1991 several fiscal regulations are in effect for businesses, energy companies and civilians to invest in environmental and renewable projects. Although those so-called 'green investment' options are a great success, there is another, less positive, side to that success. Characteristics, advantages and disadvantages of several fiscal tools to invest in renewable energy are briefly discussed

  17. Chinese investments in the EU

    NARCIS (Netherlands)

    Ebbers, H.A.; Zhang, J.

    2010-01-01

    China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional

  18. A Critical Review of the Literature on Firm-Level Theories on Ship Investment

    Directory of Open Access Journals (Sweden)

    Sinem Celik Girgin

    2018-01-01

    Full Text Available The maritime industry is one of those rare industries that are both highly international integrated to international trade and also highly capital intensive dependent on substantial investment amount. In the literature, ship investments have not been widely examined through the firm-level investment theories to explore the link between investment level and asset price valuation. The general trend in the literature of ship investments is to analyse the relationship among the shipping markets (newbuilding, second-hand, freight rate and scrap and their impact on asset price valuation, the timing of investments and market entry and exit conditions. In this paper, we extensively reviewed the literature of firm-level investment theories and ship investments. We showed that the application of firm-level investment theories to the ship investments is confined to the basic investment valuation models, such as Net Present Value and Real Option Analysis. Ship investments need to be examined by firm-level investment theories to define firm/industry value maximization level within the approach of the solid investment theories.

  19. Determinants of Cross-border Venture Capital Investments in Emerging and Developed Economies

    DEFF Research Database (Denmark)

    Hain, Daniel; Johan, Sofia A.; Wang, Daojuan

    2016-01-01

    VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we...... is more relevant for investments in emerging economies, and relational trust is more relevant for investments in developed economies....

  20. Role of sustainable development in Bilateral Investment Treaties : Recent trends and developments

    NARCIS (Netherlands)

    Levashova, Y.

    2012-01-01

    In the last decade, international investment law has undergone an explosive growth, which is characterized by the proliferation of Bilateral Investment Treaties (BITs) and a growing number of investment-treaty arbitrations. The effect of BITs on developing countries (host states) can be

  1. Role of sustainable development in Bilateral Investment Treaties : Recent trends and developments

    NARCIS (Netherlands)

    Levashova, Y.

    2011-01-01

    In the last decade, international investment law has undergone an explosive growth, which is characterized by the proliferation of Bilateral Investment Treaties (BITs) and a growing number of investment-treaty arbitrations. The effect of BITs on developing countries (host states) can be

  2. 26 CFR 1.172-10 - Net operating losses of real estate investment trusts.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 3 2010-04-01 2010-04-01 false Net operating losses of real estate investment... (continued) § 1.172-10 Net operating losses of real estate investment trusts. (a) Taxable years to which a loss may be carried. (1) A net operating loss sustained by a qualified real estate investment trust (as...

  3. FOREIGN INVESTMENTS INTO SVERDLOVSK AREA IN THE CONTEXT OF RUSSIAN CONNECTION TO WTO

    Directory of Open Access Journals (Sweden)

    L.M. Kapustina

    2005-09-01

    Full Text Available Dynamics and structure of the foreign investments involved in economy of Sverdlovsk area are analyzed in the article. Consequences of Russian connection to WTO from the view point of foreign investments volumes change are considered. Directions of multilateral regulation of investment measures on the basis of the international arrangements are certain.

  4. 78 FR 14962 - BE-15: Annual Survey of Foreign Direct Investment in the United States

    Science.gov (United States)

    2013-03-08

    ... BE-15: Annual Survey of Foreign Direct Investment in the United States AGENCY: Bureau of Economic... Survey of Foreign Direct Investment in the United States. This survey is authorized by the International... BE-12, Benchmark Survey of Foreign Direct Investment in the United States. What To Report: The survey...

  5. ASSIMILATION OF INVESTMENT POTENTIAL OF INSURANCE COMPANIES THROUGH GOVERNMENT SECURITIES

    Directory of Open Access Journals (Sweden)

    Angela TIMUS

    2017-02-01

    Full Text Available Investments in fixed capital and human capital represent a reliable way to the economicdevelopment of the Republic of Moldova. The acceleration of investments can be achieved through anactive and viable financial market. The stimulation of institutional investors and of the process ofsecurities issuing and trading is a strategic development tool for the country. The purpose of the study isto analyze insurance companies as institutional investors and to present opportunities for investment instate securities. Markowitz and Sharpe’s theories of efficient investment portfolios selection based onprofitability and risk formed the theoretical and methodological framework. The research is based on datafrom the National Commission for Financial Markets, on the reports of Moldova’s Ministry of Financeand on the statistics from National Bank a National Bureau of Statistics. For secondary analysis, datareports from international organization such as OECD and Insurance Europe and International MonetaryFund have been used. The study was conducted by classical methods of the economic and financialanalysis. The results of research have shown that government securities are the most profitable of allsecurities issued on the primary financial market in the Republic of Moldova. In recent years, interestrates at the state securities are extremely attractive, more attractive than returns on investment in otherareas. State securities are the safest investment because the guarantor of this investment is government.That is why state securities are a very attractive investment area for insurance companies. The stimulationof the investment activity in the state can be achieved by using the primary market of governmentsecurities as an investment tool for capitalization of the investment potential of the insurance market.

  6. OGJ group weathered tough times upstream and downstream in 1991

    International Nuclear Information System (INIS)

    Biggs, J.B.; Price, R.B.

    1992-01-01

    With an upstream sector hit by low oil and gas prices and downstream operations squeezed by weak petroleum demand, 1991, was a tough year for the group of 22 major integrated U.S. companies Oil and Gas Journal tracks. This paper reports that the brief respite caused by the oil price spike in second half 1990 ended abruptly early in first half 1991, and it turned into a year of buckling down for most companies. They shed non-core assets, implemented strategic restructuring moves, and reduced staff. Although low prices slowed overall drilling activity for the group, oil and gas production increased slightly, and most companies reported reserves gains. Recession in the U.S. and Europe depressed demand for the group's fined products enough to pinch downstream earnings even as buoyant Asia-Pacific demand helped jack up world product sales

  7. SAP and life-cycle management in the upstream

    International Nuclear Information System (INIS)

    Davis, B.

    1997-01-01

    Business relationships today depend more than ever on changing alliances and partnerships to leverage risk in a commodity market. SAP is a fully integrated, enterprise-wide software system that uses business processes tightly integrated around a common data model to facilitate these business relationships across the oil and gas supply chain. The SAP modules contain the business processes that are needed to handle the logistics and operations maintenance for operating an oil or gas field. Each industry has unique business-process requirements that the core SAP application set may not cover. In the oil and gas business, there are unique financial requirements in the upstream for working in joint ventures. In the downstream business segment, handling bulk hydrocarbons requires additional functionality

  8. Shape and shear guide sperm cells spiraling upstream

    Science.gov (United States)

    Kantsler, Vasily; Dunkel, Jorn; Goldstein, Raymond E.

    2014-11-01

    A major puzzle in biology is how mammalian sperm determine and maintain the correct swimming direction during the various phases of the sexual reproduction process. Currently debated mechanisms for sperm long range travel vary from peristaltic pumping to temperature sensing (thermotaxis) and direct response to fluid flow (rheotaxis), but little is known quantitatively about their relative importance. Here, we report the first quantitative experimental study of mammalian sperm rheotaxis. Using microfluidic devices, we investigate systematically the swimming behavior of human and bull sperm over a wide range of physiologically relevant shear rates and viscosities. Our measurements show that the interplay of fluid shear, steric surface-interactions and chirality of the flagellar beat leads to a stable upstream spiraling motion of sperm cells, thus providing a generic and robust rectification mechanism to support mammalian fertilization. To rationalize these findings, we identify a minimal mathematical model that is capable of describing quantitatively the experimental observations.

  9. Statistical handbook for Canada's upstream petroleum industry: '96 updates

    International Nuclear Information System (INIS)

    1997-01-01

    The Statistical Handbook of CAPP is an annual compilation of useful information about the Canadian petroleum and natural gas industry. It has been published since 1955, and is a key source of upstream petroleum statistics. It presents a historical summary of the petroleum industry''s progress and provides detailed statistical information on the production and consumption of petroleum, petroleum products, natural gas and natural gas liquids, imports and exports, land sales, pipelines, reserves, drilling and refinery activities, and prices in Canada. The information, mostly in tabular form, is based on the latest available data (generally up to and including 1996). For the first time in 1997, the Handbook is also made available in CD-ROM format (EXCEL 5.0). Plans are also underway to publish the Handbook on a secure site on the Internet

  10. Interaction of Energetic Particles with Discontinuities Upstream of Strong Shocks

    Science.gov (United States)

    Malkov, Mikhail; Diamond, Patrick

    2008-11-01

    Acceleration of particles in strong astrophysical shocks is known to be accompanied and promoted by a number of instabilities which are driven by the particles themselves. One of them is an acoustic (also known as Drury's) instability driven by the pressure gradient of accelerated particles upstream. The generated sound waves naturally steepen into shocks thus forming a shocktrain. Similar magnetoacoustic or Alfven type structures may be driven by pick-up ions, for example. We consider the solutions of kinetic equation for accelerated particles within the shocktrain. The accelerated particles are assumed to be coupled to the flow by an intensive pitch-angle scattering on the self-generated Alfven waves. The implications for acceleration and confinement of cosmic rays in this shock environment will be discussed.

  11. From Worker Health To Citizen Health: Moving Upstream

    Science.gov (United States)

    Sepulveda, Martin-Jose

    2014-01-01

    New rapid growth economies, urbanization, health systems crises and “big data” are causing fundamental changes in social structures and systems including health. These forces for change have significant consequences for occupational and environmental medicine and will challenge the specialty to think beyond workers and workplaces as the principal locus of innovation for health and performance. These trends are placing great emphasis on upstream strategies for addressing the complex systems dynamics of the social determinants of health. The need to engage systems in communities for healthier workforces is a shift in orientation from worker and workplace centric to citizen and community centric. This change for occupational and environmental medicine requires extending systems approaches in the workplace to communities which are systems of systems and which require different skills, data, tools and partnerships. PMID:24284749

  12. CONCEPTUAL APPROACHES TO FORMING MECHANISM OF INVESTMENT SAFETY REALIZATION

    Directory of Open Access Journals (Sweden)

    Vladimir Talover

    2016-11-01

    Full Text Available The purpose of the paper is theoretical justification of theoretical approaches while developing the mechanism of the state investment safety. The tasks of the system of the national economy investment safety are the following: developing investment potential, creating favourable investment climate, forming mechanisms of stable investment activity in the key branches of economy. At the same time, it should also be noted that the complex approach that would allow sufficiently justifying and practically solve the problems of defining indicators, factors of the investment policy and directions of its assurance in realization of the mechanism of investment policy is not sufficiently developed nowadays. This fact determines research topicality. The issue of assuring investment safety is of a special importance in Ukraine that has to assure market economy development, to overcome deformations in the economy structure, to renew products and production apparatus in the industry, to master new kinds of activities. Methodology. The survey is based on the generalization and development of views of the scientific-economic schools, uses approaches of the international agencies and recommendation and normative materials of Ukraine concerning realization of the state investment policy as a totality of interrelated levels and subsystems that allows establishing main functions of the investment safety system. Results of the survey shows that the mechanism of investment safety includes some kinds, forms and methods of organizing investment relations and investment activity, ways of their quantitative determination and establishing interdependence. The concept of investment policy is based on the complex approach and includes the blocks which are locally structured in such way that they allow forming adequate system of its indicators and conducting monitoring of their changes under the influence of the determined factors. The peculiarities and elements of

  13. Explosion Clad for Upstream Oil and Gas Equipment

    Science.gov (United States)

    Banker, John G.; Massarello, Jack; Pauly, Stephane

    2011-01-01

    Today's upstream oil and gas facilities frequently involve the combination of high pressures, high temperatures, and highly corrosive environments, requiring equipment that is thick wall, corrosion resistant, and cost effective. When significant concentrations of CO2 and/or H2S and/or chlorides are present, corrosion resistant alloys (CRA) can become the material of choice for separator equipment, piping, related components, and line pipe. They can provide reliable resistance to both corrosion and hydrogen embrittlement. For these applications, the more commonly used CRA's are 316L, 317L and duplex stainless steels, alloy 825 and alloy 625, dependent upon the application and the severity of the environment. Titanium is also an exceptional choice from the technical perspective, but is less commonly used except for heat exchangers. Explosion clad offers significant savings by providing a relatively thin corrosion resistant alloy on the surface metallurgically bonded to a thick, lower cost, steel substrate for the pressure containment. Developed and industrialized in the 1960's the explosion cladding technology can be used for cladding the more commonly used nickel based and stainless steel CRA's as well as titanium. It has many years of proven experience as a reliable and highly robust clad manufacturing process. The unique cold welding characteristics of explosion cladding reduce problems of alloy sensitization and dissimilar metal incompatibility. Explosion clad materials have been used extensively in both upstream and downstream oil, gas and petrochemical facilities for well over 40 years. The explosion clad equipment has demonstrated excellent resistance to corrosion, embrittlement and disbonding. Factors critical to insure reliable clad manufacture and equipment design and fabrication are addressed.

  14. Explosion Clad for Upstream Oil and Gas Equipment

    International Nuclear Information System (INIS)

    Banker, John G.; Massarello, Jack; Pauly, Stephane

    2011-01-01

    Today's upstream oil and gas facilities frequently involve the combination of high pressures, high temperatures, and highly corrosive environments, requiring equipment that is thick wall, corrosion resistant, and cost effective. When significant concentrations of CO 2 and/or H 2 S and/or chlorides are present, corrosion resistant alloys (CRA) can become the material of choice for separator equipment, piping, related components, and line pipe. They can provide reliable resistance to both corrosion and hydrogen embrittlement. For these applications, the more commonly used CRA's are 316L, 317L and duplex stainless steels, alloy 825 and alloy 625, dependent upon the application and the severity of the environment. Titanium is also an exceptional choice from the technical perspective, but is less commonly used except for heat exchangers. Explosion clad offers significant savings by providing a relatively thin corrosion resistant alloy on the surface metallurgically bonded to a thick, lower cost, steel substrate for the pressure containment. Developed and industrialized in the 1960's the explosion cladding technology can be used for cladding the more commonly used nickel based and stainless steel CRA's as well as titanium. It has many years of proven experience as a reliable and highly robust clad manufacturing process. The unique cold welding characteristics of explosion cladding reduce problems of alloy sensitization and dissimilar metal incompatibility. Explosion clad materials have been used extensively in both upstream and downstream oil, gas and petrochemical facilities for well over 40 years. The explosion clad equipment has demonstrated excellent resistance to corrosion, embrittlement and disbonding. Factors critical to insure reliable clad manufacture and equipment design and fabrication are addressed.

  15. Upstream particles observed in the earth's foreshock region

    International Nuclear Information System (INIS)

    Eastman, T.E.; Anderson, R.R.; Frank, L.A.; Parks, G.K.

    1981-01-01

    On the basis of primarily an extensive study of fully three-dimensional plasma data, we describe the interrelationships of the upstream particles and plasma waves observed in the earth's foreshock region. The University of Iowa LEPEDEAs detect ions and electrons from 1 eV to 45 keV over all except approx.2% of the unit sphere. Comparisons are made with high time resolution particle data obtained by the University of California (Berkeley) instruments and plasma wave data collected by the University of Iowa plasma wave instruments on the two ISEE spacecraft. The presence of ion beams or dispersed ion distributions is found to be a sufficient condition for the presence of electrostatic and electromagnetic wave emissions. Detailed correlations of ions with plasma waves down to a tenth of an ion gyroperiod indicate that ion acoustic emission is enhanced when increased anisotropies and gyrophase organization are observed. Time aliasing effects limit the interpretation of velocity distributions taken within the foreshock region. High time resolution correlations between the different instruments, however, demonstrate that time variations of a single isotropic or anisotropic distribution cannot produce the dispersed ion distributions. Detailed analysis of high time resolution data reveals that the upstream particles undergo significant spatial and temporal variations including gyrophase organization. Gyrophase organization comprises groups of ion clusters each one of which includes ions with similar pitch angles that gyrate together about a common guiding center. On the basis of our high time resolution analysis of three-dimensional plasma data combined with magnetic field and plasma wave data, we conclude that (1) ions observed in the foreshock region display gyrophase organization produced by ion clusters with a spatial scale <1 R/sub g/, and (2) dispersed ion distributions are produced primarily by direct sources at or near the bow shock

  16. Modern aspects of tax regulation of investment activity

    Directory of Open Access Journals (Sweden)

    E.S. Podakov

    2016-03-01

    Full Text Available The article investigates the tax regulation of investment activity in modern conditions. Scientists studied different views about the impact of tax regulations on the investment activity in the country. The author determines that the tax regulation of investment activity involves the use of state mechanisms taxation of certain measures to improve investment conditions. The subject is the state tax regulations, and the object is the investment activity of individual and institutional investors of any form of ownership including organizational and legal forms. Such regulation is performed by using complex special tools. The possible methods of tax stimulation of investment processes are described. The article deals with the current results of tax reform in Ukraine and predicts its possible consequences for agricultural producers. The rating positions of Ukraine according to international organizations are showed. The systematic analysis has been carried out and the impact of differential tax rates, tax exemption for a specified period, reducing the tax base, elimination of double taxation on investment activity in certain areas have been researched. The special instruments of investment activity tax regulation are considered. The options for improving investment activity by introducing effective tax regulation are determined.

  17. MULTINATIONAL COMPANIES AND FOREIGN DIRECT INVESTMENT

    OpenAIRE

    Lucia P. BLĂJUȚ

    2014-01-01

    This paper highlights the significant share of multinational companies in international trade that are a factor of developing global economies. In the context of economic globalization the activity of multinational companies and their foreign direct investment have a strong impact on the host country which presents advantages and disadvantages for them. The main objective of this article is the review of the important role played by multinationals in economic development, especially in develo...

  18. Can Culture Account for Investment Expectations?

    OpenAIRE

    Lainé, Michaël

    2016-01-01

    International audience; Until recently, risk-taking in investment decisions has been explained bycognitive biases and emotional urges. I would like to propose an alternativeexplanation, based on the work of Pierre Bourdieu, who links cultural capital torisk-taking. His concept of cultural capital has a very broad meaning, as itencompasses technical skills, aesthetic preferences, verbal facility, general culturalawareness, educational credentials, and artistic competencies. On theoreticalgroun...

  19. Greenland and Chinese outbound investments

    DEFF Research Database (Denmark)

    Mouyal, Lone Wandahl; Mortensen, Bent Ole Gram; Su, Jingjing

    2017-01-01

    -Government seeks to develop new business sectors and to attract foreign investment, including investments from China, to develop especially its mineral resources. China now is the second largest economy in the world and the outbound investments by Chinese companies presents unprecedented opportunities for both...... Chinese companies and their global partners. However, Chinese outbound investment faces many hurdles both at home and outside. This article analyzes some of the main aspects in relation to regulatory hurdles, political obstacles as well as environmental, labor and financial challenges primarily focusing...... on investments in the mining industry....

  20. 26 CFR 1.46-7 - Statutory provisions; plan requirements for taxpayers electing additional investment credit, etc.

    Science.gov (United States)

    2010-04-01

    ... Investment in Certain Depreciable Property § 1.46-7 Statutory provisions; plan requirements for taxpayers electing additional investment credit, etc. As amended by sections 802(b)(7), and 803 (c), (d), and (e) of... taxpayers electing additional investment credit, etc. 1.46-7 Section 1.46-7 Internal Revenue INTERNAL...

  1. 26 CFR 1.46-9 - Requirements for taxpayers electing an extra one-half percent additional investment credit.

    Science.gov (United States)

    2010-04-01

    ... percent additional investment credit for property described in section 46(a)(2)(D). Paragraph (c) of this...-half percent additional investment credit. 1.46-9 Section 1.46-9 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY INCOME TAX INCOME TAXES Rules for Computing Credit for Investment in...

  2. Landscape-based upstream-downstream prevalence of land-use/cover change drivers in southeastern rift escarpment of Ethiopia.

    Science.gov (United States)

    Temesgen, Habtamu; Wu, Wei; Legesse, Abiyot; Yirsaw, Eshetu; Bekele, Belew

    2018-02-23

    Characterized by high population density on a rugged topography, the Gedeo-Abaya landscape dominantly contains a multi-strata traditional agroforests showing the insight of Gedeo farmers on natural resource management practices. Currently, this area has been losing its resilience and is becoming unable to sustain its inhabitants. Based on both RS-derived and GIS-computed land-use/cover changes (LUCC) as well as socioeconomic validations, this article explored the LUCC and agroecological-based driver patterns in Gedeo-Abaya landscape from 1986 to 2015. A combination of geo-spatial technology and cross-sectional survey design were employed to detect the drivers behind these changes. The article discussed that LUCC and the prevalence of drivers are highly diverse and vary throughout agroecological zones. Except for the population, most downstream top drivers are perceived as insignificant in the upstream region and vice versa. In the downstream, land-use/cover (LUC) classes are more dynamic, diverse, and challenged by nearly all anticipated drivers than are upstream ones. Agroforestry LUC has been increasing (by 25% of its initial cover) and is becoming the predominant cover type, although socioeconomic analysis and related findings show its rapid LUC modification. A rapid reduction of woodland/shrubland (63%) occurred in the downstream, while wetland/marshy land increased threefold (158%), from 1986 to 2015 with annual change rates of - 3.7 and + 6%, respectively. Land degradation induced by changes in land use is a serious problem in Africa, especially in the densely populated sub-Saharan regions such as Ethiopia (FAO 2015). Throughout the landscape, LUCC is prominently affecting land-use system of the study landscape due to population pressure in the upstream region and drought/rainfall variability, agribusiness investment, and charcoaling in the downstream that necessitate urgent action.

  3. [Several problems concerning population investment].

    Science.gov (United States)

    Liu, Z

    1982-07-29

    Population investment is a major topic in the studies of population and economic relations. In this particular area, numerous theoretical and practical problems are still in need of solution. Concerning the problem of population concept, there are three different approaches: (1) to determine the definition of population investment from the relationship between the population growth and the capital from national income used for investment, including investment in the newly increased population and investment in the entire population; (2) to explain population investment from the economic viewpoint that people are producers; and (3) to explain population investment from the expense needed to change a simple labor force to a skillful labor force. The expenses include educational costs, maintanance spending, wages needed to compensate workers in labor, costs for workers to master and learn modern scientific techniques to be used for production, and the costs of keeping a young labor force in the next generation.

  4. The role of the upstream oil and gas industry in the Canadian economy and the macroeconomic impacts of increased taxation

    International Nuclear Information System (INIS)

    Anon.

    1996-01-01

    The direct, indirect and overall impacts of the upstream oil and gas industry on the Canadian economy and the impact of increased taxation on the industry and the overall economy was assessed. The industry's value of production in 1995 was $25 billion, two-thirds of which were exports that contributed to Canada's trade surplus. In the same year, the industry also spent more than $10 billion in exploration and development. About five per cent of Canadian gross domestic product (GDP) and three per cent of national employment can be traced to the upstream oil and gas industry, therefore, increased taxation on the industry would have significant impacts on overall economic activity. For the purposes of this analysis, three assumptions were made: (1) a one-time $100 million tax increase on the industry, (2) the tax revenue to go toward government debt reduction, and (3) the reduction in industry net revenue to produce an investment impact equal with the average behaviour of the industry in recent years. Given these factors, it was concluded that a one-time $100 million tax increase could reduce national GDP by $250 million and employment by 3000 jobs. The balance of payments impact would be about -$75 million. Once factors related to expectations and capital mobility have been factored in, the negative macroeconomic impacts could be even greater. 6 tabs., 24 figs

  5. Investment for the future

    International Nuclear Information System (INIS)

    Sprigarde, G.

    1994-01-01

    In view of the increasing requirements concerning availability and safety of power plants, their economical operation and the environmental protection and safeguarding of resources, the new process control system ''Teleperm XP'' for power plants has been developed. A modern and purposeful system architecture, together with the use of the most innovative standards of hardware and software, makes it possible to maintain the short innovation cycles in microelectronics, and thus to secure investments for the future during the entire lifetime of a power station. (orig.) [de

  6. Gas trade and investments

    International Nuclear Information System (INIS)

    Chabrelie, M.F.

    2000-01-01

    The WOC 9 workshop of the CMG 2000 world gas congress was devoted to gas projects and economics. One round table chaired by G. Bouchard (Gaz de France) and T.H. Thorn (Enron) was devoted to the commercial and financial challenges the gas industry will have to face in the context of inter-region markets and investments. This article summarizes the discussion that took place during this round table: towards a progressive un-partitioning of regional markets, the strategic changes in the European gas market, the LNG industry: new actors and new markets, the gas producers at the crossroads. (J.S.)

  7. VALUATION AND INVESTMENT PROFESSION

    Directory of Open Access Journals (Sweden)

    Lidija Dedi

    2013-06-01

    Full Text Available Investment professionals, particularly financial analysts or security analysts evaluate securities and try to determine characteristics of securities and to identify mispriced securities. For that purpose they use different models to estimate the intrinsic value of the common stocks. Traditional valuation models based on the present value of future cash flows are affected by estimated growth rate of the variable used and by the investor’s required rate of return. These models can be used for valuing fixed income securities, such as bonds and preferred stocks. However, in valuing companies with significant growth opportunities they have to expand traditional analysis with option valuation.

  8. 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.

  9. The Good Investment.

    Science.gov (United States)

    Prescott, John E; Fresne, Julie A; Youngclaus, James A

    2017-07-01

    The authors reflect on the article in this issue entitled "Borrow or Serve? An Economic Analysis of Options for Financing a Medical School Education" by Marcu and colleagues, which makes a compelling case that a medical school education is a good investment, no matter what financing option students use, from federal service programs to federal loans. The lead author of this Commentary shares lessons learned from his own medical school education, which was funded by an Armed Forces Health Professions Scholarship, and from his current position interacting with medical students across the United States.Regardless of the financing path they choose, all students should understand basic financial concepts and the details of the various pathways that are available to pay for their medical school education, as well as how each could potentially impact their own future and that of their families. One underappreciated aspect of financing a medical school education is that federal repayment scenarios can link loan payments to income, rather than debt levels, which means that all physicians are able to afford their loan payments no matter what specialty they practice, what they are paid, or where they live.Medical education, while expensive, remains the good investment. An MD degree can lead to a lifetime of personal fulfillment and societal contributions. Everyone, with rare exceptions, accepted to a U.S. medical school will be able to finance their medical education via a path that aligns with their personal values and priorities.

  10. Offshore Investment Funds

    Directory of Open Access Journals (Sweden)

    Shang-Jin Wei

    1999-12-01

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

  11. Commodities and Stock Investment

    Directory of Open Access Journals (Sweden)

    Syed Jawad Hussain Shahzad

    2014-09-01

    Full Text Available This study is a multivariate analysis of commodities and stock investment in a newly established market scenario. Return distribution asymmetry is examined with higher order movements. Skewness in commodity future’s return is largely insignificant, whereas kurtosis is highly significant for both stock and commodity future contracts. Correlation analysis is done with Pearson’s and Kendall’s tau measures. Commodities provide significant diversification benefits when added in a portfolio of stocks. Compared with stocks, commodity future’s returns show stronger correlation with unexpected inflation. The volatility is measured through Glosten-Jagannathan-Runkle - Generalized Autoregressive Conditional Heteroskedasticity (GJR-GARCH model and reflects that commodities have inverted asymmetric behavior, that is, more impact from the upward shocks compared with downward. Stocks have asymmetric volatility, that is, more impact from negative shocks compared with positive. Gold has highest inverted asymmetric volatility. Tail dependence, measured through Student’s t copula, shows no combined downside movement. In conclusion, commodity investments provide diversification and inflation protection.

  12. Theoretical foundations of information security investment security companies

    Directory of Open Access Journals (Sweden)

    G.V. Berlyak

    2015-03-01

    Full Text Available Methodological problems related to the lack of guidance in the provisions (standards of accounting on the reflection in the accounting and financial reporting of the research object. In this connection, it is proposed to amend the provisions (standards of accounting. This will allow to come to the consistency of accounting methods of operations with elements of investment activity. Based on analysis of the information needs of users suggested indicators identikativnye blocks (block corporate finance unit assess the relationship with financial institutions, block the fulfillment of obligations according to the calculations, the investment unit, a science and innovation, investment security and developed forms of internal accounting controls and improvements to existing forms financial statements for the investment activities of the enterprise. Using enterprise data reporting forms provide timely and reliable information on the identity and structure of investment security and enable the company to effectively plan and develop personnel policies for enterprise management.

  13. CONTRIBUTION OF FOREIGN DIRECT INVESTMENT FOR THE REGION DEVELOPMENT

    Directory of Open Access Journals (Sweden)

    KATARÍNA ČULKOVÁ

    2013-02-01

    Full Text Available Foreign direct investments contribute to the important solving of the economical growth and regionaldevelopment and it presents part of the state’s effort to increase living level of the state. Slovakia government ismotivated to support any foreign investment and it competes for such investments with other transforming countries.Goal of the contribution is to provide idea about main factors that influence inflow of the foreign investments to theindividual regions of Slovakia and to evaluate their contribution through characteristics and main determinants of theforeign investments. Only through careful choice can Slovakia obtain successfully investors that would come to thecountry with production, research and development since in modern economy we cannot be competitive without suchactivities, neither in regional, nor in the international level.

  14. Investing in a Surgical Outcomes Auditing System

    Science.gov (United States)

    Bermudez, Luis; Trost, Kristen; Ayala, Ruben

    2013-01-01

    Background. Humanitarian surgical organizations consider both quantity of patients receiving care and quality of the care provided as a measure of success. However, organizational efficacy is often judged by the percent of resources spent towards direct intervention/surgery, which may discourage investment in an outcomes monitoring system. Operation Smile's established Global Standards of Care mandate minimum patient followup and quality of care. Purpose. To determine whether investment of resources in an outcomes monitoring system is necessary and effectively measures success. Methods. This paper analyzes the quantity and completeness of data collected over the past four years and compares it against changes in personnel and resources assigned to the program. Operation Smile began investing in multiple resources to obtain the missing data necessary to potentially implement a global Surgical Outcomes Auditing System. Existing personnel resources were restructured to focus on postoperative program implementation, data acquisition and compilation, and training materials used to educate local foundation and international employees. Results. An increase in the number of postoperative forms and amount of data being submitted to headquarters occurred. Conclusions. Humanitarian surgical organizations would benefit from investment in a surgical outcomes monitoring system in order to demonstrate success and to ameliorate quality of care. PMID:23401763

  15. The Social Investment in Social Capital

    Directory of Open Access Journals (Sweden)

    Gritsaenko Galina I.

    2018-01-01

    Full Text Available The article is aimed at defining the essence of social investment, substantiating the levels of their implementation, and identifying the mechanisms of influence on social capital. The dynamics of the level of trust in the Ukrainian society is analyzed, on the basis of which the conclusion about the crisis of complete personal and institutional distrust, as well as the necessity of systematic work on the formation of social capital, has been made. The essence of social investments as such, which are directed on development of objects of social environment, including human and social capitals, has been defined. It has been suggested to study social investment on the nano-, micro-, meso-, macro- and mega-levels. The relevant investors and beneficiaries, as well as possible directions of their activity activation, are considered. Prospect for further scientific researches should be development of mechanism for efficient interaction of international organizations, governmental structures, representatives of business and civil society as a whole with the purpose of formation of strategy of social investment, which would facilitate the implementation of structural reforms and ensure the sustainable development of Ukraine.

  16. Sustainable Venture Capital Investments: An Enabler Investigation

    Directory of Open Access Journals (Sweden)

    Elena Antarciuc

    2018-04-01

    Full Text Available Investing in sustainable projects can help tackle the current sustainability challenges. Venture capital investments can contribute significantly to the growth of sustainable start-ups. Sustainable venture capital (SVC research is just emerging. This paper identifies enablers for sustainable venture capital investments in Saudi Arabia taking into account different stakeholders and firm’s tangible and intangible resources. Using perspectives from venture capital experts in Saudi Arabia and the grey-based Decision-Making Trial and Evaluation Laboratory (DEMATEL method, this study pinpoints the most critical enablers and investigates their causal and effect interconnections. The methodological process consists of reviewing the SVC literature and consulting the experts to identify the SVC enablers, creating a questionnaire, acquiring the answers from four experts, analyzing the data with grey-based DEMATEL and performing a sensitivity analysis. The government use of international standards, policies and regulations for sustainable investments, the commitment of the venture capitalists to sustainability and their deep understanding of sustainable business models are the most influential enablers. The paper concludes with implications for different actors, limitations and prospective directions for the sustainable venture capital research.

  17. 13 CFR 301.4 - Investment rates.

    Science.gov (United States)

    2010-01-01

    ... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false Investment rates. 301.4 Section... ELIGIBILITY, INVESTMENT RATE AND PROPOSAL AND APPLICATION REQUIREMENTS Investment Rates and Matching Share Requirements § 301.4 Investment rates. (a) Minimum Investment Rate. There is no minimum Investment Rate for a...

  18. Foreign Direct Investment and Public Sector Management and ...

    African Journals Online (AJOL)

    The major finding using. GMM estimator ... international investment barriers for enacting entrée international markets. Thus, the private ..... thus, panel data accounts for individual heterogeneity and can control for any spurious ..... dependent variable has two lags for intention of capturing all the past information regarding the.

  19. Investment Decision In Micro, Small And Medium Enterprises In Indonesia*

    Directory of Open Access Journals (Sweden)

    Siti Aisyah Tri Rahayu

    2013-06-01

    Full Text Available The purpose of this study are: First, to analyze is there any significant influence among debt ratio, internal capital, cash flow, inflation expectations and the expectations of rupiah exchange rate against the decisions of businessmen in the real sector to invest or not to invest; Second, to analyze the impact of the variables perception mortgage interest rates, perceptions of bank regulation, internal capital and cash flow on debt ratio of the real sector (leverage. Investment decision model is estimated using logit models. The results of regression estimates the overall good for business and risk analysis for financial risk shows that almost all explanatory variables in the equation are statistically significant. There are three variables have a positive influence on the investment decisions taken by the businesses i.e. the debt ratio, cash flow and exchange rate expectations.

  20. Coordinating a Supply Chain When Manufacturer Makes Cost Reduction Investment in Supplier

    Directory of Open Access Journals (Sweden)

    Shilei Huang

    2016-01-01

    Full Text Available We consider a supply chain consisting of an upstream supplier and a downstream manufacturer, in which the supplier provides a component to the manufacturer, facing a price-sensitive and uncertain demand. The manufacturer makes cost reduction investment in the supplier to improve the supplier’s production efficiency, which benefits the entire supply chain. We derive the optimal investment and operating decisions. Both the centralized and decentralized supply chains are studied. We show that the optimal investment and operating decisions in the decentralized setting may deviate from that in the centralized setting. To avoid the profit loss caused by such a deviation, we develop a coordination mechanism by introducing a combined policy of revenue-sharing policy and investment cost-sharing policy. We also show that the developed coordination mechanism can achieve Pareto improvement for the two players.

  1. A Framework for Assessing the Value of Investments in Nonclinical Prevention.

    Science.gov (United States)

    Miller, George; Roehrig, Charles; Russo, Pamela

    2015-12-10

    We present a high-level framework to show the process by which an investment in primary prevention produces value. We define primary prevention broadly to include investments in any of the determinants of health. Although it builds on previously developed frameworks, ours incorporates several additional features. It distinguishes direct and upstream determinants of health, a distinction that can help identify, describe, and track the impact of a policy or program on health and health care costs. It recognizes multiple dimensions of value, including the need to establish the nonhealth value of investments whose objectives are not limited to improvements in health (and whose costs should not be attributed solely to the health benefits). Finally, it emphasizes the need to describe value from the perspectives of the multiple stakeholders that can influence such investments.

  2. Cost-efficient remediation of an upstream oilfield battery site

    Energy Technology Data Exchange (ETDEWEB)

    Siebert, L.D. [Imperial Oil Resources Canada, Calgary, AB (Canada); Bedard, G.; Pouliot, M.; Soucy, F.; Faucher, C.; Corbin, R. [Biogenie Inc., Quebec City, PQ (Canada)

    2003-07-01

    The soil at an oilfield battery site, located 18 kilometres (km) northwest of Devon, Alberta has been contaminated with crude oil and salt, following years of operation. Surrounding the site is flat farmland intended for future agricultural production. A remedial program aimed at complying with Tier I criteria of the Alberta Soil and Water Quality Guidelines for Hydrocarbons at Upstream Oil and Gas Facilities (ASWQG) of Alberta Environment, was developed and implemented. Characterization of the site was carried out in 1997 to delineate a salt plume, followed by a second sampling campaign in 1999, which all together revealed three impacted areas. A supplementary characterization was performed in 2001 by Biogenie in an effort to better determine the nature and level of petroleum contamination and more accurately evaluate the volume of contaminated soil. A three-dimensional Visualization software integrating a Kriging geostatistical model was used for this purpose. The results indicated that an estimated 8,800 cubic metres of contaminated soil would need to be excavated and treated. The next phase involved an evaluation of the various remedial options, which was accomplished using a biotreatability study. The remediation program selected involved the excavation of the contaminated soil and segregation of source material, the ex-situ Biopile treatment of the source material to meet Class II landfill criteria, and the ex-situ Biopile treatment of the contaminated soil followed by its use as backfill on site. The biotreatability study proved to be a strategic tool in the remediation effort. 1 tab., 2 figs.

  3. Atmospheric emissions from the upstream oil and gas industry

    International Nuclear Information System (INIS)

    Taylor, B.G.S.

    1994-01-01

    The results are presented of a study set up to determine the nature and levels of atmospheric emissions resulting from United Kingdom oil and gas exploration and production activities. The study was commissioned by the UK Offshore Operators Association. Emissions by the upstream oil and gas industry of common pollutants, such as carbon monoxide, sulphur dioxide and nitrous oxide, and ozone depletion chemicals were shown in each case to be less than 1% of total UK emissions. Greenhouse gas emissions in the industry arise mainly from production operations with a small but significant contribution from onshore activities. Carbon dioxide is the major component followed in descending order by nitrogen oxides, methane and volatile organic compounds. In 1991, these emissions formed 3.2%, 4.6%, 2.9% and 2.8% of the UK totals respectively; overall this represented only about 3% of UK global warming emissions. The evidence of this study illustrates that the industry, which produces 67% of the UK's primary energy, is successfully managing its operations in an environmentally responsible way. (3 figures, 3 tables) (UK)

  4. Conserved upstream open reading frames in higher plants

    Directory of Open Access Journals (Sweden)

    Schultz Carolyn J

    2008-07-01

    Full Text Available Abstract Background Upstream open reading frames (uORFs can down-regulate the translation of the main open reading frame (mORF through two broad mechanisms: ribosomal stalling and reducing reinitiation efficiency. In distantly related plants, such as rice and Arabidopsis, it has been found that conserved uORFs are rare in these transcriptomes with approximately 100 loci. It is unclear how prevalent conserved uORFs are in closely related plants. Results We used a homology-based approach to identify conserved uORFs in five cereals (monocots that could potentially regulate translation. Our approach used a modified reciprocal best hit method to identify putative orthologous sequences that were then analysed by a comparative R-nomics program called uORFSCAN to find conserved uORFs. Conclusion This research identified new genes that may be controlled at the level of translation by conserved uORFs. We report that conserved uORFs are rare (

  5. Total and EDF invest

    International Nuclear Information System (INIS)

    Signoret, St.

    2008-01-01

    So as to prepare the future of their industrial sector,the Total company plans to invest (14 billion Euros in 2008) to increase its production capacities and strengthen in of other activities as the liquefied natural gas and the renewable energies; EDF plans to inject 35 billion Euros over three years to multiply the new projects of power plants (wind turbines, coal in Germany, gas in Great Britain and nuclear power in Flamanville). EDF wants to exploit its knowledge of leader to run more than ten E.P.R.(European pressurized water reactor) in the world before 2020, projects are in examination with China, Great Britain, South Africa and United States. (N.C.)

  6. Investments in power generation

    International Nuclear Information System (INIS)

    2000-01-01

    The power consumption in the common Nordic power market continues to grow. All potential production technologies entail more or less reduction in quality of the environment. This gives each of the Nordic countries incentives to limit the development of capacity and base themselves increasingly on import, which means that other countries take the political burden with the environmental issues (''free rider problem''). The uncertainty about the climate problem may make it rational to postpone investments which are expensive to reverse, like gas power. If the decisions are delayed too long, however, considerable socio-economic costs may accumulate because the price of electricity becomes too high. The present regulations of the environmental concerns in connection with the granting of concession are expensive and unpredictable and put society unnecessarily to expense

  7. Socially responsible investments

    CERN Multimedia

    Antonella Del Rosso

    2012-01-01

    In addition to well-established working principles based on conservative and capital preservation oriented investments that ensure it a sustainable future, the CERN Pension Fund recently introduced a new criterion for selecting the numerous opportunities that the market offers: philanthropy. Its first initiative, which also involves the Staff Association’s Long-Term Collection, will help support two orphanages in China.   The two charities are located near Beijing. Beijing’s “China Children Charity and Foundation” is an orphanage that cares for up to 80 babies who need surgery to correct birth defects. The other, “Hope Healing Home”, is an organization that deals with 300 babies and cares for sick and physically disabled babies who have been abandoned. All these babies are awaiting treatment and a medical solution. The CERN Pension Fund has over 6700 members. To ensure the greatest efficiency and profitability, the Fund’s por...

  8. Greater oil investment opportunities

    International Nuclear Information System (INIS)

    Arenas, Ismael Enrique

    1997-01-01

    Geologically speaking, Colombia is a very attractive country for the world oil community. According to this philosophy new and important steps are being taken to reinforce the oil sector: Expansion of the exploratory frontier by including a larger number of sedimentary areas, and the adoption of innovative contracting instruments. Colombia has to offer, Greater economic incentives for the exploration of new areas to expand the exploratory frontier, stimulation of exploration in areas with prospectivity for small fields. Companies may offer Ecopetrol a participation in production over and above royalties, without it's participating in the investments and costs of these fields, more favorable conditions for natural gas seeking projects, in comparison with those governing the terms for oil

  9. Corporate income taxation uncertainty and foreign direct investment

    OpenAIRE

    Zagler, Martin; Zanzottera, Cristiana

    2012-01-01

    This paper analyzes the effects of legal uncertainty around corporate income taxation on foreign direct investment (FDI). Legal uncertainty can take many forms: double tax agreements, different types of legal systems and corruption. We test the effect of legal uncertainty on foreign direct investment with an international panel. We find that an increase in the ratio of the statutory corporate income tax rate of the destination relative to the source country exhibits a negati...

  10. Legal significance of environmental protection in foreign investments law

    OpenAIRE

    Divljak Drago

    2013-01-01

    The paper presents the analysis of conceptual interaction between foreign investments and environmental protection, as well as its legal repercussions. A part of the paper has been directed towards critical review of the attempt of legal regulating of these relationships at an international level. A special attention was paid to the treatment of the environment in our foreign investments law. It can be concluded that the dominant paradigm of the future direction of development in this field i...

  11. Keynes, investment, unemployment and expectations

    OpenAIRE

    Smith, Ron P.; Zoega, Gylfi

    2009-01-01

    In Keynes' General Theory, investment determines effective demand, which determines unemployment and the labour market plays a negligible role. In New Keynesian models, labour market institutions determine the natural rate of unemployment and the speed at which unemployment adjusts to it. Investment is mostly ignored as a key variable behind the problem of high unemployment, despite a strong empirical association between investment and unemployment. We discuss the evolution of the 'Keynesian'...

  12. 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

  13. Green investment: Trends and determinants

    International Nuclear Information System (INIS)

    Eyraud, Luc; Clements, Benedict; Wane, Abdoul

    2013-01-01

    This paper fills a gap in the macroeconomic literature on renewable sources of energy. It offers a definition of green investment and analyzes the trends and determinants of this investment over the last decade for 35 advanced and emerging countries. We use a new multi-country historical dataset and find that green investment has become a key driver of the energy sector and that its rapid growth is now mostly driven by China. Our econometric results suggest that green investment is boosted by economic growth, a sound financial system conducive to low interest rates, and high fuel prices. We also find that some policy interventions, such as the introduction of carbon pricing schemes or “feed-in-tariffs,” which require use of “green” energy, have a positive and significant impact on green investment. Other interventions, such as biofuel support, do not appear to be associated with higher green investment. - Highlights: • We offer a definition of green investment and review its trend since 2000. • We analyze its determinants from both theoretical and empirical perspectives. • Green investment is boosted by economic growth, interest rates, and fuel prices. • Feed-in-tariffs and carbon pricing schemes impact positively green investment

  14. European Accounting Harmonisation: Consequences of IFRS Adoption on Trade in Goods and Foreign Direct Investments

    OpenAIRE

    Laura Márquez-Ramos

    2011-01-01

    This paper focuses on the importance of accounting harmonisation in foreign activities at country level. The adoption of International Financial Reporting Standards (IFRS) is considered to reduce information costs among countries and, therefore, encourage international trade in goods and investment. The results provide evidence that benefits exist in terms of trade in goods and foreign direct investments (FDI) when IFRS are adopted.

  15. 76 FR 39341 - Encouraging New Markets Tax Credit Non-Real Estate Investments; Correction

    Science.gov (United States)

    2011-07-06

    ... DEPARTMENT OF THE TREASURY Internal Revenue Service 26 CFR Part 1 [REG-114206-11] RIN 1545-BK21 Encouraging New Markets Tax Credit Non-Real Estate Investments; Correction AGENCY: Internal Revenue Service... how the new markets tax credit program may be amended to encourage non-real estate investments. FOR...

  16. 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

  17. FINANCIAL MANAGEMENT OF THE INVESTMENT CYCLE

    Directory of Open Access Journals (Sweden)

    Boby Costi

    2014-10-01

    Full Text Available Any modern entity operates with the purpose to generate profit, and also to generate sufficient cash flow as to cover its operations and to never be in the position of being unable to cope with payments. Depending on the financial policy, part of the earnings of the entity can be used to sustainable purchase fixed assets. It is known that an entity needs investments in order to develop. to make investments, it needs financial sources. Nowadays, the access to resources, and especially to external resources, is becoming increasingly difficult. Therefore, any responsible entity takes measures to increase its capacity to self-finance. The capacity to self-finance reflects the financial potential for economic growth of an entity, namely the internal source of financing, and one of the important elements that influence the capacity of self-financing is depreciation. For this reason, the way depreciation is approached within an entity is a decision matter of the management.

  18. MULTINATIONAL COMPANIES AND FOREIGN DIRECT INVESTMENT

    Directory of Open Access Journals (Sweden)

    Lucia P. BLĂJUȚ

    2014-11-01

    Full Text Available This paper highlights the significant share of multinational companies in international trade that are a factor of developing global economies. In the context of economic globalization the activity of multinational companies and their foreign direct investment have a strong impact on the host country which presents advantages and disadvantages for them. The main objective of this article is the review of the important role played by multinationals in economic development, especially in developed economies. In the economies in which they operate, they bring capital, technology transfer, improve the national reputation and influence the other companies to invest in this countries, they provide a substantial source of revenue for the government and always improve the balance of payments in the host country.

  19. 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.)

  20. Numerical Simulations of Upstream Propagating Solitary Waves and Wave Breaking In A Stratified Fjord

    Science.gov (United States)

    Stastna, M.; Peltier, W. R.

    In this talk we will discuss ongoing numerical modeling of the flow of a stratified fluid over large scale topography motivated by observations in Knight Inlet, a fjord in British Columbia, Canada. After briefly surveying the work done on the topic in the past we will discuss our latest set of simulations in which we have observed the gener- ation and breaking of three different types of nonlinear internal waves in the lee of the sill topography. The first type of wave observed is a large lee wave in the weakly strat- ified main portion of the water column, The second is an upward propagating internal wave forced by topography that breaks in the strong, near-surface pycnocline. The third is a train of upstream propagating solitary waves that, in certain circumstances, form as breaking waves consisting of a nearly solitary wave envelope and a highly unsteady core near the surface. Time premitting, we will comment on the implications of these results for our long term goal of quantifying tidally driven mixing in Knight Inlet.

  1. Technological acceleration and organizational transformations in the upstream oil and gas industry; Acceleration technologique et transformations organisationnelles dans l'industrie d'exploration-production d'hydrocarbures

    Energy Technology Data Exchange (ETDEWEB)

    Isabelle, M

    2000-12-15

    The upstream oil and gas industry experienced a dramatic technological acceleration in the early 1970's. The relationships between the agents in this industry have themselves undergone deep changes since that date. This thesis shows that a tight link exists between the technological acceleration and the organizational transformations in the upstream oil and gas industry. In a first part, it focuses on the economic theory's developments concerning industrial organization. In a second part, it applies these developments to three types of relations: those between the owner-states of hydrocarbon resources and the international petroleum companies; those between the international petroleum companies and their subcontractors; and finally those between the international petroleum companies themselves. (author)

  2. The obstacles for the investments in natural gas distribution infrastructure in Brazil; Os obstaculos aos investimentos na rede de distribuicao de gas natural no Brasil

    Energy Technology Data Exchange (ETDEWEB)

    Almeida, Edmar Luiz Fagundes de; Bueno, Salua Saud; Selles, Vitor [Universidade Federal do Rio de Janeiro (UFRJ), RJ (Brazil). Inst. de Economia

    2004-07-01

    This paper analyses the main obstacles for the expansion of the Brazilian gas distribution pipelines infrastructure. The paper examines the evolution of investments in the gas chain and highlights the existence of an important unbalance between the level of investments in the upstream and transportation segments and the level of investment in the distribution network. It is clear that the level of investments in the distribution segment is not following the pace of expansion of the other segments. Given this conclusion, the paper examines the potential for increasing the level of investment in the distribution segment by augmenting the debt level of distribution companies. By analyzing the main distribution companies' financial statements, the paper shows that they there is room for an expansion in investments through financial leverage. Finally, the paper examines the main financing obstacles that impede the companies to increase their investment level. (author)

  3. Determinants of investment in fixed assets and in intangible assets for high-tech firms

    Directory of Open Access Journals (Sweden)

    Paulo Maçãs Nunes

    2017-05-01

    Full Text Available Based on a sample of 141 Portuguese high-tech firms for the period 2004-2012 and using GMM system (1998 and LSDVC (2005 dynamic estimators, this paper studies whether the determinants of high-tech firms’ investment in fixed assets are identical to the determinants of their investment in intangible assets. The multiple empirical evidence obtained allows us to conclude that the determinants of their investment in fixed assets are considerably different from those of their investment in intangible assets. Debt is a determinant stimulating investment in fixed assets, with age being a determinant restricting such investment. Size, age, internal finance and GDP are determinants stimulating investment in intangible assets, whereas debt and interest rates restrict such investment. These results let us make important suggestions for the owners/managers of high-tech firms, and also for policy-makers.

  4. Predicting functional upstream open reading frames in Saccharomyces cerevisiae

    Directory of Open Access Journals (Sweden)

    Kristiansson Erik

    2009-12-01

    Full Text Available Abstract Background Some upstream open reading frames (uORFs regulate gene expression (i.e., they are functional and can play key roles in keeping organisms healthy. However, how uORFs are involved in gene regulation is not yet fully understood. In order to get a complete view of how uORFs are involved in gene regulation, it is expected that a large number of experimentally verified functional uORFs are needed. Unfortunately, wet-experiments to verify that uORFs are functional are expensive. Results In this paper, a new computational approach to predicting functional uORFs in the yeast Saccharomyces cerevisiae is presented. Our approach is based on inductive logic programming and makes use of a novel combination of knowledge about biological conservation, Gene Ontology annotations and genes' responses to different conditions. Our method results in a set of simple and informative hypotheses with an estimated sensitivity of 76%. The hypotheses predict 301 further genes to have 398 novel functional uORFs. Three (RPC11, TPK1, and FOL1 of these 301 genes have been hypothesised, following wet-experiments, by a related study to have functional uORFs. A comparison with another related study suggests that eleven of the predicted functional uORFs from genes LDB17, HEM3, CIN8, BCK2, PMC1, FAS1, APP1, ACC1, CKA2, SUR1, and ATH1 are strong candidates for wet-lab experimental studies. Conclusions Learning based prediction of functional uORFs can be done with a high sensitivity. The predictions made in this study can serve as a list of candidates for subsequent wet-lab verification and might help to elucidate the regulatory roles of uORFs.

  5. Analysis of key thresholds leading to upstream dependencies in global transboundary water bodies

    Science.gov (United States)

    Munia, Hafsa Ahmed; Guillaume, Joseph; Kummu, Matti; Mirumachi, Naho; Wada, Yoshihide

    2017-04-01

    Transboundary water bodies supply 60% of global fresh water flow and are home to about 1/3 of the world's population; creating hydrological, social and economic interdependencies between countries. Trade-offs between water users are delimited by certain thresholds, that, when crossed, result in changes in system behavior, often related to undesirable impacts. A wide variety of thresholds are potentially related to water availability and scarcity. Scarcity can occur because of the country's own water use, and that is potentially intensified by upstream water use. In general, increased water scarcity escalates the reliance on shared water resources, which increases interdependencies between riparian states. In this paper the upstream dependencies of global transboundary river basins are examined at the scale of sub-basin areas. We aim to assess how upstream water withdrawals cause changes in the scarcity categories, such that crossing thresholds is interpreted in terms of downstream dependency on upstream water availability. The thresholds are defined for different types of water availability on which a sub-basin relies: - reliable local runoff (available even in a dry year), - less reliable local water (available in the wet year), - reliable dry year inflows from possible upstream area, and - less reliable wet year inflows from upstream. Possible upstream withdrawals reduce available water downstream, influencing the latter two water availabilities. Upstream dependencies have then been categorized by comparing a sub-basin's scarcity category across different water availability types. When population (or water consumption) grows, the sub-basin satisfies its needs using less reliable water. Thus, the factors affecting the type of water availability being used are different not only for each type of dependency category, but also possibly for every sub- basin. Our results show that, in the case of stress (impacts from high use of water), in 104 (12%) sub- basins out of

  6. Competitive Capacity Investment under Uncertainty

    NARCIS (Netherlands)

    X. Li (Xishu); R.A. Zuidwijk (Rob); M.B.M. de Koster (René); R. Dekker (Rommert)

    2016-01-01

    textabstractWe consider a long-term capacity investment problem in a competitive market under demand uncertainty. Two firms move sequentially in the competition and a firm’s capacity decision interacts with the other firm’s current and future capacity. Throughout the investment race, a firm can

  7. Foreign Investment Boosts Rural Economies.

    Science.gov (United States)

    Glasmeier, Amy; Glickman, Norman

    1990-01-01

    Through 1987, 10 percent of foreign investment was in nonmetro counties; 44 percent of this was in the South; and 38 percent of nonmetro foreign investment created new jobs (versus 17 percent in metro areas). Foreign investors chose nonmetro areas with low wages, lack of unionization history, good transportation access, and government incentives.…

  8. 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

  9. Optimal Investment in Structured Bonds

    DEFF Research Database (Denmark)

    Jessen, Pernille; Jørgensen, Peter Løchte

    The paper examines the role of structured bonds in the optimal portfolio of a small retail investor. We consider the typical structured bond essentially repacking an exotic option and a zero coupon bond, i.e. an investment with portfolio insurance. The optimal portfolio is found when the investment...

  10. CHARACTERISTICS OF MIRR METHOD IN EVALUATION OF INVESTMENT PROJECTS' EFFECTIVENESS

    Directory of Open Access Journals (Sweden)

    P. Kukhta

    2014-09-01

    Full Text Available There were analyzed characteristics of the Modified Internal Rate of Return method in the evaluation of investment projects, restrictions connected with its application, advantages and disadvantages compared with indicators of the original Internal Rate of Return and Net Present Value for projects with certain baseline characteristics. It was determined opportunities to adapt the method of Modified Internal Rate of Return to alternative computational approaches of the project cash flows evaluation.

  11. CHARACTERISTICS OF MIRR METHOD IN EVALUATION OF INVESTMENT PROJECTS' EFFECTIVENESS

    OpenAIRE

    P. Kukhta

    2014-01-01

    There were analyzed characteristics of the Modified Internal Rate of Return method in the evaluation of investment projects, restrictions connected with its application, advantages and disadvantages compared with indicators of the original Internal Rate of Return and Net Present Value for projects with certain baseline characteristics. It was determined opportunities to adapt the method of Modified Internal Rate of Return to alternative computational approaches of the project cash flows evalu...

  12. PV investment in Europe

    Energy Technology Data Exchange (ETDEWEB)

    Hueser, Pius [Nova Energy GmbH, (Switzerland)

    2007-06-15

    This presentation is mainly about how the PV market in Europe has been growing, and which elements are going to determine if this market succeed or failed not only in Europe but also in the rest of the world. In the first part of this presentation, it is mentioned how in 2005 the development of some PV technologies triggered the PV market growth without any marketing control. Then, there are explained the aspects that changed such situation out of control, therefore, it emerged the beginning of the consolidation of this market. There are briefly explained those factors that are going to determine if this market succeed or failed in the future. Finally, there are given examples of some the PV investments. [Spanish] Esta presentacion habla principalmente de la manera en como ha crecido el Mercado de sistemas fotovoltaicos en Europa, asi tambien se mencionan los elementos fundamentales que determinaran el exito o fracaso de este mercado, no solamente en Europa sino tambien en el resto del mundo, en un futuro. En la primera parte de esta presentacion, se describe como en el 2005, debido al desarrollo de algunas tecnologias fotovoltaicas se desencadeno el crecimiento desenfrenado del mercado fotovoltaico. Despues, se explican los aspectos que hicieron que dicho crecimiento tomara su curso, teniendo como resultado el inicio de un mercado mas consolidado. Se explican brevemente los factores que determinaran si este mercado encuentra el exito o el fracaso en un futuro. Finalmente, se dan ejemplos de algunas adquisiciones fotovoltaicas.

  13. Chinese investments in the EU

    Directory of Open Access Journals (Sweden)

    Haico EBBERS

    2010-12-01

    Full Text Available China’s investments in the European Union are much lower than what you may expect given the economic size of both entities. These relatively low investments in Europe are a combination of priority and obstacles. The priority for investments is clearly in Asia, Africa and Latin America. This regional pattern is heavily influenced by the need to solve the resource shortage in the medium and long term. The investments in Europe and the United States are mostly market seeking investments. Research specifically focused on Chinese M&A abroad comes to the same conclusion. The success rate of Chinese M&A abroad is much lower than what we see with respect to American or European investments abroad. In this paper, we examine why Chinese firms are facing more difficulties in the European Union than in other regions. The paper focuses on Chinese M&A as proxy for total foreign direct investments abroad. By looking at the factors that have been documented as influencing the level of M&A abroad, it becomes clear that Chinese firms in Europe are hindered by many factors. For example, the trade between China and the EU is relatively low, the institutional quality is lower compared to the United States, there is less experience with respect to Europe and relatively many deals relate to State Owned Enterprises (SOE which makes the deal sensitive. So it is logical that Chinese investments are not very high in Europe. However, the research makes clear that the obstacles for Chinese investments in Europe are disappearing step by step. In that sense, we expect a strong increase of Chinese investments in Europe in the future.

  14. Carbon market. The future investment of sustainable development in developing countries: climate smart investment

    OpenAIRE

    Hesham Elsayed Eissa

    2017-01-01

    There is no doubt that the problem of climate change has become imperative for all parties oа the international community to join forces to resolve this crisis. With the signing of the Paris Agreement and following many deliberations and negotiations, this agreement is a new phase in dealing with the reduction of greenhouse gas emissions. With the participation of everyone, whether developed or developing countries, that opens the door to a new system of investment in the implementation of th...

  15. Considering barriers to investment in South Africa

    Directory of Open Access Journals (Sweden)

    KB Afful

    2014-10-01

    Full Text Available This paper examines the effect of South Africa’s economic fundamentals on net direct investment and net portfolio investment. The results suggest that the main determinants of investment in South Africa are resource prices, input productivity and the economic performance of the domestic economy. The results illustrate that net direct investment and net portfolio investment are close but not perfect substitutes. In addition, we find that an increase in labour input costs reduces both net direct investment and net portfolio investment. Further, an increase in fixed capital productivity increases net direct investment. Further, also the results illustrate that subsidies increase both net direct investment and net portfolio investment. Moreover, an increase in exports increases both net direct investment and net portfolio investment. Policy recommendations are thus proposed that may increase foreign direct investment in South Africa.

  16. 12 CFR 24.4 - Investment limits.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 1 2010-01-01 2010-01-01 false Investment limits. 24.4 Section 24.4 Banks and... ENTITIES, COMMUNITY DEVELOPMENT PROJECTS, AND OTHER PUBLIC WELFARE INVESTMENTS § 24.4 Investment limits. (a) Limits on aggregate outstanding investments. A national bank's aggregate outstanding investments under...

  17. 47 CFR 69.309 - Other investment.

    Science.gov (United States)

    2010-10-01

    ... 47 Telecommunication 3 2010-10-01 2010-10-01 false Other investment. 69.309 Section 69.309... Apportionment of Net Investment § 69.309 Other investment. Investment that is not apportioned pursuant to §§ 69... category and access elements in the same proportions as the combined investment that is apportioned...

  18. 12 CFR 615.5140 - Eligible investments.

    Science.gov (United States)

    2010-01-01

    ... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Eligible investments. 615.5140 Section 615.5140... POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Investment Management § 615.5140 Eligible investments. (a) You may hold only the following types of investments listed in the Investment Eligibility Criteria...

  19. 26 CFR 301.6501(j)-1 - Investment credit carryback; taxable years ending after December 31, 1961.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 18 2010-04-01 2010-04-01 false Investment credit carryback; taxable years ending after December 31, 1961. 301.6501(j)-1 Section 301.6501(j)-1 Internal Revenue INTERNAL REVENUE... Limitations Limitations on Assessment and Collection § 301.6501(j)-1 Investment credit carryback; taxable...

  20. 26 CFR 1.855-1 - Dividends paid by regulated investment company after close of taxable year.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Dividends paid by regulated investment company after close of taxable year. 1.855-1 Section 1.855-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Regulated Investment Companies and...

  1. 26 CFR 1.858-1 - Dividends paid by a real estate investment trust after close of taxable year.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Dividends paid by a real estate investment trust after close of taxable year. 1.858-1 Section 1.858-1 Internal Revenue INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY (CONTINUED) INCOME TAX (CONTINUED) INCOME TAXES Real Estate Investment Trusts § 1...

  2. The Attracting of Foreign Investment in the Russian Economic Development

    Directory of Open Access Journals (Sweden)

    Sergey I. Girko

    2018-03-01

    Full Text Available The attracting of foreign investment is a strategic goal of the Russian economy’s development. Direct investment plays a special role in this process providing an access to financial resources, modern technologies, management skills, innovative goods and services as well as contributing to increase of economic competitiveness, sustained growth and improvements in living standards. In this connection, creation of an enabling environment for foreign investors is a priority sector of public investment policy. Based on the analysis of federal and regional forms of supporting investment activities, it can be concluded that the forms associated with budget injections into the economy are dominant. Co-financing of investment projects, government programs to support exports, create infrastructure (technology parks, SEZ infrastructure, TAD, create support centers for entrepreneurs, all this can be called financial stimulation of economic activity and, in particular, investment activity. The study suggest that the state has to go to these costs in connection with the reduction of the investment potential of the private sector, as a result of the economic crisis and international sanctions.

  3. Canada's international response to HIV during times of global transition: a qualitative inquiry.

    Science.gov (United States)

    Nixon, Stephanie

    2011-04-01

    Canada's international response to HIV may be under threat given CIDA's new aid priorities that appear to exclude health. Drivers of this recent priority shift have been the influence of global aid trends among public sector donors and changes within the global HIV milieu itself. However, this is not the first time Canada has shifted in response to these two global trends. The era from 2000-2004 also witnessed dramatic changes in both the HIV field and in global thinking around international aid. As such, this article presents an evaluation of the Government of Canada's international response to HIV during the first era of transition (2000-2004) in order to derive lessons for decision-making around HIV in the current climate of change. In-depth, semi-structured interviews were conducted with 23 key informants with expertise regarding Canada's international response to HIV over time. Analysis involved multiple readings of transcripts to identify descriptive codes and establish intimacy with the data. Descriptive codes were then collapsed into thematic categories using a process of inductive reasoning. Canada's international response to HIV was perceived to be exemplary at times (e.g. seminal funding to WHO's "3-by-5" strategy), but also inconsistent (e.g., underutilized technical assistance capacity) and non-strategic (e.g., contradiction between investing in training health providers while poaching professionals to bolster Canada's workforce). Lessons from the 2000-2004 era of transition focus on strategic investments, the inextricable connection between HIV and development and strategy coherence. These results highlight that it is more constructive to ensure that Canadian development responses in all areas engage with both the upstream drivers of HIV as well as the impacts of the epidemic itself in order to achieve the greatest results from international investment and the most effective contributions to the lives of the people that these endeavours seek to

  4. Foreign Direct Investment, Competition and Industry Performance

    DEFF Research Database (Denmark)

    Bitzer, Jürgen; Görg, Holger

    2009-01-01

    This paper investigates the productivity effects of inward and outward foreign direct investment using industry- and country-level data for 17 OECD countries over the period 1973 to 2001. Controlling for national and international knowledge spillovers we argue that the effects of FDI work through...... direct compositional effects as well as changing competition in the host country. Our results show that there are, on average, productivity benefits from inward FDI, although we can identify a number of countries which, on aggregate, do not appear to benefit in terms of productivity. On the other hand...

  5. Transnational Energy Companies' Investment Allocation Decisions

    International Nuclear Information System (INIS)

    Osmundsen, Petter; Emhjellen, Magne; Halleraker, Morten

    2001-10-01

    When making international capital budgeting decisions, energy companies are often faced with capital and organisational constraints. The constraints may be real or management imposed. In addition, when entering into a new country or region the companies will incur fixed new area costs that must be considered before investment approval. The decision problem is therefore not a linear problem where the standard net present value rule applies, but a non-linear problem of selecting the combination of projects with the maximum aggregate net present value. New project investments will therefore be selected based on the size of the net present value (often referred to as financial volume or materiality) compared to the projects' use of capital and scarce personnel and organisational capacity. Consequently, projects with a positive net present value, but with low materiality, may not be approved. The portfolio choice has a parallel to the company's choice of core areas. Instead of complex portfolio models, the companies often apply simpler allocation mechanisms, e.g., combinations of fixed investment budgets and materiality requirements. Analysing petroleum cases, we compare the allocations decisions generated by portfolio models and simpler mechanisms. We also discuss the implications of this capital allocation pattern for governments' design of tax systems and license conditions. (author)

  6. Investment and Development Banking and Its Development in Turkey

    Directory of Open Access Journals (Sweden)

    İsmail Erkan Çelik

    2013-04-01

    Full Text Available Banks, one of the most significant economic means of the nations and international organizations, have occasionally become one of the institutions mostly affected by the financial crisis in the world. Especially in the economies of the developed countries, one of the most important aspects of the financial sector is measured by the size of the financial resources and assets of the banks. The size and place of the investment banks depends on the investment and existing credit reserves appropriated by its members. From this perspective, scrutinizing the Investment and Developments Banks, which is one of the economic growth criteria, is of high importance. To this end, in addition to the operation of the Investment and Development Banks, financial products of these banks in Turkey are also analyzed in this study.

  7. 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.

  8. Debt Covenant Renegotiation and Investment

    DEFF Research Database (Denmark)

    Arnold, Marc; Westermann, Ramona

    This paper analyzes the impact of debt covenant renegotiation outside corporate distress on firms. We study a structural model of a levered firm that can renegotiate debt both at investment and in corporate distress. Covenant renegotiation at investment reduces the agency cost of debt because...... it induces a firm value maximizing investment financing policy and mitigates the overinvestment problem. Incorporating renegotiation outside corporate distress is crucial to explain empirical occurrence patterns of debt renegotiation, the impact of debt renegotiation on corporate securities, and the relation...

  9. Whose crazy investment in sex?

    Science.gov (United States)

    Mandlis, Lane R

    2011-01-01

    By probing the processes of exclusion of transsexuals from the political sphere, this article offers contributions to social and political theory through an examination of the processes of exclusion from the category "human." This article considers how the erasure of investment in their own embodied sex constructs a platform from which to blame others for sex/gender variance, as well as to justify that blaming. Bringing together Giorgio Agamben, Georges Bataille, Judith Butler, and Nikolas Rose with transphobia, medicalization in psychiatry, law, and ethopolitics, this article questions whose investment in sexed embodiment counts and why that investment might be seen as "crazy."

  10. Capital Investment Procedures for FEMYSO

    OpenAIRE

    Oluduro, Francis Oladele; Duru, Longinus; Al Jaafar, Mofid

    2008-01-01

    Date: 2008-06-05 Level: Bachelor Thesis in Business Administration EF0703, 15 ECTS Credits. Authors: Longinus Duru (Stockholm), Francis O.Oluduro (Västerås) and Mofid Al Jaafar (Västerås) Title: Capital Investment Procedures for FEMYSO Problem Area: Undertaking an investment by FEMYSO involves weighing up the risk against the returns but still capital investment decision are still one of the most undertaken decisions by organization managers because it involves commitment of huge amount of mo...

  11. Investing in the Long Term

    Institute of Scientific and Technical Information of China (English)

    Valerie; Sartor

    2007-01-01

    Janice Dai is a senior executive at Harvest Fund Management Co.Ltd.,one of China’s top fund management compa- nies,managing fixed income market investments across the country.She also leads her company’s overall institutional investments.Recently she agreed to talk about her company as well as comment on China’s booming financial indus- try,in the wake of overseas invest- ment bankers predicting tremen- dous returns on the Chinese main- land over the next few years.

  12. Evolutionist approach of upstream activities competitiveness of the petroleum industry in a long term perspective; Approche evolutionniste de la competitivite des activites amont de la filiere petroliere dans une perspective de long terme

    Energy Technology Data Exchange (ETDEWEB)

    Dos Santos, E M

    1997-01-24

    The purpose of this work is to analyze the concept of competitiveness of companies and nations in the upstream sector of the international oil industry, trying to identify the possibilities of future development of this sector as well as the interactions that may exist between different actors such as governments, consumers and oil companies to boost or re-launch the competitive position of their enterprises and countries in the international context of the industry. In order to attain that, we analyze the developments of the most important economic attributes that characterize the oil activity as well as its most crucial political aspects. We develop a model of `oil competition` and a definition of `oil competitiveness` that take clearly into consideration both the differences between various oil actors and the dynamic aspects linked to the evolution of the oil industry. We do so by constructing an evolutionist model of competition and competitiveness. This approach emulates a `biological process` where firms and the economic environment interact with each other within a process similar to `natural selection` with the survival of the fittest. This evolutionist model adopts some analytical instruments established by Michael Porter, from the University of Harvard, to interpret the changes and the dissimilarities of behavior of various oil actors as well as to explain their respective role in the new oil world that is being organized. Thus, we introduce the notions of `dominant form of competition` and `generic strategy of enterprises`. Then, we use our methodology to analyze the past of the oil industry (the stability and the instability). We conclude this work by discussing about the future evolution of the oil activities in the context of a new long term cycle of investment for the sector. (author).

  13. 26 CFR 1.897-1 - Taxation of foreign investment in United States real property interests, definition of terms.

    Science.gov (United States)

    2010-04-01

    ... 26 Internal Revenue 9 2010-04-01 2010-04-01 false Taxation of foreign investment in United States... Provisions § 1.897-1 Taxation of foreign investment in United States real property interests, definition of... respect to the taxation of foreign investments in U.S. real property interests and related matters. This...

  14. 26 CFR 1.280F-2T - Limitations on recovery deductions and the investment tax credit for certain passenger...

    Science.gov (United States)

    2010-04-01

    ... investment tax credit for certain passenger automobiles (temporary). 1.280F-2T Section 1.280F-2T Internal... TAXES Items Not Deductible § 1.280F-2T Limitations on recovery deductions and the investment tax credit for certain passenger automobiles (temporary). (a) Limitation on amount of investment tax credit—(1...

  15. Investment patterns in Dutch glasshouse horticulture

    NARCIS (Netherlands)

    Goncharova, N.

    2007-01-01

    Keywords: investment, uncertainty, investment spikes, entry, exit, duration model, GMM dynamic panel data estimator, Negative Binomial model, Heckman selection model, moving window ARIMA, Principal Component analysis, horticulture

    This thesis focuses on the analysis of investment

  16. The effect of coating patterns with spinel-based investment on the castability and porosity of titanium cast into three phosphate-bonded investments.

    Science.gov (United States)

    Pieralini, Anelise R F; Benjamin, Camila M; Ribeiro, Ricardo Faria; Scaf, Gulnara; Adabo, Gelson Luis

    2010-10-01

    This study evaluated the effect of pattern coating with spinel-based investment Rematitan Ultra (RU) on the castability and internal porosity of commercially pure (CP) titanium invested into phosphate-bonded investments. The apparent porosity of the investment was also measured. Square patterns (15 × 15 × 0.3 mm(3)) were either coated with RU, or not and invested into the phosphate-bonded investments: Rematitan Plus (RP), Rema Exakt (RE), Castorit Super C (CA), and RU (control group). The castings were made in an Ar-arc vacuum-pressure machine. The castability area (mm(2) ) was measured by an image-analysis system (n = 10). For internal porosity, the casting (12 × 12 × 2 mm(3) ) was studied by the X-ray method, and the projected porous area percentage was measured by an image-analysis system (n = 10). The apparent porosity of the investment (n = 10) was measured in accordance with the ASTM C373-88 standard. Analysis of variance (One-way ANOVA) of castability was significant, and the Tukey test indicated that RU had the highest mean but the investing technique with coating increased the castability for all phosphate-bonded investments. The analysis of the internal porosity of the cast by the nonparametric test demonstrated that the RP, RE, and CA with coating and RP without coating did not differ from the control group (RU), while the CA and RE casts without coating were more porous. The one-way ANOVA of apparent porosity of the investment was significant, and the Tukey test showed that the means of RU (36.10%) and CA (37.22%) were higher than those of RP (25.91%) and RE (26.02%). Pattern coating with spinel-based material prior to phosphate-bonded investments can influence the castability and the internal porosity of CP Ti. © 2010 by The American College of Prosthodontists.

  17. Effect on water resources from upstream water diversion in the Ganges basin.

    Science.gov (United States)

    Adel, M M

    2001-01-01

    Bangladesh faces at least 30 upstream water diversion constructions of which Farakka Barrage is the major one. The effects of Farakka Barrage on water resources, socioeconomy, and culture have been investigated downstream in the basins of the Ganges and its distributaries. A diversion of up to 60% of the Ganges water over 25 yr has caused (i) reduction of water in surface water resources, (ii) increased dependence on ground water, (iii) destruction of the breeding and raising grounds for 109 species of Gangetic fishes and other aquatic species and amphibians, (iv) increased malnutrition, (v) deficiency in soil organic matter content, (vi) change in the agricultural practices, (vii) eradication of inland navigable routes, (viii) outbreak of waterborne diseases, (ix) loss of professions, and (x) obstruction to religious observances and pastimes. Further, arsenopyrites buried in the prebarrage water table have come in contact with air and formed water-soluble compounds of arsenic. Inadequate recharging of ground water hinders the natural cleansing of arsenic, and threatens about 75,000,000 lives who are likely to use water contaminated with up to 2 mg/L of arsenic. Furthermore, the depletion of surface water resources has caused environmental heating and cooling effects. Apart from these effects, sudden releases of water by the barrage during the flood season cause devestating floods. In consideration of such a heavy toll for the areas downstream, strict international rules have to be laid down to preserve the riparian ecosystems.

  18. Numerical simulation of the effect of upstream swirling flow on swirl meter performance

    Science.gov (United States)

    Chen, Desheng; Cui, Baoling; Zhu, Zuchao

    2018-04-01

    Flow measurement is important in the fluid process and transmission system. For the need of accuracy measurement of fluid, stable flow is acquired. However, the elbows and devices as valves and rotary machines may produce swirling flow in the natural gas pipeline networks system and many other industry fields. In order to reveal the influence of upstream swirling flow on internal flow fields and the metrological characteristics, numerical simulations are carried out on the swirl meter. Using RNG k-ɛ turbulent model and SIMPLE algorithm, the flow field is numerically simulated under swirling flows generated from co-swirl and counter-swirl flow. Simulation results show fluctuation is enhanced or weakened depending on the rotating direction of swirling flow. A counter- swirl flow increases the entropy production rate at the inlet and outlet of the swirler, the junction region between throat and divergent section, and then the pressure loss is increased. The vortex precession dominates the static pressure distributions on the solid walls and in the channel, especially at the end region of the throat.

  19. Application of the Value Averaging Investment Method on the US Stock Market

    Directory of Open Access Journals (Sweden)

    Martin Širůček

    2015-01-01

    Full Text Available The paper focuses on empirical testing and the use of the regular investment, particularly on the value averaging investment method on real data from the US stock market in the years 1990–2013. The 23-year period was chosen because of a consistently interesting situation in the market and so this regular investment method could be tested to see how it works in a bull (expansion period and a bear (recession period. The analysis is focused on results obtained by using this investment method from the viewpoint of return and risk on selected investment horizons (short-term 1 year, medium-term 5 years and long-term 10 years. The selected aim is reached by using the ratio between profit and risk. The revenue-risk profile is the ratio of the average annual profit rate measured for each investment by the internal rate of return and average annual risk expressed by selective standard deviation. The obtained results show that regular investment is suitable for a long investment horizon or the longer the investment horizon, the better the revenue-risk ratio (Sharpe ratio. According to the results obtained, specific investment recommendations are presented in the conclusion, e.g. if this investment method is suitable for a long investment period, if it is better to use value averaging for a growing, sinking or sluggish market, etc.

  20. The Role Of Foreign Investment In Economic And Social Development In Libya

    Directory of Open Access Journals (Sweden)

    Mustafa Khalifa Thawadi El. Hamoudi

    2017-02-01

    Full Text Available Investment is whether in local or foreign organization is the action Plan split by various investment activities The Libyan economy is among those economies that require this kind of foreign investment to achieve the desired economic goals which are correlated with the objectives of the Libyan economic system for subsequent stages. Therefore it is important to study the trends and determinants of FDI in developing in general and in Libya in particular. This paper describes the role that could be played by investment foreign investment in economic and social development in Libya pointing out the positive and negative aspects and how to deal with each of them in proportion to the facts of the Libyan Economy needs. And in the light of the new economic orientation in line with the political and economic developments in the international arena and foreign investment and thus contributing to the expansion of the ownership base and create job opportunities for citizen in this study will follow the descriptive approach through the way ahead obtained from digital data from various sources using the forms as required and discussed this paper to the definition of foreign investment evolved of investment determinants of FDI motivated encourage foreign investment history prospects for foreign direct investment in Libya Barriers to foreign direct investment in Libya Policies strategies to support foreign direct investment in Libya conclusions and recommendations.