Inspector General, DOD, Oversight of the Air Force Audit Agency Audit of the FY 1999 Working Capital Fund Financial Statements

National Research Council Canada - National Science Library

Lane, F

2000-01-01

An audit of the Air Force Working Capital Fund financial statements is required by Public Law 101-576, the "Chief Financial Officers Act of 1990," November 15, 1990, as amended by Public Law 103-356...

76 FR 39645 - Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150...

Science.gov (United States)

2011-07-06

... Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150 Million in Assets... Investment Advisers Registration Act of 2010--the new rules define ``venture capital fund'' and provide an... Venture Capital Strategy 8. Is a Private Fund 9. Application to Non-U.S. Advisers 10. Grandfathering...

Allocating Overhead Costs in a Navy Working Capital Fund Environment: An Analysis and Comparison of Current Navy Policy and Private Sector Practice

National Research Council Canada - National Science Library

Schulte, Steven

1999-01-01

.... The objective of this thesis was to evaluate the overhead allocation practices of five private sector organizations for the potential improvement of overhead allocation practices in Navy Working Capital Fund activities...

Working Capital and Fixed Investment: New Evidence on Financing Constraints

OpenAIRE

Steven M. Fazzari; Bruce C. Petersen

1993-01-01

This article presents new tests for finance constraints on investment by emphasizing the often-neglected role of working capital as both a use and a source of funds. The coefficient of endogenous working capital investment is negative in a fixed-investment regression, as expected if working capital competes with fixed investment for a limited pool of finance. This finding addresses a criticism of previous research on finance constraints, that cash flows may simply proxy shifts in investment d...

How venture capital works.

Science.gov (United States)

Zider, B

1998-01-01

The popular mythology surrounding the U.S. venture-capital industry derives from a previous era. Venture capitalists who nurtured the computer industry in its infancy were legendary both for their risk taking and for their hands-on operating experience. But today things are different, and separating the myths from the realities is crucial to understanding this important piece of the U.S. economy. Today's venture capitalists are more like conservative bankers than the risk takers of days past. They have carved out a specialized niche in the capital markets, filling a void that other institutions cannot serve. They are the linch-pins in an efficient system for meeting the needs of institutional investors looking for high returns, of entrepreneurs seeking funding, and of investment bankers looking for companies to sell. Venture capitalists must earn a consistently superior return on investments in inherently risky businesses. The myth is that they do so by investing in good ideas and good plans. In reality, they invest in good industries--that is, industries that are more competitively forgiving than the market as a whole. And they structure their deals in a way that minimizes their risk and maximizes their returns. Although many entrepreneurs expect venture capitalists to provide them with sage guidance as well as capital, that expectation is unrealistic. Given a typical portfolio of ten companies and a 2,000-hour work year, a venture capital partner spends on average less than two hours per week on any given company. In addition to analyzing the current venture-capital system, the author offers practical advice to entrepreneurs thinking about venture funding.

Private equity and venture capital: investment fund structures in the Czech Republic

Directory of Open Access Journals (Sweden)

Marek Zinecker

2011-01-01

Full Text Available A working private equity and venture capital market (PE/VC market stimulates the business environment in a positive manner and impacts the level of economic growth of national economies. A study of the Austrian Private Equity and Venture Capital Organisation/AVCO (2004, p. 6 defines prerequisites for a correct operation of the PE/VC market. It views the legislative provision for suitable legal fund structures for PE/VC investments and their tax treatment as a key factor. In its publication, Private Equity & Venture Capital in the Czech Republic (2010, p. 14, the Czech Venture Capital Association/CVCA stresses that legal barriers are an important reason behind the limited scope of resources available to domestic PE/VC funds. Legal barriers prevent the establishment of a standard PE/VC fund in the territory of the Czech Republic, which fact in turn has a negative impact on the level of development of the domestic PE/VC market (fundraising, investment volumes, establishment of the infrastructure required for the operation of PE/VC funds. The purpose of this article is, based on an analysis of the relevant information sources, to assess how the current Czech legislation regulates the legal fund structures for PE/VC investments and their tax treatment. Proposals for a potential improvement of the situation are based on a comparison of the legislative framework applicable in the Czech Republic and the requirements defined by the European Venture Capital Association/EVCA, as well as the AVCO study (2004, 2006.

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

Science.gov (United States)

2012-04-19

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

24 CFR 891.809 - Limitations on capital advance funds.

Science.gov (United States)

2010-04-01

... 24 Housing and Urban Development 4 2010-04-01 2010-04-01 false Limitations on capital advance...-Profit Limited Partnerships and Mixed-Finance Development for Supportive Housing for the Elderly or Persons with Disabilities § 891.809 Limitations on capital advance funds. Capital advances are not...

Squeezing the funding you need from today's capital sources.

Science.gov (United States)

Gordon, Deborah C

2010-04-01

Healthcare providers need to understand traditional and nontraditional financing options and other potential strategies for accessing capital. Common financing options include bonds, commercial lending, acquisition financing, and financing through the Department of Housing and Urban Development's Section 232 program. Alternative strategies for accessing capital include joint ventures, equity, sale of assets, fund-raising, capital leases, internal capital, public grants, and grants from foundations.

The National Housing Fund, Mortgage Finance and Capital Formation in Nigeria

Directory of Open Access Journals (Sweden)

ADETILOYE Kehinde Adekunle

2013-07-01

Full Text Available Mortgage financing is one of the ways by which housing stocks are added and capital formation takes place in an economy. This paper examined the impact of the National Housing Fund (NHF, a government agency, in the process of capital formation in Nigeria. The paper adopted some key variables among which are capital formation, lending rate and capital expenditure and the various aspects of mortgage loans in the economy. The paper employed the Two Stage Least Square (2SLS techniques to measure the impact of the various units. It discovers that the mortgage loan generally is significant and insurance companies advances for mortgage is also significant while the National Housing Fund (NHF is not significant. This is however due to many problems bedevilling the Fund. The paper recommends among others, the deepening of the mortgage finance market, further assistance to the help to the National Housing Fund and while the government incentivises the firms involved in lending on mortgage fiscally to improve performance and capital stocks in the economy.

38 CFR 61.16 - Matching funds for capital grants.

Science.gov (United States)

2010-07-01

... capital grants. 61.16 Section 61.16 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.16 Matching funds for capital grants. The amount of a capital grant may not exceed 65 percent of the total cost of the project for which the...

THE CAPITAL OF THE ENTERPRISE-FUNDING SOURCE WITH STABLE CHARACTER

Directory of Open Access Journals (Sweden)

CĂRUNTU GENU ALEXANDRU

2015-06-01

Full Text Available The establishment of an economic unit, regardless of the type and its legal form is conditioned by the existence of a capital which it commences, he creates and assumes obligations and dealings with third parties. As an important part of the heritage capital expressed as pecuniary obligation is designed to drive toward those who participate in the formation of capital, whether they are natural or legal persons. Whereas these obligations do not have period due, they are permanent throughout the existence and functioning of the economic unit. Capital represents funding sources used by an enterprise, a permanent and lasting manner. They must fund all amounts fixed and structural part of the amount of Revolving Fund (the circulating assets of mining subsided with the debts. Determining the optimal size of capital is an issue of the utmost importance in the financial management of the company, as a possible insufficiency of resources influences long-term solvency, liquidity and return it. Over the long term, the goal of any business is to get a sufficient return on capital invested. Creating a company, maintaining the market position and its economic growth requires resources to ensure optimal deployment, to development activities. Creation and operation of a society is not possible in the absence of the capital which can be considered a set of resources likely to provide future revenue streams.

76 FR 37174 - Capital Investment Program-New Starts and Small Starts Program Funds

Science.gov (United States)

2011-06-24

... DEPARTMENT OF TRANSPORTATION Federal Transit Administration Capital Investment Program--New Starts... apportionment of the FY 2011 Capital Investment (New Starts and Small Starts) program funds. The funds will be... FY 2011, $1,596,800,000 was appropriated for the Capital Investments Grant Account, which includes...

Cross-national comparison of capitation funding: the American, British and Dutch experience.

Science.gov (United States)

Persaud, D; Narine, L

1999-05-01

In this paper we review the performance of the capitation payment systems of three countries--the Adjusted Average Per Capita Cost (AAPCC) system used in the United States to reimburse Health Maintenance Organizations (HMOs) for insuring Medicare recipients, a somewhat similar system in the Netherlands which reimburses third-party payers for insuring the entire population and a weighted system utilized in Britain for regional funding. Our review revealed significant problems with the current version of the AAPCC formula as there is evidence of the biased selection of beneficiaries and actual losses to Medicare through its use. Furthermore, several studies show that the demographic adjusters utilized in the AAPCC formula are extremely poor predictors of future healthcare utilization relative to the potential of direct and indirect health status measures. The Dutch experience with capitated funding has been similar to that of the United States. While Dutch researchers have built on the work of their American counterparts they acknowledge that further work is needed before a fully functional system is implemented. Britain's weighted system has fulfilled its original mandate to redistribute healthcare resources based on population need but recent changes giving increased influence to age weighting could reverse some of these gains. A number of proposed improvements to these risk adjustment problems were reviewed including the development of diagnostic cost groups, the coexisting hierarchical conditions model and the use of community-rated high-risk pooling. The findings from this study can help others narrow the alternatives they need to consider when thinking of introducing capitation funding or refining already existing systems.

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

Science.gov (United States)

2013-03-25

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

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

Science.gov (United States)

2013-09-13

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

Pension fund's illiquid assets allocation under liquidity and capital constraints

NARCIS (Netherlands)

Broeders, Dirk; Jansen, Kristy; Werker, Bas

2017-01-01

This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the

Factors Affecting Navy Working Capital Funding (NWCF) Net Operating Result: A Case Study of Naval Facilities Engineering Command Washington, Washington D.C.

Science.gov (United States)

2009-12-01

44 Figure 17. Average Retail Price of Electricity Sold by Sector, 1960–2007 (From: http://www.eia.doe.gov/ bookshelf /brochures/epa...Sold by Sector, 1960–2007 (From: http://www.eia.doe.gov/ bookshelf /brochures/epa/epa.html) All three illustrations, with the exception of the sharp... bookshelf /brochures/epa/epa.html 72 Fawls, C. (2006). Issues and unexplored opportunities within the navy working capital fund. Defense AT&L, 35(3), 38

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

Directory of Open Access Journals (Sweden)

Suzana Audić Vuletić

2017-01-01

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

Cash Management in the Defense Working Capital Funds

National Research Council Canada - National Science Library

1997-01-01

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

Economic analysis of venture capital funds rate of return on venture activity

Directory of Open Access Journals (Sweden)

Usatenko O.V.

2017-08-01

Full Text Available The research deals with the topic of the analysis of venture capital funds’ rate of return on venture activity. The discovered venture capital funds have such a peculiarity as the involved investors of various types and concentrated financial resources, which lead to advantages in investing. Based on the analyzed scientific approaches to the evaluation of income rate met by various economic entities the paper determines the optimal indicators of such an analysis developed due to the article research. They are supposed to improve significantly the process of making decisions on venture capital investments. The author suggests to evaluate venture capital funds rate of return on venture activity by means of the basic four indicators usually employed for investment efficiency definition: net profit, internal rate of return, return period and return index. The research presents the examination of rates of return on venture activity of venture capital funds being controlled by a single asset management company. Thus, one can estimate not only the rate of return on venture activity, but also the efficiency of control taken by an asset management company.

Pension fund's illiquid assets allocation under liquidity and capital constraints

OpenAIRE

Broeders, Dirk; Jansen, Kristy; Werker, Bas

2017-01-01

This paper empirically assesses the impact of liquidity and capital constraints on the allocation of defined benefit pension funds to illiquid assets. Liquidity constraints result from short-term pension payments and collateral requirements on derivatives. Capital constraints follow from the requirement to retain sufficient capital to absorb unexpected losses. Liability duration and hedging affect the allocation to illiquid assets through both these constraints. First, we find a hump-shaped i...

How government venture capital guiding funds work in financing high-tech start ups in China? A 'strategic exchange' perspective

OpenAIRE

Wang, Jinmin; Wang, Jing; Ni, Hua; He, Shaowei

2013-01-01

Under its specific institutional context, the public/private partnership approach needs to be interpreted differently from strategic level to operational level in China to improve the performance of venture capital guiding funds.

Risk-adjusted capitation funding models for chronic disease in Australia: alternatives to casemix funding.

Science.gov (United States)

Antioch, K M; Walsh, M K

2002-01-01

Under Australian casemix funding arrangements that use Diagnosis-Related Groups (DRGs) the average price is policy based, not benchmarked. Cost weights are too low for State-wide chronic disease services. Risk-adjusted Capitation Funding Models (RACFM) are feasible alternatives. A RACFM was developed for public patients with cystic fibrosis treated by an Australian Health Maintenance Organization (AHMO). Adverse selection is of limited concern since patients pay solidarity contributions via Medicare levy with no premium contributions to the AHMO. Sponsors paying premium subsidies are the State of Victoria and the Federal Government. Cost per patient is the dependent variable in the multiple regression. Data on DRG 173 (cystic fibrosis) patients were assessed for heteroskedasticity, multicollinearity, structural stability and functional form. Stepwise linear regression excluded non-significant variables. Significant variables were 'emergency' (1276.9), 'outlier' (6377.1), 'complexity' (3043.5), 'procedures' (317.4) and the constant (4492.7) (R(2)=0.21, SE=3598.3, F=14.39, Probpayment (constant). The model explained 21% of the variance in cost per patient. The payment rate is adjusted by a best practice annual admission rate per patient. The model is a blended RACFM for in-patient, out-patient, Hospital In The Home, Fee-For-Service Federal payments for drugs and medical services; lump sum lung transplant payments and risk sharing through cost (loss) outlier payments. State and Federally funded home and palliative services are 'carved out'. The model, which has national application via Coordinated Care Trials and by Australian States for RACFMs may be instructive for Germany, which plans to use Australian DRGs for casemix funding. The capitation alternative for chronic disease can improve equity, allocative efficiency and distributional justice. The use of Diagnostic Cost Groups (DCGs) is a promising alternative classification system for capitation arrangements.

Tax Planning by Mutual Funds: Evidence From Changes in the Capital Gains Tax Rate

OpenAIRE

Chen, Feng; Kraft, Arthur; Weiss, Ira

2011-01-01

We investigate whether mutual funds engage in tax planning by testing how they respond to changes in the capital gains tax rates. While previous evidence suggests that individual investors time capital gains realizations, mutual fund managers may not tax plan like individuals because fund managers have incentives to consider the tax liability of both current and potential investors. Our analysis spans over 44 years and six major tax changes, allowing us to examine the effects of both tax rate...

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

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2013-12-01

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

Comparing Working-Capital Funding and Mission Funding for Naval Shipyards

National Research Council Canada - National Science Library

Frisk, Daniel; Trunkey, R. D

2007-01-01

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

Leaseback: An alternative source to raise company working capital

Directory of Open Access Journals (Sweden)

Laušević Ljubica

2014-01-01

Full Text Available This paper offers a description, regulatory framework and the manner of implementation of the leaseback as an alternative manner of raising working capital for companies with a large number and type of users. Leaseback has experienced an explosive growth in Europe, in the first decade of this century, especially during the years of economic prosperity. The value of leaseback in Europe has grown from 6.9 billion EUR in 2004, up to 46 billion EUR in 2007, i.e. during the four years the value was increased for 567%. Leaseback has shown itself to be, according to the analyses made, an 'ideal' manner of financing based on sale-and-leaseback of real estate. Capital that is 'immobilised' on long-term basis, through the leaseback regains its quality of capital ready to be engaged in current activities, i.e. projects and programmes of companies that are making high earnings. The objective of this work is to draw the attention, on the basis of a comprehensive theoretical presentation, empirical analyses and positive world practices, to this, in our business circumstances, a completely novel manner of financing, in the context of raising additional working capital through the inflow of both the domestic and of the foreign capital in Serbia. In order to achieve full implementation of this type of financing, it is necessary to overcome a number of constraints and provide regulatory framework, developed investment funds for investment in real estate, and a properly set in place cadastre register.

76 FR 40407 - Sterling Capital Funds and Sterling Capital Management LLC; Notice of Application

Science.gov (United States)

2011-07-08

... application may be obtained via the Commission's Web site by searching for the file number, or an applicant using the Company name box, at http://www.sec.gov/search/search.htm or by calling (202) 551-8090... serves as a Sub-Adviser of Sterling Capital International Fund; and Federated Investment Management...

THERE IS INFLUENCE IN DEVELOPMENT OF COMPANIES WHICH BUILT STOCK, WITH SUPPORT OF INVESTIMENT FUND PRIVATE EQUITY AND VENTURE CAPITAL? EVIDENCES OF ENTRANT COMPANIES AT BOVESPA

Directory of Open Access Journals (Sweden)

Caciano Gianechini

2013-09-01

Full Text Available This work seeks to identify the impact of the participation of Private Equity funds and Venture Capital (PE/VC, the performance of companies that owned the contribution prior to the opening of capital (IPO. In a more objective the present study seeks to investigate whether companies that opened capital, financed by PE/VC, have performed better than the other formerly the Brazilian stock market debut. The sample of work consists of 116 companies that made the initial public offering (IPO in the São Paulo Stock Exchange (BOVESPA in the period January 2004 to December 2009. First identified that 41 enterprises debuted at BOVESPA being financed by PE/VC funds. Furthermore, the results indicate that the influence of PE/VC funds tend to improve some indices of profitability and market of companies after the IPO. In summary, the evidence found lead to the conclusion that the organizations of private equity and venture capital influence positively the performance of investee companies.

76 FR 4932 - Notice of Submission of Proposed Information Collection to OMB; Capital Fund Education and...

Science.gov (United States)

2011-01-27

... Proposed Information Collection to OMB; Capital Fund Education and Training Community Facilities AGENCY..., Congress set aside up to $40 million of the Capital Fund for Education and Training Community Facilities... the burden of the proposed collection of information; (3) Enhance the quality, utility, and clarity of...

47 CFR 36.182 - Cash working capital.

Science.gov (United States)

2010-10-01

... 47 Telecommunication 2 2010-10-01 2010-10-01 false Cash working capital. 36.182 Section 36.182... PROCEDURES; STANDARD PROCEDURES FOR SEPARATING TELECOMMUNICATIONS PROPERTY COSTS, REVENUES, EXPENSES, TAXES... Cash Working Capital § 36.182 Cash working capital. (a) The amount for cash working capital, if not...

Venture capital on a shoestring: Bioventures' pioneering life sciences fund in South Africa.

Science.gov (United States)

Masum, Hassan; Singer, Peter A

2010-12-13

Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC) funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation?As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D.Due to the fund's small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how to select, value, and support investments; and how to

Founders hope new venture-capital fund will spur medical, biotechnology research

Science.gov (United States)

Gray, Charlotte

1995-01-01

Lack of a coherent industrial strategy and venture capital have hindered scientific researchers in Canada, but the Canadian Medical Discoveries Fund (CMDF) Inc. hopes to change that. Under the leadership of Dr. Henry Friesen, president of the Medical Research Council of Canada, and Dr. Calvin Stiller, head of the multiorgan transplant unit at University Hospital, London, Ont., the new fund proposes to invest in promising medical and biotechnology research companies in Canada. The research council's peerreview system gives the new fund scientific credibility.

Venture capital on a shoestring: Bioventures’ pioneering life sciences fund in South Africa

Directory of Open Access Journals (Sweden)

Singer Peter A

2010-12-01

Full Text Available Abstract Background Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation? As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. Discussion The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D. Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. Summary BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how

Venture capital on a shoestring: Bioventures’ pioneering life sciences fund in South Africa

Science.gov (United States)

2010-01-01

Background Since 2000, R&D financing for global health has increased significantly, with innovative proposals for further increases. However, although venture capital (VC) funding has fostered life sciences businesses across the developed world, its application in the developing world and particularly in Africa is relatively new. Is VC feasible in the African context, to foster the development and application of local health innovation? As the most industrially advanced African nation, South Africa serves as a test case for life sciences venture funding. This paper analyzes Bioventures, the first VC company focused on life sciences investment in sub-Saharan Africa. The case study method was used to analyze the formation, operation, and investment support of Bioventures, and to suggest lessons for future health venture funds in Africa that aim to develop health-oriented innovations. Discussion The modest financial success of Bioventures in challenging circumstances has demonstrated a proof of concept that life sciences VC can work in the region. Beyond providing funds, support given to investees included board participation, contacts, and strategic services. Bioventures had to be proactive in finding and supporting good health R&D. Due to the fund’s small size, overhead and management expenses were tightly constrained. Bioventures was at times unable to make follow-on investments, being forced instead to give up equity to raise additional capital, and to sell health investments earlier than might have been optimal. With the benefit of hindsight, the CFO of Bioventures felt that partnering with a larger fund might benefit similar future funds. Being better linked to market intelligence and other entrepreneurial investors was also seen as an unmet need. Summary BioVentures has learned lessons about how the traditional VC model might evolve to tackle health challenges facing Africa, including how to raise funds and educate investors; how to select, value, and support

75 FR 66773 - Notice of Proposed Information Collection for Public Comment; FY 2010 Capital Fund Community and...

Science.gov (United States)

2010-10-29

... Information Collection for Public Comment; FY 2010 Capital Fund Community and Education Training Facilities... 2010 Capital Fund Community and Education Training Facilities NOFA. OMB Control Number: 2577-0268...) enhance the quality, utility, and clarity of the information to be collected; and (4) minimize the burden...

Neural Network Models of Regulating Natural Capital Funds for Renewable Energy

OpenAIRE

Alsayyed, Nidal; Zhu, Weihang

2016-01-01

Natural Capital (NC) is the limited form of capital assets or service (tangible or intangible) that satisfies basic and social conditions for human existence and protection The aim of this paper is twofold; First we examine and test empirically the conventional financing models and discuss their performance in regulating the financing structure of NC funds using a parametric estimating approach Generalized Moments Method (GMM). Second we estimate the NC dynamics using a nonparametric approach...

International working capital practices of Ghanaian firms

Directory of Open Access Journals (Sweden)

J. Abor

2005-12-01

Full Text Available International working capital management is important to firms frequently operating in the international market. This article investigates the international working capital practices of top Ghanaian firms involved in international trade. The objective of the study is to ascertain the extent to which Ghanaian firms use international working capital management vehicles. The article focuses on two main areas of international working capital management; international cash management and international sales and accounts receivables management. The results of this study reveal low level of use of international working capital vehicles among Ghanaian firms. Recommendations are made in this regard.

An Analysis of Closed-end Fund Puzzle for Emerging Capital Markets

Directory of Open Access Journals (Sweden)

Victor Dragota

2008-10-01

Full Text Available This paper analyzes the closed-end fund puzzle for an emerging capital market, respectively the Romanian one. Comparatively to more developed markets, as long as small markets are often very illiquid, it has to be used some specific valuation techniques in order to estimate the market values for closed-end funds. Also, one problem is this estimation can be made only in some (punctual moments.

'Blue' social capital and work performance

DEFF Research Database (Denmark)

Grøn, Sisse; Svendsen, Gunnar Lind Haase

2012-01-01

(Progoulaki & Roe 2011). This challenges social capital on board, i.e. the resources inherent in network cooperation associated with norms of reciprocity and trust (Putnam 2000: 19). Fragmentizing ‘blue’ social capital should however be restored, because work performance depends on the quality of cooperation...... findings suggest that a balance between three types of social capital – bonding, bridging and linking – is needed to achieve a high-performance work system (Gittell et al. 2010). Hence, main actors within the shipping sector should take ‘blue’ social capital into account in order to increase work...... efficiency and economic performance....

Linkage of Credit on BI Rate, Funds Rate, Inflation and Government Spending on Capital

Directory of Open Access Journals (Sweden)

Mangasa Augustinus Sipahutar

2017-03-01

Full Text Available Linkage of credit on BI rate, funds rate, inflation, and government spending on capital provides evidence from Indonesia.  This paper found advance explanation about banks credit as monetary transmission channel and its role on Indonesian economy.  We used credit depth as a ratio of banks credit to GDP nominal, to explain the role of credit in Indonesian economy.  We developed a VAR model to measure the response of credit to BI rate, funds rate and inflation rate, and OLS method to find out how banks credit response to government spending on capital. This paper revealed bi-direction causality between credit and BI rate, credit and funds rate, and credit and inflation.  There is trade-off between credit and BI rate, credit and funds rate, and credit and inflation, but government spending on capital promotes credit depth.  We found that Indonesian banking is bank view, allocated their credit based on their performance, not merely on the monetary policy determined by central bank.  For bank view perspectives, we analyzed the link between LDR as an indicator of credit channel mechanism to NPLs and CAR.  We found that there is no significant effect of CAR to LDR, but has a strong negatively relationship between NPLs to LDR.  This evidence indicates that commercial banks in Indonesia allocated their credit do not related to their capital but merely to the quality of their credit portfolio.

provider venture capital funds: investing in innovation.

Science.gov (United States)

Potter, Mary Jo; Wesslund, Rick

2016-05-01

As health systems continue to embrace disruptive innovation, they are increasingly likely to consider making a move into venture capital. Working in venture capital can benefit a health system in several ways, including: Allowing it to operate outside of bureaucracy and align projects with its core values. Encouraging innovation within the organization. Enabling it to respond quickly to changes in the market.

18 CFR 154.306 - Cash working capital.

Science.gov (United States)

2010-04-01

... 18 Conservation of Power and Water Resources 1 2010-04-01 2010-04-01 false Cash working capital... Changes § 154.306 Cash working capital. A natural gas company that files a tariff change under this part may not receive a cash working capital adjustment to its rate base unless the company or other...

The Determinants of State Spending on Higher Education: How Capital Project Funding Differs from General Fund Appropriations

Science.gov (United States)

Ness, Erik C.; Tandberg, David A.

2013-01-01

Our fixed-effects panel data analysis of state spending on higher education fills a near void of studies examining capital expenditures on higher education. In our study, we found that political characteristics (e.g., interest group activity, organizational structure, and formal powers) largely account for differences between general fund and…

78 FR 77175 - Catalyst Capital Advisors LLC and Mutual Fund Series Trust; Notice of Application

Science.gov (United States)

2013-12-20

... SECURITIES AND EXCHANGE COMMISSION [Investment Company Act Release No. 30832; 812-14101] Catalyst... shareholder approval. APPLICANTS: Catalyst Capital Advisors LLC (``CCA'' or the ``Adviser'') and Mutual Fund Series Trust (formerly Catalyst Funds) (the ``Trust''). DATES: Filing Dates: The application was filed on...

Working Capital Approaches and Firm’s Returns in Pakistan

Directory of Open Access Journals (Sweden)

Dr. Talat Afza

2008-09-01

Full Text Available This study investigates the relationship between the aggressive/conservative working capital policies for seventeen industrial groups of public limited companies listed at Karachi Stock Exchange for a period of 1998-2003. The ordinary least square regression model has been used to investigate into the relationship of working capital approaches and the returns of firms. The study found significant differences among their working capital investment and financing policies across different industries. Moreover, these significant differences are remarkably stable over the period of six years. The aggressive investment working capital policies are accompanied by aggressive working capital financing policies. Finally, we found a negative relationship between the profitability measures of firms and degree of aggressiveness of working capital investment and financing policies. The study would contribute a better understanding of working capital management policies in an emerging market like Pakistan.

Bank Interest Margin and Default Risk under Basel III Capped Capital Adequacy Accord and Regulatory Deposit Insurance Fund Protection

OpenAIRE

Chuen-Ping Chang; Shi Chen

2015-01-01

We study the optimal bank interest margin and default risk under the capped ratio schedule of government capital instruments in the Basel III Capital Adequacy Accord and the Deposit Insurance Fund arrangement program. We show that an increase in the capped ratio (a decrease in the capped government capital injection) increases the default risk in the bank¡¯s equity return at a reduced interest margin. Regulatory deposit insurance fund protection reinforces the reduced bank interest margin and...

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

National Research Council Canada - National Science Library

Cain, Andrew M

2006-01-01

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

78 FR 76160 - Public Housing Assessment System (PHAS) Capital Fund Interim Scoring Notice: Reinstitution of...

Science.gov (United States)

2013-12-16

... System (PHAS) Capital Fund Interim Scoring Notice: Reinstitution of Five Points for Occupancy Sub... intended to help lessen the impact of decreases in funding in recent appropriations acts. Adding automatic... to adjust their systems and procedures to the new scoring regime. As a result of automatic across-the...

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.

Addressing Canada's Commercialization Crisis and Shortage of Venture Capital: Will the Federal Government’s Solution Work?

Directory of Open Access Journals (Sweden)

Stephen A. Hurwitz

2013-09-01

Full Text Available Lack of funding is a major challenge to innovation in Canada’s emerging technology industry. This article will focus on this supply-side challenge within the complex venture capital ecosystem and discuss: i the current shortage of venture capital available to commercialize Canada’s R&D; ii the causes and consequences of that venture capital shortage; iii how the federal government will address this shortage through its innovative 2013 Venture Capital Action Plan, which commits $400 million and seeks to raise at least another $800 million from outside investors; and iv how a separate decision in the federal 2013 budget to phase out federal tax credits for labour-sponsored venture capital funds could imperil the 2013 Venture Capital Action Plan.

Fuel-cycle financing, capital requirements and sources of funds

International Nuclear Information System (INIS)

Manderbach, R.W.

1977-01-01

An issue of global importance today is the economic case fro nuclear power and the conservation of precious fossil resources. An important question is whether sufficient financial resources can be attracted to the nuclear industry in order to develop a complete fuel-cycle industry capable of meeting the requirements of a global nuclear power industry. Future growth of the nuclear power industry will depend largely on the timely development of a private competitive industry covering the total fuel cycle. The report of the Edison Electric Institute on Nuclear Fuels Supply estimates that by 1985 initial capital investmentor in the nuclear fuel cycle will total US$15x10 9 and by the year 2000, US$60x10 9 will be required. Although the amount of funding projected is manageable from a global availability standpoint, there is a hesitancy to commit financial resources to certain segments of the fuel cycle, because of the many unresolved problems in connection with the nuclear industry - uncertainty regarding local and international governmental regulations and legislation, environmental and alternative technological considerations coupled with the substantial long-term capital commitments needed in each of the several segments of the processes. Activities associated with the nuclear fuel cycle have unique investment requirements, which are needed in many diverse unrelated fields such as resource development and high technology process. This paper examines sources of capital on a national scale, such as net earnings, depreciation, capital market and public subsidies; and, in the broader context, capital investments in highly industrialized and developing countries. Possible areas of government guarantees and financing; and the situation on financing fuel-cycle projects in the USA and in other countries is also discussed. Comments are included on the money market and investment climate in developing countries, particularly regarding the development of uranium resources

The risk-adjusted vision beyond casemix (DRG) funding in Australia. International lessons in high complexity and capitation.

Science.gov (United States)

Antioch, Kathryn M; Walsh, Michael K

2004-06-01

Hospitals throughout the world using funding based on diagnosis-related groups (DRG) have incurred substantial budgetary deficits, despite high efficiency. We identify the limitations of DRG funding that lack risk (severity) adjustment for State-wide referral services. Methods to risk adjust DRGs are instructive. The average price in casemix funding in the Australian State of Victoria is policy based, not benchmarked. Average cost weights are too low for high-complexity DRGs relating to State-wide referral services such as heart and lung transplantation and trauma. Risk-adjusted specified grants (RASG) are required for five high-complexity respiratory, cardiology and stroke DRGs incurring annual deficits of $3.6 million due to high casemix complexity and government under-funding despite high efficiency. Five stepwise linear regressions for each DRG excluded non-significant variables and assessed heteroskedasticity and multicollinearlity. Cost per patient was the dependent variable. Significant independent variables were age, length-of-stay outliers, number of disease types, diagnoses, procedures and emergency status. Diagnosis and procedure severity markers were identified. The methodology and the work of the State-wide Risk Adjustment Working Group can facilitate risk adjustment of DRGs State-wide and for Treasury negotiations for expenditure growth. The Alfred Hospital previously negotiated RASG of $14 million over 5 years for three trauma and chronic DRGs. Some chronic diseases require risk-adjusted capitation funding models for Australian Health Maintenance Organizations as an alternative to casemix funding. The use of Diagnostic Cost Groups can facilitate State and Federal government reform via new population-based risk adjusted funding models that measure health need.

Prioritization of Capital Projects

National Research Council Canada - National Science Library

LaVielle, Michael

2002-01-01

Public works capital projects in the U,S, naval forces are not prioritized and funded in a way that best uses limited operations resources and maintenance dollars, This thesis develops a linear model...

Comparison of the theoretical and practical approaches to funding through the IPO way in the Czech capital market

Directory of Open Access Journals (Sweden)

Tomáš Meluzín

2008-01-01

Full Text Available Funding development of the company through the “Initial Public Offering” has a high representation globally, the Czech Republic unlike, and belongs to traditional methods of raising funds necessary for development of business in the developed capital markets. In the United States of America, Japan and in the Western Europe countries the method of company funding through IPO has been applying for several decades already. The first public stock offerings began to be applied in these markets in higher volumes from the beginning of the 60th of the last century. From that period importance of IPO goes up globally and the initial public stock offerings begin to be applied more and more even in the Central and Eastern European countries. In the conditions of the Czech capital market it is possible to identify only few companies, who attempted to funding through the IPO way at present. Greater part of the Czech companies still undergo the debit funding for financing their further development, namely in the form of bank loans. At the same time it is necessary to take into account, that the debit financing starts, thanks to so-called mortgage crisis in the USA, causing problems and mark up. Admittance of a stakeholder into the company is not convenient for all and thus IPO represents an interesting option of how to acquire a no arrear capital. The aim of this article is to determine the IPO concept, analyse its development at the world stockholder markets, describe the reasons for IPO implementation according to the contemporary professional literature and compare it with the approaches to this particular form of funding with companies that have already implemented IPO at the Czech capital market.

Working Capital Efficiency and Firm Profitability – Nigeria and Kenya

OpenAIRE

Lucian J. Pitt

2014-01-01

The primary purpose of this study is to understand the differences in the relationship between working capital management efficiency, working capital investment decisions and working capital finance decisions and the profitability of firms within the context of two African developing economies, Kenya and Nigeria. The study finds that there is a significant difference in the relationship between the firm’s profitability and the working capital variables which suggests different challenges for ...

Single Mothers, Social Capital, and Work--Family Conflict

Science.gov (United States)

Ciabattari, Teresa

2007-01-01

The purpose of this article is to examine work-family conflict among low-income, unmarried mothers. Analyzing the Fragile Families and Child Wellbeing Study, a national sample of nonmarital births, I examine how social capital affects work-family conflict and how both social capital and work-family conflict affect employment. Results show that…

13 CFR 120.340 - What is the Export Working Capital Program?

Science.gov (United States)

2010-01-01

... 13 Business Credit and Assistance 1 2010-01-01 2010-01-01 false What is the Export Working Capital... LOANS Special Purpose Loans Export Working Capital Program (ewcp) § 120.340 What is the Export Working Capital Program? Under the EWCP, SBA guarantees short-term working capital loans made by participating...

Countering and Exceeding "Capital": A "Funds of Knowledge" Approach to Re-Imagining Community

Science.gov (United States)

Zipin, Lew; Sellar, Sam; Hattam, Robert

2012-01-01

This article discusses how the "funds of knowledge" approach (FoK) offers a socially just alternative to the logics of capital, by drawing on knowledge assets from students' family and community lifeworlds to build engaging and rigorous learning, supporting school-community interactions that build capacities. We explain how we applied…

Working Capital Approaches and Firm’s Returns in Pakistan

OpenAIRE

Dr. Talat Afza; Mian Sajid Nazir

2008-01-01

This study investigates the relationship between the aggressive/conservative working capital policies for seventeen industrial groups of public limited companies listed at Karachi Stock Exchange for a period of 1998-2003. The ordinary least square regression model has been used to investigate into the relationship of working capital approaches and the returns of firms. The study found significant differences among their working capital investment and financing policies across different indust...

Fuel cycle financing, capital requirements and sources of funds

International Nuclear Information System (INIS)

Manderbach, R.W.

1977-01-01

An issue of global importance today is the economic case for nuclear power and the conservation of precious fossil resources. A question important to all of us is can sufficient financial resources be attracted to the nuclear industry in order to develop a complete fuel cycle industry capable of meeting the requirements of a global nuclear power industry. Future growth of the nuclear power industry will depend to a large extent on the timely development of a private competitive industry covering the total fuel cycle. The report of the Edison Electric Institute on Nuclear Fuels Supply estimates that by 1985 initial capital investment in the nuclear fuel cycle will total $15 billion and by the year 2000, $60 billion will be required. Although undoubtedly the amount of funding projected is manageable from a global availability standpoint, there is a hesitancy to commit financial resources to certain segments of the fuel cycle. This is because of the many unresolved problems in connection with the nuclear industry such as uncertainty regarding local and international governmental regulations and legislation, environmental and alternative technological considerations coupled, of course, with the substantial capital long term commitments needed in each of the several segments of the processes. Activities associated with the nuclear fuel cycle have unique investment requirements. Investments are needed in many diverse unrelated fields such as resource development and high technology process some of which are not yet fully commercialized. Sources of capital will be examined on a national scale, such as net earnings, depreciation, capital market and public subsidies. The paper also examines, in the broader context, capital investments in highly industrialized and developing countries as well as discussing the possible areas of Government guarantees and financing. The intensive capital required in certain segments of the cycle, which are to be developed by private

Social capital at work as a predictor of employee health: multilevel evidence from work units in Finland.

Science.gov (United States)

Oksanen, Tuula; Kouvonen, Anne; Kivimäki, Mika; Pentti, Jaana; Virtanen, Marianna; Linna, Anne; Vahtera, Jussi

2008-02-01

The majority of previous research on social capital and health is limited to social capital in residential neighborhoods and communities. Using data from the Finnish 10-Town study we examined social capital at work as a predictor of health in a cohort of 9524 initially healthy local government employees in 1522 work units, who did not change their work unit between 2000 and 2004 and responded to surveys measuring social capital at work and health at both time-points. We used a validated tool to measure social capital with perceptions at the individual level and with co-workers' responses at the work unit level. According to multilevel modeling, a contextual effect of work unit social capital on self-rated health was not accounted for by the individual's socio-demographic characteristics or lifestyle. The odds for health impairment were 1.27 times higher for employees who constantly worked in units with low social capital than for those with constantly high work unit social capital. Corresponding odds ratios for low and declining individual-level social capital varied between 1.56 and 1.78. Increasing levels of individual social capital were associated with sustained good health. In conclusion, this longitudinal multilevel study provides support for the hypothesis that exposure to low social capital at work may be detrimental to the health of employees.

How to choose the right capitalization option.

Science.gov (United States)

Vaughan, J; Wise, J

1996-12-01

Physician group practices and networks must have ready access to capital to finance their working capital needs, capital equipment acquisitions, and real estate purchases, as well as to fund the acquisition of additional practices. At least three options for capitalization are available to group practices and networks: debt financing, equity financing, or a combination of the two. The best option for physician group practices and networks depends on the costs of capital and the impact the strategy will have on decision making and governance.

Working Capital Management and Firm Listing Status

OpenAIRE

Seraina Anagnostopoulou

2012-01-01

This study comparatively examines the determinants of working capital management for listed vs. unlisted firms, and assesses the impact of this policy on profitability by focusing on the cash conversion cycle, a commonly used measure of working capital management. By using a large UK public and private firm sample, it is found that private firms have significantly lower cash conversion cycles than their public counterparts, and that traditional determinants of the cycle significantly differ b...

HUMAN CAPITAL, THE DIGITAL DIVIDE, AND THE POSSIBLE CONNECTION TO THE FLOW-FUND ANALYSIS OF SOCIOECONOMIC METABOLISM

Directory of Open Access Journals (Sweden)

RALUCA I. IORGULESCU

2015-03-01

Full Text Available Poverty and economic growth are interconnected research fields via the standard concept ‘human capital’ and in modern societies their analysis is intertwined. In the past decades, more and more research has considered modern economies as complex systems embedded in the biosystem. Under this assumption, scenario analysis based on the concept of socioeconomic metabolism is used to complement more traditional forecasting methods. Multi-Scale Integrated Analysis of Societal and Ecosystem Metabolism (MuSIASEM is developed on the framework of Georgescu-Roegen’s 'flow-fund' model of production and it characterizes socioeconomic systems as metabolic systems. In the context of this novel approach, concepts like bio-economic pressure enable scenario analysis for the evolution of the whole or partial socioeconomic system. The Human Activity Fund is a concept central to the socioeconomic metabolic flow-fund framework and it is related, besides human capital, to one of the newest sources of inequality, namely the ‘digital divide’. The digital divide is a result of the IT Revolution and recent research has associated it with the ‘rewiring of the human brain’. This paper introduces the concept of human capital and presents some of the measures employed in the literature. It also investigates the possible change, due to the digital divide, in the metabolic pattern of a society associated with ‘quality’ changes of the Human Activity Fund through demographic structure or poverty pattern alterations. The ‘internet illiteracy’ indicator is used as a first step to investigate the connection between the MuSIASEM concept Human Activity Fund and the standard concept Human Capital.

75 FR 3647 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Risk-Based Capital...

Science.gov (United States)

2010-01-22

... Funding and Fiscal Affairs; Risk-Based Capital Requirements AGENCY: Farm Credit Administration. ACTION... further directed FCA to estimate the credit risk on the portfolio covered by this new authority at a rate... component to directly recognize the credit risk on such loans.\\4\\ At the time of the Farm Bill's enactment...

Determining the Optimum Level of Working Capital in the Cameroon ...

African Journals Online (AJOL)

The issue of working capital is very important to the operations of the Cameroon Development Corporation (CDC) Net working capital (i.e. the excess of liquid current assets over current liabilities) is an indispensable component of any business organization's capital structure. For any company to make profit in order to ...

Financing of permanent working capital in agriculture

Directory of Open Access Journals (Sweden)

Vučković Branko

2017-01-01

Full Text Available In this paper, we attempted to present the problem of establishing adequate structure of financing medium agricultural enterprises and to point out the necessity for permanent working capital in those agricultural enterprises which can’t cover fixed assets, long-term placements and portion of inventories (raw material and spare parts, production in process with own equity and long-term sources of financing. For the purpose of analysing adequate structure of financing medium agricultural enterprises, we will use one of the most popular methods, such as case study and ratio analysis. Results of the research show that in primary agricultural production, next to standard long-term investment loans and short-term loans for investment in agricultural production, there is a necessity for financing in the permanent working capital which could assist continuity of production process and enable conditions for more profitable business in agriculture. It also should be noted that real and book value on this level of permanent working capital differs substantially.

Appropriate Determination of Net Working Capital in Corporate Financial Management

Directory of Open Access Journals (Sweden)

Zdeněk Motlíček

2015-01-01

Full Text Available Liquidity and working capital management belongs to one of the fundamental tasks of short-term financial management. However, in the context of net working capital, the issue of management of current assets and liabilities significantly overlaps with long-term financial management, in which the effects of various decisions have long-term consequences, with considerable inertia and possibility of high losses. The present study is therefore focused on the determination of appropriate amount of working capital, as an important part of financial decision making process in the company. The paper presents an empirical research aiming to identify the appropriate approach to accurate calculations of net working capital and determining its needs. The main contribution of the study can be found in the verification of calculation method of net working capital needs, which, according to the authors, may be beneficial both for business practice and teaching of financial management at universities.

RELATIONSHIP BETWEEN WORKING CAPITAL MANAGEMENT AND PROFITABILITY IN BRAZILIAN LISTED COMPANIES

OpenAIRE

Prof. Dr. Hong Yuh Ching; Prof. MSc. Ayrton Novazzi; Prof. Dr. Fábio Gerab

2011-01-01

To overcome competition in a very complex environment, few companies have been able to use the optimization of working capital as a real competitive advantage to leverage profit. The objectives of this article are twofold: a) to investigate if there is any difference between corporate profitability and working capital management in two separate groups of companies: working capital intensive and fixed capital intensive; b) to identify the variables that most affect profitability. The profitabi...

The Influence of Bi Rate to the Distribution of Working Capital Loans

Directory of Open Access Journals (Sweden)

Dian Kurnianingrum

2015-11-01

Full Text Available This research “The influence of BI rate to the distribution of working capital loans" is conducted at Indonesian commercial bank during the month of January 2005 until May 2009. The purpose of this research is to determine the effect of BI rate toward the distribution of working capital loans. To test the research hypotheses, the data were analyzed by using Pearson correlate and simple linear regression. Based on research, BI rate significantly influence the distribution of working capital loans. BI rate gives a negative impact to the distribution of working capital loans. It means, the increase in BI rate will decrease the distribution of working capital loans, and vice versa, the decrease in BI rate will increase the distribution of working capital loans.

Sabotaging the benefits of our own human capital: Work unit characteristics and sleep.

Science.gov (United States)

Barnes, Christopher M; Jiang, Kaifeng; Lepak, David P

2016-02-01

The strategic human capital literature indicates the importance of human capital to work unit performance. However, we argue that human capital only aids performance when it is translated into actions beneficial to the unit. We examine a set of common human capital leveraging characteristics (including the use of extended shifts, night shifts, shift flexibility, norms for work as a priority over sleep, and norms for constant connectivity) as factors that enhance the effect of human capital on human capital utilization. We also draw from the 2-process model of sleep regulation to examine how these characteristics undermine employee sleep, and thus weaken the link between human capital and work unit performance efficiency. Overall, we propose that human capital leveraging strategies initially enhance the effect of human capital on work unit performance, but over time weaken the effect of human capital on work unit performance efficiency. Thus, strategies intended to enhance the beneficial effect of human capital on work unit performance can end up doing the opposite. (c) 2016 APA, all rights reserved).

Venture Capital and Innovation Strategies

NARCIS (Netherlands)

Da Rin, Marco; Penas, Maria

2015-01-01

Venture capital investors are specialized financial intermediaries that provides funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company’s choice of innovation strategies.

Venture capital and innovation strategies

NARCIS (Netherlands)

Da Rin, Marco; Penas, Fabiana

2017-01-01

Venture capital investors are specialized financial intermediaries that provide funding for technological innovation with the goal of realizing a capital gain within a few years. We are the first to examine the association of venture capital funding with a company's choice of innovation strategies.

From Socialism to Hedge Fund: The Human Element and the New History of Capitalism

Directory of Open Access Journals (Sweden)

David Huyssen

2015-08-01

Full Text Available Alfred Winslow Jones was a socialist who founded the first hedge fund in 1949. He had been U.S. Vice Consul in Berlin from 1931 to 1932, Soviet sympathizer and anti-Nazi spy with dissident German communists, humanitarian observer during the Spanish Civil War, acclaimed sociologist of class, and an editor for Fortune magazine. At every stage of his life, Jones occupied positions of advantage, and his invention of the modern hedge fund has had an outsized impact on global capitalism’s contemporary round of financialization. On its face, then, his life would appear to offer ideal material for a “great-man” biography. Yet this “great man” also wrestled with the continual recognition that structural forces were undermining his fondest hopes for social change. Following Georgi Derluguian, Giovanni Arrighi, and Marc Bloch, this article proposes a world-system biography of Jones as a method better suited for mapping the internal dialectics of twentieth-century capitalism, using Jones as a human connection between cyclical and structural transformations of capitalism, and across changes of phase from financial to material expansion—and back again. On another level, it suggests a theoretical reorientation—toward what Bloch called “the human element”—for studies of capitalism’s cultural and material history. It argues that such a reorientation would hold rewards for the “new history of capitalism” field, which until now has pursued its quarry primarily by tracing the movements of commodities, capital, institutions, and ideas.

EFFICIENT MANAGEMENT OF WORKING CAPITAL: A STUDY OF HEATHCARE SECTOR IN INDIA

Directory of Open Access Journals (Sweden)

Harsh, Vineet, KAUR

2014-11-01

Full Text Available Efficient management of working capital means management of various components of working capital in such a way that an adequate amount of working capital is maintained for smooth running of a firm and for fulfilment of twin objectives of liquidity and profitability. Also it is the most crucial factor for survival and solvency of a concern. The present paper attempts to measure the efficiency of working capital of firms in Healthcare Sector in India. The study reveals that most of the firms of this sector have efficiently managed their current assets for the purpose of generation of sales. Further more efficient management of working capital has a positive effect on Income to Average total assets.

77 FR 13619 - Notice of Proposed Information for Public Comment for: Public Housing Capital Fund Program

Science.gov (United States)

2012-03-07

... that are not subject to Independent Public Accountant (IPA) audit requirements. Agency form numbers, if... Information for Public Comment for: Public Housing Capital Fund Program AGENCY: Office of the Assistant Secretary for Public and Indian Housing, HUD. ACTION: Notice. SUMMARY: The proposed information collection...

Innovative funding solution for special projects: Crowd funding

Directory of Open Access Journals (Sweden)

Sentot Imam Wahjono

2015-06-01

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

THE EVALUATION OF WORKING CAPITAL IN AIRLINE COMPANIES WHICH PROCEED IN BIST

Directory of Open Access Journals (Sweden)

Selcuk Kendirli

2016-03-01

Full Text Available The working capital like cash and liquid assets runs the facilities and supports daily activities of firms. This kind of capital is essential to continuity of activities, increase of volume, maintain credibility, reduce impacts of risks and to overcome with extraordinary situation. The working capital management is very important for making profits from activities, especially for dynamic sectors like aviation. The aviation industry which airline companies operate is a very dynamic sector. In this sector working capital has to be managed very professionally and carefully by airline companies. This study aims to assess the airline companies’ working capital in terms of effectiveness. Airline companies which shares traded on BIST will be sample of this study.

Using a social capital framework to enhance measurement of the nursing work environment.

Science.gov (United States)

Sheingold, Brenda Helen; Sheingold, Steven H

2013-07-01

To develop, field test and analyse a social capital survey instrument for measuring the nursing work environment. The concept of social capital, which focuses on improving productive capacity by examining relationships and networks, may provide a promising framework to measure and evaluate the nurse work environment in a variety of settings. A survey instrument for measuring social capital in the nurse work environment was developed by adapting the World Bank's Social Capital - Integrated Questionnaire (SC-IQ). Exploratory factor analysis and multiple regression analyses were applied to assess the properties of the instrument. The exploratory factor analysis yielded five factors that align well with the social capital framework, while reflecting unique aspects of the nurse work environment. The results suggest that the social capital framework provides a promising context to assess the nurse work environment. Further work is needed to refine the instrument for a diverse range of health-care providers and to correlate social capital measures with quality of patient care. Social capital measurement of the nurse work environment has the potential to provide managers with an enhanced set of tools for building productive capacity in health-care organisations and achieving desired outcomes. © 2013 John Wiley & Sons Ltd.

PENSION FUND - ELECTIONS

CERN Multimedia

2000-01-01

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

Funding Ammunition Ports

Science.gov (United States)

2012-01-01

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

AVOIDING RISK IN WORKING CAPITAL CREDIT DISTRIBUTION IN INDONESIA

Directory of Open Access Journals (Sweden)

Aloysius Deno Hervino

2011-09-01

Full Text Available This research analyzes risk avoidance behaviour of banking institutions in distributing working capital loan in Indonesia. Using Autoregressive Distributed Lag Error Correction Model, this paper uncovers three findings. First, in the short run, risk avoidance in working capital loan distribution depends on inter-call banking money market and Sertifikat Bank Indonesia. Second, following banking regulation after 1997 crisis, banks have become more careful in distributing credits, with SBI as a substitution instrument and inter-call banking money market as a complement instrument to spread the risk. Third, all explanatory variables take an average of 6 days or 1 week to influence bank’s risk avoidance behaviour.Keywords:     Risk avoidance, working capital distribution, banking institutions JEL classification numbers: C32, C52, D81, E51

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.

Place-Based Education for Environmental Behavior: A 'Funds of Knowledge' and Social Capital Approach

Science.gov (United States)

Cruz, Austin R.; Selby, Samantha T.; Durham, William H.

2018-01-01

In this paper we suggest that a new theoretical framework is needed within environmental education in the discussion of rural, underserved communities in Latin America. We argue that a community-resources approach, comprised of funds of knowledge and social capital, should be incorporated into contemporary research on place- and community-based…

77 FR 33760 - Notice of Submission of Proposed Information Collection to OMB Public Housing Capital Fund Program

Science.gov (United States)

2012-06-07

... that are not subject to Independent Public Accountant (IPA) audit requirements. DATES: Comments Due... numerous PHAs that are not subject to Independent Public Accountant (IPA) audit requirements. Number of... Proposed Information Collection to OMB Public Housing Capital Fund Program AGENCY: Office of the Chief...

The Determinants of Venture Capital Portfolio Size: Empirical Evidence

OpenAIRE

Douglas J. Cumming

2006-01-01

This paper explores factors that affect portfolio size among a sample of venture capital financing data from 214 Canadian funds. Four categories of factors affect portfolio size: (1) the venture capital funds' characteristics, including the type of fund, fund duration, fund-raising, and the number of venture capital fund managers; (2) the entrepreneurial firms' characteristics, including stage of development, technology, and geographic location; (3) the nature of the financing transactions, i...

Physician entrepreneur: lessons learned in raising capital for biomedical innovation.

Science.gov (United States)

Soleimani, Farzad; Kharabi, Darius G

2010-04-01

The funding landscape for medical devices is becoming increasingly difficult and complex. The purpose of this article is to provide the physician entrepreneur with a review of the main sources of capital available to fund the development and commercialization of biomedical innovations, and to highlight some of the important nuances of these funding sources that the physician entrepreneur should consider. The article examines the benefits and drawbacks of funding from venture capital firms, grants, friends and family, angel investors, incubators and industry partners from the perspective of the physician entrepreneur, and provides some key points to consider when selecting and working with an investor. The article's recommendations include: in selecting an investor, seek those whose investment thesis, areas of expertise and desired company stage (early vs. late) match the technology and the objectives of the company. In negotiating with an investor, an effective way to increase the company's valuation is to bring multiple bidders to the table. In working with an investor, respect junior staff members as much as senior partners and be wary of conflicts of interest with venture capital entrepreneurs-in-residence. There are both advantages and disadvantages to each of the funding sources examined here, and the choice of a funding partner depends significantly on the stage of development (in both corporate and technology) of the physician entrepreneur's venture and the role that the physician entrepreneur desires to play in it.

A strategic framework to utilise venture capital funding to develop manufacturing SMES in South Africa

Directory of Open Access Journals (Sweden)

Snyman, Hendrik Andries

2014-08-01

Full Text Available SMEs contribute considerably to the national GDP and to private sector employment, but they struggle to gain access to the funding needed to support business sustainability and growth. Venture capital provides the necessary funding, but SMEs lack understanding of the business value curve utilised by financiers to gauge the risk-reward characteristics of an investment. Strategies need to convey how the business model will evolve in order to deliver on the strategic intent. A framework is proposed through which SMEs can develop a strategy aligned with investor requirements. As a case study, the framework is applied to the local tooling sector.

[Work engagement of hospital physicians: do social capital and personal traits matter?].

Science.gov (United States)

Susanne Lehner, Birgit; Kowalski, Christoph; Wirtz, Markus; Ansmann, Lena; Driller, Elke; Ommen, Oliver; Oksanen, Tuula; Pfaff, Holger

2013-03-01

Work engagement has been proven to be a viable indicator of physical and mental well-being at work. Research findings have shown a link between work engagement and both individual and organizational resources. The aim of the present study is to test the hypothesized relationships between personal traits (Big-5), the quality of the social work environment (social capital) and work engagement among hospital (n=35) physicians (n=387) in North-Rhine-Westphalia, Germany. Structural equation modeling (SEM), combining confirmatory factor analysis (CFA) and path analysis, was employed to conduct the statistical analyses. The results of the SEM indicated that social capital and neuroticism were significantly associated with work engagement. The relationship between agreeableness and work engagement was fully mediated by social capital. Findings suggest that social capital plays a key role in promoting work engagement of physicians. © Georg Thieme Verlag KG Stuttgart · New York.

Technique of calculating the total effectiveness of capital investments and basic funds in the gas industry

Energy Technology Data Exchange (ETDEWEB)

Shamis, L V

1978-01-01

An examination is made of the method of calculating and using the indicators for total effectiveness of capital investments of the gas industry. Fundamentals of the calculations assume modeling the effectiveness of reproduction of the basic production funds of the sector. An example is given of calculating the long-term coefficient for total effectiveness.

THE FINANCIAL STABILITY ANALYSIS THROUGH THE WORKING CAPITAL

Directory of Open Access Journals (Sweden)

LĂPĂDUŞI MIHAELA LOREDANA

2012-12-01

Full Text Available The main goal of any business is to maintain the financial stability not only on the short term but also on medium and long term, in other words to maintain a harmony between financial sources and financial needs, respectively the equality between the assets and liabilities from the balance sheet. On short term, maintaining the financial stability involves correlating the temporary resources with the temporary uses by using the necessary working capital, and on the long-term, the financial stability involves comparing the permanent resources with the permanent uses by working capital indicator. The determination of the financial state of the company at a certain moment represents the key moment in establishing and adopting the economic and financial decisions in the management of the company. Maintaining the financial stability of the company represents one of the main objectives of the financial analysis and management and it also provides the optimum development of the entire economic and financial activity of the company. The analysis of the working capital size is based on the financial statement data and information, and based on this analysis is considered the financial situation of the company, the financial equilibrium state at a certain moment. The purpose of this article is to highlight the fact that the maintenance of the financial stability on medium and long term is subordinated to the “working capital” indicator, its content and interpretation evolving in time and varying differently from one company to another. The results of this research may have broad applicability in the field of the companies’ activity and it materializes in the complex approach of the working capital regarded as a classic indicator, frequently used in the financial analysis and with profound significance in establishing the financial state in general and the equilibrium state in particular.

78 FR 77770 - Aldine Capital Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business...

Science.gov (United States)

2013-12-24

... financing to Koontz-Wagner Maintenance Services, LLC., 3801 Voorde Drive, South Bend, IN 46628. The....P. is an Associate of Aldine Capital Fund II, L.P. and owns more than ten percent of Koontz- Wagner...

Investigating the Nonlinear Relationship between Working Capital and Profitability: a Case of Pakistan Textile Firms

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Ashfaq Habib

2018-03-01

Full Text Available This study analyzes the impact of working capital (WCR on operating profit of Pakistan textile firms from 2009 to 2016. The nonlinear relationship has been found between working capital and operating profit, which indicates that an optimal level of working capital exists in the textile firms of Pakistan. The firms are seeking the optimal working capital, where WCR (4.78% of sales in generalized method of movement is used. Further, the study reveals that in the firms which maintain the positive working capital, it has a significant negative infl uence on the profitability, while in the firms with negative working capital, it has a significant positive infl uence on their profitability. The study also ascertains that cash holding level is an important factor for efficient working capital management.

Universities Venture into Venture Capitalism.

Science.gov (United States)

Desruisseaux, Paul

2000-01-01

Reports that some universities are starting their own venture-capital funds to develop campus companies, or are investing endowment funds with established venture-capital firms inclined to finance potential spinoffs from campus research. Examples cited are from the University of Alabama, Vanderbilt University (Tennessee), University of…

AN ANALYSIS OF FUNDING DECISIONS FOR NICHE AGRICULTURAL PRODUCTS

OpenAIRE

HOWARD VAN AUKEN; SHAWN CARRAHER

2012-01-01

This paper examines the flow of funds from providers of capital to niche agricultural users of capital. Various programs through the US government, state/local economic development and private agencies work to improve the flow of capital to the niche agricultural sector. However, despite the expansion of programs aimed at providing financial resources to the agricultural sector, many sectors remain poorly served. Previous studies have suggested that agencies need to facilitate the flow of cap...

The association between team-level social capital and individual-level work engagement: Differences between subtypes of social capital and the impact of intra-team agreement.

Science.gov (United States)

Meng, Annette; Clausen, Thomas; Borg, Vilhelm

2018-04-01

The study explored the association between team-level social capital and individual-level work engagement. Questionnaire data were collected from six companies in the dairy industry. Seven hundred seventy-two participants divided into 65 teams were included. In confirmatory factor analyses, we found a superior model fit to a four dimensional model of social capital: bonding social capital, bridging social capital and two types of linking social capital. The results showed a positive association between all subtypes of social capital at the team level and work engagement at the individual level. However, this association only remained significant for linking social capital in relation the workplace as a whole when we adjusted for psychosocial working conditions. The level of intra-team agreement in social capital score did not moderate the association between social capital and work engagement. In conclusion, the results provide further support for previous findings suggesting a positive association between social capital and work engagement. They add to the existing knowledge by suggesting that linking social capital in relation to the workplace is the most important explanatory variable for work engagement, thus emphasizing the need to distinguish between subtypes of social capital in research and practice. © 2018 The Authors. Scandinavian Journal of Psychology published by Scandinavian Psychological Associations and John Wiley & Sons Ltd.

Integrated Assessment of the Policy of Working Capital Management in Housing and Utilities Enterprises

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Vladimir Petrovich Poluyanov

2017-06-01

Full Text Available The article describes the approaches to the management of current assets in the enterprises of various industries in economic literature. We discuss theoretical, methodological and applied issues concerning the formation and improvement of the working capital management policy in utility companies, which require further study. The authors propose to assess the policy of working capital management in these enterprises by means of the integrated approach based on the system of reasoned indicators defining the type of working capital management policy. It includes indicators characterizing the policy of working capital management, management of the liquidity of working capital and the policy of financing sources management. The indicators which define the type of the policy of working capital management have been chosen as the most influential for each vector of the improvement of management policy. The range of values is set taking into account the current market conditions for the housing and utilities companies based on theoretical standard values adapted to modern situation. The paper proposes to use an integrated indicator for the evaluation of the policy of working capital management in housing and utilities enterprises. We have substantiated the technique of the integrated assessment of the policy of working capital management in housing and utilities companies. As an example of the application of this indicator, we defined the type of the policy of working capital management in Rostovvodokanal Company. The initial data for the calculation of integrated indicators are the official data on the structure of the balance and financial results of Rostovvodokanal Company during the period from 2012 to 2016. At the Rostovvodokanal Company, it is necessary to bring the type of the policy of working capital management and sources of its financing closer to moderate or conservative type. The authors have substantiated the optimal type of policy of

Gambling on change. Five big systems buy into a venture capital fund to try to reap profits from the transformation of healthcare.

Science.gov (United States)

Evans, Melanie

2011-01-31

Five healthcare systems have financed a venture-capital fund with hopes for a financial and operational return. Executives say the investment is a way to influence technological developments and evaluate products and software. James Bosscher, chief investment officer at Trinity Health, left, said Heritage fund investments will target health information technology.

Influence of land area and capital strengthening fund of rural economic enterprises toward corn production in North Sumatera province

Science.gov (United States)

Rahmanta

2018-02-01

Corn is one of the staple food crops. Corn can also be processed into various foods and also as animal feed. The need for corn will continue to increase from year to year so it is necessary to increase production. The government has targeted corn crop self-sufficiency to achieve the corn production standards required by the animal feed industry. The purpose of this study is to analyze the effect of land area and capital strengthening funds to rural economic enterprises on corn production. This study uses secondary data obtained from the Central Statistical Agency of North Sumatra Province. The research method used is panel regression method. The result shows that the area of land has a significant effect on corn production and the capital strengthening fund to the rural economy institution has an insignificant effect on corn production in North Sumatera Province.

GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

Directory of Open Access Journals (Sweden)

Fazekas Balazs

2014-07-01

Full Text Available JEREMIE (Joint European Resources for Micro to Medium Enterprises program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture capital funds were founded in four rounds and 130 billion HUF capital was allocated into these funds with the contribution of Hungarian government. A well-established venture capital market can boost entrepreneurship and innovation, therefore economic growth which is the foundation of government involvement. On the other hand, there is an extensive literature highlighting the limits and possible drawbacks of the active role of public sector in the venture capital market. There is a consensus in the literature that in the long run the extensive role of government in venture capital industry is counterproductive. Substituting market participants by government agencies will hardly result in a competitive and efficient market. However, temporarily as a catalyst public sector can contribute to the development of venture capital market. Direct government intervention supportable temporarily only in the infancy of the industry. The primary objective of every program must be to develop the market to the level where it becomes self-sustaining. This way the success of these programs must not be measured only by the amount of invested capital, financial performance of venture capital funds and venture capital backed companies. Raising private sector awareness and the progress of necessary institutions are also the criteria of a successful program. During the design and implementation of venture capital agendas these aspects must be taken into consideration. This

The Influence of Bi Rate to the Distribution of Working Capital Loans

OpenAIRE

Dian Kurnianingrum

2015-01-01

This research “The influence of BI rate to the distribution of working capital loans" is conducted at Indonesian commercial bank during the month of January 2005 until May 2009. The purpose of this research is to determine the effect of BI rate toward the distribution of working capital loans. To test the research hypotheses, the data were analyzed by using Pearson correlate and simple linear regression. Based on research, BI rate significantly influence the distribution of working capital lo...

76 FR 52363 - Tortoise Power and Energy Infrastructure Fund, Inc. and Tortoise Capital Advisors, L.L.C.; Notice...

Science.gov (United States)

2011-08-22

... or terminate the Distribution Policy at any time without prior notice to Fund stockholders; and iv... permit a registered closed-end investment company to make periodic distributions of long-term capital... is a closed-end management investment company registered under the Act and organized [[Page 52364...

Impact of Working Capital Management on Profitability of Textile Sector of Pakistan

Directory of Open Access Journals (Sweden)

Sumaira Tufail

2013-06-01

Full Text Available Working capital can be considered as source of existence for a financial body and management of working capital is regarded as one of the most essential part of business management. This study aims to find out the impact of working capital policies on profitability. Return on assets is used as a measure of profitability. Current assets to total assets ratio is used to compute the investment policy of working capital management and to determine financing policy of working capital management current liabilities to total assets ratio is used. Other variables that are used in this study are quick ratio, debt to equity ratio and size of the firms. Secondary data of 117 textile firms listed on Karachi stock exchange is taken for a period of six years i.e. 2005-2010 to calculate all these variables. Results of the regression analysis show that aggressiveness of working capital management policies is negatively associated with profitability. Moreover liquidity and size of the firm have positive relation profitability whereas debt to equity ratio is negatively correlated with profitability. Textile sector is one of the majors sectors of Pakistan. It needs due consideration regarding the management of assets and liabilities. So, the aim of this study is to provide some useful recommendations for the people responsible for the management of this sector. This study also establishes the basis for future research in this area of business.

A survey of work engagement and psychological capital levels.

Science.gov (United States)

Bonner, Lynda

2016-08-11

To evaluate the relationship between work engagement and psychological capital (PsyCap) levels reported by registered nurses. PsyCap is a developable human resource. Research on PsyCap as an antecedent to work engagement in nurses is needed. A convenience sample of 137 registered nurses participated in this quantitative cross-sectional survey. Questionnaires measured self-reported levels of work engagement and psychological capital. Descriptive and inferential statistics were used for data analysis. There was a statistically significant correlation between work engagement and PsyCap scores (r=0.633, pworking at band 5 level reported statistically significantly lower PsyCap scores compared with nurses working at band 6 and 7 levels. Nurses reporting high levels of work engagement also reported high levels of PsyCap. Band 5 nurses might benefit most from interventions to increase their PsyCap. This study supports PsyCap as an antecedent to work engagement.

Assessment of Non-Financial Criteria in the Selection of Investment Projects for Seed Capital Funding: the Contribution of Scientometrics and Patentometrics

Directory of Open Access Journals (Sweden)

Gustavo da Silva Motta

2012-09-01

Full Text Available The aim of this article is to assess the potential of using scientometric and patentometric indicators as a way of instrumentalizing the selection process of projects for seed capital funding. There is an increasing interest in technology based enterprises for their capacity to contribute to economic and social development, but there is also some difficulty in assessing non-financial criteria associated with technology for the purposes of financial funding. Thus, this research selected the case of the first enterprise invested in by the largest seed capital fund in Brazil, in order to create scientific and technological indicators and to assess the extent to which these indicators may contribute to understanding the market potential of the technology once it is assessed. It was concluded that scientometric and patentometric indicators favour the assessment process for non-financial criteria, in particular those criteria dealt with in this study: technology, market, divestment, and team.

Working capital, profitability, liquidity and solvency of healthcare insurance companies

Directory of Open Access Journals (Sweden)

André Luiz de Souza Guimarães

2010-01-01

Full Text Available The purpose of this study is to analyze the adequacy of a working capital management normative model, in terms of profitability, liquidity and solvency. Through an empirical and analytical research, the analysis of variance results (ANOVA of a sample containing financial information from 621 healthcare insurance companies for the year 2006 ,show that different working capital structures are associated with different levels of profitability, liquidity and solvency, suggesting a preference order different from the one theorized by Fleuriet / Braga. The results indicate that a certain structure - where financial current assets exceed onerous current liabilities, and cyclical current assets exceed cyclical current liabilities ¿ is associated with higher levels of profitability, liquidity and solvency. In addition, the study reiterates the importance of efficient management of working capital to the performance and survival of healthcare insurance companies.

Work-place social capital and smoking cessation: the Finnish Public Sector Study.

Science.gov (United States)

Kouvonen, Anne; Oksanen, Tuula; Vahtera, Jussi; Väänänen, Ari; De Vogli, Roberto; Elovainio, Marko; Pentti, Jaana; Leka, Stavroula; Cox, Thomas; Kivimäki, Mika

2008-11-01

To examine whether high social capital at work is associated with an increased likelihood of smoking cessation in baseline smokers. Prospective cohort study. Finland. A total of 4853 employees who reported to be smokers in the baseline survey in 2000-2002 (response rate 68%) and responded to a follow-up survey on smoking status in 2004-2005 (response rate 77%). Work-place social capital was assessed using a validated and psychometrically tested eight-item measure. Control variables included sex, age, socio-economic position, marital status, place of work, heavy drinking, physical activity, body mass index and physician-diagnosed depression. In multi-level logistic regression models adjusted for all the covariates, the odds for being a non-smoker at follow-up were 1.26 [95% confidence interval (CI)=1.03-1.55] times higher for baseline smokers who reported high individual-level social capital than for their counterparts with low social capital. In an analysis stratified by socio-economic position, a significant association between individual-level social capital and smoking cessation was observed in the high socio-economic group [odds ratio (OR) (95% CI)=1.63 (1.01-2.63)], but not in intermediate [(OR=1.10 (0.83-1.47)] or low socio-economic groups [(OR=1.28 (0.86-1.91)]. Work unit-level social capital was not associated with smoking cessation. If the observed associations are causal, these findings suggest that high perceived social capital at work may facilitate smoking cessation among smokers in higher-status jobs.

The State's Role in Addressing the School Facility Funding Crisis.

Science.gov (United States)

Sielke, Catherine C.

2000-01-01

Between 1994 and 1998, capital outlay funding bills for school facilities, tax bases, and taxation bills experienced the greatest growth in state legislative activity. This article discusses the reasons for increased funding activity, various state-aid mechanisms to fund capital outlay, and future capital funding directions. (MLH)

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

Directory of Open Access Journals (Sweden)

Radu, I.

2012-01-01

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

ELECTIONS PENSION FUND CANDIDATE NO 2

CERN Multimedia

2000-01-01

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

PENGARUH KOMPONEN WORKING CAPITAL TERHADAP PROFITABILITAS PERUSAHAAN

Directory of Open Access Journals (Sweden)

Anggita Langgeng Wijaya

2012-03-01

Full Text Available Penelitian ini menguji efek komponen modal kerja terhadap profitabilitas  perusahaan manufaktur yang terdaftar di Bursa Efek Indonesia selama periode 2005-2007. Komponen modal kerja yang digunakan dalam penelitian ini meliputi aktiva lancar terhadap rasio aset total, kewajiban lancar terhadap  rasio aset total, rasio lancar, rasio leverage dan uang tunai. Populasi penelitian ini adalah semua perusahaan manufaktur di Bursa Efek Indonesia. Metode pengambilan sampel yang digunakan adalah metode purposif. Dan analisis regresi berganda digunakan untuk uji hipotesisnya. Hasil penelitian menunjukkan bahwa: komponen modal kerja memiliki pengaruh penting pada profitabilitas perusahaan. Kewajiban lancar terhadap rasio aset total, rasio lancar dan leverage berdampak negatif terhadap profitabilitas. Di sisi lain, current aset terhadap aset rasio total dan cash ratio berdampak positif pada profitabilitas. This research tests the effect of working capital’s component to the profitability of manufacturing company listed in Indonesia Stock Exchange over the period of 2005-2007. The working capital’s components used in this research include current asset to total asset ratio, current liabilities to total asset ratio, current ratio, leverage and cash ratio. Population of this research is all of manufacturing company at Indonesia Stock Exchange. Sampling method uses purposive sampling method. Hypothesis test uses multiple regression analysis. The results show that working capital component has significance influence on corporate profitability, current liabilities to total asset ratio, current ratio and leverage have negative impact on profitability. In other side, current asset to total asset ratio and cash ratio have positive impact on profitability.

Psychometric evaluation of a short measure of social capital at work

Directory of Open Access Journals (Sweden)

Virtanen Marianna

2006-10-01

Full Text Available Abstract Background Prior studies on social capital and health have assessed social capital in residential neighbourhoods and communities, but the question whether the concept should also be applicable in workplaces has been raised. The present study reports on the psychometric properties of an 8-item measure of social capital at work. Methods Data were derived from the Finnish Public Sector Study (N = 48,592 collected in 2000–2002. Based on face validity, an expert unfamiliar with the data selected 8 questionnaire items from the available items for a scale of social capital. Reliability analysis included tests of internal consistency, item-total correlations, and within-unit (interrater agreement by rwg index. The associations with theoretically related and unrelated constructs were examined to assess convergent and divergent validity (construct validity. Criterion-related validity was explored with respect to self-rated health using multilevel logistic regression models. The effects of individual level and work unit level social capital were modelled on self-rated health. Results The internal consistency of the scale was good (Cronbach's alpha = 0.88. The rwg index was 0.88, which indicates a significant within-unit agreement. The scale was associated with, but not redundant to, conceptually close constructs such as procedural justice, job control, and effort-reward imbalance. Its associations with conceptually more distant concepts, such as trait anxiety and magnitude of change in work, were weaker. In multilevel models, significantly elevated age adjusted odds ratios (ORs of poor self-rated health (OR = 2.42, 95% confidence interval (CI: 2.24–2.61 for the women and OR = 2.99, 95% CI: 2.56–3.50 for the men were observed for the employees in the lowest vs. highest quartile of individual level social capital. In addition, low social capital at the work unit level was associated with a higher likelihood of poor self-rated health

Working Paper on Social capital

DEFF Research Database (Denmark)

Lassen Hanan, Anne

This paper outlines the major schools within social capital theory. Contemporary authors such as Coleman, Putnam and Bourdieu are elaborated on. The paper also presents a non-exhaustive review on studies of social capital. Furthermore, a criticial discussion on social capital is reviewed, before...

Department of the Army, FY 1999 Amended Budget Estimates, Army Working Capital Fund

National Research Council Canada - National Science Library

1998-01-01

The Department of the Army has historically operated a significant number of its organic commercial and industrial facilities under revolving fund concepts to encourage these activities to function...

CAPITAL INDUSTRY PRACTICE AND AGGRESSIVE CONSERVATIVE WORKING CAPITAL POLICIES IN NIGERIA

OpenAIRE

Rafiu Oyesola Salawu

2007-01-01

This study investigates fifteen diverse industrial groups over an extended period to establish the relationship between aggressive and conservative working capital practices. Data were sourced from the annual reports of the companies and the publications of Nigerian Stock Exchange. Descriptive statistics were used for analyzing the data collected. Results strongly show that firms in differing industries have significantly different current asset management policies. Additionally, the relative...

Working Capital Management, Corporate Performance, and Strategic Choices of the Wholesale and Retail Industry in China

Directory of Open Access Journals (Sweden)

Chuan-guo Li

2014-01-01

Full Text Available We examine the influence of strategic choice on working capital configurations and observe how the relationship between working capital ratio and operational performance differs depending on strategy. By clustering the strategic factors of the wholesale and retail industry, we find three categories of strategies: terminal market strategy, middle market strategy, and hybrid strategy. Using the panel data of the listed companies of the wholesale and retail industry as our sample, we analyze the differences in the ways companies configure working capital, the speed with which working capital adjusts to its target, and the effects of working capital on performance for companies that make different strategic choices. The empirical results suggest that working capital is configured and adjusted to its target in different ways under different competitive strategic choices. This effect is finally transferred to influence the relationship between working capital configuration and operational performance.

Working capital management, corporate performance, and strategic choices of the wholesale and retail industry in China.

Science.gov (United States)

Li, Chuan-guo; Dong, Hui-min; Chen, Shou; Yang, Yan

2014-01-01

We examine the influence of strategic choice on working capital configurations and observe how the relationship between working capital ratio and operational performance differs depending on strategy. By clustering the strategic factors of the wholesale and retail industry, we find three categories of strategies: terminal market strategy, middle market strategy, and hybrid strategy. Using the panel data of the listed companies of the wholesale and retail industry as our sample, we analyze the differences in the ways companies configure working capital, the speed with which working capital adjusts to its target, and the effects of working capital on performance for companies that make different strategic choices. The empirical results suggest that working capital is configured and adjusted to its target in different ways under different competitive strategic choices. This effect is finally transferred to influence the relationship between working capital configuration and operational performance.

Working Capital Management, Corporate Performance, and Strategic Choices of the Wholesale and Retail Industry in China

Science.gov (United States)

Li, Chuan-guo; Dong, Hui-min; Chen, Shou; Yang, Yan

2014-01-01

We examine the influence of strategic choice on working capital configurations and observe how the relationship between working capital ratio and operational performance differs depending on strategy. By clustering the strategic factors of the wholesale and retail industry, we find three categories of strategies: terminal market strategy, middle market strategy, and hybrid strategy. Using the panel data of the listed companies of the wholesale and retail industry as our sample, we analyze the differences in the ways companies configure working capital, the speed with which working capital adjusts to its target, and the effects of working capital on performance for companies that make different strategic choices. The empirical results suggest that working capital is configured and adjusted to its target in different ways under different competitive strategic choices. This effect is finally transferred to influence the relationship between working capital configuration and operational performance. PMID:25121141

Cash management improvement in the Navy Stock Fund

OpenAIRE

Linquist, James E.; Evans, Timothy S.

1986-01-01

Approved for public release; distribution is unlimited The Navy Stock Fund (NSF) is a working capital fund used to purchase and hold designated inventories of supply items at various stock points until needed by a customer. The fund is currently comprised of ten separate Budget Projects with total collections and expenditures projected to be in excess of $ 1 8 bi 1 1 ion for Fiscal Year 1 986. The authors examined the background and current operation of the NSF with empha...

Investigating the effect of work life quality and social capital on the organizational commitment

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Mahmood Reza Esmeili

2014-08-01

Full Text Available This paper studies the work life quality and social capital on the organizational commitment. The primary objective of this research is to identify the effect of the quality of Work Life and social capital on the organizational commitment. The study has accomplished among 240 out of 900 employees of tax affairs organization in Lorestan province. To achieve our goal, nine hypotheses were examined. There are three questionnaires including the quality of work life, social capital, and the organizational commitment. Using structural equation modeling, the study has confirmed that there was a meaningful relationship between the variables of the quality of work life with social capital and organizational commitment; namely affective, continuous, normative. In addition, there is a meaningful relationship between the variable social capital with organizational commitment including affective, continuous, and normative.

Investigating the Nonlinear Relationship between Working Capital and Profitability: a Case of Pakistan Textile Firms

OpenAIRE

Ashfaq Habib; Xiaoxia Huang

2018-01-01

This study analyzes the impact of working capital (WCR) on operating profit of Pakistan textile firms from 2009 to 2016. The nonlinear relationship has been found between working capital and operating profit, which indicates that an optimal level of working capital exists in the textile firms of Pakistan. The firms are seeking the optimal working capital, where WCR (4.78%) of sales in generalized method of movement is used. Further, the study reveals that in the firms which maintain the posit...

HUBUNGAN ANTARA PSYCHOLOGICAL CAPITAL DENGAN WORK ENGAGEMENT PADA KARYAWAN PT. BANK MEGA REGIONAL AREA SEMARANG

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Dwi Ari Setyo Nugroho

2015-07-01

Full Text Available This study aimed to assess the relationship between psychological capital with work engagement employees of PT. Bank Mega Regional Area Semarang. Psychological capital is an individual’s positive psychological state of development and is characterized by self- efficacy, optimism, hope and resiliency. Then, work engagement is defined as a positive, fulfilling, work-related state of mind that is characterized by vigor, dedication, and absorption. This study used proportional sampling technique. The subjects were all employees of PT. Bank Mega Regional Area Semarang which have staff levels (N=73. The research instrument was psychological capital scales with 28 items (α = 0.953 and work engagement scales with 29 items (α = 0.938. The results by simple regression analysis obtained rxy = 0.716, with p value = 0.000 (p <0.05. The results indicated that there was a positive correlation between psychological capital and work engagement. The higher psychological capital was higher work engagement. Coefficient of determination by 51,3, it meaning that psychological capital effectively contributed for 51,3 % of work engagement. The remaining 48,7 % determined by other factors that are not revealed in this study, for example: job resources and job demands. Keywords: Psychological capital, work engagement, employee

76 FR 17736 - Major Capital Investment Program-New Starts

Science.gov (United States)

2011-03-30

... DEPARTMENT OF TRANSPORTATION Federal Transit Administration Major Capital Investment Program--New... unallocated Major Capital Investment (New Starts) program funds. The funds accelerate federal payments for new... projects. The funding will give a well-timed boost to communities that have made important investments in...

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

Science.gov (United States)

2010-07-01

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

26 CFR 1.147(b)-1 - Bond maturity limitation-treatment of working capital.

Science.gov (United States)

2010-04-01

... and Local Bonds § 1.147(b)-1 Bond maturity limitation-treatment of working capital. Section 147(b) does not apply to proceeds of a private activity bond issue used to finance working capital... 26 Internal Revenue 2 2010-04-01 2010-04-01 false Bond maturity limitation-treatment of working...

Corporate governance in banks operating in Serbia with the majority foreign capital

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Obradović Zoran

2014-01-01

Full Text Available The importance attached to successful corporate governance in banks derives primarily from the importance that the banks have in the financial and economic system of the country. Namely, banks are the only legally authorized depositing institutions and as such are the main generators of savings and financing for the needs of economy by supplying it with the working capital, in view of a relatively small share that the capital market has in the economic system. During many years of sanctions, isolation and bombardment, our companies have remained without working capital. In addition, the advent of foreign investments often does not imply that the parent companies are providing sufficient working capital, but this capital must be provided from the domestic banks. What derives from such a role of banks is their immediate responsibility for proper allocation of free funds to the economy and their best deployment.

The equity of school facilities funding: Examples from Kentucky.

OpenAIRE

William J. Glenn; Lawrence O. Picus; Allan Odden; Anabel Aportela

2009-01-01

While there is an extensive literature analyzing the relative equity of state funding systems for current operating revenues, there is a dearth of research on capital funding systems. This article presents an analysis of the school capital funding system in Kentucky since 1990, using the operating-revenue analysis concepts of horizontal equity, vertical equity, and fiscal neutrality. In general one could tentatively conclude that Kentucky’s capital-funding system was reasonably equitable unti...

Determinants of Working Capital Investment: A Study of Malaysian Public Listed Firms

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Shaista Wasiuzzaman

2013-06-01

Full Text Available The paper examines the determinants of the level of investment in net operating working capital by firms in Malaysia. Data from 192 companies spanning a period of 8 years (2000- 2007 are analysed using the OLS regression technique for this purpose. The study finds that in times of economic expansion, younger and smaller firms with less tangible assets, low leverage, high immediate sales growth, high operating cash flows, less volatile revenues and low levels of asymmetric information are likely to have the highest investments inoperating working capital. Board characteristics, namely size and the independence of the board, are not found to have any significant influence on the working capital investment of firms.

Psychological capital, work engagement and organisational commitment amongst call centre employees in South Africa

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Janet C. Simons

2013-11-01

Research purpose: The purpose of the research was to determine the relationship between psychological capital, work engagement and organisational commitment amongst call centre employees; and further, to determine whether psychological capital and work engagement hold predictive value for the organisational commitment of call centre employees. Motivation for the study: There is a gap in research in understanding and enabling positive resource capacities in highly stressful work contexts such as call centres. Research design, approach and method: A cross-sectional survey design was used. A sample of 106 call centre employees from a South African organisation participated in the research. The measuring instruments included a demographic questionnaire, the Psychological Capital Questionnaire (PCQ, the Utrecht Work Engagement Scale (UWES and the Organisational Commitment Questionnaire (OCQ. Main findings: Significant positive relationships were found between psychological capital, work engagement and organisational commitment. The results showed work engagement as being the only significant predictor of organisational commitment. Practical/managerial implications: Call centre employers need to develop and implement workplace interventions that would increase the psychological capital of call centre employees. Contribution/value-add: The research findings will benefit both call centre employees and management. The study highlighted the importance of the role of optimism as a subdimension of psychological capital in developing work engagement and organisational commitment amongst call centre employees.

76 FR 6653 - Public Housing Capital Fund Program

Science.gov (United States)

2011-02-07

... integrated utility management, capital planning, and other capital and management activities that maximize...; heating system replacements; wall insulation; site-based generation; advanced energy savings technologies... new and/or revised CFP forms, including the CFP Annual Statement/Performance and Evaluation Report...

COMPARATIVE STUDY OF OWN FUNDS IN THE BANKING SYSTEM

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Tesu Ramona

2012-12-01

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

Sources of funding for Nobel Prize-winning work: public or private?

Science.gov (United States)

Tatsioni, Athina; Vavva, Effie; Ioannidis, John P A

2010-05-01

Funding is important for scientists' work and may contribute to exceptional research outcomes. We analyzed the funding sources reported in the landmark scientific papers of Nobel Prize winners. Between 2000 and 2008, 70 Nobel laureates won recognition in medicine, physics, and chemistry. Sixty five (70%) of the 93 selected papers related to the Nobel-awarded work reported some funding source including U.S. government sources in 53 (82%), non-U.S. government sources in 19 (29%), and nongovernment sources in 33 (51%). A substantial portion of this exceptional work was unfunded. We contacted Nobel laureates whose landmark papers reported no funding. Thirteen Nobel laureates responded and offered their insights about the funding process and difficulties inherent in funding. Overall, very diverse sources amounting to a total of 64 different listed sponsors supported Nobel-related work. A few public institutions, in particular the U.S. National Institutes of Health (with n=26 funded papers) and the National Science Foundation (with n=17 papers), stood out for their successful record for funding exceptional research. However, Nobel-level work arose even from completely unfunded research, especially when institutions offered a protected environment for dedicated scientists.

Symbolic capital and health: the case of women's sex work in Antananarivo, Madagascar.

Science.gov (United States)

Stoebenau, Kirsten

2009-06-01

Public health research on sex work has been criticized both for representing sex work as a monolithic entity and for focusing only on individual behavioral determinants of health. When broader determinants are acknowledged, they are often described in solely economic terms (ie, comparing health risks of higher class versus lower class sex workers). Drawing from Pierre Bourdieu, I describe women's sex work in Antananarivo, Madagascar as a social 'field' and demonstrate that this field is both highly complex and highly structured. Fourteen months of ethnographic fieldwork (December 2002-December 2003; May-June 2004) in Antananarivo with women sex workers (n approximately 60) and community members (n approximately 85) informed a description of the community's understanding of the sex work field and its contrast to the lived experience of key informant sex workers. Women who sell sex were categorized by their communities into three social positions--ambony (high), antonony (middle) and ambany (low)--which were differentiated by economic capital (earnings per sexual exchange) and symbolic capital (prestige associated with race, ethnicity and moral demeanor). Women who occupied the antonony social position held the greatest volumes of symbolic capital both because they were identified as belonging to the local dominant ethnic group, and because they demonstrated discretion and shame in their sex work practice. Alternatively, women who occupied the ambony and ambany positions openly practiced their sex work and were associated with ethnic or racial minority identities, contributing to their lower volumes of symbolic capital. Symbolic capital influenced unique health vulnerabilities, such as to sexually transmitted disease, by social position through mechanisms operating from the institutional to the interpersonal level. This analysis illustrates the value of examining sex work as a social field, specifically the importance of capturing more than economic capital in order

Theory for the Public Good? Social Capital Theory in Social Work Education

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MaryAnn Overcamp-Martini

2007-05-01

Full Text Available As a concept, social capital is both relatively recent and highly controversial. This analysis overviews the history of social capital theory and the three main theoretical frameworks related to the concept. The components of social capital are discussed, as well as the controversy over its conceptualization. A review of recent studies is provided, particularly in the relationship between social capital and mental health. The article concludes with a discussion regarding the heuristic usefulness of social capital theory in the human behavior and social environment sequence in social work education, opening discourse in civic engagement and participation, collectivity, and the value of social networking.

Staff working in hospital units with greater social capital experience less work-home conflict: Secondary analysis of a cross-sectional study.

Science.gov (United States)

Nitzsche, Anika; Kuntz, Ludwig; Miedaner, Felix

2017-10-01

When the interplay between work and private life does not function correctly (work-home conflict), this constitutes a well-known risk factor for poorer health, increased absenteeism and lower work performance. Information about influencing factors of work-home conflict is therefore indispensable in order to avoid it. In this study, we analyse whether a good working atmosphere that fosters mutual trust, support and a 'sense of unity' (organizational social capital) can reduce an employee's conflict between work and private life. This study investigates the link between organizational social capital and work-home conflict in health professionals. This issue was investigated using a cross-sectional study conducted in 2013. Data from questionnaires completed by physicians and nurses (n=1733) were linked with structural data from 66 neonatal intensive care units in Germany. Using multi-level analyses, we investigated associations between organizational social capital at the ward level and work-home conflict at the level of individual employees, taking into account additional structural and individual characteristics. Employees on wards with greater social capital reported significantly less work-home conflict. Our results support the hypothesis that organizational social capital is an important collective resource. As such, more attention should be given to establishing a good working atmosphere that fosters mutual trust, support and a 'sense of unity', and this should be encouraged in a targeted fashion. Copyright © 2017 Elsevier Ltd. All rights reserved.

38 CFR 61.60 - Notice of Fund Availability.

Science.gov (United States)

2010-07-01

... (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.60 Notice of Fund Availability. When funds are made available for capital grants, per diem for non-capital grant recipients, special needs grants...

76 FR 55720 - BB&T Capital Partners Mezzanine Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the...

Science.gov (United States)

2011-09-08

... approval under section 312 of the Act and Section 107.730 (a)(4), Provide Financing to a Small Business to... SMALL BUSINESS ADMINISTRATION [License No. 04/04-0311] BB&T Capital Partners Mezzanine Fund II, L.P.; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of...

The Contribution of the Publicly Funded R&D Capital to Productivity Growth and an application to the Greek food and beverages industry

OpenAIRE

Mamatzakis, E

2009-01-01

This paper follows the dual cost function methodology and develops a theoretical specification that assesses the contribution of public R&D capital to the productivity growth. The empirical application focuses on Greek food and beverages industry. For this purpose it employs a micro-aggregated annual data set over the period 1976-2002. The regression analysis shows that publicly funded R&D capital is a productive input as 8.7 percent and 7.3 percent of the total factor productivity growth in...

Capital Requirements and Credit Rationing

OpenAIRE

Itai Agur

2010-01-01

This paper analyzes the trade-off between financial stability and credit rationing that arises when increasing capital requirements. It extends the Stiglitz-Weiss model of credit rationing to allow for bank default. Bank capital structure then matters for lending incentives. With default and rationing endogenous, optimal capital requirements can be analyzed. Introducing bank financiers, the paper also shows that uninsured funding raises the sensitivity of rationing to capital requirements. In...

Work engagement and psychological capital in the Italian public administration: A new resource-based intervention programme

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Arianna Costantini

2017-08-01

Full Text Available Orientation: Organisations need energetic and dedicated employees to enhance the quality of their services and products continuously. According to the Conservation of Resources Theory, it is possible to increase work engagement of employees by improving their personal resources. Research purpose: The main aim of this study was to examine the extent to which an improvement in psychological capital, as a personal resource, might enhance work engagement of employees in the public sector. Motivation for the study: This study was developed to investigate how and to what extent interventions aiming at fostering higher work engagement through the enhancement of psychological capital were certainly effective. Research design, approach and method: To improve psychological capital, a new resource-based intervention programme (FAMILY intervention was developed and applied, in which six dimensions – namely framing, attitudes, meaningfulness, identity, leading self and yoked together – were improved. A semi-experimental research design (pre-test and post-test was used to conduct this study. Participants were 54 employees working in an Italian public health administration. In the pre-test and post-test stages, data were collected by using the psychological capital and work engagement scales. Main findings: Results showed that there is a positive relationship between psychological capital and work engagement in the pre-test and post-test stages, considered separately. In addition, comparing pre-test and post-test results revealed that the intervention programme significantly improved both psychological capital and work engagement. This shows that an improvement in psychological capital is consistent with an increase in work engagement. Conclusion: Together, these findings prove that psychological capital can be considered as a set of personal resources which lead to increased work engagement. Contribution/value-add: This study bridged the gap found in the

Should We Use a Capital Framework to Understand Culture? Applying Cultural Capital to Communities of Color

Science.gov (United States)

Hinton, Kip Austin

2015-01-01

Social science research on communities of color has long been shaped by theories of social and cultural capital. This article is a hermeneutic reading of metaphorical capital frameworks, including community cultural wealth and funds of knowledge. Financial capital, the basis of these frameworks, is premised on unequal exchange. Money only becomes…

Work-family conflict and burnout among Chinese female nurses: the mediating effect of psychological capital.

Science.gov (United States)

Wang, Yang; Chang, Ying; Fu, Jialiang; Wang, Lie

2012-10-29

Burnout among nurses not only threatens their own health, but also that of their patients. Exploring risk factors of nurse' burnout is important to improve nurses' health and to increase the quality of health care services. This study aims to explore the relationship between work-family conflict and burnout among Chinese female nurses and the mediating role of psychological capital in this relationship. This cross-sectional study was performed during the period of September and October 2010. A questionnaire that consisted of the Maslach Burnout Inventory-General Survey (MBI-GS), the work-family conflict scale and the psychological capital questionnaire (PCQ-24) scale, as well as demographic and working factors, was distributed to nurses in Liaoning province, China. A total of 1,332 individuals (effective response rate: 78.35%) became our subjects. Hierarchical linear regression analyses were performed to explore the mediating role of psychological capital. Both work interfering family conflict and family interfering work conflict were positively related with emotional exhaustion and cynicism. However, work interfering family conflict was positively related with professional efficacy whereas family interfering work conflict was negatively related with it. Psychological capital partially mediated the relationship of work interfering family conflict with emotional exhaustion and cynicism; and partially mediated the relationship of family interfering work conflict with emotional exhaustion, cynicism and professional efficacy. Work-family conflict had effects on burnout and psychological capital was a mediator in this relationship among Chinese nurses. Psychological capital was a positive resource for fighting against nurses' burnout.

THE CAPITAL STRUCTURE OF VENTURE CAPITAL FIRMS IN INDONESIA

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Andi Buchari

2016-10-01

Full Text Available Venture capital (VC is an important fund source for small and medium enterprises (SMEs and start up, particularly to deliver its main product of equity participation. Therefore, capital structure and factors that affect it are very crucial. This study aims to analyze the capital structure of VC firms in Indonesia using econometric model of panel data regression. This study utilizes secondary data of six years period (2009-2014 monthly financial statements of 27 samples out of 58 VC firms to form 1,944 observations. The study reveals that capital structure of VC firms in Indonesia is dominated by debt/loan rather than capital with DER on average is 136.95%. In addition, the research confirms that VC firms’ capital structure is affected simultaneously by financial aspects which are asset size, profitability, liquidity, asset/investment quality, and earning asset structure. The attentions to financial aspects that affect the VC firms’ capital structure as well as other initiatives related to capital increases are necessary so that the VC firms could carry out its role effectively.

THE INFLUENCE OF RUPIAH, INCREASE OF WAGES AND ELECTRICITY ON WORKING CAPITAL AND PROFITABILITY

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Maman Sumantri

2015-09-01

Full Text Available The purpose of the research was to find out the effects of rupiah exchange per US dollar, and increase of wages and electricity on the ratio of net working capital and profitability. Descriptive methodology using case-study approach was used in PT XYZ as a producer of sewing thread. Secondary data were collected from January 2009 to June 2014. Monthly data of financial ratios consisting of liquidity ratio, activity ratio, and profitability ratio was analyzed with multiple regressions using Minitab 16. The results showed that rupiah impairment per US dollar could lower the ratio of net working capital and profitability. The increase of wages and electricity would increase the ratio of net working capital, but fortunately it would also increase profitability due to the increase of employees’ productivity and efficient use of electricity. All the free variables insignificantly affect net working capital and profitability. The study also showed that the impairment of rupiah exchange and working capital variables that are measured by receivables age, inventory age, and loan age could influence return on asset. The impairment of rupiah exchange rate, receivables age, and inventory age had a negative impact on the return on asset, while loan age had a positive impact on the return on asset. The impairment of rupiah exchange rate, receivables age, and inventory age had a significant influence on the return on asset so that the company’s management must focus more on anticipating rupiah exchange fluctuation, and management of accounts receivables and inventory. Keywords: net working capital, liquidity ratio, profitability ratio, multiple regression analyses

Return Persistence and Fund Flows in the Worst Performing Mutual Funds

OpenAIRE

Jonathan B. Berk; Ian Tonks

2007-01-01

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

Differential effects of public and private funding in the medical device industry.

Science.gov (United States)

Kang, Hyunsung D; Ku, David N

2018-02-01

Funding for scientific advancement comes from two dominant sources: public funds used to generate knowledge, and private sector funds in the pursuit of commercial products. It is unclear how to compare the outputs of these two financial mechanisms because both sectors are motivated by common goods but are also governed by divergent forces. Employment within a geographic region may be a metric of mutual value that can be applied equally to assess the societal impacts of two financing sources. Areas covered: The authors focused on the medical device industry, which is a robust sector of growth for the U.S. economy. The U.S. NIH and venture capital community are representatives of public and private capital, respectively. Using a longitudinal employment dataset of 247 distinct locations, the authors found that NIH funding tends to create more jobs directly compared to venture capital funding. Moreover, the indirect effect of governmental funding is initially smaller than that of venture capital funding for the first two years, but eventually surpasses that of venture capital funding. Expert commentary: These findings imply that policy decisions regarding financial allocations in the medical device industry should consider the appropriate typology of financial capital and its consequences.

COMPARATIVE ANALYSIS OF THE BANK’S CAPITAL ADEQUACY ACCORDING TO THE BASEL AGREEMENT

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Tesu Ramona Vasilica

2013-07-01

ground we have the state of the economy, the economic problems, situation of the banking system. In Romania there is now a modern and competitive banking system, which provides circulation of the economy and domestic supplies banking products and services in accordance with trends in the European banking sector. In this way, the action line, I did a comparative study determining capital requirements under Basel 1, Basel 2, the standardized approaches, credit risk determined. Capitalization of Romanian bank’s remain comfortable, providing good conditions for meeting additional capital requirements Basel III. In what concerns the capital adequacy management, the leading structures of a credit institution need to establish strategies and effective policies in order to maintain, on a continuous base, a level, a correct structure of their own funds, proper for covering the risks that the credit institution is exposed to. We conclude that a bank needs to increase its own funds, which is achieved by several methods decided by management. Presentation of concrete cases in approaching the bank’s capital adequacy represent the personal work which completes the study concerning the purpose of back-up accounting in the banking system, adequate correlation of the risks and capitals.

Fundo público e políticas sociais na crise do capitalismo Public fund and social policies in the crisis of capitalism

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Evilasio Salvador

2010-12-01

Full Text Available A característica comum a todas as crises financeiras dos últimos trinta anos é o comparecimento do fundo público para socorrer instituições financeiras falidas durante as crises bancárias, à custa dos impostos pagos pelos cidadãos. Com a financeirização da riqueza, os mercados financeiros passam a disputar cada vez mais recursos do fundo público, impedindo a expansão dos direitos sociais. Este artigo tem por objetivo discutir a crise do capital a partir do papel exercido pelo fundo público e seus rebatimentos no financiamento da seguridade social no Brasil.The characteristic that has been common to all financial crises in the last 30 years is the appearance of the public fund to bail out bankrupt financial institutions during the banking crises, at the expense of taxes paid by the citizens. Financing wealth, financial markets dispute resources from the public fund more and more, which impedes the expansion of social rights. This article aims to discuss the crisis of the capital from the role played by public funds and their impact on the financing of social security in Brazil.

Topics in Finance Part IX--Working Capital Management

Science.gov (United States)

Laux, Judy

2012-01-01

The final topic in a series looking at financial management from a theoretical perspective, working capital management provides the focus of the current article. We investigate how three key axioms--the risk-return tradeoff, agency conflicts, and stockholder wealth maximization--relate to this activity that occupies much of the financial manager's…

THE POTENTIAL OF THE EQUITY WORKING CAPITAL IN THE PREDICTION OF BANKRUPTCY

OpenAIRE

Daniel BRÎNDESCU – OLARIU

2014-01-01

The current study evaluates the potential of the equity working capital in predicting corporate bankruptcy. The population subjected to the analysis included all companies form Timis County (largest Romanian County) with yearly sales of over 10000 lei. The interest for the equity working capital was based on the recommendations of the literature, as well as on the availability of information concerning its values to all stakeholders. The event on which the research was focused was repr...

Venture Capital and Innovation Strategies

NARCIS (Netherlands)

Da Rin, M.; Penas, M.F.

2015-01-01

Venture capital is a specialized form of financial intermediation that often provides funding for costly technological innovation. Venture capital firms need to exit portfolio companies within about five years from the investment to generate returns for institutional investors. This paper is the

75 FR 77190 - Exemptions for Advisers to Venture Capital Funds, Private Fund Advisers With Less Than $150...

Science.gov (United States)

2010-12-10

...\\ Goldstein v. Securities and Exchange Commission, 451 F.3d 873 (D.C. Cir. 2006) (``Goldstein''). \\19\\ Section....'''). See also Loy Testimony, supra note 40, at 7 (noting the factors by which the venture capital industry... capital'' activity in capital formation for small businesses.\\47\\ The BDC provisions and venture capital...

78 FR 1991 - Major Capital Investment Projects

Science.gov (United States)

2013-01-09

... Administration 49 CFR Part 611 Major Capital Investment Projects; Notice of Availability of Proposed New Starts... Capital Investment Projects AGENCY: Federal Transit Administration (FTA), DOT. ACTION: Final rule. SUMMARY... capital investments seeking funding under the discretionary ``New Starts'' and ``Small Starts'' programs...

The Equity of School Facilities Funding: Examples from Kentucky

Science.gov (United States)

Glenn, William J.; Picus, Lawrence O.; Odden, Allan; Aportela, Anabel

2009-01-01

While there is an extensive literature analyzing the relative equity of state funding systems for current operating revenues, there is a dearth of research on capital funding systems. This article presents an analysis of the school capital funding system in Kentucky since 1990, using the operating-revenue analysis concepts of horizontal equity,…

Factors of human capital related to project success in health care work units.

Science.gov (United States)

Suhonen, Marjo; Paasivaara, Leena

2011-03-01

To explore factors of human capital related to project success that employees expect from nurse managers. Human capital refers to those resources that managers working with projects possess, such as abilities, knowledge and qualities of character. The data were collected by open interviews (n=14) with nurses, public health nurses and nurse managers working in primary health care and a hospital. Data analysis was carried out using qualitative content analysis. The main factors of human capital related to project success proved to be as follows: (1) management of enthusiastic project culture, (2) management of regeneration and (3) management of emotional intelligence. Future research is needed on the kind of means nurse managers use in human capital management in projects and how they see their possibilities in managing human capital. Human capital management skills should be underlined as an important competence area when recruiting a nurse manager. The success of health care projects cannot be improved only through education or by training of nurse managers; in addition, projects need nurse managers who understand workplace spirituality and have high emotional intelligence. © 2011 The Authors. Journal compilation © 2011 Blackwell Publishing Ltd.

Work-unit social capital and long-term sickness absence: a prospective cohort study of 32 053 hospital employees.

Science.gov (United States)

Török, Eszter; Clark, Alice Jessie; Jensen, Johan Høy; Lange, Theis; Bonde, Jens Peter; Bjorner, Jakob Bue; Rugulies, Reiner; Hvidtfeldt, Ulla Arthur; Hansen, Åse Marie; Ersbøll, Annette Kjær; Rod, Naja Hulvej

2018-06-06

There is a lack of studies investigating social capital at the workplace level in small and relatively homogeneous work-units. The aim of the study was to investigate whether work-unit social capital predicts a lower risk of individual long-term sickness absence among Danish hospital employees followed prospectively for 1 year. This study is based on the Well-being in HospitAL Employees cohort. The study sample consisted of 32 053 individuals nested within 2182 work-units in the Capital Region of Denmark. Work-unit social capital was measured with an eight-item scale covering elements of trust, justice and collaboration between employees and leaders. Social capital at the work-unit level was computed as the aggregated mean of individual-level social capital within each work-unit. Data on long-term sickness absence were retrieved from the employers' payroll system and were operationalised as ≥29 consecutive days of sickness absence. We used a 12-point difference in social capital as the metric in our analyses and conducted two-level hierarchical logistic regression analysis. Adjustments were made for sex, age, seniority, occupational group and part-time work at the individual level, and work-unit size, the proportion of female employees and the proportion of part-time work at the work-unit level. The OR for long-term sickness absence associated with a 12-point higher work-unit social capital was 0.73 (95% CI 0.68 to 0.78). Further, we found an association between higher work-unit social capital and lower long-term sickness absence across quartiles of social capital: compared with the lowest quartile, the OR for long-term sickness absence in the highest quartile was 0.51 (95% CI 0.44 to 0.60). Our study provides support for work-unit social capital being a protective factor for individual long-term sickness absence among hospital employees in the Capital Region of Denmark. © Article author(s) (or their employer(s) unless otherwise stated in the text of the

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

Science.gov (United States)

Billingsley, Christina

2011-01-01

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

Measuring Social Capital among First-Generation and Non-First-Generation, Working-Class, White Males

Science.gov (United States)

Moschetti, Roxanne; Hudley, Cynthia

2008-01-01

Social capital is a useful theory for understanding the experiences of working class, first-generation college students. Social capital is the value of a relationship that provides support and assistance in a given social situation. According to social capital theory, networks of relationships can aid students in managing an otherwise unfamiliar…

Fueling innovation in medical devices (and beyond): venture capital in health care.

Science.gov (United States)

Ackerly, D Clay; Valverde, Ana M; Diener, Lawrence W; Dossary, Kristin L; Schulman, Kevin A

2009-01-01

Innovation in health care requires new ideas and the capital to develop and commercialize those ideas into products or services. The necessary capital is often "venture capital," but the link between public policy and the venture capital industry has not been well examined. In this paper we explore the link between venture capital and innovation in health care, and we present new descriptive data from a survey of health care venture capital fund managers. Respondents generally viewed policy levers (for example, reimbursement and regulations) as important risks to venture capital investments, potentially affecting their ability to raise capital for early-stage investment funds.

Bitter Sweetness For Fund Managers

Institute of Scientific and Technical Information of China (English)

2007-01-01

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

Venture funding for science-based African health innovation.

Science.gov (United States)

Masum, Hassan; Chakma, Justin; Simiyu, Ken; Ronoh, Wesley; Daar, Abdallah S; Singer, Peter A

2010-12-13

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

12 CFR 563.74 - Mutual capital certificates.

Science.gov (United States)

2010-01-01

... the funds for redemption are raised by the issuance of mutual capital certificates approved pursuant... 12 Banks and Banking 5 2010-01-01 2010-01-01 false Mutual capital certificates. 563.74 Section 563...-OPERATIONS Securities and Borrowings § 563.74 Mutual capital certificates. (a) General. No savings...

Working capital management : the case of government-owned, transitional, and privatised manufacturing firms in Eritrea

NARCIS (Netherlands)

Tewolde, S.

2002-01-01

In this book we go into the concepts of internal and external working capital management. The research focuses specifically at the government, transition and privatised manufacturing firms in Eritrea. The objective of this research is to study the working capital management practices of these firms

12 CFR 704.3 - Corporate credit union capital.

Science.gov (United States)

2010-01-01

... minimum level of required capital and NEV ratios after the funds are called. (4) Liquidation. In the event...) Capital ratio. A corporate credit union will maintain a minimum capital ratio of 4 percent, except as otherwise provided in this part. A corporate credit union must calculate its capital ratio at least monthly...

An application to measure impact of working capital management on profitability in firms in manufacture sector quoted on ISE

OpenAIRE

Akbulut, Ramazan

2011-01-01

The purpose of this study is to investigate the relationship between working capital management and firm profitability of corporations in manufacture sector which are listed in İstanbul Stock Exchange for the period of 2000-2008. Working capital management is important part in firm financial management decision. The ability of the firm to continuously operate in longer period depends on how they deal with investment in working capital management. The optimal of working capital management coul...

Creative partnerships for funding nursing research.

Science.gov (United States)

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

2011-02-01

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

Impact of Working Capital Management on Firm’s Profitability: A Case Study of Cement Industry of Pakistan

Directory of Open Access Journals (Sweden)

Farrukh Shahzad

2015-02-01

Full Text Available The fundamental purpose behind this study is to exactly test the effect of working capital management on profitability of cement industry of Pakistan. To explore this relationship between these two, the creator gathered auxiliary information from 12 listed firms in Karachi stock exchange (KSC for the time period of 2007-2013. For this reason, in this study we utilize variable of return on assets ratio to gauge the benefit of organization and variables of CR, QR, NCA/TA, WCT and ITR as living up to expectations working capital management criteria. The consequences of the research demonstrate that there is a huge effect of the working capital management on profitability of cement industry of Pakistan. Accordingly, manager may improve the Profitability of their organizations by minimizing the inventory turnover ratio, and by diminishing working capital turnover ratio but there is no impact of expanding or diminishing the current proportion on profitability. Along these lines, the results show that through fitting working capital management the organization can expand its benefit. This study shall be helping hand for the cement industry of Pakistan in the management of their working capital in such an effective way thus, to the point that they can increase their profitability.

Credit Market Development and Human Capital Accumulation

OpenAIRE

Ho, Wai-Hong

2008-01-01

In a two period overlapping generations economy with asymmetric information, we investigate the interaction between credit market development and human capital accumulation. As is typical, young borrowers supply their endowed unit of labor time to earn wage income which is used as internal funds. In contrast to conventional setups, young lenders distribute theirs between acquiring education and working for earnings. Through identifying the risk types of borrowers by a costly screening tech...

FY 2000 report of survey by NEDO in Sydney on the Venture capitals and businesses in Australia; 2000 nendo Goshu no venture capital to venture business chosa hokokusho

Energy Technology Data Exchange (ETDEWEB)

NONE

2001-03-01

The venture capitals and businesses in Australia are surveyed and reported. Venture Capital Guide (2000), annually issued by Polliticon Publications, estimates a total of 120 venture businesses raise a total funds B$7.393 from the domestic sources, of which B$3.546 is invested on 1113 enterprises as of the end of December, 2000. Of the enterprises on which the funds are invested, 766 are currently of portfolio enterprises and 347 have completely disposed them. The Government of Australia has introduced several venture capital supporting schemes, including PDF (Pooled Development Funds) to supply equity capitals to small- to medium-sized enterprises over extended periods, IIF (Innovation Investment Funds) to encourage early-stage investments on innovative small- to medium-sized enterprises, R and D Start to provide increased funds for small- to medium-sized enterprises now considering production on a commercial basis, COMET (Commercialising Emerging Technologies) and BITS (Building on Information Technology Strengths). (NEDO)

Mutual Fund Performances of Polish Domestic Equity Fund Managers

Directory of Open Access Journals (Sweden)

ömer faruk tan

2015-10-01

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

75 FR 39391 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Capital...

Science.gov (United States)

2010-07-08

... effective allocation of System capital. II. Summary and List of Questions A. Introduction In October 2007, the FCA published an ANPRM on the risk weighting of assets--the denominator in our risk-based core...-based capital ratios and introduce a non-risk-based leverage ratio that may integrate off-balance sheet...

Economic inequality, working-class power, social capital, and cause-specific mortality in wealthy countries.

Science.gov (United States)

Muntaner, Carles; Lynch, John W; Hillemeier, Marianne; Lee, Ju Hee; David, Richard; Benach, Joan; Borrell, Carme

2002-01-01

This study tests two propositions from Navarro's critique of the social capital literature: that social capital's importance has been exaggerated and that class-related political factors, absent from social epidemiology and public health, might be key determinants of population health. The authors estimate cross-sectional associations between economic inequality, working-class power, and social capital and life expectancy, self-rated health, low birth weight, and age- and cause-specific mortality in 16 wealthy countries. Of all the health outcomes, the five variables related to birth and infant survival and nonintentional injuries had the most consistent association with economic inequality and working-class power (in particular with strength of the welfare state) and, less so, with social capital indicators. Rates of low birth weight and infant deaths from all causes were lower in countries with more "left" (e.g., socialist, social democratic, labor) votes, more left members of parliament, more years of social democratic government, more women in government, and various indicators of strength of the welfare state, as well as low economic inequality, as measured in a variety of ways. Similar associations were observed for injury mortality, underscoring the crucial role of unions and labor parties in promoting workplace safety. Overall, social capital shows weaker associations with population health indicators than do economic inequality and working-class power. The popularity of social capital and exclusion of class-related political and welfare state indicators does not seem to be justified on empirical grounds.

Towards understanding causality between work engagement and psychological capital

Directory of Open Access Journals (Sweden)

Johannes J. de Waal

2013-10-01

Research purpose: The main aim of this study was to conceptualise and investigate the causal relationship and temporal order in the relationship between PsyCap and engagement by means of longitudinal data. Motivation for the study: The rationale for establishing the sequence of engagement and psychological capital lies in the fact that training interventions to enhance the organisational well-being of employees may need to be focused on either one or the other. Research design, approach and method: A longitudinal study with a cross-lagged panel design was conducted; data was gathered by means of a survey that was constructed for the purpose of the study. The survey contained the Utrecht Work Engagement Scale (UWES, and a measure of PsyCap. All employees within a chemical factory (N = 1003 were approached to provide data; 163 employees participated. Main findings: Results revealed that PsyCap at Time 1 (T1 did not significantly predict engagement at Time 2 (T2. Evidence does however exist that initial levels of employee engagement predict subsequent PsyCap. Practical/managerial implications: Results suggest that employee interventions aimed at protecting and fostering employee engagement may have implications for subsequent employee psychological capital. Contribution/value-add: As an empirical, longitudinal study to address the temporal order between PsyCap and work engagement, this study makes a contribution especially to theory, but also with practical implications by indicating that engagement precedes employee psychological capital.

Psychological capital mediates the association between nurses' practice environment and work engagement among Chinese male nurses

Directory of Open Access Journals (Sweden)

Xiaokang Pan

2017-10-01

Full Text Available Objectives: This study aims to investigate the environmental and individual factors contributing to male nurses' psychological well-being and to explore the psychological mechanisms that may explain the links between nurses' practice environment and work engagement, thereby presenting the implications for nurse managers. Methods: A total of 161 male nurses from three tertiary first-class hospitals in Changsha City in China participated in the study. We collected the data using the Practice Environment Scale of the Nursing Work Index, the Psychological Capital Questionnaire, and the Utrecht Work Engagement Scale. Results: Scores of male nurses' practice environment (2.88 ± 0.31, psychological capital (4.42 ± 0.62, and work engagement (3.17 ± 1.39 were all above the midpoint; however, the subscales “the nursing staffing and resources adequacy” (2.72 ± 0.48, “hope” (4.33 ± 0.72, and “dedication” (2.96 ± 1.61scored lowest. Nurses' practice environment and psychological capital positively predicted nurses' work engagement; psychological capital fully mediated the influence of nurses' practice environment on work engagement. Conclusions: Creating a supportive nursing practice environment can increase male nurses' work engagement by developing their psychological capital. Nurse managers can then provide reasonable workload and pathways for male nurses to achieve goals, thereby fostering their hope. Keywords: Male nurses, Nurses' practice environment, Psychological capital, Work engagement

MANAGEMENT OF THE WORKING CAPITAL AND FIRM PERFORMANCE IN THE ROMANIAN PHARMACEUTICAL SECTOR

Directory of Open Access Journals (Sweden)

LAURA RAISA MILOŞ

2014-12-01

Full Text Available The objective of the study is to reveal the connection between working capital and firm performance, in the case of some selected Romanian pharmaceutical companies, listed on Bucharest Stock Exchange. Regression analysis was performed in order to check our hypothesis. The main conclusion of our study is that there is a negative, but weak relationship between working capital and firm performance. In other words, the shorter the period between production and sale of products, the larger firm’s profitability.

Sources of Regional Banks Capitalization

Directory of Open Access Journals (Sweden)

Olga Sergeevna Miroshnichenko

2018-03-01

Full Text Available Searching of sources to increase the capitalization of Russian banks is an important economic problem for both the national and regional economy. Moreover, a strong capital base allows to credit institutions to meet the demands of economic agents for banking service. The research focuses on the choice of sources of regulatory capital for the banks of Tyumen region in the context of changing supervisory requirements in the period of 2005–2016, in different phases of the business cycle. We apply econometric methods of statistical information using IBM SPSS Statistics software. We have calculated the individual correlations of regional banks’ capital with gross domestic product (GDP (excluding gross regional product (GRP and GRP (with the exception of the effect of GDP. These calculations have shown that the capital of regional banks is related only to GDP. The increase in the capital of regional banks is accompanied by a change in its structure: the share of authorized capital has halved, and the share of subordinated debt has grown. All sources of capital, other than the reserve fund, are related to GDP. Authorized capital is associated with the profit of profitable lending institutions; retained earnings in the capital of regional banks — with the aggregated amount of risks of the banking system of the Russian Federation. Subordinated debt, like capital as a whole, is negatively affected by the profitability of the banking sector. The change in the capital of regional banks is determined by the change in retained earnings, subordinated debt and reserve fund. Modelling of these relations has allowed to obtain a system of equations. This system synthesizes linear regression models of changing the capital of regional banks in the context of their sourcing. The results of this study are significant for theoretical justification and practical development of a balanced financial policy of regional banks. Our research will contribute to

Impact of work engagement on turnover intention: moderation by psychological capital in India

Directory of Open Access Journals (Sweden)

Manish Gupta

2017-08-01

Full Text Available With increased number of employment opportunities in India, employers are increasingly finding it difficult to control employee turnover. Nonetheless, positive psychologists argue that one of the ways to face this challenge is by understanding the positive factors such as, work engagement and personal resources that negatively affect employees’ turnover intention. Therefore, the objective of this study is to examine the moderating role of psychological capital in the work engagement – employee turnover intention relationship. Hierarchical regression was used to analyze a sample of 228 employees working in diverse industries. The findings indicate that psychological capital moderates the relationship between work engagement and intention to turnover. The findings augment the theory of self and role by identifying moderating role of personal resources in strengthening the negative relationship between work engagement and turnover intention. Managers may take steps to enhance the employee-co-worker and employee-supervisor relationship either by promoting team related activities or by enabling their employees to work independently. Also, in order to save the cost of hiring a new candidate and losing an experienced employee, managers may create mechanisms for measuring work engagement of at least their key employees or a regular basis. This paper fulfils an identified need to study how psychological capital plays a key role in affecting the work engagement–employee turnover intention relationship in Indian context.

A Capital-Financing Plan for School Systems and Local Government

Science.gov (United States)

Hodge, Penny

2012-01-01

School business officials are best equipped to lead in funding operating and capital needs because they understand the need for a methodical means of funding ongoing costs over time and the benefits of planning for future financial needs rather than letting emergencies dictate spending priorities. A capital-financing plan makes it possible to…

Decommissioning nuclear power plants: a case for internal funding

International Nuclear Information System (INIS)

Ferguson, J.S.

1987-01-01

Historically, utilities have exercised sole responsibility for reinvesting capital funds collected from ratepayers. Capital provided by ratepayers, whether for recovery of invested capital or for removal costs, reduces the magnitude of future borrowings - dollar for dollar. If regulatory commissions require utilities to place these collections in separate, inaccessible investment accounts (as in external funding methods), then utilities will be denied the use of these funds. Ratepayers, in turn, will be denied both their usual interest credit and the cost-saving benefits afforded by utilities having readily accessible cash to use instead of having to resort to borrowing. Such benefits can be attained only through internal-funding methods that keep rate payer contributions under unrestricted utility control. While state regulatory commissions currently favor external funding for financial assurance, the author feels the extra cost to ratepayers and the utilities is too high a price to pay

Access, engagement, networks, and norms: Dimensions of social capital at work in a first grade classroom

Science.gov (United States)

Wexler-Robock, Stephanie

Social capital refers to access and use of resources available through one's networks to solve problems, and the norms that reflect inclusive or exclusive access to those networks and resources. Research has found positive relationships between social capital, academic achievement, and attainment. Studies, however, have generally examined social capital through factors that occur outside the classroom; students who have social capital, acquired through their family and community relationships, seem to be more successful academically. Limited research has explored what if any factors within the classroom might impact the production, and nature of social capital, or its workings in a classroom. The purpose of this study was to explore the workings and nature of classroom social capital, including its possible relationships to engagement and cognition among 5 student participants. Using methods of qualitative data collection, mixed methods were used to analyze information resources, participants' networking, student work, and classroom discourse. Eight interdependent networking factors and 3 overarching patterns of norms were discovered. The networking factors reflected the structure, content, processes, purposes, and acceptability of participants' networking. The norms, also working interdependently, appeared to promote or inhibit among other things, engagement in networking, help seeking, access, sharing, and intertextual use of diverse, often complex sources of information. Through interaction of the 8 factors and 3 overarching norms, ongoing outcomes of networking appeared to include the creation of bridging (inclusive) and bonding (exclusive) forms of social capital, and depth of scientific conceptual understanding, in this case, about birds. Bridging social capital appeared related to willingness to engage in strong and weak tie networking, help seeking, intertextuality, and possibly to mastery goal orientation for all participants, regardless of reading level

Influence of Components of Net Working Capital on Costs of Companies Manufacturing Machinery and Equipment in the Czech Republic

Directory of Open Access Journals (Sweden)

Zdeněk Motlíček

2015-01-01

Full Text Available The approach to working capital management significantly affects the performance of companies. Nevertheless, this effect varies depending on the observed industry and company’s size and it may be assumed that it is also dependent on territory differences. The paper presents an empirical research aiming to identify particular links between net working capital and costs of the company. The outcomes indicate a relatively strong positive correlation between the variables, especially in case of inventory. Furthermore he ratio of financial costs to ordinary costs is low, as well as the impact of net working capital components on financial costs. It follows that a focus on collection period would not lead to significant savings. The findings appropriately complement Czech and foreign literature focused more on impact of net working capital or working capital on profitability indicators. Further studies concerning a more detailed analysis of the influence of net working capital on corporate costs are difficult to be found. The present research has been conducted on medium-sized companies located in the Czech Republic and manufacturing machinery and equipment. The obtained results suggest the most suitable area of focus for optimization of working capital in relation to costs for the types of companies defined above.

12 CFR 615.5207 - Capital adjustments and associated reductions to assets.

Science.gov (United States)

2010-01-01

... FUNDING AND FISCAL AFFAIRS, LOAN POLICIES AND OPERATIONS, AND FUNDING OPERATIONS Capital Adequacy § 615... Accounting Standards Board. (k) For purposes of calculating capital ratios under this part, deferred-tax... may also need to be reduced for potential loss exposure on any recourse obligations, direct credit...

Capital Investment by Independent and System-Affiliated Hospitals.

Science.gov (United States)

Carroll, Nathan W; Smith, Dean G; Wheeler, John R C

2015-01-01

Capital expenditures are a critical part of hospitals' efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals' ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16,000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system. © The Author(s) 2015.

Capital Investment by Independent and System-Affiliated Hospitals

Science.gov (United States)

Carroll, Nathan W.; Smith, Dean G.; Wheeler, John R. C.

2015-01-01

Capital expenditures are a critical part of hospitals’ efforts to maintain quality of patient care and financial stability. Over the past 20 years, finding capital to fund these expenditures has become increasingly challenging for hospitals, particularly independent hospitals. Independent hospitals struggling to find ways to fund necessary capital investment are often advised that their best strategy is to join a multi-hospital system. There is scant empirical evidence to support the idea that system membership improves independent hospitals’ ability to make capital expenditures. Using data from the American Hospital Association and Medicare Cost Reports, we use difference-in-difference methods to examine changes in capital expenditures for independent hospitals that joined multi-hospital systems between 1997 and 2008. We find that in the first 5 years after acquisition, capital expenditures increase by an average of almost $16 000 per bed annually, as compared with non-acquired hospitals. In later years, the difference in capital expenditure is smaller and not statistically significant. Our results do not suggest that increases in capital expenditures vary by asset age or the size of the acquiring system. PMID:26105571

Financial capital and the macroeconomy: a quantitative framework

OpenAIRE

Michael T. Kiley; Jae W. Sim

2011-01-01

Financial intermediation transforms short-term liquid assets into long-term capital assets. As a result, risk taking, in the form of long-term commitments despite unresolved short-term funding risk, is an essential element of intermediation. If such funding risk must be addressed by costly recapitalization and/or distressed asset sales due to capital market frictions, an increase in uncertainty can cause a disruption in the intermediation process by forcing risk-neutral intermediaries to beha...

The manager and equipment decisions: the capital budget.

Science.gov (United States)

McConnell, Charles R

2011-01-01

As part of his or her role in preparing a departmental budget, a manager must often become involved in budgeting for capital expenditures, those purchases that are of a type and sufficient dollar value to be capitalized and depreciated. Depending on the value of a proposed purchase, the department manager may have only a partial voice in the process; some significant purchases will require administrative approval, whereas some major acquisitions will require approval by the board of directors. Planning for possible capital purchases should begin well before the start of the annual budget exercise. Listing a capital item in the department's budget request does not imply approval; often, there are many more "needs" than there are capital funds available. Therefore, there must be a consistent process for identifying the proposed purchases that will be funded, such process necessarily including detailed specification of the need for a particular capital purchase, identification of all reasonable alternatives, consideration of any constraints, detailed financial comparison of alternatives, assessment of intangible factors, and a recommended choice.

Companies investments on Private Equity/Venture Capital market

Directory of Open Access Journals (Sweden)

Zbigniew Drewniak

2009-12-01

Full Text Available One of the investors on Private Equity/Venture Capital market are corporations. The share of companies in total funds raised by PE/VC funds is still on the very low level. Beside indirect investments, companies invest directly, creating special entities in one corporate structure. Capital gains are one of the advantages of these investments for companies. However, the companies have also other purposes like the acquirement and the development of new technologies, as well as the transfer of knowledge. The participation of PE/VC fund in the investment process results in the support for company expansion and the creation of company value.

Efficiency of Working Capital Management in the System of Financial Safety of Trade Enterprises

Directory of Open Access Journals (Sweden)

Krutova Anzhelika S.

2016-08-01

Full Text Available The article investigates theoretical and methodological and practical aspects of managing the financial security of enterprises of wholesale and retail trade in Ukraine, summarizes the scientific approaches to assessing enterprise financial security. There justified the influence of the level of efficiency of working capital management on improving the indicators of profitability of financial and economic activity, business activity; increasing financial sustainability and stability of development; ensuring an acceptable level of financial safety of trade enterprises. The main results of financial and economic activities of Ukrainian trade enterprises for the period 2010-2015 that influenced the level of their financial security are analyzed, the negative trends in the dynamics of receiving net profit, low profitability of sales and unprofitableness of using the current assets are highlighted. There revealed a significant disproportion in the structure of capital formation sources, high deficit of own financial resources, trend of financing the current assets entirely from borrowed funds, rapid growth of the level of credit interest rates. There performed an estimation of indicators of financial sustainability by means of the coefficient and aggregate approaches, which indicated the unstable and crisis financial condition of the majority of enterprises of wholesale and retail trade in Ukraine. There determined reserves of increasing financial security with the identification of the key components in the subsystems of financial security, criteria and indicators for an objective assessment of the financial status, taking into account the influence of the external environment, which will allow making sound management decisions regarding the analysis, prevention and neutralization of real and potential threats to trade enterprises.

Best practices for INDOT-funded work zone police patrols.

Science.gov (United States)

2012-12-01

Transportation agencies across the U.S. are expending a great deal of effort to improve highway work zone safety. Among those efforts : is a special fund for work zone enforcement established by the Indiana Department of Transportation (INDOT). The a...

The effect of psychological capital between work-family conflict and job burnout in Chinese university teachers: Testing for mediation and moderation.

Science.gov (United States)

Pu, Jun; Hou, Hanpo; Ma, Ruiyang; Sang, Jinyan

2017-12-01

In this study, we investigated the relationship between work-family conflict and job burnout as well as the potential mediation/moderation effects of psychological capital. Participants were 357 university teachers who completed a questionnaire packet containing a work-family conflict scale, psychological capital questionnaire, and Maslach Burnout Inventory-General survey. According to the results, work-family conflict and psychological capital were both significantly correlated with job burnout. In addition, psychological capital cannot mediate-but can moderate-the relationship between work-family conflict and job burnout. Taken together, our findings shed light on the psychological capital underlying the association of work-family conflict and job burnout.

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

Science.gov (United States)

Hamilton, R. H.

2001-01-01

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

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

OpenAIRE

Dai, John; Sundaresan, Suresh

2009-01-01

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

75 FR 10059 - Money Market Fund Reform

Science.gov (United States)

2010-03-04

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

Amortization as source of capital investments in Belarus: historiography, theoretical and practical aspects

Directory of Open Access Journals (Sweden)

S.L. Korotayev

2016-12-01

Full Text Available The article focuses on the historiography of defining amortization as the source of further reproduction and creation due to the amortization of sinking funds, used by economic entities for future capital investments. Acting as the source of capital investments, sinking funds were established during the socialist era, as well as in the post-Soviet period, that is before the beginning of the 21st century. However, starting from 2010, economic entities no longer have been creating sinking funds on the balance sheet and outside it, that corresponds to the international practice, in particular the rules and principles of International Financial Reporting Standards. The author proves that the amortization, recoverable in the price of goods (works, services, is the reimbursement of the past, not future expenditures. Accordingly, the sinking funds, as the source of future investments, cannot be made at the expenses of amortization charges. At the same time, the author analyzes the possible consequences of the legal right of enterprises to unchanged amortization installments in the reporting period with the extension of the life of depreciable fixed assets for the period when no amortization charges were calculated.

31 CFR 223.7 - Investment of capital and assets.

Science.gov (United States)

2010-07-01

... 31 Money and Finance: Treasury 2 2010-07-01 2010-07-01 false Investment of capital and assets. 223... WITH THE UNITED STATES § 223.7 Investment of capital and assets. The cash capital and other funds of... periodically issue instructions for the guidance of companies with respect to investments and other matters...

The political origin of pension funding

NARCIS (Netherlands)

Perotti, E.; Schwienbacher, A.

2007-01-01

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

Venture funding for science-based African health innovation

Directory of Open Access Journals (Sweden)

Daar Abdallah S

2010-12-01

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

Report on all ARRA Funded Technical Work

Energy Technology Data Exchange (ETDEWEB)

None, None

2013-10-05

The main focus of this American Recovery and Reinvestment Act of 2009 (ARRA) funded project was to design an energy efficient carbon capture and storage (CCS) process using the Recipients membrane system for H{sub 2} separation and CO{sub 2} capture. In the ARRA-funded project, the Recipient accelerated development and scale-up of ongoing hydrogen membrane technology research and development (R&D). Specifically, this project focused on accelerating the current R&D work scope of the base program-funded project, involving lab scale tests, detail design of a 250 lb/day H{sub 2} process development unit (PDU), and scale-up of membrane tube and coating manufacturing. This project scope included the site selection and a Front End Engineering Design (FEED) study of a nominally 4 to 10 ton-per-day (TPD) Pre-Commercial Module (PCM) hydrogen separation membrane system. Process models and techno-economic analysis were updated to include studies on integration of this technology into an Integrated Gasification Combined Cycle (IGCC) power generation system with CCS.

The Association of Workplace Social Capital With Work Engagement of Employees in Health Care Settings: A Multilevel Cross-Sectional Analysis.

Science.gov (United States)

Fujita, Sumiko; Kawakami, Norito; Ando, Emiko; Inoue, Akiomi; Tsuno, Kanami; Kurioka, Sumiko; Kawachi, Ichiro

2016-03-01

The aim of the study was to examine the cross-sectional multilevel association between unit-level workplace social capital and individual-level work engagement among employees in health care settings. The data were collected from employees of a Japanese health care corporation using a questionnaire. The analyses were limited to 440 respondents from 35 units comprising five or more respondents per unit. Unit-level workplace social capital was calculated as an average score of the Workplace Social Capital Scale for each unit. Multilevel regression analysis with a random intercept model was conducted. After adjusting for demographic variables, unit-level workplace social capital was significantly and positively associated with respondents' work engagement (P capital (P capital might exert a positive contextual effect on work engagement of employees in health care settings.

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

Science.gov (United States)

Foley, Robert

2011-01-01

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

The Brazilian Public Health in Contemporary Capitalism.

Science.gov (United States)

Junqueira, Virgínia; Mendes, Áquilas N

2018-01-01

This article examines some political and economic facts that led to an intensification of austerity measures by the Brazilian government, including ones against the Unified Health System (SUS) and its progressive dismantling. In a country where fundamental human rights were never fully respected, nowadays social and labor rights are under severe attacks. The deepening of the capital crisis and the rise of interest-bearing capital dominance have been causing unemployment, social insecurity growth, and resulting public fund appropriation by the private capital. The Brazilian governments in the 1990s and 2000s have implemented deeper cuts in social policy expenditure, freezing security benefits, privatizing services, and prioritizing the payment of public debt interests. The right wing's project involves the demoralization of not only the Workers' Party but also the left as a whole, so that the adoption of austerity measures could be achieved without popular resistance. It is the duty of the Brazilian left wing to denounce such a project and to provoke firm initiatives to rebuild its bonds with the working class.

Teaching Practices and Social Capital. NBER Working Paper No. 17527

Science.gov (United States)

Algan, Yann; Cahuc, Pierre; Shleifer, Andrei

2011-01-01

We use several data sets to consider the effect of teaching practices on student beliefs, as well as on organization of firms and institutions. In cross-country data, we show that teaching practices (such as copying from the board versus working on projects together) are strongly related to various dimensions of social capital, from beliefs in…

The Effect of Capital Working Management on the Profitability

Directory of Open Access Journals (Sweden)

Slamet Mulyono

2018-02-01

Full Text Available Companies must maintain the sustainability business. In order to keep their existence and competitiveness, companies must increase profitability in every year. It also applies to state fertilizer companies. However, 10 years of history (2005-2014, the state fertilizer company have been facing difficulties in maintaining business sustainability. Profitability fluctuates and tends to decrease every year. One of the causes is inefficient working capital management. The objective of this study is to determine the relationship between working capital management and corporate profitability. To ensure the absence of the influence of unexamined factors, this study uses control variables of firm size, financial leverage, and gross domestic product. This research uses a positivist paradigm with a quantitative approach and multiple regression analysis.The results of this study indicate that state fertilizer companies will be able to increase ROA by accelerating Days of Sales in Inventory and Days of Payables. Higher assets, reduce profitability, and increasing debt withdrawal, which further declines the profitability. State fertilizer companies should accelerate inventory turnover and obligation payments to suppliers to minimize the risk of foreign exchange loss, considering that 80% of raw materials are still imported. In addition, state fertilizer should maintain asset quality and minimize debt withdrawal to increase profitability. 

Getting "Capital" in the Music World: Musicians' Learning Experiences and Working Lives

Science.gov (United States)

Coulson, Susan

2010-01-01

This paper discusses an exploration of the working lives of musicians working in a range of musical genres in the North East of England, revealing the factors that contribute to their ability to obtain a musical livelihood. These factors can be understood in terms of various forms of social, cultural and symbolic "capital" (Bourdieu,…

Moral Economy and Moral Capital in the Community of Clinical Practice.

Science.gov (United States)

Jaye, Chrystal; Young, Jessica; Egan, Tony; Williamson, Martyn

2018-03-01

This New Zealand study used focused ethnography to explore the activities of communities of clinical practice (CoCP) in a community-based long-term conditions management program within a large primary health care clinic. CoCP are the informal vehicles by which patient care was delivered within the program. Here, we describe the CoCP as a micro-level moral economy within which values such as trust, respect, authenticity, reciprocity, and obligation circulate as a kind of moral capital. As taxpayers, citizens who become patients are credited with moral capital because the public health system is funded by taxes. This moral capital can be paid forward, accrued, banked, redeemed, exchanged, and forfeited by patients and their health care professionals during the course of a patient's journey. The concept of moral capital offers another route into the "black box" of clinical work by providing an alternative theoretic for explaining the relational aspects of patient care.

GOVERNING BOARD OF THE PENSION FUND

CERN Multimedia

2002-01-01

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

Colombian oil fund

International Nuclear Information System (INIS)

Tellez, Mauricio

2005-01-01

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

The effect of working capital management on profitability: The case of Small Medium and Micro Enterprises in South Africa

OpenAIRE

Samuel Tabot ENOW; Pradeep BRIJLAL

2014-01-01

Working capital is vital in any business, especially in SMMEs, given that most of their assets are in the form of current assets. Management of working capital is vital in order to improve profitability of the business. This study investigated the effect working capital management on profitability, using fifteen South African SMMEs, listed on the Alt-X on the JSE, from 2008-2012, using a multiple regression analysis. The results show a positive relationship between number of days account rece...

Digitization, globalization, and hypermobile financial capital

Directory of Open Access Journals (Sweden)

Barney Warf

2017-10-01

Full Text Available Since the late 20th century and the microelectronics revolution, capital has become thoroughly digitized, moving effortlessly around the world through electronic funds transfer systems (EFTS. This paper charts the rise of electronic money since the collapse of the Bretton-Woods regulatory system in the 1970s and the shift into extremely mobile funds that circulate through ber optics lines. Second, it examines some of the world’s largest EFTS systems and their impacts on capital markets of different types. The third part focuses on how digital money has undermined na- tional nancial regulations imposed by nation-states. In the fourth section, the role of EFTS in the growth of offshore banking centers is explored.

Legislative Update: Georgia School Funding Update.

Science.gov (United States)

Holmes, C. Thomas; Sielke, Catherine C.

2000-01-01

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

A study on relationship between working capital and profitability

Directory of Open Access Journals (Sweden)

Hassan Ghodrati

2014-08-01

Full Text Available This paper studies the relationship between working capital management and profitability of accepted corporations in Tehran Stock Exchange over the period 2008-2012. The study selected 66 firms as a statistical sample based on Cochran formula and simple random selection. In this study, variables including the average period of collecting accordance, periods of circulation of inventories, the average period of debt payment, and cycle of cash conversion on the factories operating profits are studied. The research method is applied and collection of data is solidarity, the Pierson and Regression solidarity are used. Results show that variables of capital investment management and profitability were in opposite direction. If the period of collecting accordance, period of debt payment, period of circulation of inventories and the cycle of cash conversion increase, it decreases the period profitability and the manager can decrease the period of debt payment, period of cash conversion to the least amount of positive value for affiliate.

A Framework for Monitoring Capital Flows in Hong Kong

OpenAIRE

Dong He; Frank Leung; Philip Ng

2009-01-01

In this paper we attempt to delineate conceptual issues relating to the definition of capital flows, and introduce a framework that organises survey data and accounting information at different time horizons to form a judgment on the nature and scale of fund flows in Hong Kong. Given the complexity of international financial transactions in Hong Kong, cross-border capital flows may not correspond closely to fund flows into and out of the Hong Kong dollar. A comprehensive view on the scale and...

Venture capital and private equity investment preferences in selected countries

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Krzysztof Dziekoński

2016-01-01

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

Green Capital: Student Capital student-led evaluation

OpenAIRE

Runkle, Q.; Haines, T.; Piper, K.; Leach, S.

2016-01-01

To assess and evaluate the impact of the Green Capital: Student Capital project, the partnership (the University of the West of England, the University of Bristol, the Students’ Union at UWE, and Bristol Students’ Union) worked with NUS to train a team of students from both universities to lead an evaluation process. There were two key aims for the evaluation: \\ud \\ud • To verify the quantitative outputs of the Green Capital: Student Capital project; \\ud • And to make a qualitative assessment...

Reducing the cost of health care capital.

Science.gov (United States)

Silberman, R

1984-08-01

Although one may ask four financial experts their opinion on the future of the hospital capital market and receive five answers, the blatant need for financial strategic planning is evident. Clearly, the hospital or system with sound financial management will be better positioned to gain and/or maintain an edge in the competitive environment of the health care sector. The trends of the future include hospitals attempting to: Maximize the efficiency of invested capital. Use the expertise of Board members. Use alternative capital sources. Maximize rate of return on investments. Increase productivity. Adjust to changes in reimbursements. Restructure to use optimal financing for capital needs, i.e., using short-term to build up debt capacity if long-term financing is needed in the future. Take advantage of arbitrage (obtain capital and reinvest it until the funds are needed). Delay actual underwriting until funds are to be used. Better management of accounts receivable and accounts payable to avoid short-term financing for cash flow shortfalls. Use for-profit subsidiaries to obtain venture capital by issuing stock. Use product line management. Use leasing to obtain balance sheet advantages. These trends indicate a need for hospital executives to possess a thorough understanding of the capital formation process. In essence, the bottom line is that the short-term viability and long-term survival of a health care organization will greatly depend on the financial expertise of its decision-makers.

78 FR 61404 - Stellus Capital Investment Corporation, et al.; Notice of Application

Science.gov (United States)

2013-10-03

... funds in portfolio companies. Applicants: Stellus Capital Investment Corporation (the ``Company..., 100 F St. NE., Washington, DC 20549-1090. Applicants: Robert T. Ladd, Stellus Capital Investment... investment objective, investment policies, investment position, capital available for investment, and other...

Social capital at work: psychometric analysis of a short scale in Spanish among Mexican health workers.

Science.gov (United States)

Idrovo, Alvaro J; Camacho-Avila, Anabel; García-Rivas, Javier; Juárez-García, Arturo

2012-09-01

Most studies on social capital and health are carried out with large home-based surveys, neglecting that many interactions among individuals occur in the workplace. The objective of this study was to explore the psychometric properties of a scale in Spanish used to measure social capital at work. The scale designed by Kouvonen et al was translated into Spanish and tested under classical test theory, item response theory, and confirmatory factorial analysis; 152 public health workers from different socio-cultural contexts participated in the survey. Internal consistency was high (Chronbach's alpha = 0.88). Social capital at work correlated properly with two Job Content Questionnaire dimensions. A ceiling effect was detected and item difficulty was quantified. The confirmatory factor analysis showed the expected theoretical components of social capital: bonding, bridging and trust. The scale has acceptable psychometric properties, thus it can be used in future studies.

Group intervention: A way to improve working teams' positive psychological capital.

Science.gov (United States)

Harty, Bo; Gustafsson, John-Anders; Björkdahl, Ann; Möller, Anders

2015-01-01

Positive psychological capital is reported to have positive effects on people's well-being and attitudes to their working lives. The objective of this study was to investigate if it is possible to increase the level of positive psychological capital by two group intervention programs. The research design was a controlled study with 2 × 2 experimental groups and two control groups. Two of the experimental groups received intervention I (IG I), the other two experimental groups received intervention II (IG II). Assessments were made before and after the intervention programs, with a follow-up at six months post-intervention. Instruments measuring the fundamentals of psychological capital: self-efficacy, hope, optimism, as well as health and job satisfaction were used. The results show that it is possible to increase the level of positive emotions, self-efficacy and job satisfaction of members of a working team by using group intervention methods. The positive changes observed at the end of the program remained six months after the intervention, with the exception of job satisfaction in IG II. It seems that the intervention had a greater influence on those persons who at the start of the study reported a low level of self-enhancement. The results were more pronounced in intervention group I where reinforcement of the resources and positive aspects of the work place environment were provided. A 10-week group intervention program that focused on learned optimism proved to be successful in increasing levels of self-efficacy and job satisfaction. While improvement was maintained six months post-intervention the small sample size and the attrition rate are limitations. Results are promising and further research is warranted.

Trends in working capital management and its impact on firms’ performance – An analysis of SMEs

Directory of Open Access Journals (Sweden)

Xiaoting Zhang

2017-06-01

Full Text Available This paper aims to explore the relationship between the performance of small and medium enterprises (SMEs and working capital management. To make the research robust, accounting performance and measures of market related performance have been used to gauge the SMEs performance. This research utilizes secondary data obtained from the Alternative Investment Market concerning SMEs listed in the London Stock Exchange, to investigate the significance of working capital management towards the performance of SMEs. The working capital management components that were used in research are; account payable period APP, average collection period (ACP, return on assets (ROA and inventory holding period (IHP. The analysis of data involved the use of regression analysis and extensive use of correlation analysis in order to establish the relationship between working capital management and SME performance. The study established that the use of WCM components such as cash conversion cycle, return on assets, cash conversion cycle and inventory holding period have a significant impact on the performance of SMEs. Further, it was established that when SMEs invested heavily in inventories and receivables, they amassed low profits while investment in current assets in relation to total assets lead to elevated profitability. Hence, it was concluded that there is a compelling relationship between WCM and SME performance.

Capital Structure Determinants of Small and Medium Enterprises in Croatia

Directory of Open Access Journals (Sweden)

Nataša Šarlija

2016-09-01

Full Text Available Most of the research about capital structure is focused towards two theories: trade off theory (TOT and pecking order theory (POT. The idea is to explore which theory works better in certain conditions and identify the key determinants that affect the capital structure of the company. However, in different countries different determinants with opposite relation to the leverage are found to be significant. Besides, most of the previous researches are oriented on listed companies. The aim of this paper is to analyse the capital structure of small and medium enterprises in Croatia through the analysis of the fundamental determinants of the capital structure. The research was conducted on a data sample of 500 SMEs in Croatia in the period of 2005–2011. On the unbalanced panel data set a linear regression is applied. Influence of determinants on leverage is estimated by a static panel model with random effect and with fixed effect estimation. Four capital structure determinants are analysed: growth, size, profitability and tangible assets. The results of this research support the pecking order theory confirming that SMEs in Croatia are primarily financed frominternally generated funds that affect profitability, growth, tangible assets and enterprise size.

AFFECTS OF WORKING CAPITAL MANAGEMENT ON FIRM’S PERFORMANCE: EVIDENCE FROM TURKEY

Directory of Open Access Journals (Sweden)

Gamze Vural

2012-01-01

Full Text Available The working capital management has an important role for the firm’s success or failure because of it’s’ effect on firm’s performance and liquidity. The study is based on secondary data collected from 75 manufacturing firms listed on Istanbul Stock Exchange Market for the period 2002-2009 with an attempt to investigate the relationship between working capital management components and performance of the firms by using dynamic panel data analysis. The results demonstrate that firms can increase profitability measured by gross operating profit by shortening collection period of accounts receivable and cash conversion cycle. Leverage as a control variable has a significant negative relationship with firm value and profitability of firms. This means, increase in the level of leverage will lead to decline in the profitability of the firm and the value of the firm.

Funding Science with Science: Cryptocurrency and Independent Academic Research Funding

Directory of Open Access Journals (Sweden)

Edward Lehner

2017-12-01

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

The Miracle of Money! Managing LRC Budgets, Funds and Fund Raising.

Science.gov (United States)

McLaren, M. Bruce

1994-01-01

Describes the management of a learning resource center (LRC) budget. Topics discussed include controlling a budget, keeping records, managing grants, managing petty cash, responding to unexpected expenses, managing capital outlay dollars, managing insurance, balancing budgets, budget stretching strategies, and fund raising. (JLB)

THE EFFECT OF WORKING CAPITAL ON THE PROFITABILITY OF PALM OIL PLANTATION COMPANIES

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Tania Prafitri

2017-05-01

Full Text Available Management decisions related to working capital are based on the management of short-term assets and liabilities, aiming to ensure that the company is able to maintain the operations and have sufficient cash flows to finance short-term debt maturities and operational costs, as well as to improve the profitability of the company. The objective of this study is to examine the effect of working capital management on company profitability. Working capital is considered to be an important issue in financial management and have an effect on liquidity as well as on the company profitability. In addition, optimized working capital management contributes greatly to the achievement of company objectives. The secondary data were taken from the annual reports of 6 oil palm plantation companies registered in the Indonesia Stock Exchange (IDX during the year 2009-2015. Profitability as a dependent variable was measured by return on investment (ROI. Cash conversion cycle (CCC, current ratio (CR, financial debt ratio (FDR, and fixed financial asset ratio (FFAR are independent variables. The analytical model used in this study was panel regression by using Fixed Effect Model. The results showed that there is a negative effect of working capital on profitability. Profitability will increase as cash cycle conversion cycle decreases. This is because companies with short cash conversion cycle are able to collect the cash needed for the company's day-to-day operations.Keywords: working capital, cash conversion cycle, current ratio, debt ratio, fixed assets ratio. profitabilityABSTRAKKeputusan manajemen yang berkaitan dengan modal kerja didasari oleh cara pengelolaan antara aset dan kewajiban jangka pendek, hal ini bertujuan untuk memastikan bahwa perusahaan mampu untuk melanjutkan kegiatan operasional dan memiliki arus kas yang cukup untuk membiayai hutang jangka pendek yang jatuh tempo dan biaya kegiatan operasional, serta untuk meningkatkan profitabilitas

Teacher Motivation, Work Satisfaction, and Positive Psychological Capital: A Literature Review

Science.gov (United States)

Viseu, João; Neves de Jesus, Saul; Rus, Claudia; Canavarro, José M.

2016-01-01

Teacher motivation is vital for the educational system. For teachers to be motivated their work satisfaction and positive psychological capital are crucial. The state-of-the-art on teacher motivation requires a literature review regarding the studies that relate teacher motivation and the above mentioned constructs. In this paper, through…

INDIAN CAPITAL MARKET REVIEW: ISSUES, DIMENSIONS AND PERFORMANCE ANALYSIS

Directory of Open Access Journals (Sweden)

Mohd. Shamim Ansari

2012-12-01

Full Text Available The purpose of an efficient capital market is to mobilize funds from those who have it and route each them to those who can utilize it in the best possible way. India’s financial market is multi-facet but not balanced. It has state of art equity market but relatively less developed and immature corporate bond market. The Indian capital market in the recent year has undergone a lot of innovation in term regulation and mode of operation. A well developed corporate bond market is also essential for financial system stability, efficiency and overall economic growth. However, If we look at the scenario of capital market in India we find that Indian households have traditionally preferred parking their surpluses in bank deposits, government savings schemes and less than 10% of their investments in financial assets in shares, debentures and mutual funds. The Indian capital market has recently put the worst behind and moved towards strong growth. In this back drop the present paper aims to (i identify various grey points of Indian capital market; (ii Evaluated how it performed during post financial crisis period; and (iii suggests necessary policy reforms for a relatively mature capital market.

GOVERNMENT INTERVENTIONS IN THE VENTURE CAPITAL MARKET HOW JEREMIE AFFECTS THE HUNGARIAN VENTURE CAPITAL MARKET?

OpenAIRE

Fazekas Balazs

2014-01-01

JEREMIE (Joint European Resources for Micro to Medium Enterprises) program was implemented as a part of the EU cohesion policy in the framework of 2007-2013 programming period. The primary objective of the program was to enhance the financing prospects of SME’s through structural funds that provide financial engineering instruments like loan, guarantee and venture capital. This paper focuses on the effects of JEREMIE on Hungary’s venture capital market. Since 2010, 28 JEREMIE backed venture c...

Gender and venture capital decision-making: the effects of technical background and social capital on entrepreneurial evaluations.

Science.gov (United States)

Tinkler, Justine E; Bunker Whittington, Kjersten; Ku, Manwai C; Davies, Andrea Rees

2015-05-01

Research on gender and workplace decision-making tends to address either supply-side disparities between men's and women's human and social capital, or demand-side differences in the status expectations of women and men workers. In addition, this work often relies on causal inferences drawn from empirical data collected on worker characteristics and their workplace outcomes. In this study, we demonstrate how tangible education and work history credentials - typically associated with supply-side characteristics - work in tandem with cultural beliefs about gender to influence the evaluative process that underlies venture capital decisions made in high-growth, high-tech entrepreneurship. Using an experimental design, we simulate funding decisions by venture capitalists (VCs) for men and women entrepreneurs that differ in technical background and the presence of important social ties. We demonstrate the presence of two distinct aspects of VCs' evaluation: that of the venture and that of the entrepreneur, and find that the gender of the entrepreneur influences evaluations most when the person, rather than the venture, is the target of evaluation. Technical background qualifications moderate the influence of gendered expectations, and women receive more of a payoff than men from having a close contact to the evaluating VC. We discuss the implications for future research on gender and work. Copyright © 2014 Elsevier Inc. All rights reserved.

Revisiting Academic Capitalism in Canada: No Longer the Exception

Science.gov (United States)

Metcalfe, Amy Scott

2010-01-01

In "Academic Capitalism: Politics, Policies, and the Entrepreneurial University" (1997), Slaughter and Leslie found that Canada showed signs of resisting academic capitalism. Changes in postsecondary education funding policies and the emergence of new commercialization initiatives are evidence that Canada is certainly no longer, and…

The meaning of venture capital for financing small scale entrepreneurship

OpenAIRE

Robnik, Lidija

2015-01-01

Due to the appearance of new knowledge and managerial approaches, entrepreneurship has developed substantially and the career of the entrepreneur has become more attractive. Venture capital has become an important source for financing the growth of small enterprises. Venture capital funds are a form of financing intended for prospective dynamic companies that cannot obtain financing from banks. Venture capital takes the form of proprietary capital since it enters the company as a co-owner for...

Using real-estate-based financing to access capital.

Science.gov (United States)

Tobin, W C; Kryzaniak, L A

1998-07-01

One strategy employed by healthcare organizations to increase their market presence is the construction of new facilities. Accessing capital to fund such construction, however, has become more of a challenge. One relatively untapped source of building capital is real-estate-based financing. Nonrecourse mortgages, turnkey net leases, and synthetic leases can provide several advantages to healthcare organizations seeking capital, assuming issues related to building ownership, debt and balance sheet effects, and tax-exempt status have been thoroughly explored first.

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.

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

Creative Partnerships for Funding Nursing Research

OpenAIRE

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

2010-01-01

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

A disciplined approach to capital: today's healthcare imperative.

Science.gov (United States)

Dupuis, Patrick J; Kaufman, Kenneth

2007-07-01

BJC HealthCare's experience exemplifies several basic principles of a finance-based approach to capital. Organizations that adopt this approach look to improve processes first, remove costs second, and spend capital last. Multiyear planning is required to quantitatively identify the profitability and liquidity requirements of strategic initiatives and address essential funding and financing issues.

77 FR 65593 - PNC Capital Advisors, LLC, et al.; Notice of Application

Science.gov (United States)

2012-10-29

... registered open-end management investment companies that operate as ``funds of funds'' to acquire shares of.... Applicants: PNC Capital Advisors, LLC (``Adviser'') and PNC Funds and PNC Advantage Funds (each a ``Trust... statutory trust. Each Trust is comprised of separate series that pursue distinct investment objectives and...

Funding stalls ARETS work

International Nuclear Information System (INIS)

Anon.

1997-01-01

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

38 CFR 61.14 - Selecting applications for capital grants.

Science.gov (United States)

2010-07-01

... for capital grants. 61.14 Section 61.14 Pensions, Bonuses, and Veterans' Relief DEPARTMENT OF VETERANS AFFAIRS (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.14 Selecting applications for capital grants. (a) Applicants will first be grouped in categories according to the funding priorities set...

Psychosocial work conditions, social capital, and daily smoking: a population based study.

Science.gov (United States)

Lindström, M

2004-09-01

To investigate the associations between psychosocial conditions at work, social capital/social participation, and daily smoking. The 2000 public health survey in Scania is a cross sectional postal questionnaire study with a 59% participation rate. A total of 5180 persons aged 18-64 years that belonged to the work force and the unemployed were included in this study. Logistic regression models were used to investigate the associations between psychosocial factors at work/unemployment, social participation, and daily smoking. Psychosocial conditions at work were defined according to the Karasek-Theorell demand-control/decision latitudes into relaxed, active, passive, and jobstrain categories. The multivariate analyses included age, country of origin, education and economic stress. 17.2% proportion of all men and 21.9% of all women were daily smokers. The jobstrain (high demands/low control) and unemployed categories had significantly higher odds ratios of daily smoking among both men and women compared to the relaxed (low demands/high control) reference category. The passive (low demands/low control), jobstrain, and unemployed categories were also significantly associated with low social participation. Low social participation was significantly and positively associated with daily smoking within each of the psychosocial work conditions and unemployed categories. The positive association between low social capital/low social participation and daily smoking is well known. However, both social participation and daily smoking are associated with psychosocial work conditions and unemployment. Psychosocial work conditions and unemployment may affect daily smoking both directly and through a pathway including social participation.

Indicators of working capital management before and after the adoption of the international accounting standards in Brazil

Directory of Open Access Journals (Sweden)

Taís Duarte Silva

2016-08-01

Full Text Available The issues concerning the adoption of the international standards in Accounting have been frequently discussed, seeking to understand the possible impacts perceived in companies after the enactment of Law No. 11.638 / 2007. In this context, although appropriate working capital management is crucial to the life of organizations, few studies have been conducted. Thus, this study aimed to compare the indicators of working capital management before and after the adoption of the law, these being: Net Working Capital (NWC, Working Capital Requirement (WCR, Cash Balance (CB and Liquidity Ratio (LR. Therefore, a descriptive study was conducted using document analysis of financial statements with a quantitative approach. The study sample consisted of 35 economic sectors, calculating the indicators of all companies in these sectors for the period from 2004 till 2013, which permitted the comparison of a four-year period before and four years after the adoption of the international standards. In order to identify significant changes in the indicators, we used the nonparametric Mann-Whitney test. The results showed significant changes in the indicators NWC, CB and LR, without significant change in the WCR, which suggests that the financial assets and liabilities have undergone more changes than the operating assets and liabilities

Linking Working Capital Policy Towards Financial Performance of Small Medium Enterprise (SME in Malaysia

Directory of Open Access Journals (Sweden)

Binti Mohamad Nor Edi Azhar

2017-01-01

Full Text Available Despite the fact that working capital management (WCM is vital to businesses of any size that operated in developed and emerging countries, WCM is of particular importance to the small business firms operating in emerging markets. The importance of WCM to small and medium-sized enterprises (SMEs stems from the limited financial resources available and heavily reliance of SMEs on WCM as a main source of finance. This study aims to provide empirical evidence on the effects of working capital investment policy on firm’s financial performance for a sample of 103 small and medium-sized firms listed with the SME Corporation of Malaysia. Data for the period from 2008 to 2013 are analysed to examine if investment policy improves firms’ return on total asset. By using correlation and pooled ordinary least square regression, the result provides a significant relationship between the level of aggressiveness of investment policy and SME’s financial performance. The findings of this study not only contribute to the scant WCM literature in Malaysia but throw light on the importance of efficient WCM to the policy makers and regulators in motivating and encouraging relevant parties to pay more attention on working capital through improving investors’ awareness and improving transparency.

The relationship between the management of working capital\tand\tcorporate\tprofitability\tin\tthe\tchemicals\tdistribution industry in Colombia

Directory of Open Access Journals (Sweden)

Sebastián Jaramillo Aguirre

2016-09-01

Full Text Available This article offers empirical evidence on the relationship between the working capital and corporate profitability for the chemicals distribution sector in Colombia. The study looks at 48 companies during the 2008-2014 period. The results provide empirical evidence that there is a significant relationship between the factors pertaining to working capital and corporate profitability in the sector distribution sector in Colombia. The study looks at 48 companies during the 2008-2014 period. The results provide empirical evidence that there is a significant relationship between the factors pertaining to working capital and corporate profitability in the sector. There is negative and significant relationship between days sales outstandingdays payable outstanding, the cash conversion cycle, and corporate profitability

THEORETICAL FRAMEWORK ON CAPITAL STRUCTURE AND FIRM'S PERFORMANCE

OpenAIRE

L. Senthil Kumar

2017-01-01

Capital structure is the composition of debt and equity securities that are used to finance company’s assets. Both debt and equity securities are used by most of the companies to raise funds. Having determined its investment policy, a company should plan the sources of finance and their mix. Companies which do not formally plan their capital structures are likely to face difficulties in raising capital on favourable terms in the long-run. Financial experts and authorities differ as to the com...

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

Directory of Open Access Journals (Sweden)

Alireza Samet

2016-12-01

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

12 CFR 652.100 - Audit of the risk-based capital stress test.

Science.gov (United States)

2010-01-01

... 12 Banks and Banking 6 2010-01-01 2010-01-01 false Audit of the risk-based capital stress test... AGRICULTURAL MORTGAGE CORPORATION FUNDING AND FISCAL AFFAIRS Risk-Based Capital Requirements § 652.100 Audit of the risk-based capital stress test. You must have a qualified, independent external auditor review...

The Relationship between Psychological Capital and Professional Commitment of Preschool Teachers: The Moderating Role of Working Years

Science.gov (United States)

Lee, Hsing-Ming; Chou, Mei-Ju; Chin, Chia-Hui; Wu, Ho-Tang

2017-01-01

The purpose of this research mainly lies in exploration of influence of psychological capital of preschool teachers on professional commitment, and moderation effect of their working years on the influential relationship between psychological capital and professional commitment. 400 Taiwan preschool teachers took part in this research as the…

An empirical analysis of capital structure decisions in Dutch firms

NARCIS (Netherlands)

de Jong, A.

1999-01-01

This Ph.D. thesis investigates capital structure decisions in Dutch firms. Firms are faced with the choice from a variety of sources of financing for the funding of their activities. These choices determine the firms' capital structures. Building on the well known theorems of Modigliani and Miller,

STUDY THE PROBLEMS OF OPTIMIZING THE CAPITAL STRUCTURE OF THE COMPANY

Directory of Open Access Journals (Sweden)

Olga Gaydarzhyyska

2016-11-01

Full Text Available The aim of this work is to study the problem of optimizing the capital structure of the company. Optimization of capital structure is a necessary condition of adaptation the enterprises regardless of the branch of economy to which a company belongs, to changes in the economy in its development. Methods and criteria of optimisation of the capital structure of the enterprise. The method of determining the optimal capital structure of the enterprise according to the criteria of maximizing financial profitability. Technique. The study is based on the theoretical analysis of scientific works and practical activity of enterprises. Results. It is proved that in the process of optimizing the capital structure necessary to take into account the predictable result of economic activity of the enterprise, that is, financial result from usual activity before taxation. The study of problems of optimization of capital structure aimed at opening opportunities for the effective organization of business enterprises, providing conditions for disclosure for businesses achieving the goals of any order, and the creation of opportunities for enterprise maximum level of profit. The principle of optimization is to select the solution that best would take into account internal possibilities and external terms of activity of the enterprise. Optimization is the choice of a certain economic indicator that would allow to compare the effectiveness of any solutions. Also it is advisable to pay attention to the use of different types of loan capital to business enterprises, to know that helps to speed up circulation of funds and increase returns on invested capital, increase the efficiency of financial activities of a business entity. Value. Today, the economic activities of enterprises has a significant impact on the development of trade and economy. The achievement of dynamic growth of the basic indicators of work of enterprises of any sector of the economy, is the basic

Successful Strategies for Capital Campaigns

Science.gov (United States)

Grover, Stuart R.

2007-01-01

Twenty five years ago, few community or technical colleges considered launching capital campaigns. They lacked community standing, professional fundraising staff, and the related institutional foundation structure to manage charitable efforts. Gradually, as public funding eroded, bond issues became harder to pass, and colleges recognized the need…

Reconciliation of work and care among lone mothers of adults with intellectual disabilities: the role and limits of care capital.

Science.gov (United States)

Chou, Yueh-Ching; Kröger, Teppo

2014-07-01

In this study, the concept of social capital is applied to an exploration of Guanxi (social networking to create good relationships) among working lone mothers of adults with intellectual disabilities (ID) in Taiwan. Using in-depth interviews, this study explores the role of social capital, here referred to as 'care capital', in making it possible for working lone mothers to combine their roles as family carers and workers. Eleven divorced or widowed mothers combining their paid work with long-term care responsibilities were recruited from a survey or through NGOs and were interviewed at their home between October 2008 and July 2010. An interpretative phenomenological approach was adopted for data analysis. The findings revealed that the mothers' care capital was extremely limited and was lost, gained and lost again during their life-cycles of long-term care-giving. Guanxi, especially in relation to their employers, proved to be the sole source of care capital for these mothers, making reconciliation between work and care responsibilities possible. In the absence of formal or informal support, religion and the mother-child relationship seemed also to become a kind of care capital for these lone mothers, helping them to get by with their life-long care responsibilities. For formal social and healthcare services, not just in Taiwan but in every country, it is important to develop support for lone mothers of adults with ID who have long-term care responsibilities and low levels of care capital and thus face care poverty. © 2014 John Wiley & Sons Ltd.

IS THERE A RELATIONSHIP BETWEEN FINANCIAL LITERACY, CAPITAL STRUCTURE AND COMPETITIVENESS OF SMEs?

Directory of Open Access Journals (Sweden)

Anamarija Delić

2016-06-01

Full Text Available The importance of financial market development for the economic development and competitiveness of a country is reflected in channelling of capital towards those investments that have the highest returns, thus ensuring liquidity and efficient grouping of enterprises, that is, risk-taking. Efficient risk-taking is primarily reflected in the availability of a large number of sources of funding, which allow enterprises freedom when forming their capital structure. Enterprises that do not have a large number of sources of funding at their disposal have to resort to debt financing when forming their capital structure, which ultimately means excessive financial vulnerability. Financial vulnerability, especially in times of the financial crisis, when fluctuations in the cost of capital are very high, reduces investment, growth and employment in the long-term. Small and medium-sized enterprises in the Croatian underdeveloped financial market must resort to borrowing, as the most readily available source of funding. Analysing the process of decision-making about capital structure on a sample of 108 small and medium-sized enterprises, it was observed that enterprises whose capital structure is less dependent on debt achieve better financial results and growth. The process of making financial decisions in those companies is in the hands of owners and/or managers and consultants with knowledge about the advantages and disadvantages of individual sources of funding. Financial knowledge is one of the most important determinants of the capital structure that will enable the growth and development of the small and medium-sized enterprise sector, as well as greater competitiveness of enterprises, regardless of size, activity, industry and the form of ownership of these enterprises. T-test and Levene’s test of equality of variances were used to investigate the relationship between the profitability of enterprises and their financial literacy.

76 FR 77580 - Contemporary Healthcare Senior Lien Fund I, LP; Notice Seeking Exemption Under Section 312 of the...

Science.gov (United States)

2011-12-13

... closing costs and for working capital purposes. The financing is brought within the purview of Sec. 107... SMALL BUSINESS ADMINISTRATION [License No. 02/02-0649] Contemporary Healthcare Senior Lien Fund I, LP; Notice Seeking Exemption Under Section 312 of the Small Business Investment Act, Conflicts of...

Comparing Working-Capital Funding and Mission Funding for Naval Shipyards

National Research Council Canada - National Science Library

Frisk, Daniel; Trunkey, R. D

2007-01-01

...; and Pearl Harbor Naval Shipyard in Pearl Harbor, Hawaii. These shipyards maintain, repair, overhaul, and upgrade surface ships and submarines -- a range of services that costs the Navy over $3 billion annually...

ANALYSIS ABSORPTION CAPACITY OF EUROPEAN FUNDS UNDER THE OPERATIONAL PROGRAMME HUMAN RESOURCES DEVELOPMENT

Directory of Open Access Journals (Sweden)

DANIELA FLORESCU

2013-10-01

Full Text Available One of the main goals of the European Union is the economic progress. In the last 50 years, and especially beginning with the ‘80s, remarkable efforts have been made for removing the borders between the EU national economies and for creating a unique market where goods, persons, capital and services could move freely. Commercial interchanges between UE states have significantly grown and at the same time EU has become a global commercial force. EU’s goal is to become the most dynamic economy based on global recognition. This implies a significant investment in research, education and forming, which allows the population to have access to this new information. This research work displays diverse aspects concerning the Romania’s ability draw of irredeemable funds in period 2007 – 2013, focusing on human capital development activity. Today, the problem absorptions are no longer able to develop projects, that knowing a significant improvement but the stage of implementation and funding.

Capital gains taxation under different tax regimes

OpenAIRE

Sureth, Caren; Langeleh, Dirk

2005-01-01

This paper investigates the influence of different systems of current income and capital gains taxation on investor's decision to either carry out an investment in corporate shares or to invest funds alternatively on the capital market. Three basic tax systems are analyzed, a classical corporate tax system with double taxation of profits on corporate and personal level, a shareholder relief system, that reduces double taxation completely. It can be shown that general analytical solutions for ...

38 CFR 61.61 - Agreement and funding actions.

Science.gov (United States)

2010-07-01

... (CONTINUED) VA HOMELESS PROVIDERS GRANT AND PER DIEM PROGRAM § 61.61 Agreement and funding actions. (a) When an applicant for a capital grant, per diem, a special needs grant, or a technical assistance grant... under § 61.67 of this part where a capital grant recipient fails to provide supportive services and/or...

资本性投资、融资来源与营运资本投资效率研究%Capital Investment,Financing Source and Working Capital Investment Efficiency

Institute of Scientific and Technical Information of China (English)

魏刚

2016-01-01

运用异质性随机边界模型定量测算了资本性投资及融资来源影响下的营运资本投资效率。结果表明：中国上市公司营运资本投资效率低于最优效率10％～26％，在非经济危机影响的年度中，资本性投资规模增长大的企业，其营运资本投资效率较低；内部融资和外部股权融资具有缓解融资约束和降低未来融资不确定性的作用，而债务融资会加剧融资约束程度，但可以降低未来融资不确定性。融资约束程度的改善有助于降低资本性投资对营运资本投资效率的影响。%Using the heteroscedastic stochastic frontier model , this paper measures the working capital investment efficiency under the influence of capital investment and financing sources .Results show that , the efficiency of working capital invest-ment in Chinese listing corporation is lower than the optimal efficiency of 10%~26%.During the years of the non-econom-ic crisis, working capital investment efficiency of enterprises is lower , which possess a large scale of capital investment .In-ternal financing and external equity financing can alleviate the financing constraints and reduce the uncertainty of the future ;debt financing will increase the degree of financing constraints , but can reduce the uncertainty of future financing .The im-provement of financing constraints could help to reduce the impact of capital investment on the efficiency of working capital investment .

FUNDOS DE PENSÃO, CAPITAL ESTATAL E NEODESENVOLVIMENTISMO

Directory of Open Access Journals (Sweden)

José Menezes Gomes

2014-01-01

Full Text Available The article analyzes the limits of conception of economic development arising from the change of the international scenery, since 2003, with the alteration of the international flux of capitals to the sub-developed countries, accompanied of chinese expansion and commodities’ appreciation. It highlights the assigned role to the pension funds by Lula da Silva’s government to justify the counter-reform of the Provident Funds. It approaches the role of BNDES and the subsidy to the grand capital. Demarcates the fall of the basic tax in the USA and its impacts on the Brazilian economy. Argues that the payment of taxes and the amortization of the public debt was converted in the mechanism through which the State withdraw resources from workers, through the direct and indirect taxes and refer those to the bankers and pension funds. Emphasizes the generalization of neoliberalism, seeking to resolve the capitalist crisis through the renegotiation of external debt, of the commercial and financial openings, and of privatizations.

Academic Capitalism and the Community College

Science.gov (United States)

Kleinman, Ilene

2010-01-01

Profit-generating entrepreneurial initiatives have become increasingly important as community colleges look for alternative revenue to support escalating costs in an environment characterized by funding constraints. Academic capitalism was used as the conceptual framework to determine whether community colleges have become increasingly market…

Institutional Venture Capital for the Space Industry: Providing Risk Capital for Space Companies that Provide Investor Returns

Science.gov (United States)

Moore, Roscoe M., III

2002-01-01

provided by an institution. Those institutions tend to be Banks, Pension Funds, Insurance Funds, Corporations, and other incorporated entities that are obligated to earn a return on their invested capital. These institutions invest in a venture capital firm for the sole purpose of getting their money back with a healthy profit - within a set period of time. The venture capital firm is responsible for investing in and managing companies whose risk and return are higher than other less risky classes of investment. The venture capital firm's primary skill is its ability to manage the high risk of its venture investments while maintaining the high return potential of its venture investments. to businesses for the purpose of providing the above-mentioned Institutions a substantial return on their invested capital. Institutional Venture Capital for the Space Industry cannot be provided to projects or companies whose philosophy or intention is not to increase shareholder equity value within a set time period. efficiently when tied up in companies that intend to spend billions of dollars before the first dollar of revenue is generated. If 2 billion dollars of venture capital is invested in the equity of a Space Company for a minority equity position, then that Space Company must build that minority shareholder's equity value to a minimum investment return of 4 to 8 billion dollars. There are not many start-up companies that are able to reach public market equity valuations in the tens of billions of dollars within reasonable time horizons. Foundations, Manufacturers, and Strategic Investors can invest in projects that cannot realistically provide a substantial return on their equity to their investors within a reasonable period (5-7 years) of time. Venture Capitalists have to make money. Venture capitalists have made money on Satellite Television, Satellite Radio, Fixed Satellite Services, and other businesses. Venture capitalists have not made money on stand

HOW DOES THE JEREMIE PROGRAM AFFECT THE HUNGARIAN VENTURE CAPITAL MARKET?

Directory of Open Access Journals (Sweden)

Zsuzsanna Széles

2011-01-01

Full Text Available In the 2007-2013 EU's budgetary period a new program was introduced for SMEs. JEREMIE - Joint European Resources for Micro to medium Enterprises - offers to EU Member States and regions the possibility to invest some of their EU structural funds allocations in revolving funds and so recycle financial resources in order to enhance and accelerate investments in enterprises. The market for venture capital and private equity is relatively small in Central and Eastern Europe, but has matured during the past decade and yields are better than in Western Europe. In 2009 Hungary got the first notification for the venture capital part of the JEREMIE program, and started to organize the channel to distribute this renewable source for Hungarian start-up and innovative (from micro to medium enterprises. 2010 was the first year of the “JEREMIE venture capital funds” in Hungary. There are no tangible results yet, but a snapshot could be taken about how this program affects the Hungarian venture capital market.

Social Capital as Investment in the Future

DEFF Research Database (Denmark)

Tuan Anh, Nguyen; Thomese, Fleur; Salemink, Oscar

2016-01-01

This paper identifies how social capital in kinship relations is employed to foster children’s education in the Reform era (Đổi mới), based on an anthropological and sociological study in Quỳnh Đôi village, Quỳnh Lưu district, Nghệ An province, Vietnam. The paper shows that in the Đổi mới period...... học]. From a social capital perspective, we argue that social capital, understood as enforceable trust and reciprocity exchanges, was the foundation for raising patrilineage study encouragement funds. One significant observation was that both patrilineage members and non-members contributed......’s viewpoint, the social capital benefiting pupils was located in ego-based kinship networks which extended beyond just patrilineages. Therefore, in the Đổi mới era, villagers went beyond their patrilineage boundaries to mobilize social capital in their ego-based kin networks, including both relatives inside...

Siparex hits target with '146m for third mid-market fund

CERN Multimedia

2003-01-01

Sigefi Private Equity has reached its target final closing of '146m ($155m) for its third mid-market buy-out and expansion capital fund. International investors contributed 26% of the capital including commitments from CERN, Switzerland (1 paragraph).

The Effect of Organizational Support, Transformational Leadership, Personnel Empowerment, Work Engagement, Performance and Demographical Variables on the Factors of Psychological Capital

Directory of Open Access Journals (Sweden)

Didem Rodoplu Şahin

2014-03-01

Full Text Available The relation with the work and the role of managers and organizational factors are effective on psychological capital and individual performance of employees. This article investigates the impact of the work engagement, performanmce, empowerment, organizational support and transformational leadership on psychological capital using survey data.

Contextualizing and assessing the social capital of seniors in congregate housing residences: study design and methods

Directory of Open Access Journals (Sweden)

Riley Therese

2005-04-01

Full Text Available Abstract Background This article discusses the study design and methods used to contextualize and assess the social capital of seniors living in congregate housing residences in Calgary, Alberta. The project is being funded as a pilot project under the Institute of Aging, Canadian Institutes for Health Research. Design/Methods Working with seniors living in 5 congregate housing residencies in Calgary, the project uses a mixed method approach to develop grounded measures of the social capital of seniors. The project integrates both qualitative and quantitative methods in a 3-phase research design: 1 qualitative, 2 quantitative, and 3 qualitative. Phase 1 uses gender-specific focus groups; phase 2 involves the administration of individual surveys that include a social network module; and phase 3 uses anamolous-case interviews. Not only does the study design allow us to develop grounded measures of social capital but it also permits us to test how well the three methods work separately, and how well they fit together to achieve project goals. This article describes the selection of the study population, the multiple methods used in the research and a brief discussion of our conceptualization and measurement of social capital.

Nexus Between Working Capital Management and Sectoral Performance

Directory of Open Access Journals (Sweden)

Suman Talreja

2018-03-01

Full Text Available This study aims to examine the impact of aggressive working capital factors/policies on firms’ performance to improve the financial health. Random and Fixed Effect models estimated by taking annual data of two major sectors: automobile and food sectors from 2006 to 2016. According to the findings, aggressive investment factor/policy (AIF has a negative impact on gross operating income (GOI in both sectors while aggressive financing factor/policy (AFF has an adverse effect on GOI in the food sector and positive impact on GOI in the automobile sector. The results of this study should be of great importance to investors, creditors, and financial analysts, especially after the global financial crisis and the collapses of giant organizations worldwide.DOI: 10.15408/ess.v8i1.7075

Implementation of investment and working capital financing allocated by banks towards the added GDP, labors, and welfare in four regencies in Madura

Directory of Open Access Journals (Sweden)

Didin Fatihudin

2015-06-01

Full Text Available This study investigates the implementation of investment financing absorption and private bank sectors working capital to increase GDP, employment, and welfare of the four counties in Madura island (Bangkalan, Sampang, Pamekasan, Sumenep. This is the development of a previous study. This explanatory study is based on the model devel-opment concept or theory with Path Analysis through the data normality, multicolli-nearity, and heteroscedasticity test as well as causality. The data were taken from Bank Indonesia, Investment Coordinating Board, and the Central Bureau of Statistics. This is a time series data of 2002 to 2006. It shows that the financing of investment to GDP has significant and negative effect, financing of investment to labor absorption has signifi-cant and negative effect; financing working capital to GDP has significant and positive effect; financing of working capital to labor absorption has significant and negative effect; GDP in the labor market has no significant nor positive effect; GDP for the welfare effect, it has positive but not significant effect; employment in the welfare has a significant and positive effect. The direct effect or indirect implementation of financing from banks to finance investments and working capital to the entrepreneurs has increasingly a significant and positive effect. Absorption has dominated world finance working capital financing, following the least consumption and investment. Thus, it was natural that the implementa-tion of the investment credit and working capital has a significant and positive effect on economic growth, absorption of labor, and welfare in all four counties in Madura.

Social capital, economics, and health: new evidence.

Science.gov (United States)

Scheffler, Richard M; Brown, Timothy T

2008-10-01

In introducing this Special Issue on Social Capital and Health, this article tracks the popularization of the term and sheds light on the controversy surrounding the term and its definitions. It sets out four mechanisms that link social capital with health: making information available to community members, impacting social norms, enhancing the health care services and their accessibility in a community, and offering psychosocial support networks. Approaches to the measurement of social capital include the Social Capital Community Benchmark Survey (SCCBS) developed by Robert Putnam, and the Petris Social Capital Index (PSCI), which looks at community voluntary organizations using public data available for the entire United States. The article defines community social capital (CSC) as the extent and density of trust, cooperation, and associational links and activity within a given population. Four articles on CSC are introduced in two categories: those that address behaviors -- particularly utilization of health services and use of tobacco, alcohol, and drugs; and those that look at links between social capital and physical or mental health. Policy implications include: funding and/or tax subsidies that would support the creation of social capital; laws and regulations; and generation of enthusiasm among communities and leaders to develop social capital. The next steps in the research programme are to continue testing the mechanisms; to look for natural experiments; and to find better public policies to foster social capital.

Social capital among healthcare professionals: A prospective study of its importance for job satisfaction, work engagement and engagement in clinical improvements.

Science.gov (United States)

Strömgren, Marcus; Eriksson, Andrea; Bergman, David; Dellve, Lotta

2016-01-01

Social capital can be an important resource to facilitate the needed improvements in quality of care and efficiency in hospitals. To assess the importance of social capital (recognition, vertical trust, horizontal trust and reciprocity) for job satisfaction, work engagement and engagement in clinical improvements. A prospective cohort design was used. Intensive care units and emergency, surgical and medical units at five Swedish hospitals with ongoing development of their processes of care. Healthcare professionals (physicians, registered nurses, assistant nurses) at five Swedish midsize hospitals. The participants answered a questionnaire at two occasions, NN=1602 at baseline and NN=1548 at one-year follow-up. Mean hospital response rate was 53% at baseline and 59% at follow-up. Univariate, multivariate and logistic regression analyses were performed, and the prospective analysis was based on 477 respondents. Social capital was associated with healthcare professionals' general work engagement and job satisfaction. Analysis showed positive associations between all measured aspects of social capital and engagement in clinical improvements of patient safety and quality of care. The prospective analysis showed that increased social capital predicted increased job satisfaction, work engagement and engagement in clinical improvements of patient safety. Social capital is strongly related to job satisfaction and active engagement with clinical improvements. The findings contribute to a deeper knowledge of social capital as a predictive factor that influences patient safety and health among healthcare staff. Copyright © 2015 Elsevier Ltd. All rights reserved.

Investors’ perception on mutual funds with reference to Chidambaram town

OpenAIRE

N. Geetha; M. Ramesh

2011-01-01

Mutual funds in India play a vital role in mobilizing funds for capital and financial markets. The role of mutual funds in India felt significant as it generates funds from small investors at large across the country. The main objective of the study is to elucidate the perceptions and behaviours of the small investors located in the town of Chidambaram, Tamil Nadu, South India towards the mutual funds and also suggest some measures to increase the quantum of investors and investments as well.

Healthy working days: The (positive) effect of work effort on occupational health from a human capital approach.

Science.gov (United States)

Urtasun, Ainhoa; Nuñez, Imanol

2018-04-01

The neoclassic economic rationale has taken for granted that the effect of effort on health is negative. However, several studies in the field of occupational health and medicine claim that working is clearly better for health than non-working or being unemployed, as some psychological and physical condition may improve with work effort. This paper analyzes the effect of work effort on occupational health. The proposed human capital approach builds upon the classic economic perspective, that assumes a negative effect of effort on health, and extends it by allowing positive effects, as suggested by occupational researchers. Using a sample from 2010 of 20,000 European workers we find that, under adequate working conditions, the level of effort (measured in working hours) at which health starts to deteriorate is very high (120 h per week). However, if working conditions are not adequate, even a moderate effort (35 h per week) can harm workers health. Copyright © 2018 Elsevier Ltd. All rights reserved.

Using Venture Capital to Improve Army Research and Development

National Research Council Canada - National Science Library

Held, Bruce

2000-01-01

...) while keeping current equipment relevant and affordable. This issue paper introduces the idea that the Army should fund some of its technology development through a private venture capital organization...

20 CFR 638.305 - Capital improvements.

Science.gov (United States)

2010-04-01

... 20 Employees' Benefits 3 2010-04-01 2010-04-01 false Capital improvements. 638.305 Section 638.305 Employees' Benefits EMPLOYMENT AND TRAINING ADMINISTRATION, DEPARTMENT OF LABOR JOB CORPS PROGRAM UNDER TITLE IV-B OF THE JOB TRAINING PARTNERSHIP ACT Funding, Site Selection, and Facilities Management § 638...

Training Funds and the Incidence of Training: The Case of Mauritius

Science.gov (United States)

Kuku, Oluyemisi; Orazem, Peter F.; Rojid, Sawkut; Vodopivec, Milan

2016-01-01

Training funds are used to incentivize training in developing countries, but the funds are based on payroll taxes that lower the return to training. In the absence of training funds, larger, high-wage and more capital-intensive firms are the most likely to offer training unless they are liquidity constrained. If firms are not liquidity…

A different capitalism? : Guanxi-capitalism and the importance of family in modern China

OpenAIRE

Rühle, Susanne

2011-01-01

The emergence of Capitalism is said to always lead to extreme changes in the structure of a society. This view implies that Capitalism is a universal and unique concept that needs an explicit institutional framework and should not discriminate between a German or US Capitalism. In contrast, this work argues that the ‘ideal type’ of Capitalism in a Weberian sense does not exist. It will be demonstrated that Capitalism is not a concept that shapes a uniform institutional framework within every ...

The importance of working capital management for hospital profitability: evidence from bond-issuing, not-for-profit U.S. hospitals.

Science.gov (United States)

Rauscher, Simone; Wheeler, John R C

2012-01-01

Increased financial pressures on hospitals have elevated the importance of working capital management, that is, the management of current assets and current liabilities, for hospitals' profitability. Efficient working capital management allows hospitals to reduce their holdings of current assets, such as inventory and accounts receivable, which earn no interest income and require financing with short-term debt. The resulting cash inflows can be reinvested in interest-bearing financial instruments or used to reduce short-term borrowing, thus improving the profitability of the organization. This study examines the relationship between hospitals' profitability and their performance at managing two components of working capital: accounts receivable, measured in terms of hospitals' average collection periods, and accounts payable, measured in terms of hospitals' average payment periods. Panel data derived from audited financial statements for 1,397 bond-issuing, not-for-profit U.S. hospitals for 2000-2007 were analyzed using hospital-level fixed-effects regression analysis. The results show a negative relationship between hospitals' average collection period and profitability. That is, hospitals that collected on their patient revenue faster reported higher profit margins than did hospitals that have larger balances of accounts receivable outstanding. We also found a negative relationship between hospitals' average payment period and their profitability. Hospital managers did not appear to delay paying their vendors. Rather, the findings indicated that more profitable hospitals paid their suppliers faster, possibly to avoid high effective interest rates on outstanding accounts payable, whereas less profitable hospitals waited longer to pay their bills. The findings of this study suggest that working capital management indeed matters for hospitals' profitability. Efforts aimed at reducing large balances in both accounts receivable and accounts payable may frequently be

48 CFR 215.404-71-3 - Contract type risk and working capital adjustment.

Science.gov (United States)

2010-10-01

.... Cost-plus-incentive-free (4) 1.0 0 to 2. Cost-plus-fixed-fee (4) 0.5 0 to 1. Time-and-materials... considered cost-plus-fixed-fee contracts for the purposes of assigning profit values. They shall not receive... CONTRACTING BY NEGOTIATION Contract Pricing 215.404-71-3 Contract type risk and working capital adjustment. (a...

Effects of trust fund model credit intervention on welfare of farmers ...

African Journals Online (AJOL)

... recommended that the administrative bottlenecks associated with fund release and processing of interest drawback be addressed. Also, amount loanable should be increased, while condition of collateral counterpart funding be relaxed. Keywords: Agricultural credit, Per capital expenditure, Core poor, Household welfare ...

Psychosocial work conditions, social participation and social capital: a causal pathway investigated in a longitudinal study.

Science.gov (United States)

Lindström, Martin

2006-01-01

Social capital is often claimed to be promoted by stable social structures such as low migration rates between neighbourhoods and social networks that remain stable over time. However, stable social structures may also inhibit the formation of social capital in the form of social networks and social participation. One example is psychosocial conditions at work, which may be determined by characteristics such as demand and control in the work situation. The study examines the active workforce subpopulation within the Swedish Malmö Shoulder Neck Study. A total of 7836 individuals aged 45-69 years, were interviewed at baseline between 1992 and 1994, and at a 1-year follow-up. Four groups of baseline psychosocial work conditions categories defined by the Karasek-Theorell model (jobstrain, passive, active, relaxed) were analysed according to 13 different social participation items during the past year reported at the 1-year follow-up. Odds ratios and 95% confidence intervals with the jobstrain group as a reference were estimated. A multivariate logistic regression model was used to assess differences in different aspects of social participation between the four psychosocial work conditions groups. The results show that the respondents within the active category in particular but also the relaxed category, have significantly higher participation in many of the 13 social participation items, even after multivariate adjustments. The results strongly suggest that psychosocial work conditions may be an important determinant of social capital measured as social participation, a finding of immediate public health relevance because of the well known positive association between social participation and health-related behaviours.

76 FR 5427 - TIGGER and Clean Fuels Grant Program Funds

Science.gov (United States)

2011-01-31

... percent Federal share for the net capital cost of factory installed hybrid electric propulsion systems and... will reduce the energy consumption or greenhouse gas emissions of public transportation systems. The... Management (TEAM) system, so that funds can be obligated expeditiously. Funds must be used for the purposes...

On the Relative Importance of Corporate Working Capital Determinants: Findings from the EU Countries

Directory of Open Access Journals (Sweden)

Julia Koralun-Bereźnicka

2014-12-01

Full Text Available The corporate finance literature traditionally abounds in both theoretical discussion and empirical research concerning financing and long-term investment decisions. Managing short-term resources appears to be a much less remarkable issue, despite this resource’s significant share of a firm’s balance sheet and the time and effort required to manage the current assets and liabilities. This article provides insights into the relative importance of the selected working capital determinants from the European Union perspective. The determinants considered in the study include both external and internal factors, specifically the country in which a company operates, its industrial classification and the firm size. Using more than 10,000 aggregated observations from a sample of firms from 13 industries, 9 countries and 3 group sizes, covering the period 2000-2009, the findings provide evidence that corporate working capital is most affected by country-specific factors, followed by industrial factors and firm size.

75 FR 42177 - Federated Enhanced Treasury Income Fund, et al.; Notice of Application

Science.gov (United States)

2010-07-20

... means return of capital for financial accounting purposes and not for tax accounting purposes. 9..., Federated Premier Intermediate Municipal Income Fund, Federated Premier Municipal Income Fund (collectively... shares of the Current Funds are listed on the New York Stock Exchange. The Premier Intermediate Municipal...

Relational social capital: Norwegian women’s experiences of the process of being on sick leave and the path back to work

Directory of Open Access Journals (Sweden)

Liv Johanne Solheim

2015-03-01

Full Text Available Background: The reduction of the number of people that drop out of the labour force and temporarily receive public benefits has increasingly been a political priority in Norway since the early 1990s. In particular, there has been a focus on reducing sick leave. However, none of the efforts in this direction has had the desired effects. To succeed, more knowledge is needed regarding the factors that create the illnesses influencing the length of the sickness leave.Aim: The purpose of this article is to study how relational social capital, both at work and home, has an impact on the experience of being on long-term sick leave and the process of returning to work.Methods: Individual in-depth interviews have been performed with 20 women between 25 and 60 years old. They were all sick-listed for more than 30 days during 2013 with mental illness or musculoskeletal diagnoses.Results: The study illustrates how long-term sickness absence can threaten the identity and self-confidence of the sick-listed persons. The effects of relational social capital are expressed through personal relationships with their family members, friends, colleagues, and managers at their workplace. Individuals with high social capital in both the workplace and the domestic sphere have the best prospects for recovering and returning to work. High workplace capital may, to a certain degree, compensate for low domestic social capital. Single mothers with low social capital both in their domestic life and in their workplace are the most vulnerable.Conclusion: Relational social capital influences both the experience of being on sick leave and the process of returning to work. The efforts to reduce sickness leave should therefore focus on not only the sick-listed person, but also their relationships with their family and in their workplace, as well as the interplay between these.

"Capitalizing on Sport": Sport, Physical Education and Multiple Capitals in Scottish Independent Schools

Science.gov (United States)

Horne, John; Lingard, Bob; Weiner, Gaby; Forbes, Joan

2011-01-01

This paper draws on a research study into the existence and use of different forms of capital--including social, cultural and physical capital--in three independent schools in Scotland. We were interested in understanding how these forms of capital work to produce and reproduce "advantage" and "privilege". Analysis is framed by…

Mutual Fund Performances of Polish Domestic Equity Fund Managers

OpenAIRE

Tan, Ömer Faruk; Ünal, Gözde

2015-01-01

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

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

OpenAIRE

Itzhak Ben-David; Francesco Franzoni; Rabih Moussawi

2012-01-01

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

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

Directory of Open Access Journals (Sweden)

N.J. Timofeeva

2011-05-01

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

Tax-Efficient Asset Management: Evidence from Equity Mutual Funds

OpenAIRE

Clemens Sialm; Hanjiang Zhang

2015-01-01

Investment taxes have a substantial impact on the performance of taxable mutual fund investors. Mutual funds can reduce the tax burdens of their shareholders by avoiding securities that are heavily taxed and by avoiding realizing capital gains that trigger higher tax burdens to the funds’ investors. Such tax avoidance strategies constrain the investment opportunities of the mutual funds and might reduce their before-tax performance. Our paper empirically investigates the costs and benefits of...

Understanding the role of social capital in adolescents' Big Five personality effects on school-to-work transitions.

Science.gov (United States)

Baay, Pieter E; van Aken, Marcel A G; de Ridder, Denise T D; van der Lippe, Tanja

2014-07-01

The school-to-work transition constitutes a central developmental task for adolescents. The role of Big Five personality traits in this has received some scientific attention, but prior research has been inconsistent and paid little attention to mechanisms through which personality traits influence job-search outcomes. The current study proposed that the joint effects of Big Five personality traits and social capital (i.e., available resources through social relations) would shed more light on adolescents' job-search outcomes. Analyses on 685 Dutch vocational training graduates showed that extraversion and emotional stability were related to better job-search outcomes after graduation. Some relations between Big Five personality traits and job-search outcomes were explained by social capital, but no relations were dependent on social capital. Social capital had a direct relation with the number of job offers. Contrary to popular belief, this study shows that Big Five personality traits and social capital relate to job-search outcomes largely independently. Copyright © 2014 The Foundation for Professionals in Services for Adolescents. Published by Elsevier Ltd. All rights reserved.

Success nonetheless : Making public utilities work in small-scale democracies despite difficult capital conditions

NARCIS (Netherlands)

Douglas, Scott

2011-01-01

A large part of the study of politics is dedicated to identifying the circumstances under which democracy will flourish. Putnam made a major contribution to this field through his concept of social capital as developed in Making Democracy Work. Putnam found that communities with a high number of

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

Directory of Open Access Journals (Sweden)

Dijana Jurić

2005-12-01

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

The Effects of Pscyhological Capital on Employees’ Innovative Work Behavior and Their Performance: A Study in Defence Industry

Directory of Open Access Journals (Sweden)

Memduh Begenirbaş

2016-06-01

Full Text Available The working environment of the employees and their psychology attitudes are thought to be an important factor for the new idea or behavior for the benefit of the organization performance increase and this consideration is the fundamental goal of this study. For this purpose, data are obtained and analyzed from 189 private and public defense sector employees working in Ankara. The relations and effects between variables are presented by correlation and regression analyses. The validity of scales is measured with structural equation model. According to the findings, it is seen that psychological capital dimensions have significant effects on employees’ innovative work behaviors and job performances. And also, it is observed that participants’ innovative work behaviors do not have any mediating role between psychological capital dimensions and job performance.

School Facilities Funding and Capital-Outlay Distribution in the States

Science.gov (United States)

Duncombe, William; Wang, Wen

2009-01-01

Traditionally, financing the construction of school facilities has been a local responsibility. In the past several decades, states have increased their support for school facilities. Using data collected from various sources, this study first classifies the design of capital aid programs in all 50 states into various categories based on the scope…

Alternative solutions for public and private catastrophe funding in Austria

Science.gov (United States)

Gruber, M.

2008-07-01

The impacts of natural hazards as well as their frequency of occurrence during the last decades have increased decisively. Therefore, the public as well as the private sector are expected to react to this development by providing sufficient funds, in particular for the improvement of protection measures and an enhanced funding of damage compensation for affected private individuals, corporate and public entities. From the public stance, the establishment of an appropriate regulatory environment seems to be indispensable. Structural and legal changes should, on the one hand, renew and improve the current distribution system of public catastrophe funds as well as the profitable investment of these financial resources, and on the other hand, facilitate the application of alternative mechanisms provided by the capital and insurance markets. In particular, capital markets have developed alternative risk transfer and financing mechanisms, such as captive insurance companies, risk pooling, contingent capital solutions, multi-trigger products and insurance securitisation for hard insurance market phases. These instruments have already been applied to catastrophic (re-)insurance in other countries (mainly the US and off-shore domiciles), and may contribute positively to the insurability of extreme weather events in Austria by enhancing financial capacities. Not only private individuals and corporate entities may use alternative mechanisms in order to retain, thus, to finance certain risks, but also public institutions. This contribution aims at analysing potential solutions for an improved risk management of natural hazards in the private and the public sector by considering alternative mechanisms of the capital and insurance markets. Also the establishment of public-private-partnerships, which may contribute to a more efficient cat funding system in Austria, is considered.

Venture Capital and Cleantech: The wrong model for energy innovation

International Nuclear Information System (INIS)

Gaddy, Benjamin E.; Sivaram, Varun; Jones, Timothy B.; Wayman, Libby

2017-01-01

Venture capital (VC) firms spent over $25 billion funding clean energy technology (cleantech) start-ups from 2006 to 2011. Less than half of that capital was returned; as a result, funding has dried up in the cleantech sector. But as the International Energy Agency warns, without new energy technologies, the world cannot cost-effectively confront climate change. In this article, we present the most comprehensive account to date of the cleantech VC boom and bust. Our results aggregate hundreds of investments to calculate the risk and return profile of cleantech, and we compare the outcomes with those of medical and software technology investments. Cleantech posed high risks and yielded low returns to VCs. We conclude that among cleantech investments, “deep technology” investments—in companies developing new hardware, materials, chemistries, or manufacturing processes—consumed the most capital and yielded the lowest returns. We propose that broader support from policymakers, corporations, and investors is needed to underpin new innovation pathways for cleantech. - Highlights: • A venture capital boom in clean energy technology went bust in 2008. • Cleantech offered high risk and low returns to investors. • Poor performance due to long development time for materials and chemicals. • Breakthrough energy innovations are often not a match for venture capital. • More research on alternative financing and support for cleantech is needed.

A STUDY ON THE PERFORMANCE OF ICICI-US PURDENTIAL EQUITY FUND

OpenAIRE

Dr. D. S. Selvakumar*

2016-01-01

The first introduction of mutual fund in India occurred in 1963, when the government of India launched Unit Trust of India (UTI). In 1996, SEBI (stock exchange board of India) the regulator of mutual fund in India, formulated the mutual fund regulation which is comprehensive regulatory framework. And the income of the mutual fund takes in two forms they are dividends and capital gain. Mutual fund means a group of people collecting the money putting together and investing to buy shares stocks...

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

Science.gov (United States)

Wang, Tiankai; Wang, Yangmei; Biedermann, Sue

2013-05-01

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

Funding structures and competing priorities for regional transit in metro Detroit.

Science.gov (United States)

2014-03-01

The Detroit region provides less locally raised funding for transit than other urban areas of the U.S. and Canada, resulting in a : transit system that is less effective. : This is exacerbated by the fact that federal funds can be used for capital pr...

SOCIAL CONTEXT, MANAGEMENT, AND ORGANIZATIONAL PERFORMANCE : When human capital and social capital serve as substitutes

NARCIS (Netherlands)

Meier, Kenneth J.; Favero, Nathan; Compton, Mallory

2016-01-01

Do internal (administrative human capital) and external (social capital) resources work to reinforce the effects of each other? Work from multiple disciplines has approached this question, and we advance this literature with a theory of social and administrative resources as potential substitutes

Risk and Return Analysis of Mutual Fund Industry in India

OpenAIRE

Bilal Ahmad Pandow; Khurshid Ahmad Butt

2017-01-01

The mutual funds is one of the important classes of financial intermediaries which enables millions of small and large savers spread across India as well as internationally to participate in and derive the benefits of the capital market growth. Thus the involvement of mutual funds in the transformation of Indian economy has made it urgent to view their services as they are playing role in mobilizing and allocation of investable funds through markets. The fact is that mutual funds have a lot o...

WHERE HAVE OUR PEOPLE GONE SEQUESTRATION’S EFFECTS ON DOD HUMAN CAPITAL

Science.gov (United States)

2017-06-01

AIR COMMAND AND STAFF COLLEGE AIR UNIVERSITY WHERE HAVE OUR PEOPLE GONE? SEQUESTRATION’S EFFECTS ON DOD HUMAN CAPITAL by...reduction combined with decreased funding allocated for training is having hazardous effects on the human capital of the DOD. The quantitative data...cuts that had a direct impact on the human capital , or knowledge and abilities of the people that complete the mission. One of the major implications

The decline of venture capital investment in early-stage life sciences poses a challenge to continued innovation.

Science.gov (United States)

Fleming, Jonathan J

2015-02-01

A key element required for translating new knowledge into effective therapies is early-stage venture capital that finances the work needed to identify a lead molecule or medical device prototype and to develop it to the proof-of-concept stage. This early investment is distinguished by great uncertainty over whether the molecule or prototype is safe and effective, the stability of the regulatory standards to which clinical trials are designed, and the likelihood that large follow-on investments for commercial development can be secured. Regulatory and reimbursement policies have a profound impact on the amount of capital and the types of life science projects that investors pursue. In this article I analyze several recent trends in early-stage venture capital funding, describe how these trends are influenced by regulatory and reimbursement policies, and discuss the role of policy makers in bringing new treatments to market. Policy makers can foster renewed private investment into critically needed early-stage products by increasing Small Business Innovation Research (SBIR) funding and public support for clinical trials in targeted areas of interest; creating regulatory pathways to enable early testing of experimental compounds in limited populations; and offering economic incentives for investors and developers in designated therapeutic areas. Project HOPE—The People-to-People Health Foundation, Inc.

Funding Continuum for Private Business Owners: Evidence from the Pepperdine Private Capital Markets Project Survey

OpenAIRE

Maretno A. Harjoto; John K. Paglia

2011-01-01

The Pepperdine Private Capital Markets Project survey for business owners, administered during the spring of 2010, reveals an increasingly important role of friends and family (Friends/Family) to provide capital for privately-held businesses. Examining business owners’ perceptions of their sources of capital reveals that, overall, business owners prefer Friends/Family and angel financing as well as asset-based lenders and banks (ABL/Bank). Business owners consider Friends/Family financing to ...

Trinidadian capitalism

Directory of Open Access Journals (Sweden)

Kevin A. Yelvington

1999-07-01

Full Text Available [First paragraph] Capitalism: An Ethnographic Approach. DANIEL MILLER. Oxford: Berg, 1997. x + 357 pp. (Cloth £39.00, Paper £17.99 Women, Labour and Politics in Trinidad and Tobago: A History. RHODA E. REDDOCK. London: Zed, 1994. vi + 346 pp. (Cloth £39.95, Paper £15.95 Despite the underdeveloped state of the scholarship on its admittedly short sugar plantation slavery period, we now have a corpus of studies on various aspects of capitalism in Trinidad - from its historical advent (Sebastien 1978 to its twentieth-century manifestation in the petroleum sector (Seers 1964; Sandoval 1983, and from the ethnic structure of labor markets (Camejo 1971; Harewood 1971 and the role of capitalism in racial/ethnic inequality (Henry 1993; Coppin & Olsen 1998 to the way ethnicity affects business, big (Button 1981; Parris 1985; Centre for Ethnic Studies 1993 and small (Ryan & Barclay 1992; Griffith 1997, and the way ethnicity and gender are used in class recruitment (Yelvington 1995. There are also a number of fine working-class histories (e.g., Rennie 1973; Ramdin 1982; Basdeo 1983 and important works on the labor riots and strikes and the nature of the colonial state during the crises of the 1930s (e.g., Thomas 1987; Singh 1994. The two books under review here complement the works mentioned above, and they complement each other as well: Reddock's deals with the way capitalism up to the mid-century was buttressed by colonial politics, and explores how this formation engendered certain kinds of political responses, while Miller approaches capitalism through the assumption that fundamental changes in the post-Oil Boom period (ca. 1973-80 brought about considerable autonomy between production and consumption that can and should now be read through an analysis of the cultural circulation of images and commodities in the society. These books are both noteworthy because they engage in explicit theorizing on what capitalism was and is, and what it did and

Academic Researchers on the Project Market in the Ethos of Knowledge Capitalism

Science.gov (United States)

Brunila, Kristiina; Hannukainen, Kristiina

2017-01-01

How knowledge capitalism retools the scope of academic research and researchers is an issue which this article ties to the project market in the ethos of knowledge capitalism. In Finland, academic research has been forced to apply for funding in project-based activities reflecting European Union policies. The project market, which in this article…

Entrepreneurs’ human and social capital

DEFF Research Database (Denmark)

Shayegheh Ashourizadeh, Shayegheh; Rezaei, Shahamak; Schøtt, Thomas

2014-01-01

Abstract: It is widely acknowledged that entrepreneurs’ human capital in form of education and social capital in form of networking are mutually beneficial and also that both human and social capital benefit their performance. Here, the hypothesis is that human and social capital, in combination......, provide added value and jointly add a further boost to performance, specifically if the form of exporting. Global Entrepreneurship Monitor provides data on 52,946 entrepreneurs, who reported on exporting and networking for advice. Hierarchical linear modelling shows that human capital promotes social...... capital, that human capital and social capital (specifically networking in the international environment, work-place, professions and market, but not in the private sphere) both benefit export directly and that human capital amplifies the benefit of social capital, especially through international...

Venture Capital Financing, Moral Hazard and Learning

NARCIS (Netherlands)

Bergemann, D.; Hege, U.

1997-01-01

We consider the provision of venture capital in a dynamic agency model. The value of the venture project is initially uncertain and more information arrives by developing the project. The allocation of the funds and the learning process are subject to moral hazard. The optimal contract is a

A survey of venture capital research

NARCIS (Netherlands)

Hellmann, T.; Puri, M.L.; Da Rin, M.; Constantinides, G.; Harris, M.; Stulz, R.

2013-01-01

This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on

A Survey of Venture Capital Research

NARCIS (Netherlands)

Da Rin, M.; Hellmann, T.; Puri, M.L.

2011-01-01

This survey reviews the growing body of academic work on venture capital. It lays out the major data sources used. It examines the work on venture capital investments in companies, looking at issues of selection, contracting, post-investment services and exits. The survey considers recent work on

Determinants of Success in Private Equity-Venture Capital Investments

OpenAIRE

Antonio Gledson de Carvalho; Eduardo Madureira Rodrigues Siqueira; Humberto Gallucci Netto

2011-01-01

This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC) funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influen...

The Impossible Trinity and Capital Flows in East Asia

OpenAIRE

Stephen Grenville

2011-01-01

The Impossible Trinity doctrine still holds a powerful sway over policymakers, advisors (particularly the International Monetary Fund [IMF]) and academia. In East Asia over the past decade, however, most countries have been able to maintain open capital markets, monetary policy independence, and a fair degree of management over their exchange rates. This is because the Impossible Trinity model does not fit the actual circumstances very closely. Capital flows are dominated by factors other ...

Private equity y venture capital: Diferenciación y principales características

Directory of Open Access Journals (Sweden)

Leonel Arango Vásquez

2015-03-01

Full Text Available El propósito de este artículo es explicar, desde la teoría, dos posibles opciones de financiación que tienen las empresas cuando éstas no pueden acceder a las fuentes tradicionales. La industria del Capital Riesgo surge así como una fuente alternativa de financiación. Esta industria opera a través de vehículos especiales de inversión llamados fondos Private Equity y fondos Venture Capital. En general, los primeros invierten en compañías maduras y desarrolladas, mientras que los segundos lo hacen en empresas nacientes y pequeñas. El ciclo de financiación que proveen estos fondos se estructura en tres etapas principales: captación de recursos, inversión y desinversión. En este artículo se explica la diferencia entre los términos Private Equity y Venture Capital, así como las principales características de las etapas mencionadas.Palabras clave: desinversión; Capital Riesgo; captación de fondos; inversión alternativa; pymes. Private equity and venture capital: Differentiation and main characteristicsAbstractThe purpose of this article with a qualitative approach aims to determine, from the theory the business environment, when companies are not capable to obtain financing through traditional sources, the Private Equity industry is viewed as an alternative source of finance for those companies. This industry operates through special investment vehicles named Private Equity Funds and Venture Capital Funds. In general, the former invest in develop and mature firms, the latter focus on infant and small companies. The financial cycle that these funds supply is structured in three main phases: fundraising phase, investment phase, and divestment phase or exit. This paper explains the difference between Private Equity and Venture Capital, as well as the main characteristics of the mentioned phases; through the methodology of content analysis, which aims to continue the research project of Venture Capital Industry in Colombia

Net Operating Working Capital, Capital Budgeting, and Cash Budgets: A Teaching Example

Science.gov (United States)

Tuner, James A.

2016-01-01

Many introductory finance texts present information on the capital budgeting process, including estimation of project cash flows. Typically, estimation of project cash flows begins with a calculation of net income. Getting from net income to cash flows requires accounting for non-cash items such as depreciation. Also important is the effect of…

Early stage fuel cell funding

International Nuclear Information System (INIS)

Bergeron, C.

2004-01-01

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

76 FR 35138 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Farmer Mac Risk-Based...

Science.gov (United States)

2011-06-16

... Funding and Fiscal Affairs; Farmer Mac Risk-Based Capital Stress Test, Version 5.0 AGENCY: Farm Credit... credit rating agency) in regulations addressing the Risk-Based Capital Stress Test (RBCST or stress test...) (repealing and replacing Pub. L. 110-234). B. Risk-Based Capital and Credit Ratings Under our rules, Farmer...

A new award for the CERN Pension Fund

CERN Multimedia

CERN Bulletin

2013-01-01

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

Raising venture capital in the biopharma industry.

Science.gov (United States)

Leytes, Lev J

2002-11-15

Raising venture capital (VC) is both an art and a science. Future entrepreneurs should carefully consider the various issues of VC financing that have a strong impact on the success of their business. In addition to attracting the best venture capital firms, these issues include such subtle but important points as the timing of financing (especially of the first round), external support sources, desirable qualities of a VC firm, amount to be raised, establishing a productive interface between the founders and the venture capitalists, and most importantly the effects of well-executed VC funding on hiring senior executives and scientific leaders.

Utilities Cost Comparison Analysis between a Public Work Center and the Non-DoD Sector

Science.gov (United States)

1992-12-01

construction, consider innovative financing and 14 management arrangements (e.g. cost-sharing, public-private venture, leasing). Integrate...and services by financing all incurred costs. 27 Cash is put back into the working capital fund when customers pay cash from their O&M,N funds for the...firms, and other significantly sized business firms. The actual participants of the study may or may not be included in this listing. Disneyland was

Theory of Financial Lease Contracts - Why all capital goods are not leased

OpenAIRE

Penttinen, Jussi

2013-01-01

The economic theory states that the capital structure of a firm is irrelevant in a perfect frictionless world. Hence when the assumptions of the Modigliani–Miller theorem and the CAPM hold, the question about the optimal source of funding of capital investments is also irrelevant. In practice though, capital leasing is widely used and the decision to lease or own assets is hardly a matter of indifference to firms or individuals. The motivation of this thesis is to identify when and why leasin...

Report from the Pension Fund

CERN Multimedia

2012-01-01

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

Start-up Funding via Equity Crowdfunding in Germany

DEFF Research Database (Denmark)

Angerer, Martin; Brem, Alexander; Kraus, Sascha

2017-01-01

Entrepreneurs often struggle to find sufficient funding for their start-ups. A relatively new way for companies to attract capital is via an internet platform, locating investors who in return receive something in return for their ventures. Equity crowdfunding is one of several types of crowdfund......Entrepreneurs often struggle to find sufficient funding for their start-ups. A relatively new way for companies to attract capital is via an internet platform, locating investors who in return receive something in return for their ventures. Equity crowdfunding is one of several types...... of crowdfunding, and is also known as crowdinvesting in the German-speaking realm. This article predominantly advances the scientific knowledge regarding the success factors of equity crowdfunding for German start-ups. The study conducted nine qualitative interviews with start-ups and crowdinvesting platforms....... Its first result is that German start-ups select crowdinvesting because (1) it is a funding opportunity and (2) it has an expected marketing effect. To organize the results of relevant success factors, the Crowdinvesting Success Model was designed by the researchers. This supports German entrepreneurs...

40 CFR 35.3545 - Capitalization grant agreement.

Science.gov (United States)

2010-07-01

... required to determine compliance with section 1452 of the Act. (c) Operating agreement. At the option of a... Fund in accordance with the requirements and objectives of the Act and this subpart. (e) Roles and..., the State must describe the roles and responsibilities of each agency in the capitalization grant...

HUMAN CAPITAL FLIGHT - ROMANIA’S CASE

Directory of Open Access Journals (Sweden)

Magdalena VELCIU

2016-12-01

Full Text Available Knowledge, qualifications of workforce and human capital became key factors for progress. Human capital flight transfers not only people but work, knowledge, tangible and intangible capital and development potential. In this article, trying to answer whether Romania is a source country for emigration of highly skilled or well-educated individuals (ie human capital flight I flew over those two dimensions that have traditionally characterized human capital flight namely: shrinking work resource and lossing high educated peoples. Therefore, Romania was faced with decreasing the number of resident population due to the evolution of demographic phenomena with negative projections and declining number of working age population and young educated and highly skilled workers and professionals. This will generate complex problems for economy, labour market, difficulty in finding highly skilled workers, talent shortages etc so it’s critical to monitor the labour migration or brain drain phenomenon.

Alternative solutions for public and private catastrophe funding in Austria

Directory of Open Access Journals (Sweden)

M. Gruber

2008-07-01

Full Text Available The impacts of natural hazards as well as their frequency of occurrence during the last decades have increased decisively. Therefore, the public as well as the private sector are expected to react to this development by providing sufficient funds, in particular for the improvement of protection measures and an enhanced funding of damage compensation for affected private individuals, corporate and public entities.

From the public stance, the establishment of an appropriate regulatory environment seems to be indispensable. Structural and legal changes should, on the one hand, renew and improve the current distribution system of public catastrophe funds as well as the profitable investment of these financial resources, and on the other hand, facilitate the application of alternative mechanisms provided by the capital and insurance markets.

In particular, capital markets have developed alternative risk transfer and financing mechanisms, such as captive insurance companies, risk pooling, contingent capital solutions, multi-trigger products and insurance securitisation for hard insurance market phases. These instruments have already been applied to catastrophic (re-insurance in other countries (mainly the US and off-shore domiciles, and may contribute positively to the insurability of extreme weather events in Austria by enhancing financial capacities. Not only private individuals and corporate entities may use alternative mechanisms in order to retain, thus, to finance certain risks, but also public institutions.

This contribution aims at analysing potential solutions for an improved risk management of natural hazards in the private and the public sector by considering alternative mechanisms of the capital and insurance markets. Also the establishment of public-private-partnerships, which may contribute to a more efficient cat funding system in Austria, is considered.

Pension Fund

CERN Multimedia

HR Department

2008-01-01

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

Outsourcing Facility Work

Science.gov (United States)

Burke, Patrick J.; Klein, Jennifer R.

2009-01-01

In the late 1990s, Fulton County Schools in Atlanta were looking at average enrollment growth of more than 2,500 students a year and a new source of significant revenue to drive its capital improvement program. With funding from Georgia's new special purpose local option sales tax, or SPLOST, for school capital needs, total revenue from the…

Liquidity and Capital of Islamic Banks in Indonesia

OpenAIRE

Hosen, Muhammad Nadratuzzaman; Muhari, Syafaat

2017-01-01

This study is aimed to analyzed the factors that affect the liquidity and capital of Islamic banks in Indonesia. The method is used multiple linear regression. This result shows that the main problem of Islamic banks in Indonesia is how to increase equity in line with increasing third party fund. Another problem is that Islamic bank face difficulties to find debt for solving liquidity problem due to lack of instruments for liquidity derivative. Therefore Islamic banks rely on third party fund...

farmers' involvement in capital markets investment as an alternative ...

African Journals Online (AJOL)

DR. TOSIN FASINA

2014-04-02

Apr 2, 2014 ... specifically examined farmers' awareness of the capital markets as well as ... from serving as a source of raising long-term funds, agricultural .... the national level of literacy, which may likely enhance their understanding of the.

Male-Female Differences in Hourly Wages: The Role of Human Capital, Working Conditions, and Housework.

Science.gov (United States)

Hersch, Joni

1991-01-01

Data from a survey of 414 male and 217 female workers assessed the effects of human capital, household responsibilities, working conditions, and on-the-job training on wages. Household responsibilities had a negative effect on women's earnings; the presence of children positively affected wages of both sexes. (SK)

Advantage from Funding Durable Centers Leasing

Directory of Open Access Journals (Sweden)

Alina Zając

2009-09-01

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

Economics and environment wrap-up panel : energy management revolving fund

International Nuclear Information System (INIS)

2001-01-01

This Power Point presentation provided the historical overview of the energy management program of the City of Edmonton, Alberta. The energy crisis of the early 1980s prompted the City to initiate an energy management plan, and a one million dollar revolving fund was created in 1995, later increased to five million dollars in 1999, to support the initiative. The operating funds were used for small projects, while capital funding limited use with other capital improvements. At times, third party/private financing was used. The revolving fund approach was selected for a number of reasons: (1) it was self-liquidating, (2) had a lesser impact on the budget and tax levy, (3) reduced competition for capital, (4) the money was obtained at competitive rates from the Alberta Municipal Finance Corporation, (5) reduced operating costs, (6) saved energy and non-renewable resources, and (7) it proved flexible. The process was explained, from the potential project proposal to its approval. The criteria used to evaluate the proposals were listed and discussed. A total of 37 projects have been initiated to date, with a value of 3.2 million dollars. The projected utility cost savings are about 900,000 dollars annually, and the total projected carbon dioxide emissions avoided are 8,300 tonnes annually. Accelerating the implementation might be required in light of the recent increase in energy costs. There are difficulties encountered in finding energy consultants and skilled trades people. The scope of the projects is limited by the standard five year payback. The Revolving Fund is one component of the Environmental Strategic Plan of the City of Edmonton. figs

Working capital in mergers and acquisitions in the oil industry: issues and impacts over the company valuation; Capital de giro em aquisicoes de empresas na industria do petroleo: consideracoes e impactos sobre o valor do negocio

Energy Technology Data Exchange (ETDEWEB)

Soares, Fabio Maia; Junior, Ewerton R.W.P. [PETROBRAS, Rio de Janeiro, RJ (Brazil); Mendes, Andre P. A. [Banco Nacional de Desenvolvimento Economico e Social (BNDES), Rio de Janeiro, RJ (Brazil)

2008-07-01

The necessary working capital required to maintain a sustainable company operation could be relevant in the oil industry, specially in high prices times. Their proper consideration in companies valuation contribute for economic model accuracy, providing reliable information to the investment decision. This article has the objective of discussing the general concept of working capital, taking into account peculiar characteristics concerning their applicability in economic analysis of mergers and acquisition. Aspects related to the forecast cash flow, perpetuity, besides issues concerning its financing are discussed. Further, it is also spotted the necessary concerns during the elaboration of prices proposals, regulatory and management factors influence, over its adequate dimensioning, and also the methodological simplifications usually used in forecasting. Lastly, the work aim to emphasize the importance of the working capital changes in all economic evaluation developed by the discounted cash flow methodology, in order to guarantee methodological consistency in the company valuation. (author)

Capital Structure and Profitability of Quoted Companies in Nigeria

Directory of Open Access Journals (Sweden)

AMOS O. AROWOSHEGBE. Ph.D; ACA.

2013-07-01

Full Text Available The study examined the relationship of capital structure to profitability of quoted firms in Nigeria. The study was based on a panel data set from 1996 to 2010 comprising sixty non – financial companies. The study specified two panel regression models. Two profitability measures: Net Profit Margin (NPM and Operating Profit Margin (OPM were taken as the dependent variables respectively. The principal explanatory variable for each of the models was Debt Ratio (DR. The results of the study indicated that there was a significant negative relationship between capital structure and profitability of quoted companies in Nigeria. Indeed, the results the Pecking order theory that profitable firms do not target an optimal level of leverage to balance the benefits and costs of debt financing. Rather, firms use retained earnings first, then debts and finally equity. Such firms would actually be paying high tax charges and also high operating costs arising from over dependence on the money market for their funds requirements. It was recommended that appropriate fiscal policies, relevant capital market institutional and legal framework should be put in place. These measures, we believe, will ensure better access to funds and reduce the cost of doing business.

The Working Capital Funds Interim Migratory Accounting Strategy

National Research Council Canada - National Science Library

1997-01-01

... Financial Officers Act. We did not review the management control program as it related to the WCF accounting systems because required financial statement audits provide sufficient coverage of the WCF management control program...

Peer Effects and Human Capital Accumulation: the Externalities of ADD. NBER Working Paper No. 14354

Science.gov (United States)

Aizer, Anna

2008-01-01

Although recent work has shown that peers affect human capital accumulation, the mechanisms are not well understood. Knowing why high achieving peers matter, because of their innate ability, disciplined behavior or some other factor, has important implications for our understanding of the education production function and for how we organize…

Working capital management in the process of financial support of investment and construction projects and of the construction material industry

Science.gov (United States)

Danilochkina, Nadezhda; Lukmanova, Inessa; Roshchina, Olga; Voytolovskiy, Nikolay

2018-03-01

The article presents the analysis of working capital in the process of financial support of high-rise construction investment projects. The factors influencing the choice of the working capital management model were analyzed, the reasons of the change in the requirement for the values of current assets in the process of construction of high-rise facilities were determined. The author has developed the scheme of interrelation between production, operational and financial activity cycles of enterprises implementing investment projects of unique buildings and structures and made a comparative description of their financing sources.

Re-Evaluating the Role of Social Capital in the Career Decision-Making Behaviour of Working-Class Students

Science.gov (United States)

Greenbank, Paul

2009-01-01

The evidence suggests that working-class students are disadvantaged in the graduate labour market. This article focuses on the extent to which students from working-class backgrounds are disadvantaged in the career decision-making process because of their lack of social capital. The study is based on in-depth interviews with 30 final-year…

78 FR 65145 - Federal Agricultural Mortgage Corporation Funding and Fiscal Affairs; Farmer Mac Capital Planning

Science.gov (United States)

2013-10-31

... capital adequacy and capital planning. \\4\\ Bank for International Settlements, Basel Committee on Banking....60--Corporate Business Planning The Farm Credit Council commented that our reference to ``goals and.... 652.60 to read as follows: Sec. 652.60 Corporate business planning. (a) Farmer Mac's board of...

Organizational Citizenship Behavior and Work Motivation as Correlates of Psychological Capital among Public and Private School Teachers

OpenAIRE

Nazirul Hasnain; Zuby Hasan; Sehal Chorath

2017-01-01

Background: The components of Psychological capital as well as Organizational citizenship behavior and Work motivation are so influential for an individual especially for their performance in organizational setting. Aims: The main objectives of the study were: (1) to study the contributions of organizational citizenship behavior and work motivation in psycap of public school teachers; (2) to study the contributions of organizational citizenship behavior and work motivation in psycap of privat...

Asset Structure Impact on Capital Structure of Capital Market-Listed Firms in Indonesia and Malaysia

Directory of Open Access Journals (Sweden)

Zainal Abidin Sahabuddin

2017-07-01

Full Text Available Debt was able to be used by firm as source of funds for investment-related activities,especially when the amount of retained earnings was not sufficient to cover the amount of investment needed. Naturally, the use of debt definitely caused the agency conflict between firm shareholders and debt holders. To reduce this conflict, the existence of fixed assets as collateral was needed when firm decided to borrow money from debt holders.The purpose of this study was to prove the agency theory perspective by testing an impact of asset structure on capital structure of firms. The population of this study was the firms listed on Indonesia Stock Exchange and Malaysian Stock Exchange. The firms as sample were taken from the population by conducting stratified random sampling method. The pooled data regression model was used as the data analysis method. This result of this study showed that asset structure had the positive impact on capital structure. It meant the causal relationship between asset structure and capital structure happened and was supported by the agency theory perspective.

Mobile dental operations: capital budgeting and long-term viability.

Science.gov (United States)

Arevalo, Oscar; Chattopadhyay, Amit; Lester, Harold; Skelton, Judy

2010-01-01

The University of Kentucky College of Dentistry (UKCD) runs a large mobile dental operation. Economic conditions dictate that as the mobile units age it will be harder to find donors willing or able to provide the financial resources for asset replacement. In order to maintain current levels of access for the underserved, consideration of replacement is paramount. A financial analysis for a new mobile unit was conducted to determine self-sustainability, return on investment (ROI), and feasibility of generating a cash reserve for its replacement in 12 years. Information on clinical income, operational and replacement costs, and capital costs was collected. A capital budgeting analysis (CBA) was conducted using the Net Present Value (NPV) methodology in four different scenarios. Depreciation funding was calculated by transferring funds from cash inflows and reinvested to offset depreciation at fixed compound interest. A positive ROI was obtained for two scenarios. He depreciation fund did not generate a cash reserve sufficient to replace the mobile unit. Mobile dental programs can play a vital role in providing access to care to underserved populations and ensuring their mission requires long-term planning. Careful financial viability and CBA based on sound assumptions are excellent decision-making tools.

Human Capital. Corps of Engineers Needs to Update Its Workforce Planning Process to More Effectively Address Its Current and Future Workforce Needs

Science.gov (United States)

2008-05-01

Subcommittee on Oversight of Government Management, the Federal Workforce, and the District of Columbia Committee on Homeland Security and...allows flex-time, telecommuting , or alternative work schedules. Page 17 GAO-08-596 Corps of Engineers Table 1: Examples of Human Capital...programs and policies; and provides analyses, recommendations, and other assistance to help Congress make informed oversight , policy, and funding

Market entry and exit by biotech and device companies funded by venture capital.

Science.gov (United States)

Burns, Lawton R; Housman, Michael G; Robinson, Charles A

2009-01-01

Start-up companies in the biotechnology and medical device sectors are important sources of health care innovation. This paper describes the role of venture capital in supporting these companies and charts the growth in venture capital financial support. The paper then uses longitudinal data to describe market entry and exit by these companies. Similar factors are associated with entry and exit in the two sectors. Entries and exits in one sector also appear to influence entry in the other. These findings have important implications for developing innovative technologies and ensuring competitive markets in the life sciences.

Third Party Referrals in the Venture Capital Financing Process: Do Network Ties Matter?

NARCIS (Netherlands)

Heuven, J.M.J.

2008-01-01

In this paper we focus on the role of third party referrals in the venture capital funding process. Taking network theory as our theoretical perspective we explore if and how third parties play a role in the funding process. Hereby we focus on both the network ties between new venture teams and

Pension Fund

CERN Multimedia

HR Department

2008-01-01

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

Hometown investment trust funds: An analysis of credit risk

OpenAIRE

Yoshino, Naoyuki; Taghizadeh-Hesary, Farhad

2014-01-01

In Asia, small and medium-sized enterprises (SMEs) account for a major share of employment and dominate the economy. Asian economies are often characterized as having bank-dominated financial systems and underdeveloped capital markets, in particular venture capital markets. Hence, looking for new methods of financing for SMEs is crucial. Hometown investment trust funds (HIT) are a new form of financial intermediation that has now been adopted as a national strategy in Japan. In this paper, we...

New Solutions to the Funding Dilemma of Technology Startups

Directory of Open Access Journals (Sweden)

Ali Kousari

2011-05-01

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

Financing U.S. Renewable Energy Projects Through Public Capital Vehicles: Qualitative and Quantitative Benefits

Energy Technology Data Exchange (ETDEWEB)

Mendelsohn, M.; Feldman, D.

2013-04-01

This paper explores the possibility of financing renewable energy projects through raising capital in the public markets. It gives an overview of the size, structure, and benefits of public capital markets, as well as showing how renewable energy projects might take advantage of this source of new funds to lower the cost of electricity.

UNDERSTANDING GOVERNANCE, ICT AND ORGANISATION SUSTAINABILITY: PERSPECTIVES FROM DONOR FUNDED SMALL AND MEDIUM ENTERPRISES (SMES) IN UGANDA.

OpenAIRE

Aupal, Wilfred Kokas; Ngaka, Willy

2017-01-01

Lack of finances and inability by Small and Medium Enterprises (SMEs) to borrow capital funds from financial institutions because they do not have collateral security is normally attributed to their failure to survive for more than five years. SMEs which get capital from donors in terms of grants have continued looking for donor funds without being able to attain sustainability in terms of increasing the finance base and creation of new markets. Some of the ...

Academic Capitalism and Academic Culture: A Case Study

Science.gov (United States)

Mendoza, Pilar; Berger, Joseph B.

2008-01-01

This case study investigated the impact of academic capitalism on academic culture by examining the perspectives of faculty members in an American academic department with significant industrial funding. The results of this study indicate that faculty members believe that the broad integrity of the academic culture remains unaffected in this…

Dilemas do trabalho no capitalismo contemporâneo Dilemmas of work in contemporary capitalism

Directory of Open Access Journals (Sweden)

Vera Lucia Navarro

2007-01-01

Full Text Available Partindo da concepção marxiana de trabalho que compreende a atividade laboral como uma atividade vital, autodeterminada, dotada de sentido - o que não ocorre sob a lógica do capital -, buscamos neste artigo apontar algumas das principais mudanças ocorridas no universo do trabalho no século XX e suas conseqüências para a classe trabalhadora. O que pretendemos destacar é que ao longo do desenvolvimento do processo de trabalho - do taylorismo ao toyotismo - as transformações não significaram ruptura com o caráter capitalista do modo de produção e com seu complexo plano ideológico de controle da subjetividade do trabalhador. Exemplos disso são a apologia do individualismo, o aumento do desemprego, da intensificação e da precarização do trabalho, que marcam o mundo do trabalho na sociedade contemporânea.Starting from the Marxist conception of work, which considers labor as a vital, self-determined and meaningful activity - which is not the case in the logic of capital -, in this article, we attempt to indicate some of the main changes that occurred in the universe of work in the XXth-century and their consequences for the working class. What we aim to highlight is that, throughout the development of the work process - from Taylorism to Toyotism - transformations did not mean rupture with the capitalist character of the production mode, nor with its complex ideological plan to control the subjectivity of workers. Examples include the apology of individualism and the increase in unemployment, intensification and precariousness of work, which mark the world of work in contemporary society.

Chinese non-governmental organizations involved in HIV/AIDS prevention and control: Intra-organizational social capital as a new analytical perspective.

Science.gov (United States)

Wang, Danni; Mei, Guangliang; Xu, Xiaoru; Zhao, Ran; Ma, Ying; Chen, Ren; Qin, Xia; Hu, Zhi

2016-11-15

HIV/AIDS is a major public health and social problem worldwide, and non-governmental organizations (NGOs) have played an irreplaceable role in HIV/AIDS prevention and control. At the present time, however, NGOs have not fully participated in HIV/AIDS prevention and control in China. As an emerging focus on international academic inquiry, social capital can provide a new perspective from which to promote the growth of NGOs. The Joint United Nations Program on HIV/AIDS (UNAIDS) recommends creating regional policies tailored to multiple and varying epidemics of HIV/AIDS. In order to provide evidence to policymakers, this paper described the basic information on NGOs and their shortage of social capital. This paper also compared the actual NGOs to "government-organized non-governmental organizations" (GONGOs). Results indicated that i) Chinese NGOs working on HIV/AIDS are short of funding and core members. GONGOs received more funding, had more core members, and built more capacity building than actual NGOs; ii) Almost half of the NGOs had a low level of trust and lacked a shared vision, networks, and support. The staff of GONGOs received more support from their organization than the staff of actual NGOs. Existing intra-organizational social capital among the staff of NGOs should be increased. Capacity building and policymaking should differentiate between actual NGOs and GONGOs. The relationship between social capital and organizational performance is a topic for further study.

Social capital in an outdoor recreation context.

Science.gov (United States)

Mann, Marilynne; Leahy, Jessica

2010-02-01

This study examined social capital development in three all-terrain vehicles (ATV) clubs in Maine using an adapted version of Lin's (2001) social capital theory model. The structural components of social capital identified included collective assets and individual assets in the form of normative behavior and trust relationships. Also identified were counter-norms for individual ATV riders identified as having divergent norms from club members. The second component of social capital is access to and mobilization of network contacts and resources. Access networks in the context of the ATV clubs studied were identified as community and landowner relations while mobilization of resources was existent in club membership attempts toward self-governance and efforts of the statewide "umbrella" organization. Instrumental outcomes benefit society and expressive outcomes benefit the individual. Both types of returns are present in the data suggesting that ATV clubs are creating social capital. This is important information to clubs who desire to market themselves, improve their reputations, and enhance their volunteer association. It is of further interest to state governments who fund clubs through trail grants as proof that a return on investment is being realized. Theoretical and applied implications for these and other types of recreation-based volunteer associations (e.g., clubs, friends groups, advocacy groups) are presented.

Social Capital in an Outdoor Recreation Context

Science.gov (United States)

Mann, Marilynne; Leahy, Jessica

2010-02-01

This study examined social capital development in three all-terrain vehicles (ATV) clubs in Maine using an adapted version of Lin’s (2001) social capital theory model. The structural components of social capital identified included collective assets and individual assets in the form of normative behavior and trust relationships. Also identified were counter-norms for individual ATV riders identified as having divergent norms from club members. The second component of social capital is access to and mobilization of network contacts and resources. Access networks in the context of the ATV clubs studied were identified as community and landowner relations while mobilization of resources was existent in club membership attempts toward self-governance and efforts of the statewide “umbrella” organization. Instrumental outcomes benefit society and expressive outcomes benefit the individual. Both types of returns are present in the data suggesting that ATV clubs are creating social capital. This is important information to clubs who desire to market themselves, improve their reputations, and enhance their volunteer association. It is of further interest to state governments who fund clubs through trail grants as proof that a return on investment is being realized. Theoretical and applied implications for these and other types of recreation-based volunteer associations (e.g., clubs, friends groups, advocacy groups) are presented.

Front-running of Mutual Fund Fire-sales

NARCIS (Netherlands)

Dyakov, T.C.; Verbeek, M.

2013-01-01

We show that a real-time trading strategy which front-runs the anticipated forced sales by mutual funds experiencing extreme capital outflows generates an alpha of 0.5% per month during the 1990-2010 period. The abnormal return stems from selling pressure among stocks that are below the NYSE mean

On the Relative Importance of Corporate Working Capital Determinants: Findings from the EU Countries

OpenAIRE

Julia Koralun-Bereźnicka

2014-01-01

The corporate finance literature traditionally abounds in both theoretical discussion and empirical research concerning financing and long-term investment decisions. Managing short-term resources appears to be a much less remarkable issue, despite this resource's significant share of a firm's balance sheet and the time and effort required to manage the current assets and liabilities. This article provides insights into the relative importance of the selected working capital determinants from ...

AWARENESS OF MUTUAL FUND INVESTMENT AMONG THE INVESTORS – AN EMPIRICAL STUDY

OpenAIRE

Dr. B. Ravi Kumar; R. Padma Malini

2017-01-01

Capital market has been strengthened due to because of increase in investment in mutual funds by small and medium investors. Most of the investors are having awareness about mutual funds and its benefits like tax benefits, less risk, cost etc. The mutual fund industry in India has undergone a most successful phase in the last 15 years. The growth in number of schemes offered by Indian mutual funds from 403 schemes in 2002-03 to 1294 schemes in 2011-12 has shown the inclination of investors to...

Funding Strategies for Qualitative University Education in Developing Economies: The Case of Nigeria

Science.gov (United States)

Akinyemi, Samuel

2013-01-01

The problem of funding universities in developing economies has become a reoccurring problem often resulting in calamitous effect on teaching and research, and intellectual capital flight of academics. The inadequate funding of universities in developing countries especially West Africa is a prime cause of other problems that have undermined…

75 FR 68533 - Funding and Fiscal Affairs, Loan Policies and Operations, and Funding Operations; Capital...

Science.gov (United States)

2010-11-08

... FARM CREDIT ADMINISTRATION 12 CFR Part 615 RIN 3052-AC25 Funding and Fiscal Affairs, Loan Policies... K. Van Meter, Deputy Director, Office of Regulatory Policy, Farm Credit Administration, 1501 Farm... Director, Office of Regulatory Policy, Farm Credit Administration, McLean, VA 22102- 5090, (703) 883-4232...

Venture capital and efficiency of portfolio companies

Directory of Open Access Journals (Sweden)

A. Thillai Rajan

2010-12-01

Full Text Available Venture Capital (VC has emerged as the dominant source of finance for entrepreneurial and early stage businesses, and the Indian VC industry in particular has clocked the fastest growth rate globally. Academic literature reveals that VC funded companies show superior performance to non VC funded companies. However, given that venture capitalists (VCs select and fund only the best companies, how much credit can they take for the performance of the companies they fund? Do the inherent characteristics of the firm result in superior performance or do VCs contribute to the performance of the portfolio company after they have entered the firm? A panel that comprised VCs, an entrepreneur and an academic debated these and other research questions on the inter-relationships between VC funding and portfolio firm performance. Most empirical literature indicates that the value addition effect dominates the selection effect in accounting for the superior performance of VC funded companies. The panel discussion indicates that the context as well as the experience of the General Partners in the VC firms can influence the way VCs contribute to the efficiency of their portfolio companies.

Academic/Digital Work: ICTs, Knowledge Capital, and the Question of Educational Quality

Directory of Open Access Journals (Sweden)

Jan Fernback

2018-01-01

Full Text Available The ideology of the information society has transformed the performance of academic duties within higher education through the permeation of information and communication technologies (ICTs into all aspects of the university. These technologies provide a common ground upon which teaching, research, and administration fuse; but how have such arrangements affected the quality of academic work? This ideology functions through values, hierarchies, rewards and punishments, and surveillance that influence routine work. Using a critical orientation, this paper examines the transformation of the quality of the intellectual products and work processes of higher education in a North American context. It examines how the educational technology industry fosters a type of control over academic workers, inhibiting the individual laborer’s pursuit of educational quality. Grounded in Foucault’s concept of “disciplinary power” and in Freire’s notions of critical consciousness, it suggests a community-centered approach toward building knowledge capital in higher education.

Pension risk management in a developing economy:lessons from the nigerian capital market

Directory of Open Access Journals (Sweden)

Onafalujo Akin k.

2010-12-01

Full Text Available The killer risk in any pension scheme is the failure of pension asset sufficiency to meet the promised benefits to retirees. A Pension Risk Management aims at ex ante arrangement to protect retirees’ standard of living. Nigeria introduced pension reforms in 2004 fatefully at the same time when extensive reforms were made in the banking sector. Prior to the Act being passed, there was a major proposition that pension funds should not be invested in Nigerian capital market. This paper reviews pension risks of the new DCS (Defined Contributory Scheme and the implications of investing pension fund in the capital market of a developing economy. A trend analysis was performed on market index and capitalization and a simulated pension asset was subjected to pension risks. Despite the asset allocation guideline on investments by the Pension Commission, there is certainly uncertainty concerning guaranteeing pension payments in future due to unmanaged pension risks. This paper suggests investment policy should accompany a DCS based on the risk appetite of workers, minimum guarantee of returns on investment of pension assets and a range of interest rates for actuarially determined annuities. Further studies may examine wither PFAs should operate as closed end or open end mutual funds.

Mutual Fund Performance: Evidence From South Africa

Directory of Open Access Journals (Sweden)

Ömer Faruk Tan

2015-11-01

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

Natural Capital - putting a value on geological sites

Science.gov (United States)

Dunlop, Lesley

2017-04-01

Natural Capital is a mechanism through which a value can be placed on nature allowing it to be considered alongside other assets. When the Government of the United Kingdom produced a Natural Environment White Paper (The Natural Choice: securing the value of nature) in 2012 there was no direct mention of geosites, geoheritage or geodiversity. One ambition of the Natural Environment White Paper was to stop environmental degradation and to rebuild natural capital and to value it. Whilst landscapes are mentioned in the paper geodiversity is not directly and this has been problematic for funding and recognition within the UK. Natural Capital is being used as the basis for many of the environmental reviews therefore it is essential that geodiversity can be included within this. The Natural Capital Committee defines natural capital as 'those elements of the natural environment which provide valuable goods and services to people'. In the main, these goods and services are related to ecology/biodiversity rather than to the full range of natural capital. Specifically, the values associated with abiotic nature (geodiversity) are frequently undervalued or ignored. The English Geodiversity Forum have been producing case studies as to how this might be done for different locations and this paper will present the work of this and how a value can be attributed to geodiversity. For example links to tourism and recreation within areas such as the Jurassic Coast World Heritage Site and the Black Country proposed Geopark are easy to place a value on but it is more difficult with educational, scientific sites. Using an ecosystems services and biodiversity analogies this paper presents a framework that can be adopted for evaluation of geological sites. Defra (2015) The state of natural capital: protecting and improving natural capital for prosperity and wellbeing. Department for Environment, Food & Rural Affairs, 73 pages https

Social capital and workplace bullying.

Science.gov (United States)

Pihl, Patricia; Albertsen, Karen; Hogh, Annie; Andersen, Lars Peter Sønderbo

2017-01-01

Workplace bullying is a serious stressor with devastating short- and long-term consequences. The concept of organizational social capital may provide insights into the interactional and communicative dynamics of the bullying process and opportunities for prevention. This study aimed to explore the association between organizational social capital and being a target or observer of workplace bullying. Based on self-reported cross-sectional data from a large representative sample of the Danish working population (n = 10.037), logistic regression analyses were conducted to explore at the individual level the associations between vertical and horizontal organizational social capital with being a target or observer of workplace bullying. In the fully adjusted models, low organizational social capital (vertical and horizontal) was associated with significantly increased odds ratios of both self-labelled (vertical: OR = 3.25; CI = 2.34-4.51; horizontal: OR = 3.17; CI = 2.41-4.18) and observed workplace bullying (vertical: OR = 2.09; CI = 1.70-2.56; horizontal: OR = 1.60; CI = 1.35-1.89), when compared with high organizational social capital. This study supports that characteristics of the psychosocial work environment are of importance in the development of workplace bullying, and provides focus on the importance of self-reported organizational social capital.

46 CFR 390.8 - Investment of the fund.

Science.gov (United States)

2010-10-01

... MARITIME ADMINISTRATION, DEPARTMENT OF TRANSPORTATION REGULATIONS UNDER PUBLIC LAW 91-469 CAPITAL... the quality of securities, restrictions on the type of stock in which a fund may invest, related... preferred stocks. The party or the party's trustee may invest in the following common and preferred stocks...

[My work giving university-funded lectures launched after Great East Japan Earthquake].

Science.gov (United States)

Hisamura, Masaki

2014-01-01

On March 11, 2011, a mega earthquake shook the eastern part of Japan, recording a magnitude of 9.0. I have written about my work experience at the university hospital-funded lectures, set up to provide support in the disaster areas. When the lecture was launched, the university did not give official approval to it. For me, it was almost like I had just landed a job at a hospital in a rural area. Now, there are a number of funded lectures mainly in and around disaster-hit areas. I expect that these lectures will narrow down their objectives so that people involved in them will be able to end their tenure happily.

(Net)Working out: social capital in a private health club.

Science.gov (United States)

Crossley, Nick

2008-09-01

In Bowling Alone Robert Putnam considers the possibility that the growth of private health clubs and the rising rates of membership to such clubs might represent a counter-trend to his thesis on the decline in social capital. In this paper I explore this idea using ethnographic data and social network analysis. I show both that and how networks form in health clubs and I discuss the ways in which these networks constitute social capital for their members. In addition, however, I explore the 'dark side' of this form of social capital. I argue that high integration amongst some members of a fitness class can generate a power differential between those members and other, less integrated members who experience this negatively. Furthermore, with an eye on Burt's (2005) important thesis on brokerage and closure, I argue that brokerage between relatively closed clusters of agents can lead to inter-group rivalry and conflict, which, in turn, is experienced negatively by those involved.

ELECTIONS PENSION FUND

CERN Multimedia

2001-01-01

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

Successful implementation effect of insurance services in money and capital financial markets

Directory of Open Access Journals (Sweden)

Nemat Tahmasebi

2016-11-01

Full Text Available One of the most important sectors of the economy of each country is capital market. Economic growth can lead to the development and prosperity of the capital market. On the other hand to achieve the desired economic development, without existence of effective financial institutions and appropriate equipment of financial resources, it is impossible. In this regard, efficient financial systems through seeking information about investment opportunities, integrate and mobilize savings, monitoring investments and exert corporate governance can facilitate the exchange of goods and services, distribution and risk management, reducing transaction costs and data analysis may lead to better allocation of resources and ultimately economic growth. Insurance companies and generally insurance industry in each country is the most important and active financial institutions operating in the financial market especially capital markets in addition to securing economic activity could have basic role in mobility of financial markets and providing funds to invest in the economic activity through the provision of insurance services. In this study, successful financial services of insurance and investment funds in insurance companies such as Dana, Alborz, and Asia have been studied in Tehran. According to the hypothesis, there is a significant correlation between successful implementation of insurance services and money and capital financial markets. There is a significant correlation between different types of insurance services (institution-building, instrument making, and general insurance policies and money and capital financial markets.

Solar Access to Public Capital (SAPC) Mock Securitization Project

Energy Technology Data Exchange (ETDEWEB)

Mendelsohn, Michael [National Renewable Energy Lab. (NREL), Golden, CO (United States); Lowder, Travis [National Renewable Energy Lab. (NREL), Golden, CO (United States); Rottman, Mary [Rottman-Associates, San Francisco, CA (United States); Borod, Ronald [DLA Piper, London (United Kingdom); Gabig, Nathan [KPMG, Knoxville, TN (United States); Henne, Stephen [KPMG, Knoxville, TN (United States); Caplin, Conrad [KPMG, Knoxville, TN (United States); Notte, Quentin [Mercatus, Arlington, VA (United States)

2015-12-21

In late 2012, the National Renewable Energy Laboratory (NREL) initiated the Solar Access to Public Capital (SAPC) working group. Backed by a three-year funding facility from the U.S. Department of Energy (DOE), NREL set out to organize the solar, legal, banking, capital markets, engineering, and other relevant stakeholder communities in order to open lower-cost debt investment for solar asset deployment. SAPC engaged its members to standardize contracts, develop best practices, and comprehend how the rating agencies perceive solar project portfolios as an investment asset class. Rating agencies opine on the future creditworthiness of debt obligations. Issuers often seek investment-grade ratings from the rating agencies in order to satisfy the desires of their investors. Therefore, for the solar industry to access larger pools of capital at a favorable cost, it is critical to increase market participants' understanding of solar risk parameters. The process provided valuable information to address rating agency perceptions of risk that, without such information, could require costly credit enhancement or higher yields to attract institutional investors. Two different securities were developed--one for a hypothetical residential solar portfolio and one for a hypothetical commercial solar portfolio. Five rating agencies (Standard and Poor's, Moody's, KBRA, Fitch, and DBRS) participated and provided extensive feedback, some through conversations that extended several months. The findings represented in this report are a composite summary of that feedback and do not indicate any specific feedback from any single rating agency.

On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios

OpenAIRE

Claudio Raddatz; Sergio L. Schmukler

2011-01-01

Using micro-level data on mutual funds from different financial centers investing in equity and bonds, this paper analyzes how investors and managers behave and transmit shocks across countries. The paper shows that the volatility of mutual fund investments is quantitatively driven by investors through injections of capital into, or redemptions out of, each fund, and by managers changing the country weights and cash in their portfolios. Both investors and managers respond to returns and crise...

Regulating capital flows in emerging markets: The IMF and the global financial crisis

Directory of Open Access Journals (Sweden)

Kevin P. Gallagher

2017-12-01

Full Text Available In the wake of the financial crisis the International Monetary Fund (IMF began to publicly express support for what have traditionally been referred to as ‘capital controls’. This paper empirically examines the extent to which the change in IMF discourse on these matters has resulted in significant changes in actual IMF policy advice. By creating and analyzing a database of IMF Article IV reports, we examine whether the financial crisis had an independent impact on IMF support for capital controls. We find that the IMF’s level of support for capital controls has increased as a result of the crisis and as the vulnerabilities associated with capital flows accentuate.

Capital structure in LNG infrastructures and gas pipelines projects: Empirical evidences and methodological issues

International Nuclear Information System (INIS)

Pierru, Axel; Roussanaly, Simon; Sabathier, Jérôme

2013-01-01

This paper provides new empirical insights on the capital structure of project-financed LNG infrastructures and gas pipeline projects, by using data relating to projects whose financial close occurred between June 2004 and March 2011. Most results are consistent with the basic view of risk-averse funds suppliers. Especially, the projects located in risky countries and larger projects tend to exhibit lower debt ratios and less-concentrated equity ownerships. In addition, regasification projects appear to have a more diluted equity ownership. Methodological issues raised by the financing of these projects are also examined from a capital-budgeting perspective. In particular, the equity residual method, usually used by industrial practitioners to value these projects, should be adjusted. - Highlights: • This paper provides new empirical insights on the capital structure of project-financed LNG and gas pipeline infrastructures. • Most of our results are consistent with the basic view of risk-averse funds suppliers. • Projects located in risky countries exhibit lower debt ratios and less-concentrated equity ownerships. • Larger projects and regasification projects also have less concentrated equity ownerships. • From a capital-budgeting viewpoint, we examine methodological issues raised by the financing of these projects

Human Capital and Economic Growth - How Strong is the Nexus?

Directory of Open Access Journals (Sweden)

Marinko Škare

2016-08-01

Full Text Available The link between human capital and economic growth still remains unexplained because of the measurement issues connected to the human capital stock. This study investigates the link between human capital stock and economic growth using inclusive wealth index and ratio of engaged to actively disengaged employees as proxy for human capital stock. Data from the global workplace and inclusive wealth reports are used in order to provide an international comparison of the link between human capital and inclusive wealth. Cross country comparison show human capital largerly contribute to the inclusive wealth formation. Formal education is important but also motivating working environment is needed to achieve sustainable economic growth. The finding further indicates that standard human capital growth model should be revised taking into the account variables addressing sustainable growth (not just growth and environmental variables (work conditions affecting human capital stock. Countries encouraging investments in the development of individuals both through formal education and inspiring work environments achieve higher sustainable economic growth

Financial resources for development. Capital markets in developing countries: a study on borrowing by developing countries in the emerging capital markets of the Middle East

Energy Technology Data Exchange (ETDEWEB)

Nashashibi, H S

1980-10-01

Private transfers of capital from the Organization of Petroleum Exporting Countries (OPEC) to developing countries are intended to complement private transfers from the Organization of Economic Cooperation and Development (OECD) by tapping the emerging capital markets in the Middle East. Developing countries will be able to diversify their borrowing and gain additional financing. The long-term investment of oil-producing countries will benefit and the pressures on the banking institutions to recycle funds will lessen. Middle East capital markets include international loans and international bonds. The history of the Kuwaiti dinar (KD) bond market, with its advantages for both investors and borrowers, illustrates the successful development of a capital market. Financial intermediation needs to be improved, however, if the Middle East is to become efficient enough to compete with the Euromarkets. Efficiency will require different measures and should reflect strengthening relationships among Middle East nations. (DCK)

Importance of social capital at the workplace for return to work among women with a history of long-term sick leave: a cohort study.

Science.gov (United States)

Rydström, Ingela; Dalheim Englund, Lotta; Dellve, Lotta; Ahlstrom, Linda

2017-01-01

The workplace is an essential source of social capital for many people; it provides mutual support and gives meaning to life. However, few prospective studies have thoroughly investigated the importance of aspects of social capital in the workplace. The aim of this study was to investigate the associations between aspects of social capital (social support, sense of community, and quality of leadership) at the workplace, and work ability, working degree, and vitality among women with a history of long-term sick leave from human service organizations. A longitudinal cohort study was performed among women with a history of long-term sick leave. The study started in 2005, and the women were followed up at 6 months, 1 year, and 6 years using self-reported questionnaires (baseline n  = 283). Linear mixed models were used for longitudinal analysis of the repeated measurements of prospective degree of work ability, working degree, and vitality. Analyses were performed with different models; the explanatory variables for each model were social support, sense of community, and quality of leadership and time. Social capital in terms of quality of leadership (being good at solving conflicts and giving high priority to job satisfaction), sense of community (co-operation between colleagues) and social support (help and support from immediate superiors and colleagues) increased the women's work ability score (WAS) as well as working degree over time. Additionally, social capital in terms of quality of leadership increased the women's vitality score over time. A sustainable return-to-work process among individuals with a history of long-term sick leave, going in and out of work participation, could be supported with social support, good quality of leadership, and a sense of community at the workplace. The responsibility for the rehabilitation process can not be reduced to an individual problem, but ought to include all stakeholders involved in the process, such as managers

Offshore Financial Centers in Global Capital Flow

Directory of Open Access Journals (Sweden)

Lutsyshyn Zoriana

2017-12-01

integral parts concertedly working under increasingly unified rules. The world financial centers are establishing new criteria for economic activity, modifying its motivation and priorities. Basically, these changes are aimed at shortening the activities timing and advancing profitability over all other criteria. As a result, substantial portion of funds is directed not to production, but to purely financial transactions. The matter is not only that with significant financial resources available, the volume of competitive production facilities according to international standards is limited and often burdened with increased political risk. The financial sector itself is artificially creating particularly favorable conditions for itself, at the same time generating risks to be mitigated and securitized.

Skill vs. Luck in Entrepreneurship and Venture Capital: Evidence from Serial Entrepreneurs

OpenAIRE

Paul Gompers; Anna Kovner; Josh Lerner; David Scharfstein

2006-01-01

This paper argues that a large component of success in entrepreneurship and venture capital can be attributed to skill. We show that entrepreneurs with a track record of success are more likely to succeed than first time entrepreneurs and those who have previously failed. Funding by more experienced venture capital firms enhances the chance of success, but only for entrepreneurs without a successful track record. Similarly, more experienced venture capitalists are able to identify and invest ...

In-use product stocks link manufactured capital to natural capital.

Science.gov (United States)

Chen, Wei-Qiang; Graedel, T E

2015-05-19

In-use stock of a product is the amount of the product in active use. In-use product stocks provide various functions or services on which we rely in our daily work and lives, and the concept of in-use product stock for industrial ecologists is similar to the concept of net manufactured capital stock for economists. This study estimates historical physical in-use stocks of 91 products and 9 product groups and uses monetary data on net capital stocks of 56 products to either approximate or compare with in-use stocks of the corresponding products in the United States. Findings include the following: (i) The development of new products and the buildup of their in-use stocks result in the increase in variety of in-use product stocks and of manufactured capital; (ii) substitution among products providing similar or identical functions reflects the improvement in quality of in-use product stocks and of manufactured capital; and (iii) the historical evolution of stocks of the 156 products or product groups in absolute, per capita, or per-household terms shows that stocks of most products have reached or are approaching an upper limit. Because the buildup, renewal, renovation, maintenance, and operation of in-use product stocks drive the anthropogenic cycles of materials that are used to produce products and that originate from natural capital, the determination of in-use product stocks together with modeling of anthropogenic material cycles provides an analytic perspective on the material linkage between manufactured capital and natural capital.

THE PECULIARITIES OF STATE MANAGEMENT OF BANKS CAPITALIZATION IN UKRAINE

Directory of Open Access Journals (Sweden)

Yuriy Radelytskyy

2016-11-01

Full Text Available Research subject. The subject in this article is theoretical, methodical and applied aspects of state management of banks’ capitalization in Ukraine, a consideration which allows the estimate efficiency of Ukrainian banks refinancing and recapitalization, as well as to enunciate practical recommendations concerning an increase of their capitalization level. The purpose is an analysis of government support measures for the domestic bank system; furthermore the search for additional sources of financing bank funds and the development of capitalization level increase in conditions of social and economic transformations. Methodology. In the research there are used general scientific methods of learning economic facts and the use of processes in their steady development and correlation: logic analysis, methods of scientific abstraction, induction, deduction, optimization, grouping and comparison, as well as graphic and tabular methods. Results. The questions of government control in the bank system in the period of the world financial crisis is researched on international level by the Financial Stability Council, Basel Committee on Banking Supervision, specialists of the World Bank and International Monetary Fund. As a result of relative novelty of these problems only a small number of researches is devoted to the use of government bank support instruments and therefore further development of this topic has practical value for improving the renewal mechanisms of financial stability and reliability of the bank system in Ukraine. After the analysis of the government control measures of the domestic bank capitalization, since 2009, and the effectiveness of budget resources segregation on refinancing and recapitalization of bank institutions in Ukraine (including crisis period, it was found out that these mechanisms, unfortunately, did not change much the situation on the bank market. Taking into account the unstable political situation in Ukraine and

定向增发企业的营运资金管理研究——来自中国上市公司的证据%A Study on Working Capital Management When Financing by PPE --Based on Evidences from China＇ s Listed Companies

Institute of Scientific and Technical Information of China (English)

曹玉珊

2012-01-01

works ; H3 is about whether PPE will affect the efficiency of working capital management or not and how it works. Corresponding to those hypotheses, this paper uses descriptive statistic method and the paired mean testing to observe changing trends of research variables. The variables are linearly correlated as they are calculated from financial statements which are prepared on accounting equations. Main conclusions include： ①China＇ s firms intend to adopt conservative policy of working capital through two ways, the first way is to cut turnover period in operating activities, and the other is to increase financial liability, retained earnings or new offerings, then decrease long-term investment at the same time; these two ways can be used conjunctly or oppositely, but the net working capital is still positive. ; ②besides as a kind of financing strategy, China＇ s firms use PPE as a source of manage working capital and for some speculative objectives ; funds from PPE usually exceed the needed amount of long-term operating investment; the ＂exceeded capital＂ is firstly use to supply working capital, even at the cost of reducing operating working capital, financial liability and reserved capital; and then it could be generally invested in some non-operating capital, such as trading security ;③a great amount of ＂exceeded working capital＂ and the investment on non-operational assets lead to a long term declining efficiency of capital, with much uncertainty. Main suggestions include ：①advocate China＇ s firms to adopt mild policy of working capital and to diminish ＂liquidity surplus＂ ; ②strengthen the supervision for PPE in order to reduce idle capital and suppress speculative behaviors; ③analyze the problem of working capital management in strategic perspective to seek effective financial management method that improves corporate value

Liquidity and Capital of Islamic Banks in Indonesia

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Muhammad Nadratuzzaman Hosen

2017-02-01

Full Text Available This study is aimed to analyzed the factors that affect the liquidity and capital of Islamic banks in Indonesia. The method is used multiple linear regression. This result shows that the main problem of Islamic banks in Indonesia is how to increase equity in line with increasing third party fund. Another problem is that Islamic bank face difficulties to find debt for solving liquidity problem due to lack of instruments for liquidity derivative. Therefore Islamic banks rely on third party funds, which are high cost of funds due to time deposit fund, rather than using current deposit and saving deposit fund. Another result, negative coefficient of Gross Domestic Product (GDP to Quick Ratio (QR indicate that if macroeconomics of Indonesia is stable and good environment, Islamic banks will expansive the market, meanwhile Islamic banks have now low level of liquidity buffer. This means Islamic banks face high level of risk, if core depositors withdraw money rushly it became defaultDOI:  10.15408/sjie.v6i1.4405

RETURNS OF PRIVATE EQUITY COMPARATIVE ANALYSES OF THE RETURNS OF VENTURE CAPITAL AND BUYOUT FUNDS IN EUROPE AND IN THE US

Directory of Open Access Journals (Sweden)

Becsky-Nagy Patrícia

2014-07-01

Full Text Available This paper focuses on the returns of two segments of Private Equity (PE market in Europe and in the US; Venture Capital (VC and Buyout (BO. Contrary to the publicly traded stocks where information about the trade of securities is public, the measuring of the returns of these asset classes is not unambiguous. The returns of PE investments are considered as confidential information therefore we only have estimations about the real characteristics of the financial performance of the PE industry. Although it is impossible to observe the whole industry it is important to chart its performance because PE plays an essential role in the financing of firms, especially firms at special stages of their lives and the more information the investors and companies have, the more effective PE market can be therefore it can contribute to economic growth, employment, innovation etc. In the literature PE, VC and BO are not distinguished properly and they are often used as synonyms. Despite their similarities, there are significant differences in the features of these types of investments. In this paper the authors present the return characteristics of the PE industry of Europe and the US with regard to the stage-focus of PE funds. The key findings of this paper are that in average the returns of BO funds exceeded the returns of VC funds in the US as well as in Europe. Not just according to the absolute value of the returns, but also according to its risk-return tradeoff BO seems to be a preferable investment. The same statements can be made in case of the European market. The US returns are higher than European VC returns, because compared to the US VC industry the European is undeveloped. On the other hand the gap between the performances of BO funds is not as significant as the difference of VC funds. While in the 90’s US BO funds outperformed the European ones, after the millennia European BO returns were higher. The analysis of returns reveals the

Constructing a knowledge-based identity: Experiences from working with intellectual capital statements

DEFF Research Database (Denmark)

Kjærgaard, Isa Jensen

2003-01-01

how it wishes to define its activities both externally and internally. The paper concludes that, by working with IC statements, a company can achieve a way of constructing a new identity. Furthermore, the process of creating an IC statement can legitimize the whole idea of changing towards a knowledge......This paper analyses the inter-relationship between organizational identity and intellectual capital (IC) statements and suggests the IC statement as a framework for developing a knowledge-based identity. The results are based on a case study of a Danish electricity transmission system company......, which started the process of changing its public provider identity towards a knowledge-based identity in a changing market by applying the framework of an IC statement. The IC statement, as a new way of defining and working with strategic company resources, makes it possible for a company to communicate...

Accessing Secondary Markets as a Capital Source for Energy Efficiency Finance Programs: Program Design Considerations for Policymakers and Administrators

Energy Technology Data Exchange (ETDEWEB)

Kramer, C. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Martin, E. Fadrhonc [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Thompson, P. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States); Goldman, C. [Lawrence Berkeley National Lab. (LBNL), Berkeley, CA (United States)

2015-02-01

Estimates of the total opportunity for investment in cost-effective energy efficiency in the United States are typically in the range of several hundred billion dollars (Choi Granade, et al., 2009 and Fulton & Brandenburg, 2012).1,2 To access this potential, many state policymakers and utility regulators have established aggressive energy efficiency savings targets. Current levels of taxpayer and utility bill-payer funding for energy efficiency is only a small fraction of the total investment needed to meet these targets (SEE Action Financing Solutions Working Group, 2013). Given this challenge, some energy efficiency program administrators are working to access private capital sources with the aim of amplifying the funds available for investment. In this context, efficient access to secondary market capital has been advanced as one important enabler of the energy efficiency industry “at scale.”3 The question of what role secondary markets can play in bringing energy efficiency to scale is largely untested despite extensive attention from media, technical publications, advocates, and others. Only a handful of transactions of energy efficiency loan products have been executed to date, and it is too soon to draw robust conclusions from these deals. At the same time, energy efficiency program administrators and policymakers face very real decisions regarding whether and how to access secondary markets as part of their energy efficiency deployment strategy.

The Role of Capital Structure in Company’s Financing

Directory of Open Access Journals (Sweden)

Nicoleta BARBUTA-MISU

2014-12-01

Full Text Available The changes in capital structure and in financial components of a company have a particular importance in choosing optimal financing decision, in determining the impact of changes in capital structure and of elements within balance sheet. To quantify such an impact in the literature have been considered many factors as debt-equity ratio, profitability, self financing capacity and the ability to earn profit. Using the comparative method over a period of three years to five companies acting in the metallurgical sector in this paper has been analyzed the evolution of debt capacity ratio, return on equity ratio, financial long term debt ratio, interest coverage ratio and long-term financial autonomy ratio. Based on these findings it was concluded that the variation of capital structure and performance of the companies affects and influences funding arrangements considered by the companies’ managers.

Determinants of capital structure.

Science.gov (United States)

McCue, M J; Ozcan, Y A

1992-01-01

This study analyzes the determinants of hospital capital structure in a new market setting that are created by the financial pressures of prospective payment and the intense price competition among hospitals. Using California data, the study found hospital system affiliation, bed size, growth rate in revenues, operating risk, and asset structure affected both short- and long-term debt borrowings. In addition, percentage of uncompensated care, profitability, and payer mix influenced short-term borrowings while market conditions and ownership affected long-term borrowings. Most significant of all is the finding that smaller hospitals tend to borrow more, possibly because they cannot generate funds internally.

Social Capital, Human Capital and Parent-Child Relation Quality: Interacting for Children's Educational Achievement?

Science.gov (United States)

von Otter, Cecilia; Stenberg, Sten-Åke

2015-01-01

We analyse the utility of social capital for children's achievement, and if this utility interacts with family human capital and the quality of the parent-child relationship. Our focus is on parental activities directly related to children's school work. Our data stem from a Swedish cohort born in 1953 and consist of both survey and register data.…

Rethinking capital markets reform: a reassessment of Olson problem and regulatory dualism in the German capital markets from a varieties of capitalism perspective

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André Ziccardi de Carvalho

2015-09-01

Full Text Available Since its proposition by Peter A. Hall and David Soskice the Varieties of Capitalism (VoC approach has been particularly important to explain the relationship between economic agents and sets of institutional arrangements that, even in regulatory scenarios that Law and Finance’s school would consider “less than optimal”, are able to generate sustainable economic growth. In this context the VoC approach has been consistently challenging the traditional “one fits all” approach towards capital markets reform usually endorsed by institutions such as the World Bank and the International Monetary Fund, as well as by many scholars and capital markets regulators associated with La Porta’s Law and Finance School. As any theoretical framework, however, the VoC approach also faces its own challenges and still lacks the scientific maturity achieved by the Law and Finance School. Consequently a conciliation between the relational view of the firm proposed by the VoC approach and the overview of corporate governance practices throughout the world presented by the Law and Finance School would be instrumental to construe a more clear understanding of the competitive advantages generated by certain sets of institutions and, at the same time, more accurately assess impacts of reforms that, even if implemented with the legitimate goal of promoting firms’ transparency and higher corporate governance standards, may counter-intuitively generate unprecedented corporate and capital markets crisis. By analyzing two concepts proposed by Ronald J. Gilson, Henry Hansmann and Mariana Pargendler that have an apparent fundamental link to La Porta’s school of Law and Finance (i.e. Olson Problem and Regulatory Dualism through a varieties of capitalism approach, this study aims at rethinking the traditional “one fits all” approach towards capital markets reform and taking a further step in the direction of conciliating the VoC approach with La Porta’s Law

Student's Work: Social Capital in the Czech Republic and Public Policy Implications

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Michal Vodrážka

2009-06-01

Full Text Available Social capital in Eastern Europe has received a fair amount of scholarly attention in recent years, including in the Czech Republic. This paper examines the stock of macro-level social capital in the Czech Republic in comparative European perspective. The notions of “missing” social capital and corruption as negative social capital are explored. The corruption situation in the Czech Republic and the progress in curbing it that was made in the last decade are evaluated. Regressions run with data from the World Value Survey and the Corruption Perception Index show that economic growth does not translate into correspondingly lower levels of corruption in the Czech case. State bureaucracy is identified as a possible reason for the failure to curb corruption successfully. Public policy recommendations and their usefulness for the Czech Republic are debated and a civil service reform is proposed as the most appropriate policy for addressing the situation.

Incentives, Capital Budgeting, and Organizational Structure

OpenAIRE

Motta, Adolfo de; Ortega Diego, Jaime

2013-01-01

Divisional managers compete for financial resources in what is often referred to as an internal capital market. They also have a common interest in maximizing corporate profits, as this determines the resources available to the firm as a whole. Both goals are powerful motivators but can at times conflict: while the amount of resources available to the firm depends on corporate performance, divisional funding depends upon the division's performance relative to the rest. We propose a model in w...

Digging Deep for the Heritage Fund: Why the Right Fund for Alberta Pays Dividends Long After Oil Is Gone

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Ton van den Bremer

2014-10-01

�� the value of the belowground assets and the aboveground asset portfolio. This ensures that the dividend grows in line with GDP. What is feasible for Alberta is an ongoing resource dividend equivalent to 30 per cent of government revenue. In order to achieve that goal, the province will have to build the fund such that it is worth the equivalent of 40 per cent of provincial GDP by 2030, 100 per cent of GDP by 2050, and 165 per cent of GDP in the year 2100. This means that within just the next 16 years, the Heritage Fund will need to be worth $200 billion in order to achieve its first benchmark — more than thirteen times its current size. Note the differences here with the recommendations made by the Alberta Financial Investment and Planning Advisory Commission (the Mintz commission, which advocated saving a fixed percentage of Alberta’s resource revenue each year, and set a 2030 target at just half that size. But what this plan does have in common with the Mintz commission’s recommendations is that it requires the Alberta government to finally become serious about preparing itself to preserve wealth for future generations through the use of disciplined and meaningful investment in the resource fund. A serious investment approach also must mean that the fund should not be used as a source of capital investment to favour businesses in the province; Albertans have perfectly good access to capital markets, and worthwhile investments can and should compete for capital funds on their merits, not their location. Quite the contrary, a properly diversified Heritage Fund should be investing largely, if not entirely, outside the province. Most importantly, of course, is that Albertans need to insist that their government commit to a strategic plan for investing its oil revenue. Alberta can create a better fund strategy than Norway’s for ensuring economic sustainability through future generations, but first it must finally get serious about doing it.

Determinants of Success in Private Equity-Venture Capital Investments

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Antonio Gledson de Carvalho

2011-06-01

Full Text Available This paper investigates the determinants of performance of the investments of private equity and venture capital (PEVC funds in Brazil. We use two unique databases: the First Brazilian Private Equity and Venture Capital Census and the Guia-GVcepe Endeavor, with information on this industry for the period 1999 to 2007. As measures of performance we use the percentage and number of exits through IPO, acquisition by a company or by another investor. Our results indicate that the factors influencing the performance of investments are: size of the fund, number of investments, the practice of co-investment, experience and foreign origin of the managing organization, focus on late stage, intensity of contact between managers and portfolio companies and the number of seats on the boards of the invested companies. The number of successes grows with the number of investments at a declining rate. This can indicate 1 a limit to the ability of managers or 2 that a large number of investments allows for greater diversification of risk, directing investments to companies of high risk but with a high upside.

Performance Evaluation of Equity Mutual Funds in Indonesia

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Irene Rini Demi Pangestuti

2017-11-01

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

76 FR 18265 - Fairholme VP Series Fund, Inc. and Fairholme Capital Management LLC

Science.gov (United States)

2011-04-01

... irreconcilable conflicts between owners of VLI Contracts and other types of investors or between owners of VLI... for material irreconcilable conflicts of interest between or among different types of investors. In... following other types of investors also hold shares of the Fund or a future fund: (1) Life insurance company...

Funding issues for Victorian hospitals: the risk-adjusted vision beyond casemix funding.

Science.gov (United States)

Antioch, K; Walsh, M

2000-01-01

This paper discusses casemix funding issues in Victoria impacting on teaching hospitals. For casemix payments to be acceptable, the average price and cost weights must be set at an appropriate standard. The average price is based on a normative, policy basis rather than benchmarking. The 'averaging principle' inherent in cost weights has resulted in some AN-DRG weights being too low for teaching hospitals that are key State-wide providers of high complexity services such as neurosurgery and trauma. Casemix data have been analysed using international risk adjustment methodologies to successfully negotiate with the Victorian State Government for specified grants for several high complexity AN-DRGs. A risk-adjusted capitation funding model has also been developed for cystic fibrosis patients treated by The Alfred, called an Australian Health Maintenance Organisation (AHMO). This will facilitate the development of similar models by both the Victorian and Federal governments.

Human capital and career success

DEFF Research Database (Denmark)

Frederiksen, Anders; Kato, Takao

capital formally through schooling for career success, as well as the gender gap in career success rates. Second, broadening the scope of human capital by experiencing various occupations (becoming a generalist) is found to be advantageous for career success. Third, initial human capital earned through......Denmark’s registry data provide accurate and complete career history data along with detailed personal characteristics (e.g., education, gender, work experience, tenure and others) for the population of Danish workers longitudinally. By using such data from 1992 to 2002, we provide rigorous...... formal schooling and subsequent human capital obtained informally on the job are found to be complements in the production of career success. Fourth, though there is a large body of the literature on the relationship between firm-specific human capital and wages, the relative value of firm-specific human...

The incremental information content of earnings, working capital from operations, and cash flows

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Simin Banifatemi Kashi

2015-09-01

Full Text Available This paper presents an empirical study to determine the effects of different factors including present profit, depreciation, working capital, operating cash flow and other accruals on future earnings stability. The study selects the information of 124 selected firms from Tehran Stock Exchange over the period 2006-2012. Using two regression analysis, the study has determined that as the fluctuation of profit increases, the profitability increases too. In addition, the study has concluded that firms with minimum fluctuations preserve more stable profitability. Moreover, firms with higher fluctuation in profitability maintain more volatile profitability for the next consecutive period.

Socio-Economic Determinants of Working Children: Evidence from Capital Territory of Islamabad, Pakistan

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Mujahid Hussain

2017-06-01

Full Text Available Child labor work is a tireless social wonder in the creating scene particularly in Pakistan. In recent decades, the touchy issue of tyke work has been the consideration of policymakers, statesmen, and analysts. Any correct data on tyke work is normally rare as vast majority of the children, work in disorderly casual division, which is neither controlled by work laws nor is checked by any association. In this review, an endeavor has been made to examine the significant supply side financial determinants of working kids in Islamabad Capital Territory (ICT, Pakistan. Essential information has been gathered from child workers, working in various business markets of ICT. Results demonstrate that the absence of education and obliviousness of guardians, substantial family sizes, low salary of guardians and poor work status, low grown-up business proportion were the causative variables of tyke work. These working children are typically unskilled and secure employment at an early age and are susceptible, when working time-frames are extended in disreputable conditions, have no beneficial protection, abandon adequate and legitimate sustenance and attire, and get little rest and diversion. Enactment against child work is not a perfect arrangement in a nation such as Pakistan. This misuse of child work cannot be ceased by tyke work laws as it were. In such manner, different measures, for example, destitution lessening programs, more offices for instruction and professional preparing are fundamental. In the light of the results, positive steps and policies have been developed.

Area-based initiatives – and their work in bonding, bridging and linking social capital

DEFF Research Database (Denmark)

Agger, Annika; Jensen, Jesper Ole

2015-01-01

In this article, we provide a conceptual and argumentative framework for studying how Area-based Initiatives (ABIs) can facilitate contact between networks in deprived neighbourhoods and external forms of power (linking social capital). These relations provide the residents and other members...... of social capital (bridging, bonding and linking). The article concludes that ABIs contribute to creating linking social capital, but the extent of the contribution depends on the level of bonding and bridging social capital in the area. We argue that public planners as well as evaluators of the ABIs should...

Capital raising of aerospace companies: equities or debts?

Science.gov (United States)

Hui-Shan, L.; Taw-Onn, Y.; Wai-Mun, H.

2016-10-01

Aerospace products enhance national and economic activities, thus maintaining the sustainability of aerospace industry is crucial. One of the perspectives in ensuring sustainability of aerospace companies is expansion of firms by raising funds for research and development in order to provide a reasonable profitability to the firms. This study comprises a sample of 47 aerospace companies from 2009 to 2015 to analyze the impact of raising fund by equities or debts to the profitability of the firms. The result indicates that capital raising through equities is preferable than debts. Moreover, the study also identifies that the profit of aerospace industry is volatile and there is cyclical reduction of the net income in the first quarter of the year. The management needs to make wise decisions in raising fund to ensure a healthy growth of the aerospace company.

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