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Journal articles on the topic 'Funds appropriated'
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1
Lunyakova, N. A. "The economic substance of appropriated funds: The conceptual framework." Finance and Credit 26, no. 4 (April 28, 2020): 916–30. http://dx.doi.org/10.24891/fc.26.4.916.
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Subject. This article discusses the theoretical issues of the essence of the budget fund. Objectives. The article aims to generalize the essence and highlight the main characteristics of the budget fund. Methods. For the study, I used a systems approach. Results. The article describes the general and specific features of the budget fund as a type of financial fund, analyzes the budget fund size, and particularizes ways and approaches to ensure the maneuverability of the budget fund at the stages of its formation and use. Conclusions and Relevance. In today's dynamic socio-economic development of the State, objective prerequisites for the development of a conceptual approach to determining the essence, place and role of budget funds in the financial system of the State are getting formed. The results of the study can be used to improve the processes of formation, distribution, and use of financial resources.
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Sheetz, Anne H. "Developing School Health Services In Massachusetts: A Public Health Model." Journal of School Nursing 19, no. 4 (August 2003): 204–11. http://dx.doi.org/10.1177/10598405030190040401.
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In 1993 the Massachusetts Department of Public Health (MDPH) began defining essential components of school health service programs, consistent with the public health model. The MDPH designed and funded the Enhanced School Health Service Programs to develop 4 core components of local school health services: (a) strengthening the administrative infrastructure; (b) promoting health education, including tobacco control activities; (c) linking school health services with health care providers; and (d) implementing management information systems. Funds were appropriated in 1992 from the tobacco excise tax. With additional funding appropriated in 1999 and 2000 from the Tobacco Settlement Fund, these school nurse–managed programs have increased in number. The goal is to develop a statewide system of high-quality school health service programs responsive to the specific needs of students in each community. To be effective, these programs must be recognized as essential components of the primary health care delivery system serving children.
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Jackson, C. Kirabo, Cora Wigger, and Heyu Xiong. "Do School Spending Cuts Matter? Evidence from the Great Recession." American Economic Journal: Economic Policy 13, no. 2 (May 1, 2021): 304–35. http://dx.doi.org/10.1257/pol.20180674.
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During the Great Recession, national public school per-pupil spending fell by roughly 7 percent and persisted beyond the recovery. The impact of such large and sustained education funding cuts is not well understood. To examine this, first, we document that the recessionary drop in spending coincided with the end of decades-long national growth in both test scores and college-going. Next, we show that this stalled educational progress was particularly pronounced in states that experienced larger recessionary budget cuts for plausibly exogenous reasons. To isolate budget cuts that were unrelated to (i) other ill-effects of the recession or (ii) endogenous state policies, we use states’ historical reliance on state-appropriated funds (which are more sensitive to the business cycle) to fund public schools interacted with the timing of the recession as instruments for reductions in school spending. Cohorts exposed to these spending cuts had lower test scores and lower college-going rates. The spending cuts led to larger test score gaps by income and race. (JEL E32, H52, H75, I21, I28, J15)
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Schnare, Robert E. "Procurement for books and library materials in the federal government with the use of appropriated funds: Oh let me count the ways." Library Acquisitions: Practice & Theory 15, no. 2 (January 1991): 239–43. http://dx.doi.org/10.1016/0364-6408(91)90061-i.
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Wijaksono, Sigit. "Pengaruh Lama Tinggal terhadap Tingkat Partisipasi Masyarakat dalam Pengelolaan Lingkungan Permukiman." ComTech: Computer, Mathematics and Engineering Applications 4, no. 1 (June 30, 2013): 24. http://dx.doi.org/10.21512/comtech.v4i1.2679.
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As the activities grow increasingly at Soekarno-hatta International Airport, the government in this case is PT Angkasa Pura needs to extend the airport by develop phase three in northern area of the existing airport. However, the expantion plan is opposed by the local goverment of Tangerang City because the plan may interfere with project of Tangerang Pantura Development Plan. For instead local goverment of Tangerang City proposes that the expantion would be build in the southern area. Obtaining the description of citizen attitude in this area is the aim of this study. This study is a descriptive research using a descriptive statistical analysis. Data collection using interviews with a questionnaire to respondends. By using Sherry Arnstein theory to measure the level of community participation. The analysis results indicated that the level of knowledge, awareness, and income levels affect the level of public participation in environmental management. Forms of participation provided most of the funds appropriated in the form of donations by income level.
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Klingner, Donald E., and Dahlia Bradshaw Lynn. "Beyond Civil Service: The Changing Face of Public Personnel Management." Public Personnel Management 26, no. 2 (June 1997): 157–74. http://dx.doi.org/10.1177/009102609702600201.
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Contemporary public personnel management differs from the past because it is characterized by two emergent alternatives to traditional civil service systems for delivering public services: alternative mechanisms and flexible employment relationships. These alternatives are not new, but they are more commonplace than before. And when new public programs are designed, these alternatives have largely supplanted traditional public program delivery by “permanent” civil service employees hired through appropriated funds. Under these circumstances, it is reasonable to ask how competent are public personnel managers to deal with human resource management under these new conditions, given that most of their training and experience has been in working with traditional civil service systems and collective bargaining arrangements. This article will (1) clarify the alternatives to traditional public personnel management; (2) discuss their impact on the role of the public personnel manager; and (3) evaluate the adequacy of training in this area based on information gathered from a focus group of local government personnel managers.1
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Mhango, M., and N. Dyani. "THE DUTY TO EFFECT AN APPROPRIATE MODE OF PAYMENT TO MINOR PENSION BENEFICIARIES UNDER SCRUTINY IN DEATH CLAIMS." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 12, no. 2 (June 26, 2017): 143. http://dx.doi.org/10.17159/1727-3781/2009/v12i2a2729.
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his note focuses on the payment into a trust arrangement in favour of a minor beneficiary as contemplated in terms of section 37C (2) of the Pension Funds Act 24 of 1956. The aim is to examine the criteria under which the boards of management of pension funds may deprive a guardian the right to administer benefits on behalf of minor beneficiaries. This examination is conducted within the context of the approach adopted by the Pension Funds Adjudicator in four specific determinations decided prior, but relevant, to the amendments to the Pension Funds Act, where the board in each case unlawfully deprived a guardian of the right to administer death benefits in favour of a minor beneficiary. Therefore, the note will discuss four specific determinations and thereafter comment about the criteria to be used by practitioners. The note argues that these determinations should be welcomed because of their progressive interpretation of the Pension Funds Act and for setting an important precedent for pension fund practitioners and boards. In each case, the Pension Funds Adjudicator found a violation of section 37C. The note also criticises the remedy granted in two of the determinations, namely Moralo v Holcim South African Provident Fund, and Mafe v Barloworld (SA) Retirement Fund Respondent, and argues that the Pension Funds Adjudicator’s ruling on these matters was arbitrary and capricious because it disregarded its own precedent in Lebepe v Premier Foods Provident Fund & Others. We therefore submit that the Pension Funds Adjudicator should have ordered the boards in Moralo vHolcim South African Provident Fund, and Mafe v Barloworld (SA) Retirement Fund Respondent to pay all of the benefits directly to the complainants and guardians in those determinations.
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Hutagalung, Rezandha. "Prinsip Kehati-hatian bagi Bank Selaku Kustodian di Pasar Modal Indonesia." Jurnal Suara Hukum 2, no. 1 (March 27, 2020): 1. http://dx.doi.org/10.26740/jsh.v2n1.p1-20.
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This journal aims to find out how to apply the precautionary principle of a bank as a custodian bank in Indonesian capital market. Whereas with the enactment of Law Number 1995 concerning the Capital Market, it is deemed necessary to enact a Bapepam Decision regarding the Custodian Bank's Report. In the context of carrying out Indonesia's economic development, of course the challenges are not insignificant for financial institutions, one of which is in banking institutions. The role of banking institutions that carry out the main task as a vehicle that can collect and distribute funds effectively and efficiently, requires continuous improvement in order to be able to have a comparative advantage. This journal is how about the application of the precautionary principle in the capital market in Indonesia. Custodian Bank is a commercial bank that has obtained the approval of the Financial Services Authority (OJK) to carry out business activities as a custodian. The object of legal research is legal norms, which have the aim of examining whether or not a regulation is appropriated and applied.
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Meller, R. A., J. L. Firkins, and A. M. Gehman. "Efficacy of live yeast in lactating dairy cattle11Research was supported by state and federal funds appropriated to the Ohio Agricultural Research and Development Center, The Ohio State University." Professional Animal Scientist 30, no. 4 (August 2014): 413–17. http://dx.doi.org/10.15232/pas.2014-01308.
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Kern, S. A., T. D. Jennings, D. S. Kohls, H. L. Doering-Resch, S. M. Scramlin, K. R. Underwood, and A. D. Weaver. "Inclusion of Hydro-Lac preslaughter increases glycolytic potential and shelf life of beef11Salaries and research support provided by state and federal funds appropriated to South Dakota State University." Professional Animal Scientist 29, no. 4 (August 2013): 443–48. http://dx.doi.org/10.15232/s1080-7446(15)30258-8.
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Weiner, Michael. "A Historical Analysis of the Investment Company Act of 1940." Michigan Business & Entrepreneurial Law Review, no. 10.1 (2021): 67. http://dx.doi.org/10.36639/mbelr.10.1.historical.
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More than 100 million Americans invest $25 trillion in mutual funds and exchange-traded funds (collectively, “funds”) regulated by the Investment Company Act of 1940 (the “Act”), making funds the predominant investment vehicle in the United States. Everyday investors rely on funds to save for retirement, pay for college, and seek financial security. In this way, funds demonstrate how “Wall Street” can connect with “Main Street” to improve people’s lives. By way of background, funds are created by investment advisers (“advisers”) that provide investment advisory (e.g., stock selection) and other services to their funds in exchange for a fee. Investors purchase shares of a fund, which represent a pro-rata interest in the fund’s net assets—essentially, the securities chosen by the adviser—with the hope that the value of those assets, and in turn, the value of the fund, will appreciate. Although managing a fund is expensive, pooling investments from the public allows an adviser to spread its costs over an entire fund, which allows professional money management to be affordable for all. Prior to the Act, the unique structural aspects of funds, coupled with a lack of regulation, enabled rogue advisers to put their own interests ahead of those of fund shareholders. These structural aspects include that a fund typically relies on its adviser, which seeks to make a profit, to manage its day-to-day operations. Before 1940, adviser personnel also dominated the boards of directors of funds, which are responsible for overseeing the adviser and negotiating its compensation. This made funds susceptible to rogue advisers that were more interested in managing funds to benefit themselves and their “affiliates” (i.e., their employees and related businesses), as opposed to increasing the value of their funds. Recognizing the vital role that funds play for both the overall economy and the citizen of “small means,” the Securities and Exchange Commission (SEC) and the fund industry worked together to draft the Act, which Congress passed unanimously. The incredible growth of funds over the past 80 years is often attributed to the oversight and direction provided by the Act, which regulates all facets of fund operations and is arguably the most complex of our nation’s securities laws. Understanding the policy concerns that led to the Act helps to cut through that complexity and make sense of the Act’s provisions. As a result, this article focuses on those concerns, which can be thought of as guiding “Principles,” to demonstrate how the Act seeks to: (1) prevent insiders from taking advantage of funds they manage; (2) require effective disclosure; and (3) ensure the equitable treatment of shareholders. The Principles make the Act easier to apply by serving as shoal markers for conduct to avoid. But, just as a buoy indicates dangerous areas to avoid, the Principles also help guide conduct that steers clear of them. The Principles are thus a useful lens for interpreting the Act, particularly when considering novel situations or whether, per the “rubber” built into the Act, exemptive or other relief is appropriate. In these instances, harnessing the history and purpose of the Act can help advisers, fund directors, practitioners, and regulators apply the Act and ensure that funds remain a driver of national and, most importantly, investor gain.
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Tehmina Aslam and Muhammad Asad Aslam. "FATF’s Concerns and Pakistan's Measures for Compliance." Liberal Arts and Social Sciences International Journal (LASSIJ) 3, no. 2 (October 31, 2020): 185–96. http://dx.doi.org/10.47264/idea.lassij/3.2.20.
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Since August 2018, Pakistan has been dealing with the Financial Action Task Force (FATF) to avoid its harsh conditions. The aim of the study was to examine the current position of Pakistan vis-à-vis the conditions laid down by the FATF. A literature review was conducted to assess the situation over 20 months and a comparative analysis was done. Findings of the study showed that the ministry took nine actions. First, it banned two main and eleven affiliated organizations. Second, it froze 976 moveable and immovable assets of the banned organizations. Third, it intervened in the social welfare activities conducted by the banned organization and seized relevant institutes. Fourth, it ministry convicted more than 200 individuals concerned. Fifth, it appropriated funds amounting to Rs 2,400 million. Sixth, it introduced the mutual legal assistance law and contacted about 84 countries to glean information from them. Seventh, it formulated asset-freezing regulations. Eight, it introduced the charity law across the country. Ninth, it tri-furcated the 4th schedule of the Anti-Terrorism Act of 1997 and established procedures for watching the prospective offenders. The result was that, in 20 months, Pakistan formulated policies meant for curbing money laundering and combating terrorism financing.
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Godfrey, Anne-Marie, Stuart Leblang, Ron Grabov-Nardini, and Monte Jackel. "Considerations for Asian fund managers under the US New partnership audit regime." Journal of Investment Compliance 19, no. 3 (September 3, 2018): 39–41. http://dx.doi.org/10.1108/joic-04-2018-0023.
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Purpose This paper aims to explain how the Bipartisan Budget Act of 2015, as modified by the Protecting Americans from Tax Hikes Act of 2015, changes the way the US Internal Revenue Service will conduct audits of collective investment vehicles treated as partnerships for US tax purposes. Design/methodology/approach This study explains the entities covered by the new partnership audit regime, the effective dates of the new regime and steps to be taken by funds covered by the new audit regime. Findings The results show that the new regime creates a liability at the partnership level for any unpaid tax, placing the tax burden on current-year partners. Practical implications A fund manager should determine whether the new audit regime is applicable to any of the funds he or she is managing and, if so, amend the fund documents to accommodate the new audit rules, providing a mechanism to elect and supervise a partnership representative, a mechanism to allocate the economic burden of the tax to the appropriate partners and a procedure for selecting the method to calculate the amount of the fund’s tax liability attributable to an audit. Originality/value This study provides practical guidance from experienced investment, fund and tax lawyers.
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Binkley, Clark S., and Susan B. Watts. "The status of and recent trends in forest sector research in British Columbia." Forestry Chronicle 75, no. 4 (August 1, 1999): 607–13. http://dx.doi.org/10.5558/tfc75607-4.
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In the decade between 1988 and 1998, expenditures on forest sector research in British Columbia have increased substantially in absolute terms but have fallen in relation to the scale of the province's forestry enterprise. These aggregate trends mask important shifts in funding sources and in the specific fields of research that have been supported. The crown corporation Forest Renewal BC has emerged as the dominant source of support for forestry research, clearly displacing appropriated funds with-in the B.C. Ministry of Forests. As a result of falling stumpage fees and changes in forest policy, this source of support is now declining and the long-term security of the Forest Renewal BC research program is in question. At present, expenditures on forestry research are more or less consistent with expenditures on forestry research in other advanced forested jurisdictions, but the anticipated decline in Forest Renewal BC research support belies this otherwise favourable finding. Expenditures on forest products research in the province have not matched their counterparts elsewhere in the world, and recently have declined precipitously. Forestry – forest conservation, management, products and production processes – is becoming ever more complex. Research activity in the province does not appear adequate to sustain the flow of economic and ecological wealth from forests that British Columbians have always enjoyed and have come to expect.
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Agustina, Yumniati. "Siklus Akuntansi, Transparansi, Dan Akuntabilitas Atas Penggunaan Dan Pertanggungjawaban Keuangan Dana BOS Di SDIT X Di Depok, Jawa Barat." Liquidity 5, no. 1 (June 14, 2016): 53–64. http://dx.doi.org/10.32546/lq.v5i1.65.
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Investigation in various regions in Indonesia found indications of the alleged fraud that result from unccountable use and management of BOS funds. Among the findings, including payments that do not fit the technical guidelines, no accountability report, and the use of funds with unaccountable receipt. In the Regulation of the Minister of Education and Culture of the Republic of No. 161/2014, stated that: BOS is a government program that is basically forfunding the nonpersonnel operating costs of the primary education as the implementer of compulsory education program. The purpose of this study were (1) to analyze the accounting cycle and financial accountability for the use of BOS funds in the 2015, (2) to analyze the compliance of the accounting cycle and financial accountability of the BOS funds, (3) to analyze the transparency and accountability of BOS fund’s reports. The observed elementary school is SDIT X in Depok, West Java. Result shows that they do not fully compliance to the appropriate regulatory technical guidelines. On the other hand, the transparency and accountability issues show that: (1) BOS Management Team, Teachers Council and School’s Committee’s involvement in the BOS fund management, and (2) evaluation and comparison of the final report of prior periods, so that transparency and accountability of the use and management of BOS funds can be improved.
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Salikhova, O. B. "Industry Modernization Based on the Principles of Smart Specialization. Part I. Using the Key Enabling Technologies as a Priority of the EU Industrial Policy." Statistics of Ukraine 87, no. 4 (March 12, 2020): 65–71. http://dx.doi.org/10.31767/su.4(87)2019.04.07.
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The concept of smart specialization is investigated with emphasis on key components of its successful implementation. Its relation with the concepts of technology, innovation and industrialization is shown through their common goal: to increase the productivity and ensure the sustainable economic growth. An analytical review of the official European documents elaborating the mechanisms for industry modernization and the principles for the new strategy of building the smart, innovative and sustainable industry, to promote competitiveness, creation of hybrid jobs and economic growth, is made. The critical role of key enabling technologies, especially advanced industrial technologies, in modernizing industry and implementing the smart specialization strategy is highlighted. The European Commission initiatives are analyzed, aimed at implementing the programs on competitiveness enhancement in the small and medium business sector, their implementation measures, including ones on constructing statistical tools for monitoring and analysis of generation and use of advanced technologies in the context of technological innovations in the private sector. The methodological approaches to building a new set of statistical indicators are supposed to ensure approvals of political decisions on enhancing competitiveness in the EU industry through launching three specific and related actions: (i) support to the development of cross-regional investment projects in the framework of S3P-Industrial Modernization; (ii) support to the development of European strategic cluster partnerships for cooperating in thematic fields and enhancing the industry’s role; (iii)) support to companies in the manufacturing industry in using advanced industrial technologies, in order to enhance their innovation capacities. It is noted that the program “Government Support to Technological Innovations for Industry Development” has not been launched in Ukraine, in spite of 300,000 UAH appropriated in the Budget – 2018 and the procedure for use of budget funds, created and coordinated with the central executive power bodies, by which the funds had to be allocated in implementing industrial innovation technologies in the private sector, for two purposes: (i) co-funding of project implementation; (ii) partial compensation for interest rates on loans received by manufactures for project implementation. The need to form the Strategy for Smart, Innovative and Sustainable Industry in Ukraine with consideration to directives and best practices of EU and the Ukrainian realities is emphasized.
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Abdul Hamid, Ahmad Karim, and Iwan Fahri Cahyadi. "Analisis Kinerja Reksadana Saham Syariah Di Pasar Modal Indonesia Menggunakan Metode Sharpe, Treynor, Dan Jensen Periode 2017-2018." MALIA: Journal of Islamic Banking and Finance 3, no. 2 (September 25, 2020): 95. http://dx.doi.org/10.21043/malia.v3i2.8408.
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<p><em>This research aims to find out the performance of sharia stock mutual funds in the Indonesian Capital Market based on sharpe, treynor and jensen methods and to find out the comparison of the performance of sharia stock mutual funds with benchmark performance in the research period of 2017-2018. This type of research is evaluative research with a quantitative approach. The population in this study includes all sharia mutual funds registered and still active in the Financial Services Authority (OJK) until December 2018. Sampling techniques used purposive sampling techniques and obtained 23 sharia stock mutual funds as a research sample. Data analysis techniques are descriptively analyzed, the data obtained is collected and then processed with the appropriate formulas on the operational definition of measurement and research variables. Data analysis techniques are descriptively analyzed, the data obtained is collected and then processed with the appropriate formulas on the operational definition of measurement and research variables. To make data processing easier using microsoft excel programs. Based on the analysis of islamic stock fund performance data according to sharpe method in 2017 there are 7 sharia stock mutual funds that show positive performance, and in 2018 there were 3 sharia stock mutual funds showing positive performance. Meanwhile, according to treynor method in 2017 there were 7 sharia stock mutual funds that showed positive performance, and in 2018 there were 3 sharia stock mutual funds that showed positive performance. Meanwhile, according to jensen method in 2017 there are 6 sharia stock mutual funds that showed positive performance, and in 2018 there were 5 sharia stock mutual funds that showed positive performance.</em><em> Based on the results of the comparison of the performance of sharia stock mutual funds with benchmarks in the period 2017 according to sharpe method there are 5 sharia stock mutual funds that have outperform performance, and in the period 2018 there are 3 sharia stock mutual funds that have outperform performance. Meanwhile, according to treynor method in 2017 there are 1 sharia stock mutual fund that has outperform performance, and in 2018 there are 20 sharia stock mutual funds that have outperform performance. While according to jensen method in 2017 there are no sharia stock mutual funds that have outperform performance, and in the period 2018 there are 23 sharia stock mutual funds that have outperform performance. And there are 2 sharia stock mutual funds that consistently perform best against market performance during the research period, namely Sucorinvest Sharia Equity Fund sharia stock mutual fund and Sharia Pacific Saham Syariah stock fund.</em></p>
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Wessels, D. R., and J. D. Krige. "The persistence of active fund management performance." South African Journal of Business Management 36, no. 2 (June 30, 2005): 71–84. http://dx.doi.org/10.4102/sajbm.v36i2.628.
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This study focuses on the performance persistence of equity funds in the South African Unit Trust Industry against its appropriate index benchmark (ALSI) over the period 1988 to 2003. A few funds exhibited extraordinary persistence - either in out-performing or under-performing. In general it was found that over the short term (month-to-month and quarter-to-quarter basis) there was a tendency that the current performance of a fund would be repeated, with a greater tendency among the top performing funds to remain a top performer.However, when the persistence of fund performance was measured on a year-to-year basis, less consistency among funds was identified. The decile ranking movement of a fund - upwards, downwards or sideways - became more random in nature. When the forward-looking period was extended to three years, however, the chances that the fund would have stayed in the same decile became very slim.Herein lies the danger of placing your trust with one active manager only; over the long run the performance ranking of managers can assume a random nature if manager skill is not persistent.
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Showler, Allan T., and Michel Lecoq. "Incidence and Ramifications of Armed Conflict in Countries with Major Desert Locust Breeding Areas." Agronomy 11, no. 1 (January 8, 2021): 114. http://dx.doi.org/10.3390/agronomy11010114.
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Despite many areas of progress in recent years, desert locust surveillance and control is impaired by many obstacles, the most intractable of which is insecurity. Insecurity involves rebellions, insurgencies, civil and international war, banditry, terrorism, and minefields. Obstruction of desert locust operations in breeding areas by ongoing armed conflict and landmines constitutes “direct” insecurity. “Indirect” insecurity, although less obvious, is arguably more broadly deleterious by debilitating government function and diverting funds, personnel, and equipment from desert locust management. Indirect “active” insecurity is armed conflict and civil unrest that is occurring at the same time as a desert locust episode, but not in the breeding areas. Indirect “inactive” insecurity refers to the after-effects of insecurity, including weak funding because of prior inattention to capacity maintenance during times of direct and indirect active insecurity, disabled or militarily-appropriated vehicles and other resources, destruction of infrastructure, and deployment of mines. We provide examples of direct and indirect insecurity across 35 years, from 1986 through May 2020, in 13 African and Asian countries (Chad, Eritrea, Ethiopia, India, Mali, Mauritania, Niger, Pakistan, Saudi Arabia, Somalia, Sudan, Western Sahara, and Yemen) with desert locust breeding areas to illustrate the complexity, pervasiveness, and chronic occurrence of insecurity. The upsurge of 2020 is used to show how direct insecurity still contributes to the genesis and expansion of desert locust episodes. Possible mitigation of direct insecurity effects on some desert locust operations is discussed.
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Showler, Allan T., and Michel Lecoq. "Incidence and Ramifications of Armed Conflict in Countries with Major Desert Locust Breeding Areas." Agronomy 11, no. 1 (January 8, 2021): 114. http://dx.doi.org/10.3390/agronomy11010114.
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Despite many areas of progress in recent years, desert locust surveillance and control is impaired by many obstacles, the most intractable of which is insecurity. Insecurity involves rebellions, insurgencies, civil and international war, banditry, terrorism, and minefields. Obstruction of desert locust operations in breeding areas by ongoing armed conflict and landmines constitutes “direct” insecurity. “Indirect” insecurity, although less obvious, is arguably more broadly deleterious by debilitating government function and diverting funds, personnel, and equipment from desert locust management. Indirect “active” insecurity is armed conflict and civil unrest that is occurring at the same time as a desert locust episode, but not in the breeding areas. Indirect “inactive” insecurity refers to the after-effects of insecurity, including weak funding because of prior inattention to capacity maintenance during times of direct and indirect active insecurity, disabled or militarily-appropriated vehicles and other resources, destruction of infrastructure, and deployment of mines. We provide examples of direct and indirect insecurity across 35 years, from 1986 through May 2020, in 13 African and Asian countries (Chad, Eritrea, Ethiopia, India, Mali, Mauritania, Niger, Pakistan, Saudi Arabia, Somalia, Sudan, Western Sahara, and Yemen) with desert locust breeding areas to illustrate the complexity, pervasiveness, and chronic occurrence of insecurity. The upsurge of 2020 is used to show how direct insecurity still contributes to the genesis and expansion of desert locust episodes. Possible mitigation of direct insecurity effects on some desert locust operations is discussed.
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Kemp, M. H. D., and C. C. Patel. "Entity-wide risk management for pension funds." British Actuarial Journal 17, no. 2 (April 4, 2012): 331–94. http://dx.doi.org/10.1017/s1357321712000086.
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AbstractThis paper explores the application of ERM-style techniques to pension funds. It uses the term ‘entity-wide risk management’ rather than ‘enterprise risk management’, even though both have the same acronym (‘ERM’), because many pension funds do not view themselves as business ‘enterprises’ as such. Some of the techniques that business enterprises have for managing risk (e.g. raising new capital from shareholders or branching into new business areas if existing ones have unattractive risk-reward characteristics) may not be open to many pension funds. The paper argues that the holistic approach to risk management (and governance) that is a hallmark of ERM is as appropriate to pension funds as it is to any other type of entity. This is the case whether the fund is defined benefit or defined contribution in nature, or a hybrid. It is also the case whether the ‘entity’ is deemed to be the fund itself, the sponsor or the two combined. Indeed, there are aspects of pension arrangements, such as the relationship between the fund and its sponsor, that lend added impetus to the use of ERM-style techniques in practical pension fund management.
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Krisbiantoro, Dwi, and Wiga Maulana Baihaqi. "THE IMPLEMENTATION OF SIMPLE ADDITIVE WEIGHTING METHOD IN THE SELECTION OF REHABILITATION FUND RECIPIENTS FOR UNINHABITABLE HOME." Simetris: Jurnal Teknik Mesin, Elektro dan Ilmu Komputer 10, no. 1 (April 1, 2019): 309–18. http://dx.doi.org/10.24176/simet.v10i1.3023.
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The rehabilitation program is one of the programs given to people who have homes that are not habitable. They are usually from poor families with low economic income. In this program, the family will receive funds to rehabilitate their home. However, as long as the program is running, various problems have been encountered, including those who received fund sometimes received back the fund for rehabilitation funds. This is of course not in accordance with regulations that only allow applicants to receive the fund once. Based on this problem, a decision support system was made to select potential recipients of rehabilitation funds for uninhabitable house. By using the SAW method which is based on the value of criteria and preference weights, an appropriate assessment and ranking can be obtained after going through the selection process of assessing the weight of each attribute. The support for the selection decision for receiving uninhabitable rehabilitation fund was generated in this study. Decision making to determine beneficiaries was facilitated by the existence of a decision support system that was submitted, so that the fund provided was targeted at those entitled to receive uninhabitable rehabilitation fund.
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Best, Brin. "Locating appropriate sources of funding." Fundraising for Schools 2014, no. 153 (February 2014): 10–11. http://dx.doi.org/10.12968/fund.2014.1.153.10.
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Yanti, Novi, and Nurtati Nurtati. "ECONOMIC GROWTH: IMPACT OF LOCALLY-GENERATED REVENUE AND BALANCE FUNDS MODERATED BY CAPITAL EXPENDITURE." Jurnal Pembangunan Nagari 5, no. 1 (August 6, 2020): 40. http://dx.doi.org/10.30559/jpn.v5i1.173.
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The allocation of development budget can accelerate the pace of economic growth in the implementation of fiscal decentralization. Through locally-generated revenue management and regional government, balance funds can increase their income through the use of appropriate capital expenditure however economic growth is not always linear with all sources of revenue. The purpose of this study is to analyze the effect of regional revenue and balance funds partially and simultaneously on capital expenditure and its impact on economic growth. The research method is quantitative with a longitudinal research time-series design. The study was conducted in the Regency / City of West Sumatra Province with secondary data from the Central Statistics Agency in 2009-2018. Research analysis using multiple linear regression test and path analysis. The results showed that Locally-generated revenue, general, and special allocation fund partially and simultaneously have a significant effect on capital expenditure, but the profit-sharing fund partially has no significant effect on capital expenditure. Locally-generated revenue, profit-sharing funds, general and special allocation fund, and capital expenditure partially and simultaneously have a significant effect on economic growth. Likewise, capital expenditure has a positive effect on economic growth which is mediated by locally-generated revenue and special allocation funds, while capital expenditure does not significantly influence economic growth mediated by general allocation funds and profit-sharing funds
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Erisandi, Erisandi. "PENGARUH COST OF LOANABLE FUND (COLF) DAN TINGKAT SUKU BUNGA SERTIFIKAT BANK INDONESIA (SBI) TERHADAP JUMLAH KREDIT YANG DIBERIKAN." Jurnal Perspective Business 1, no. 1 (April 23, 2017): 1–12. http://dx.doi.org/10.37090/jpb.v1i2.22.
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This study aims to analyze the effect of the Cost of Loanable Fund (COLF) and the interest rate of Bank Indonesia Certificates (SBI) on the amount of credit granted. This research was conducted on PT.Bank Mandiri, Tbk 2000 - 2012. The results showed that partially Cost of loanable funds affect the amount of credit significantly while partially the interest rate of Bank Indonesia Certificates has no effect on the amount of credit significantly. Meanwhile, simultaneous test results show the Cost of loanable Fund and SBI have a significant effect on the amount of Loans Provided. The advice given to Bank Mandiri is that the bank management must be able to maintain the appropriate Cost of loanable Fund value. This is because based on the results of empirical research in the field of Cost of loanable funds have a strong and strong correlation to the amount of credit provided, in relation to the SBI which is a factor Given and Bank Indonesia policy, Bank Mandiri must be able to follow and make appropriate policies to improve the credit given at the optimum point. Keywords: Cost of loanable Fund, Bank Indonesia Certificates, Total Credit
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Roh, Tai-Yong, Sun-Joong Yoon, and Sung Won Seo. "A Study on Multi-Class Fund Flows and Consumer Protection." Journal of Derivatives and Quantitative Studies 25, no. 1 (February 28, 2017): 41–74. http://dx.doi.org/10.1108/jdqs-01-2017-b0002.
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We examine whether the suitability principles hold for the mutual fund industry in Korea, by analyzing the dynamics and the characteristics of the multi-class fund flows. For 12-years from 2002 to 2013, the volatility of fund flows associated with A-class fund, which is more appropriate for long-term investments, is larger than that associated with C-class fund. Therefore, it can be interpreted that the suitability principles do not hold. To examine the empirical observation, we mainly focus on the role of the dollar cost averaging (DCA) style funds. We show that if we adjust for the effect of DCA funds, the suitability principles does not hold only before the 2008 financial crisis. Thus, we argue that individuals' irrational decision making is caused by heavy investments on A-class fund through DCA style types before the financial crisis. This leads to the observed violation of the suitability principles before the crisis. Our findings also suggest that after the financial crisis, the mutual fund industry in Korea becomes mature.
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Chrétien, Stéphane, and Manel Kammoun. "Mutual Fund Styles and Clientele-Specific Performance Evaluation." International Journal of Economics and Finance 11, no. 12 (November 30, 2019): 89. http://dx.doi.org/10.5539/ijef.v11n12p89.
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This paper develops clientele-specific performance measures based on the style preferences of mutual fund investors. Proposing an approach that considers investor disagreement and exploits style classification data, we investigate eight measures to represent investors with favorable preferences for size and value equity styles using a large sample of actively-managed U.S. equity mutual funds from 1998 to 2012. We find that the implied style preferences differ in their rational and behavioral features: value and small-cap fund investors (growth and large-cap fund investors) are more (less) averse to difficult economic conditions, and tend to be pessimists and contrarians (optimists and trend followers). The performance of funds assigned to clientele-specific styles becomes neutral or positive when evaluated with measures that consider their most likely style clienteles. The sign of the value added by the industry is ambiguous and depends on the choice of measures. Hence, performance is more favorable when funds are evaluated with their appropriate style-clientele-specific measure, and can otherwise depend on the measure.
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Janssen, John H., and Douglas L. Kane. "THE UNDERGROUND OIL SPILL AT KOTZEBUE, ALASKA: UNKNOWN CAUSE, ELUSIVE CURE." International Oil Spill Conference Proceedings 1987, no. 1 (April 1, 1987): 593–97. http://dx.doi.org/10.7901/2169-3358-1987-1-593.
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ABSTRACT In 1980, the Alaska Department of Environmental Conservation (ADEC) became aware of a problem with oil seeping into the elementary school basement of the northwest Alaska coastal community of Kotzebue. After initial investigation, it was determined that 100,000 to 200,000 gal (378,000 to 756,000 L) of #1 fuel oil (diesel) was contaminating an underground area estimated at up to 10 acres (4 ha). The fuel had been in the ground for 25 to 30 years, and may have been associated with fuel storage or handling in the 1950s. ADEC learned that many local residents had been collecting fuel from backyard sumps for years. Many gathered enough to heat their homes, and others sold their excesses of recovered oil. More recently, oil has been observed leaching into Kotzebue Sound from time to time, posing a potential threat to local fisheries. ADEC has since been involved in recovering the oil, using the limited funds available to mitigate the potential environmental and safety problems. Problems experienced in collection of the fuel included a seasonally frozen groundwater aquifer above the permafrost and inconsistent monitoring of the primary collection sump in the school basement. By the fall of 1984, about 40,000 gal (151,000 L) of fuel had been recovered by a variety of methods. A large quantity of oil remains underground, but recovery has been severely reduced, mainly by recent funding constraints and sporadic collection conditions associated with the cold climate and permafrost. The 1986 Alaska state legislature appropriated $50,000 so that ADEC could install monitoring and collection wells and conduct pressure tests of all fuel lines that might be still contributing to the problem. Continuing this cleanup depends on future funding.
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Yost, F. G. "Federal Regulations Create New Challenges in Materials Science." MRS Bulletin 18, no. 3 (March 1993): 5–6. http://dx.doi.org/10.1557/s0883769400043827.
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Title 40 of the Code of Federal Regulations is a compendium of rules pertaining to environmental protection, written primarily by the Environmental Protection Agency (EPA). These environmental regulations stand some 19 inches wide on a library shelf and are enclosed by 15 volumes of everchanging information. Each of these volumes contains amendments made to the rules since the last publication of that volume, so the effective dates of new regulations can be difficult to ascertain. Interpreting certain regulations has been difficult for many, the cost of complying with them high, and the eventual impact on the national economy foreseen as gloomy. Few, however, would deny the benefits of a well-planned environmental protection plan and few would sympathize with private corporations that flagrantly ignore regulations, pollute their local environment and, when identified, sustain heavy fines from the EPA.With problems like acid rain, air and groundwater pollution, global warming, ecological system degradation, municipal, industrial, and nuclear waste (and the federal regulations designed to control them), the need for important materials science research and development is great. These opportunities can be compared in magnitude with those provided by the Manhattan Project, during the 1940s and 1950s, and by the semiconductor revolution in later years. The difference between these past projects and the current situation is the way in which funds are appropriated for the research and how the work is performed. Rather than independently funded research performed by multiple organizations, work on environmental problems is witnessing cooperation among industry, government, academia, and the public, with a consequent savings of research monies. This cooperation is often achieved with a consortium of organizations such as SEMATECH or the National Center for Manufacturing Sciences.
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He, Jinling, Zixiang Xia, Jingcheng He, and Xin Gao. "An Empirical Analysis on the Stable Return of Resident Funds." Proceedings of Business and Economic Studies 4, no. 4 (August 27, 2021): 128–38. http://dx.doi.org/10.26689/pbes.v4i4.2397.
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This paper mainly studies how investors invest in funds to obtain high returns while avoiding risks. Firstly, from the perspective of portfolio investment, this paper introduces the traditional Markowitz mean-variance model and capital asset pricing model (CAPM), then selects four funds from different industries by MATLAB program in Sina Finance and Economics Network for application analysis from which the optimal portfolio point can be obtained under the combination of efficient frontier and capital allocation line. Subsequently, by analyzing the returns of long-term holdings and short-term operations of Noan Growth Hybrid Fund, it is confirmed that long-term holding funds can better cope with the changing market so as to obtain more stable returns. Finally, this paper discusses the dynamic adjustments of asset portfolio. Resident investors are supposed to take into account the market situation and the changes of the fund itself to adjust the holding fund portfolio. Based on the research in this paper, resident investors ought to combine investment funds to diversify risk allocation and make long-term holding plans according to their risk tolerance. At the same time, they should also make appropriate dynamic adjustments when the external environment changes to ensure long-term benefits.
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Johnson, Eric, Lanel Menezes, Tim Routier, Mikaela Walter, and Keith White. "Going for the Gold." Muma Case Review 4 (2019): 001–20. http://dx.doi.org/10.28945/4558.
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Dr. Ken Atwater, President of Hillsborough Community College (HCC), saw the email flash across his monitor, “2018-19 Performance Funding: Hillsborough Community College” sent from the Chancellor of the Florida College System (FCS). The email was 12 months in the making. In 2015, the Florida Legislature created the first performance funding-based incentive program in its General Appropriations Act (Laws of Florida Ch. 2015-232. (n.d.)). Proviso language required the State Board of Education to allocate performance funds pursuant to a performance funding model. The performance model had four performance funding metrics: retention, graduation, wages and job placement (see Exhibit 1). This one message would answer a burning question that had been lingering in the college’s top administrators’ minds: Where would the college land in another year of performance funding? Atwater contemplatively read the email, “A Bronze ranking, again.” This Bronze designation meant the college was not eligible for new state distributed performance funds meaning almost $2 million would not be appropriated to HCC. Atwater asked himself “what needs to be done so HCC is eligible for this funding?” The 2015 Florida Legislature inserted language into its General Appropriations Act creating the FCS’ performance funding-based incentive program. The direction of millions of dollars distributed throughout Florida colleges had been determined including a final ranking of Gold, Silver, Bronze or Purple for each college, with Gold being the highest ranking. This ranking determined whether HCC received millions in new dollars; money that in an environment of budget cuts to the entire FCS over the last two years would be extremely important to the students, faculty, and administrators across Hillsborough County. Atwater knew the college needed to improve its score, thus allowing HCC to move into a Silver or Gold category. The improvement in the score to gain the additional dollars boiled down to concentrated efforts in providing the best education for students while equipping faculty with the right resources to improve effectiveness. Atwater thought, "Easier said than done. I am faced with the proverbial chicken before the egg or egg before the chicken. I may need funding to make the necessary changes to improve the scores. However, without the necessary changes to show improvement in scores, we will not receive the funding." Regardless of the dilemma, the question had to be asked, "What strategies should be implemented to increase scores in the four performance metrics that the college would be judged on? Should the college expand tracking of the cohort of students that is examined? Should new student success initiatives be rolled out to help students?" Atwater wanted answers. He had approximately two million reasons why.
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Felix, T. L., S. C. Loerch, and F. L. Fluharty. "Protein supplementation for growing cattle fed a corn silage–based diet11Salary support provided by state and federal funds appropriated to the University of Illinois and to the Ohio Agricultural Research and Development Center, The Ohio State University." Professional Animal Scientist 30, no. 3 (June 2014): 327–32. http://dx.doi.org/10.15232/s1080-7446(15)30124-8.
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Neal, S. M., K. M. Irvin, G. C. Shurson, B. Harris, and E. E. Hatfield. "Effect of Lactation Diet Fat Level on Sow and Litter Performance11Salaries and research support provided by state and federal funds appropriated to the Ohio Agricultural Research and Development Center, The Ohio State University. Manuscript no. 104-97." Professional Animal Scientist 15, no. 1 (March 1999): 7–13. http://dx.doi.org/10.15232/s1080-7446(15)31716-2.
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Dimsoski, P., K. M. Irvin, H. W. Ockerman, J. I. McNitt, J. L. Morrow-Tesch, and W. Flatt. "The Influence of Pen Density on Performance of Pigs Fed to Heavy Weights11Research support provided in part by state and federal funds appropriated to the Ohio Agric. Res. Center, The Ohio State University. Journal Article 101-96." Professional Animal Scientist 13, no. 2 (June 1997): 61–64. http://dx.doi.org/10.15232/s1080-7446(15)31846-5.
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Wasono, Rochdi, and Dwi Haryo Ismunarti. "Compare of Clustering School Operational Aid Using Fuzzy Cluster Means and Fuzzy Geographically Weighted Clustering Method." Proceeding International Conference on Science and Engineering 3 (April 30, 2020): 353–57. http://dx.doi.org/10.14421/icse.v3.527.
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The use of appropriate Cluster method will support the distribution of School Operational Aid (BOS) fund. Clustering is needed to classify the amount of School Operational Aid (BOS) funds with other influential variables with the aim as the consideration in making policy on the distribution and amount of School Operational Aid funds. Compare of method Fuzzy Cluster Means and Fuzzy Geographically Weighted Clustering were used. The variables used in this study were the School Operational Aid (BOS) funds, total coaching costs, and total regency/city management costs in Central Java Province. The best result of the clustering process was Fuzzy Geographically Weighted Clustering use cluster 3.
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Pak, Bliss Burdett. "Regulating the Sovereign Wealth Funds." International Studies Review 9, no. 2 (October 8, 2008): 63–86. http://dx.doi.org/10.1163/2667078x-00902005.
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This paper examines the new policy issues surrounding the rise of the “sovereign wealth funds” in global capital markets. A profound and newly significant incidence of globalization, the role of foreign governments as capital providers in nominally capitalistic, free-market economies is disrupting basic principals and assumptions regarding the role of private and public markets and their regulators. This paper examines the potential for appropriate regulatory schemes co channel these wealth pools in economically productive and apolitically-motivated directions, with the goal of permitting them to perform the functions for which they were established: the preservation and prudential investment of the vase wealth of nations. This regulatory analysis proceeds along three lines: (i) first, a model for corporate governance of a "typical" sovereign fund is proposed, based on the established models of private sector investment fund schemes; (ii) second, a review of host state models and current proposals for foreign investment regulation is undertaken, focusing on the special scrutiny given or proposed co be made available for investments by state-owned funds; and (iii) finally, an assessment is offered regarding international organizations' potential role as venues for cooperation and coordination of the newest and largest players in global capital markets. Though the sovereign wealth funds have made significant gains in establishing their credibility as welcome and responsible providers of global capital through their voluntary and independent actions, this paper concludes chat both state-level regulatory accommodation and international cooperation through established economic organizations such as the OECD and IMF offer significant potential benefits to both the funds and the national markets (and target companies therein) if appropriately designed. At a minimum, national and international treatment of the special nature of the sovereign wealth funds may enable capital markets to remain relatively open by specifically addressing the sources of market participants’ (and politicians’) fears of abuse, thereby strengthening the structures chat support the global free movement of capital and channel it co its highest and best use.
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Jacobsson, Måns. "The International Oil Pollution Compensation Funds 1971 and 1992." International Oil Spill Conference Proceedings 1999, no. 1 (March 1, 1999): 659–63. http://dx.doi.org/10.7901/2169-3358-1999-1-659.
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ABSTRACT The international system for compensating victims of oil pollution damage caused by oil spills from tankers is based on two international treaties adopted as a result of the Torrey Canyon incident which occurred in 1967 off the south coast of the United Kingdom, namely the 1969 Civil Liability Convention and the 1971 Fund Convention. These Conventions have been amended by Protocols in 1992, resulting in two new Conventions (the 1992 Conventions). The International Oil Pollution Compensation Funds 1971 and 1992 administer the system of compensation created by the Fund Conventions. Over 80 nations are members of the Funds. In the light of the experience gained in recent years from incidents involving the Funds, it would be appropriate to consider whether the objectives of establishing the international regime have been fulfilled and whether the international regime has given adequate protection to victims of oil pollution damage. The paper also makes comparison between the international regime and the regime created under OPA 90. While there are differences between the two regimes as regards scope of application, funding, and approach in various aspects, there are significant similarities in respect of administration and claims handling. Some of the differences are due to the fact that the Oil Spill Liability Trust Fund works within one nation, whereas the International Oil Pollution Compensation Funds operate worldwide.
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MEDAISKIS, Teodoras, and Tadas GUDAITIS. "EVALUATION OF SECOND PILLAR PENSION FUNDS’ SUPPLY AND INVESTMENT STRATEGIES IN BALTICS." Journal of Business Economics and Management 18, no. 6 (December 20, 2017): 1174–92. http://dx.doi.org/10.3846/16111699.2017.1381145.
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Pension accumulation companies in Baltics are allowed to offer any number of second pillar pension funds with different investment strategies. Funds are traditionally categorized by maximum limit of investments in equities. It shall help participants to choose the fund according to their risk aversion and age. However, no scientific research has been conducted to assess correctness of such a breakdown and to estimate the differences (if they exist) of pension funds assigned to distinct groups. The results show that there are limitations to the supply side of second pillar pension funds and to participants’ possibilities to select appropriate investment strategies over life-cycle. The findings from statistical analysis suggest that used classification of pension funds is not necessarily meaningful. Even if two funds belong to different categories, this does not mean that their investment strategies and results will differ significantly. It raises the need for stricter rules for setting pension funds’ investment strategies and linkage to age of participants in order to increase compatibility between supply of funds and participants’ needs over life-cycle.
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Costa, Bruce A., Keith Jakob, Scott J. Niblock, and Elisabeth Sinnewe. "Australian Stock Indexes and the Four-Factor Model." Applied Finance Letters 3, no. 1 (June 30, 2014): 10. http://dx.doi.org/10.24135/afl.v3i1.17.
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Stock indexes are passive ‘value-weighted’ portfolios and should not have alphas which are significantly different from zero. If an index produces an insignificant alpha, then significant alphas for equity funds using this index can be attributed solely to manager performance. However, recent literature suggests that US stock indexes can demonstrate significant alphas, which ultimately raise questions regarding equity fund manager performance in both the US and abroad. In this paper, we employ the Carhart four-factor model and newly available Asian-Pacific risk factors to generate alphas and risk factor loadings for eight Australian stock indexes from January 2004 to December 2012. We find that the initial full sample period analysis does not provide indication of significant alphas in the indexes examined. However, by carrying out 36-month rolling regressions, we discover at least four significant alphas in seven of the eight indexes and factor loading variability. As previously reported in the US, this paper confirms similar issues with the four-factor model using Australian stock indexes and performance benchmarking. In effectively measuring Australian equity fund manager performance, it is therefore essential to evaluate a fund’s alpha and risk factors relative to the alpha and risk factors of the appropriate benchmark index.
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Chamberlain, E. Sterling, and Lia A. Di Bello. "Iterative Design and Implementation: A Model of Successful Scheduled Maintenance Technology Deployment." Transportation Research Record: Journal of the Transportation Research Board 1571, no. 1 (January 1997): 42–49. http://dx.doi.org/10.3141/1571-06.
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With significant budget reductions, many transit providers are finding that they must examine the way in which they maintain their fleets. As the use of outsourcing to stay within budget increases, those serious about maintaining their own fleets are looking more closely at totally new approaches that emphasize the efficient use of funds and labor resources with the goal of maintaining high fleet performance. Preventive maintenance has been accepted as a solution, and many transit industries are investigating computerized decision support systems (DSSs), often borrowing technologies developed for related industries (e.g., aviation) and tailoring them for transit purposes. Unfortunately, most implementations fall short of expectations. To be effective, DSSs require users with an in-depth understanding of their logic and detailed knowledge of the work being done. Mechanics and foremen have the work knowledge but are unlikely to possess an understanding of computerization and the abstract algorithms driving these technologies. One system adapted to the transit industry by New York City Transit—MIDAS—has been implemented successfully in the Department of Buses. The three-part top-down/bottom-up model for technology deployment is described, as is the evaluation used to measure its success: a relatively small design team of software developers, maintenance managers, shop-floor workers, and foremen; a powerful new training technique resulting in direct data entry from the shop floor; and feedback from the work floor to tailor the system. It is concluded that deployment must be organized around the concept that DSSs are tools appropriated by the users and that implementation efforts should facilitate that process. This is in striking contrast to “turnkey” approaches. Follow-up evaluation data are presented that show how this model leads to more innovative and effective system use over time.
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Imran, Maizul, and Rio Satria. "DINAMIKA FORMULASI AKAD TERHADAP PENGELOLAAN DANA HAJI DI INDONESIA." ALHURRIYAH: Jurnal Hukum Islam (ALHURRIYAH JOURNAL OF ISLAMIC LAW) 3, no. 2 (December 26, 2018): 141. http://dx.doi.org/10.30983/alhurriyah.v3i2.755.
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<p><em>The development of a hajj fund that is so great has the potential to be used in supporting the implementation of a better quality Hajj through effective, efficient, transparent, accountable, and in accordance with the provisions of legislation. The strategy that has been taken by the Ministry of Religion to optimize the management of the Hajj fund so that its benefits can be used to improve the quality of Hajj implementation is by developing these funds through investment. But in fact, the dynamics that occur are in the BPIH deposit. When the funds are managed which constitute funds deposited by prospective pilgrims to the government (Ministry of Religion or BPKH) to finance the implementation of their pilgrimage, problems arise regarding the appropriate contract formulation to be used, whether wakalah contract, mudlarabah (profit sharing), or altogether no longer need a contract, because the government acts as a statutory power for prospective pilgrims, as consideration of the decision of the Constitutional Court (MK).</em></p>
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Nielsen, Lars Tyge, and Maria Vassalou. "Sharpe Ratios and Alphas in Continuous Time." Journal of Financial and Quantitative Analysis 39, no. 1 (March 2004): 103–14. http://dx.doi.org/10.1017/s0022109000003902.
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AbstractThis paper proposes modified versions of the Sharpe ratio and Jensen's alpha, which are appropriate in a simple continuous-time model. Both are derived from optimal portfolio selection. The modified Sharpe ratio equals the ordinary Sharpe ratio plus half of the volatility of the fund. The modified alpha also differs from the ordinary alpha by a second-moment adjustment. The modified and the ordinary Sharpe ratios may rank funds differently. In particular, if two funds have the same ordinary Sharpe ratio, then the one with the higher volatility will rank higher according to the modified Sharpe ratio. This is justified by the underlying dynamic portfolio theory. Unlike their discrete-time versions, the continuous-time performance measures take into account that it is optimal for investors to change the fractions of their wealth held in the fund vs. the riskless asset over time.
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Sumarti, Novriana, Indah G. Andirasdini, Nidya I. Ghaida, and Utriweni Mukhaiyar. "Evaluating the Performance of Islamic Banks Using a Modified Monti-Klein Model." Journal of Risk and Financial Management 13, no. 3 (March 2, 2020): 43. http://dx.doi.org/10.3390/jrfm13030043.
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The development of Islamic banking continues to increase in many Muslim (majority) countries. Substituting interest with profit shares in the assets of a given Islamic bank as one of the bases of operation has many interesting implications, one of which is the need for more involved risk and return measures. In this paper, we take a balance sheet analysis-based approach to formulating profit in order to assess the performance of an Islamic bank. Then the implementation of this approach is demonstrated using data provided by Indonesia’s financial services authority, known as the OJK. We develop formulae for the calculation of profit share between funding and financing funds as well as the appropriate rates of return. The resulting figures are then used to construct statistical models for short-term forecasting of the volumes of funding fund from the depositors and financing fund for business people who need funds for their investment projects. The approach we develop is innovative for Islamic banks and would be a welcome addition to their performance assessment toolkit. One of the results of our model indicates an increasing pattern on the equivalent rates of returns for funding and financing funds every year, which is caused by the fact that the reported income from the financing fund seems to have been accumulated from the beginning until the end of year in the Islamic bank.
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REPOUSIS, SPYRIDON. "Regulatory framework and deposit – investment guarantee fund in Greece." Journal of Financial Regulation and Compliance 23, no. 1 (February 9, 2015): 18–30. http://dx.doi.org/10.1108/jfrc-07-2013-0023.
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Purpose – The purpose of this paper is to examine the current regulatory framework of Greek Deposit and Investment Guarantee Fund, trying to show solutions for strengthening it. Design/methodology/approach – This paper aims to investigate the deposit and investment guarantee fund in Greece by identifying new problems and developing solutions. Findings – The main finding is that the deposit and investment guarantee fund contributes to the stability of the Greek banking sector and also offers practical solutions to strengthen it. Greek Deposit and Investment Guarantee Fund has an important feature, which is the speed of a decision about a bank failure resolution (in five working days), but needs immediately strengthening and increasing its funds to cope with the resolution of non-viable banks and undertaking for costs. There should be an appropriate ratio between the size of total assets (especially cash and cash equivalents) of Greek Deposit and Investment Guarantee Fund and the amount of total guaranteed deposits, which is now below 2 per cent. Regulatory framework needs revising and fees must be increased if its funds fall below a certain level of coverage of guaranteed deposits. Also, a guarantee premium, not only a flat rate premium, should be implemented for all banks. An additional risk-adjusted premium varying according to Greek banks’ risks of their portfolios would be better to increase funds of deposit guarantee fund and reduce moral hazard of bank manager by increasing costs. They must ensure an adequate diversification of re-deposits of Greek Deposit and Investment Guarantee Fund funds and must limit and avoid a conflict of interest of its board membership for individuals who are actively involved in Greek commercial banks by implementing framework and rules about it. Also, as a consequence of obeying the regulatory framework, it is necessary to include as board members of Greek Deposit and Investment Guarantee Fund only those banks that are subject to strong prudential supervision and regulation. Practical implications – As a result of research, changes are necessary to immediately be made to cope with current financial crises and problems of Greek banking sector. Originality/value – The originality of this paper is that it is the first description of the Greek Deposit and Investment Guarantee Fund and its results are important for economists, politicians and international community, who evaluate the regulatory framework of Greek Deposit and Investment Guarantee Fund, especially at the current time when the Greek economy and the Greek banking sector are in a very weak fiscal position.
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Oldham, G., and J. A. Kroeger. "Performance, persistence and benchmarks of selected South African unit trusts for the period 1998-2002." South African Journal of Business Management 36, no. 4 (December 30, 2005): 81–90. http://dx.doi.org/10.4102/sajbm.v36i4.645.
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Fund managers in the South African unit trust industry have an objective of generating strong alpha returns, meaning average annual returns above the respective benchmark. This paper analyses the performance of twenty South African unit trusts, selected from various sectors over the 1998 – 2002 period. In all cases the benchmark used by the funds is the Johannesburg Stock Exchange All Share Index. The well-known Capital Asset Pricing Model and a three-factor Arbitrage Pricing Theory model are used in the analysis. The result shows that only four funds of the twenty analysed were able to generate a superior performance in one or more years of the five-year period. Individual unit trusts were unable to perform consistently for any length of time. The failure of the funds to meet their objective is further analysed in terms of the appropriateness of the JSE All Share Index as the benchmark. In some cases the index was not an appropriate benchmark to measure persistence in performance and sector indices were preferable. In a cross-sectional portfolio analysis there was evidence of overall persistence in performance but this was of short duration, related more to negative than positive persistence in performance. Overall, the results of the analysis do not produce convincing evidence that unit trust fund managers were able to generate consistent above average returns to their investors. Furthermore, it may be preferable from an investor’s viewpoint if fund managers were to target an absolute rather than a relative benchmark.
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Knuutila, Sakari, Katja Merkkiniemi, Mikko Rönty, Aino Wirtanen, Satu Maria Remes, Stuart Bloor, Kaisa Salmenkivi, Aija Knuuttila, and Virinder Kaur Sarhadi. "Targeted deep sequencing as a diagnostic and research method for detecting EGFR and ALK pathway driver genes in FFPE tissue of lung and colorectal carcinomas." Journal of Clinical Oncology 30, no. 30_suppl (October 20, 2012): 39. http://dx.doi.org/10.1200/jco.2012.30.30_suppl.39.
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39 Background: Molecular targeted tyrosine kinase inhibitor (TKI) treatments have made it crucial to perform diagnostic tests of multiple molecular targets. In lung carcinoma there are close to ten clinically relevant gene mutations, copy number alterations and/or gene fusions, such as ALK, EGFR, ERBB2, KRAS, BRAF, MET, PTEN, PI3KCA, ROS1 and RET. Presently, several different tests are utilized, requiring a high amount of tumor material and long turnaround time. Next generation sequencing or targeted deep sequencing (TDS) has opened a new era for rapid genome-wide analyses of mutations, copy number alterations and gene fusions. Our aimwas to 1) prove feasibility for applying TDS to FFPE samples, 2) compare mutations detected by prevalent methods & TDS, and 3) mine novel clinically and biologically relevant genes in lung and colorectal carcinoma. Methods: For TDS, we selected 192 lung carcinoma and colorectal carcinoma related genes and microRNA genes, focusing on the EGFR and ALK pathways. In total, 98 FFPE specimens were studied. Agilent SureSelect system and Illumina sequencing was adopted for the analysis. For diagnostic validation the following genes were selected: EGFR, KRAS, BRAF, PTEN, PI3K, RET and ALK. TDS results were confirmed by PCR, FISH and IHC. Results: We focused on the genes selected for diagnostic validation. Successful results were obtained from all specimens. The results from TDS correlated significantly with those obtained from PCR, FISH, and IHC. Importantly, TDS revealed novel mutations not detected by targeted PCR. Conclusions: An enormous advantage of TDS is that multiple mutation screening can be achieved in one analysis (saving time and material), and most importantly, provides enormous amounts of novel information, for example understanding mechanisms for drug resistance. This study was supported by Finnish Academy, Sigrid Jusélius Foundation, Finnish Cancer Organizations, the special governmental subsidy research funds appropriated to the Helsinki and Uusimaa Hospital District (HUS EVO), Pfizer Oy, AstraZeneca AS, Lab21 Ltd, Abbott Molecular Inc.
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Day, Jen-Der, Thuy Mai Trinh Nguyen, Chia Nan Wang, and George Yungchih Wang. "The Performance of CSR Mutual Funds and Investment Decision-Making." Indonesian Journal of Electrical Engineering and Computer Science 1, no. 2 (February 1, 2016): 229. http://dx.doi.org/10.11591/ijeecs.v1.i2.pp229-237.
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<p>Nowaday, Corporate Socially Responsible (CSR) mutual funds are becoming a popular investment option for investors. However, no any research confirms whether CSR Mutual fund activity is better than market index or not. Besides, we should have one method can help con sequently investors in making the decision to select appropriate investment funds. In this study, we measure the financial performance of a sample of 15 CSR mutual funds in the world, with the monthly return over the period 2008-2013, then we propose the dession table. We first use the measures to evaluate the performance of mutual funds such as Alpha (α), Sharpe Ratio (SR), and Information Ratio (IR). And then, we use the obtained decision table to evaluate the predictability by each measure. The results indicate that only 3 of the 15 CSR mutual funds achieve good performance results based on the statistical significance of the two measures Sharpe Ratio and Information Ratio. In addition, the IR is suggested to evaluate and make investment decisions in the future and it also is the best one among the three measures. The decision table suggest investors a measure forecast accuracy way.</p>
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Novickytė, Lina, and Viktorija Rabikauskaitė. "THE EVALUATION OF THE II PILLAR PENSION’S FUNDS: AN INTEGRATED APPROACH USING MULTI-CRITERIA DECISION METHODS." Business: Theory and Practice 18 (August 8, 2017): 109–27. http://dx.doi.org/10.3846/btp.2017.012.
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Lithuania has had a significant reform path in the last twenty-five years like other communist bloc countries during the intense changes in the world. Changes and transformations took place in various areas including social security system. Since 2004 have been significant developments legalizing the three-pillar old age pension system supported by the World Bank. Currently, the pension funds operating more than ten years and their assessment still have not stopped being the centre of numerous discussions. There are ongoing discussions about the fund performances’ benefit, efficiency and its evaluation. Therefore, this paper investigates the funds’ valuation problem by testing II pillar pension’s funds in Lithuania. We use the multi-criteria methods with two scenarios: first we estimate II pillar pension’s funds by applying a return (as well as the added value) and the risk indicators; second we include only the most popular derivative indicators: Sharpe, Treynor and Jensen’s alpha ratios. Our results indicate that based on the second scenario methodology is more precise evaluated II pillar pensions funds’ performance, but funds evaluation model based on multi-criteria assessment is more appropriate for larger funds groups. However, in order to assess the performance of the funds and compare them with each other it is important not only use the mathematical methods but also to maintain a holistic approach which allows to integrate micro and macro environmental factors into the funds’ assessment.
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Marcu, Laura, Tomislav Kandzija, and Jelena Dorotic. "EU Funds Absorption: Case of Romania." Postmodern Openings 11, no. 4 (2020): 41–63. http://dx.doi.org/10.18662/po/11.4/222.
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Article studies the absorption of European funds in Romania for the two post-accession periods: 2007-2014 and 2014-2020 and highlight the situation in Romania regarding the amount and evolution of European funds received (in relation to its contribution to the EU budget), the structure of these funds, the evolution of the absorption during the two intervals by program type and Romanian areas of development as well as difficulties encountered and the solutions adopted to overcome them. The analysis is based on primary statistical data provided by the Romanian Government and the European Commission, as well as studies and reports on national particularities and problems of absorption of European fund in Romania. In addition, a qualitative analysis of legislative and institutional framework aims to point out weakness and causes that hindered the absorption of funds. Paper highlights the increase of funds absorption in the current financial framework compared to the previous and emphasizes weaknesses in the Romanian institutional framework. The fact that many of the difficulties manifested in the first stage after adhesion were counter through appropriate solutions, enable better management of funds, which places Romania to the EU average in terms of rate of absorption. These solutions concern the improvement of administrative capacity (information, transparency, implementation, relationship with beneficiaries).
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Gilbert, Aaron, Ayesha Scott, and Shuohan Xu. "Economies of scale: the case of KiwiSaver fees." Pacific Accounting Review 31, no. 4 (November 4, 2019): 695–710. http://dx.doi.org/10.1108/par-04-2019-0040.
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Purpose International evidence of economies of scale in mutual funds is mixed. KiwiSaver offers an interesting opportunity to examine economies of scale given its growth from a new scheme with few members and low balances, where fund costs should be high, to a much larger scheme that should be cheaper to run. As a defined contribution superannuation scheme, fees play an important role in determining the eventual retirement savings members achieve. This paper aims to examine whether the anticipated economies of scale are passed onto members. Design/methodology/approach The authors use a sample of 267 KiwiSaver funds over 2013-2018 and relate fund fees to assets under management (AUM) and the number of participants using regression analysis and a translog cost function. Findings The authors find evidence to suggest funds are passing on cost savings. Specifically, the authors observe that fees increase slower as the number of members grows, suggesting economies of scale are driven by the number of members, but not the size of the assets being managed. All else held constant, a 1 per cent increase in fund participants increases fees by 0.93 per cent on average. In contrast, a 1 per cent increase in AUM results in effectively 1 per cent increase in fees, all else held constant. Originality/value While KiwiSaver has been an undeniable boost to the local funds management industry, regulators are increasingly under pressure to ensure fees are appropriate. In 11 years, New Zealand-based KiwiSaver has grown to over $50b in AUM, with over $400m in total fees per year. This paper provides evidence that economies of scale are partially present in the KiwiSaver sector, although not where it arguably counts: in the size of the AUM.