Academic literature on the topic 'Investment performance index'

Commodity investments have continued to gain traction in diversified portfolios since the 1990s. Historically low correlations relative to traditional asset classes, different fundamental drivers, and investor demand for alternative sources of return have brought commodity investments forward as a solution that provides overall portfolio diversification while maintaining similar long-term return streams. A large inflow of institutional investors and noncommercial traders has increased demand and lowered barriers to entry. Many of these investors simply want exposure to commodities as an asset class, often investing in index funds or exchange-traded funds (ETFs). In some cases, investors assume that the underlying commodity indexes that these investment vehicles track represent appropriate benchmarks asset class performance. In reality, the many different commodity indexes available make benchmarking asset class performance more difficult.

This chapter discusses the rules and regulations for the conduct of business of banks, deposit-takers, and providers of payment services. The banking and payment services conduct regime involves elements of both information regulation (an approach based on disclosure or transparency) and product regulation, in the sense of mandatory rights and obligations for the services provided. In contrast to the more highly regulated realm of retail investments, there is no attempt at advice regulation, albeit the Financial Services Authority has indicated that it is considering whether it should make further provision for advice on deposits, and in particular structured deposits (where the interest or return is dependent on the performance of an underlying index/indices, stock(s) or commodity/commodities).

It is important for distance learning institutions to be well prepared before designing and implementing any new technology based learning system to justify the investment and minimize failure risk. It can be achieved by systematically assessing the readiness of all stakeholders. This paper first proposes an m-readiness assessment process and subsequently describes different activities required to develop a m-readiness assessment model. The model was validated and applied to measure m-readiness index of Allama Iqbal Open University (AIOU), Pakistan. Primary data (N=612) were collected. Factor analysis was applied. Extracted factors were confirmed with confirmatory factor analysis. Based on the extracted factors, m-readiness index was calculated. Furthermore, m-readiness index association with age, gender, program of study, income, locality and province were also analyzed by applying one way ANOVA and Kruskal Wallis. The results reveal that there is a significant difference in m-readiness with respect to income, locality, age, gender, program of study and province.

The recent global financial crisis is viewed as a glaring example of limitless pursuit of deregulation of financial markets and failure of global corporate governance. Though the global economic slowdown had its epicenter in the US but its impact is being witnessed in all major economies of the world. The present chapter seeks to analyze the post crisis experience of the Indian economy as compared to the global economic performances, using various macroeconomic indicators as output, employment, inflation, current account balance, movement in real effective exchange rate and inflow of FDI. It is based on a statistical analysis using secondary time-series data and is based on the Exogenous Structural Break Model developed by Perron (1989). Finally it tries to highlight the confidence of the economic agents based on some well recognized confidence indices (for e.g. Business Confidence Index, Consumer Confidence Index, FDI Confidence Index etc.) during the post-crisis period.

Asthma treatment provided by a pressurized Metered Dose Inhaler (MDI) coupled to a Valved Holding Chamber (VHC), in cases of children younger than 5 years old, is a standard well-stablished in the medical community. The lack of experimental studies for comparison of several commercial VHC alternatives is the main goal of this study. The VHC device needs to be evaluated in terms of Fine Particle Mass (FPM) emitted and Performance. Such assessment was made based on a cascade impaction methodology (i.e. Multi-Stage Liquid Impinger - MSLI) at 30 ± 5 L/min. This impactor apparatus is composed by five stage of impaction, where the spray particle size distribution is collected by ranges of aerodynamic diameter, from coarse to fine particles. This evaluation was executed for 8 VHC devices: Aerochamber Plus®, A2A Spacer®, Compact Space Chamber Plus®, Space Chamber Plus®, Nebuchamber®, Vortex®, OptiChamber Diamond® and Volumatic®. The Ventolin® (salbutamol sulphate 100 μg/dose) was the chosen MDI device, due to its widely prescription and acceptance. Drug mass per stage was quantified by UV-Vis Spectrometry, through washing solutions of NaOH 0.01M. Results show clear distinction between the use of MDI alone or coupled with any VHC. Its Emitted Dose (ED) is higher when coupled to a VHC, although the FPM emitted is not different. In other hand the use of VHC provides a reduction from 82.7% to 95.3% of the Throat deposition in comparison to MDI alone. Results point the Aerochamber, Volumatic and Nebuchamber as the highest FPM emitters (27.5 ± 2.4 μg, 27.3 ± 2.7 μg, 26.5 ± 1.8 μg) and with high performance indexes (5.3 ± 0.1, 6.6 ± 1.3, 5.0 ± 0.4). A complete device characteristics analysis is provided, showing that Throat deposition is highly related to the valve design. The Leaflet design (≈5.0 μg) has lower throat deposition than Duck type (≈9.5 μg). A Handling and Attractiveness index is calculated and plotted against the Performance index divided by the device cost. This analysis shows that Volumatic is the best investment (1.73 ± 0.34 £−1) for home / hospital use (2.0 g−1·m−3), while the Aerochamber shows the best portability (53.2 g−1·m−3) and a reasonable investment (1.10 ± 0.02 £−1).

Data of the worker’s remittance flow in the period of 2000-2010 were employed to analyze the impact of remittances on macroeconomic indicators of the Kyrgyz Republic. Focus was given to the assessment of remittance effect on economic effectiveness. To study the underlying issue, linear correlation method and economic performance effectiveness index were used. Results showed that great portion of remittances has been directed into consumption rather than to investment. Moreover, remittance spending is channeled into consumption of imported goods, thus raising the trade deficit of a country. Their impact on economic effectiveness of Kyrgyzstan presents that given the low propensity to invest, they finance consumption and cause high consumption ratio with respect to investment ratio, thus leading to reduction of economic effectiveness. 

Abstract The ultimate goal of oilfield development is to maximize the investment benefits. The reservoir performance prediction is directly related to oilfield investment and management. The traditional strategy based on numerical simulation has been widely used with the disadvantages of long run time and much information needed. It is necessary to form a fast and convenient method for the oil production prediction, especially for layered reservoir. A new method is proposed to predict the development indexes of multi-layer reservoirs based on the injection-production data. The new method maintains the objectivity of the data and demonstrates the superiority of the intelligent algorithm. The layered reservoir is regarded as a series of single layer reservoirs on the vertical direction. Considering the starting pressure gradient of non-Newtonian fluid flow and the variation of water content in the oil production index, the injection-production response model for single-layer reservoirs is established. Based on that, a composite model for the multi-layer reservoir is established. For model solution, particle swarm optimization is applied for optimization of the new model. A heterogeneous multi-layer model was established for validation of the new method. The results obtained from the new proposed model are in consistent with the numerical simulation results. It saves a lot of computing time with the incorporation of the artificial intelligence methods. It showed that this technique is valid and effective to predict oil performance in layered reservoir. These examples showed that the application of big data and artificial intelligence method is of great significance, which not only shortens the working time, but also obtains relatively higher accuracy. Based on the objective data of the oil field and the artificial intelligence algorithm, the prediction of oil field development data can be realized. This technique has been used in nearly 100 wells of Bohai oilfields. The results showed in this paper reveals that it is possible to estimate the production performance of the water flooding reservoirs.

This paper presents a thermo-economic analysis of an intercooled, reheat (ICRH) gas turbine, with and without recuperation, for cogeneration applications. The optimization analyses of thermodynamic parameters have permitted to calculate variables, such as low-pressure compressor pressure ratio, high-pressure turbine pressure ratio and gas temperature at the waste heat recovery unit inlet while maximizing electric efficiency and “Energy Saving Index”. Subsequently, the economic analyses have allowed to evaluate return on the investment, and the minimum value of gross payout period, for the cycle configurations of highest thermodynamic performance. In the present study three sizes (100 MW, 20 MW and 5 MW) of gas turbines have been examined. The performed investigation reveals that the maximum value of electric efficiency and “Energy Saving Index” is achieved for a large size (100 MW) recuperated ICRH gas turbine based cogeneration system. However, a non-recuperated ICRH gas turbine (of 100 MW) based cogeneration system provides maximum value of return on the investment and the minimum value of gross payout period compared to the other gas turbine cycles, of the same size and with same power to heat ratio, investigated in the present study. A comprehensive thermo-economic analysis methodology, presented in this paper, should provide useful guidelines for preliminary sizing and selection of gas turbine cycle for cogeneration applications.

International funds flow freely across the countries both quantitatively and legally as a result of financial liberalization carried out by globalization process and huge amount of money flows into the countries in liberal system. Particularly for developing countries, these fund flows refer as hot money are mentioned frequently with respect of positive and negative signs. High export performance of the Netherlands as a result of discovering large natural gas reserve leads to increase rapidly its own currency. In 1959 when economic indicators getting worse, the reason of crisis appears as decreasing export in consequence of over-valued currency leads to decrease the industrial production. This paradoxical situation is named as “Dutch Disease” in economics literature. The purpose of this study is examining the effect of hot money inflow on the manufacturing sector of Turkey and testing Dutch disease for Turkish economy. In this paper, the monthly data 2006:01-2013:12 from Central Bank of the Republic of Turkey is used. Test results of causality tests that Toda-Yamamoto method (1995) and Hacker-Hatemi-J (2006) bootstrap method approve that there is no causality between portfolio investment and manufacturing industrial production index and also export. The results confirm that portfolio investments do not lead to Dutch disease for Turkey.

Nowadays, more and more pipeline operators vigorously promote the implementation of integrity management programs (IMPs for short) in order to improve the integrity of their pipeline systems. But how can the operators measure the performance of their pipeline IMPs? In other words, how can the operators evaluate the efficiency and effectiveness of their programs so as to make continuous improvement? The regulations and standards of pipeline integrity management just gave some requirements and recommendations on performance measurement, but no specific methods were presented. Normally, the pipeline operators measured the performance of IMPs on the base of their management objectives and local regulations’ requirements. The paper introduced the methodology and achievements of pipeline integrity management performance evaluation work conducted in PetroChina Pipeline Company. Considering the company’s specific integrity management goals and objectives, the metrics were established and applied to evaluate whether those goals had been achieved or not, and found out the shortage of the IMP for giving suggestions for improvement. Considering the input and output parameters of IMP, the performance measures system was set up. The input parameters included the input of workforce, facilities and other investments. The output parameters indicated the output of IMP, such as the accomplishment of the objectives, the quality of the work and the safety improvement through IMP. In order to clearly define the input and output parameters of IMP, the IMP was divided into nine parts, such as data management, high consequences areas identification, risk assessment, integrity assessment, corrosion prevention, defect repair, geo-hazards control, pipeline patrol, pipeline security. For each part, considering the management objectives, the “input-output” parameters metrics were set to measure the performance. In order to see the performance of IMP from a macroscopic perspective, a simplified index system was built which mainly focused on the safety improvement such as the number of leakage, failures, accidents and economic loss. The grading performance evaluation system could conveniently meet the different focus of different levels managers. In addition, in order to eliminate the influence of the different management difficulties to the performance of IMP, the paper built a set of adjustment factors to modify the investment parameters to make sure the evaluation results more objective and fair. At last, the paper showed the application results of the IMP performance evaluation conducted in PetroChina Pipeline Company and its branches.

1.1 Macroeconomic summary Economic recovery has consistently outperformed the technical staff’s expectations following a steep decline in activity in the second quarter of 2020. At the same time, total and core inflation rates have fallen and remain at low levels, suggesting that a significant element of the reactivation of Colombia’s economy has been related to recovery in potential GDP. This would support the technical staff’s diagnosis of weak aggregate demand and ample excess capacity. The most recently available data on 2020 growth suggests a contraction in economic activity of 6.8%, lower than estimates from January’s Monetary Policy Report (-7.2%). High-frequency indicators suggest that economic performance was significantly more dynamic than expected in January, despite mobility restrictions and quarantine measures. This has also come amid declines in total and core inflation, the latter of which was below January projections if controlling for certain relative price changes. This suggests that the unexpected strength of recent growth contains elements of demand, and that excess capacity, while significant, could be lower than previously estimated. Nevertheless, uncertainty over the measurement of excess capacity continues to be unusually high and marked both by variations in the way different economic sectors and spending components have been affected by the pandemic, and by uneven price behavior. The size of excess capacity, and in particular the evolution of the pandemic in forthcoming quarters, constitute substantial risks to the macroeconomic forecast presented in this report. Despite the unexpected strength of the recovery, the technical staff continues to project ample excess capacity that is expected to remain on the forecast horizon, alongside core inflation that will likely remain below the target. Domestic demand remains below 2019 levels amid unusually significant uncertainty over the size of excess capacity in the economy. High national unemployment (14.6% for February 2021) reflects a loose labor market, while observed total and core inflation continue to be below 2%. Inflationary pressures from the exchange rate are expected to continue to be low, with relatively little pass-through on inflation. This would be compatible with a negative output gap. Excess productive capacity and the expectation of core inflation below the 3% target on the forecast horizon provide a basis for an expansive monetary policy posture. The technical staff’s assessment of certain shocks and their expected effects on the economy, as well as the presence of several sources of uncertainty and related assumptions about their potential macroeconomic impacts, remain a feature of this report. The coronavirus pandemic, in particular, continues to affect the public health environment, and the reopening of Colombia’s economy remains incomplete. The technical staff’s assessment is that the COVID-19 shock has affected both aggregate demand and supply, but that the impact on demand has been deeper and more persistent. Given this persistence, the central forecast accounts for a gradual tightening of the output gap in the absence of new waves of contagion, and as vaccination campaigns progress. The central forecast continues to include an expected increase of total and core inflation rates in the second quarter of 2021, alongside the lapse of the temporary price relief measures put in place in 2020. Additional COVID-19 outbreaks (of uncertain duration and intensity) represent a significant risk factor that could affect these projections. Additionally, the forecast continues to include an upward trend in sovereign risk premiums, reflected by higher levels of public debt that in the wake of the pandemic are likely to persist on the forecast horizon, even in the context of a fiscal adjustment. At the same time, the projection accounts for the shortterm effects on private domestic demand from a fiscal adjustment along the lines of the one currently being proposed by the national government. This would be compatible with a gradual recovery of private domestic demand in 2022. The size and characteristics of the fiscal adjustment that is ultimately implemented, as well as the corresponding market response, represent another source of forecast uncertainty. Newly available information offers evidence of the potential for significant changes to the macroeconomic scenario, though without altering the general diagnosis described above. The most recent data on inflation, growth, fiscal policy, and international financial conditions suggests a more dynamic economy than previously expected. However, a third wave of the pandemic has delayed the re-opening of Colombia’s economy and brought with it a deceleration in economic activity. Detailed descriptions of these considerations and subsequent changes to the macroeconomic forecast are presented below. The expected annual decline in GDP (-0.3%) in the first quarter of 2021 appears to have been less pronounced than projected in January (-4.8%). Partial closures in January to address a second wave of COVID-19 appear to have had a less significant negative impact on the economy than previously estimated. This is reflected in figures related to mobility, energy demand, industry and retail sales, foreign trade, commercial transactions from selected banks, and the national statistics agency’s (DANE) economic tracking indicator (ISE). Output is now expected to have declined annually in the first quarter by 0.3%. Private consumption likely continued to recover, registering levels somewhat above those from the previous year, while public consumption likely increased significantly. While a recovery in investment in both housing and in other buildings and structures is expected, overall investment levels in this case likely continued to be low, and gross fixed capital formation is expected to continue to show significant annual declines. Imports likely recovered to again outpace exports, though both are expected to register significant annual declines. Economic activity that outpaced projections, an increase in oil prices and other export products, and an expected increase in public spending this year account for the upward revision to the 2021 growth forecast (from 4.6% with a range between 2% and 6% in January, to 6.0% with a range between 3% and 7% in April). As a result, the output gap is expected to be smaller and to tighten more rapidly than projected in the previous report, though it is still expected to remain in negative territory on the forecast horizon. Wide forecast intervals reflect the fact that the future evolution of the COVID-19 pandemic remains a significant source of uncertainty on these projections. The delay in the recovery of economic activity as a result of the resurgence of COVID-19 in the first quarter appears to have been less significant than projected in the January report. The central forecast scenario expects this improved performance to continue in 2021 alongside increased consumer and business confidence. Low real interest rates and an active credit supply would also support this dynamic, and the overall conditions would be expected to spur a recovery in consumption and investment. Increased growth in public spending and public works based on the national government’s spending plan (Plan Financiero del Gobierno) are other factors to consider. Additionally, an expected recovery in global demand and higher projected prices for oil and coffee would further contribute to improved external revenues and would favor investment, in particular in the oil sector. Given the above, the technical staff’s 2021 growth forecast has been revised upward from 4.6% in January (range from 2% to 6%) to 6.0% in April (range from 3% to 7%). These projections account for the potential for the third wave of COVID-19 to have a larger and more persistent effect on the economy than the previous wave, while also supposing that there will not be any additional significant waves of the pandemic and that mobility restrictions will be relaxed as a result. Economic growth in 2022 is expected to be 3%, with a range between 1% and 5%. This figure would be lower than projected in the January report (3.6% with a range between 2% and 6%), due to a higher base of comparison given the upward revision to expected GDP in 2021. This forecast also takes into account the likely effects on private demand of a fiscal adjustment of the size currently being proposed by the national government, and which would come into effect in 2022. Excess in productive capacity is now expected to be lower than estimated in January but continues to be significant and affected by high levels of uncertainty, as reflected in the wide forecast intervals. The possibility of new waves of the virus (of uncertain intensity and duration) represents a significant downward risk to projected GDP growth, and is signaled by the lower limits of the ranges provided in this report. Inflation (1.51%) and inflation excluding food and regulated items (0.94%) declined in March compared to December, continuing below the 3% target. The decline in inflation in this period was below projections, explained in large part by unanticipated increases in the costs of certain foods (3.92%) and regulated items (1.52%). An increase in international food and shipping prices, increased foreign demand for beef, and specific upward pressures on perishable food supplies appear to explain a lower-than-expected deceleration in the consumer price index (CPI) for foods. An unexpected increase in regulated items prices came amid unanticipated increases in international fuel prices, on some utilities rates, and for regulated education prices. The decline in annual inflation excluding food and regulated items between December and March was in line with projections from January, though this included downward pressure from a significant reduction in telecommunications rates due to the imminent entry of a new operator. When controlling for the effects of this relative price change, inflation excluding food and regulated items exceeds levels forecast in the previous report. Within this indicator of core inflation, the CPI for goods (1.05%) accelerated due to a reversion of the effects of the VAT-free day in November, which was largely accounted for in February, and possibly by the transmission of a recent depreciation of the peso on domestic prices for certain items (electric and household appliances). For their part, services prices decelerated and showed the lowest rate of annual growth (0.89%) among the large consumer baskets in the CPI. Within the services basket, the annual change in rental prices continued to decline, while those services that continue to experience the most significant restrictions on returning to normal operations (tourism, cinemas, nightlife, etc.) continued to register significant price declines. As previously mentioned, telephone rates also fell significantly due to increased competition in the market. Total inflation is expected to continue to be affected by ample excesses in productive capacity for the remainder of 2021 and 2022, though less so than projected in January. As a result, convergence to the inflation target is now expected to be somewhat faster than estimated in the previous report, assuming the absence of significant additional outbreaks of COVID-19. The technical staff’s year-end inflation projections for 2021 and 2022 have increased, suggesting figures around 3% due largely to variation in food and regulated items prices. The projection for inflation excluding food and regulated items also increased, but remains below 3%. Price relief measures on indirect taxes implemented in 2020 are expected to lapse in the second quarter of 2021, generating a one-off effect on prices and temporarily affecting inflation excluding food and regulated items. However, indexation to low levels of past inflation, weak demand, and ample excess productive capacity are expected to keep core inflation below the target, near 2.3% at the end of 2021 (previously 2.1%). The reversion in 2021 of the effects of some price relief measures on utility rates from 2020 should lead to an increase in the CPI for regulated items in the second half of this year. Annual price changes are now expected to be higher than estimated in the January report due to an increased expected path for fuel prices and unanticipated increases in regulated education prices. The projection for the CPI for foods has increased compared to the previous report, taking into account certain factors that were not anticipated in January (a less favorable agricultural cycle, increased pressure from international prices, and transport costs). Given the above, year-end annual inflation for 2021 and 2022 is now expected to be 3% and 2.8%, respectively, which would be above projections from January (2.3% and 2,7%). For its part, expected inflation based on analyst surveys suggests year-end inflation in 2021 and 2022 of 2.8% and 3.1%, respectively. There remains significant uncertainty surrounding the inflation forecasts included in this report due to several factors: 1) the evolution of the pandemic; 2) the difficulty in evaluating the size and persistence of excess productive capacity; 3) the timing and manner in which price relief measures will lapse; and 4) the future behavior of food prices. Projected 2021 growth in foreign demand (4.4% to 5.2%) and the supposed average oil price (USD 53 to USD 61 per Brent benchmark barrel) were both revised upward. An increase in long-term international interest rates has been reflected in a depreciation of the peso and could result in relatively tighter external financial conditions for emerging market economies, including Colombia. Average growth among Colombia’s trade partners was greater than expected in the fourth quarter of 2020. This, together with a sizable fiscal stimulus approved in the United States and the onset of a massive global vaccination campaign, largely explains the projected increase in foreign demand growth in 2021. The resilience of the goods market in the face of global crisis and an expected normalization in international trade are additional factors. These considerations and the expected continuation of a gradual reduction of mobility restrictions abroad suggest that Colombia’s trade partners could grow on average by 5.2% in 2021 and around 3.4% in 2022. The improved prospects for global economic growth have led to an increase in current and expected oil prices. Production interruptions due to a heavy winter, reduced inventories, and increased supply restrictions instituted by producing countries have also contributed to the increase. Meanwhile, market forecasts and recent Federal Reserve pronouncements suggest that the benchmark interest rate in the U.S. will remain stable for the next two years. Nevertheless, a significant increase in public spending in the country has fostered expectations for greater growth and inflation, as well as increased uncertainty over the moment in which a normalization of monetary policy might begin. This has been reflected in an increase in long-term interest rates. In this context, emerging market economies in the region, including Colombia, have registered increases in sovereign risk premiums and long-term domestic interest rates, and a depreciation of local currencies against the dollar. Recent outbreaks of COVID-19 in several of these economies; limits on vaccine supply and the slow pace of immunization campaigns in some countries; a significant increase in public debt; and tensions between the United States and China, among other factors, all add to a high level of uncertainty surrounding interest rate spreads, external financing conditions, and the future performance of risk premiums. The impact that this environment could have on the exchange rate and on domestic financing conditions represent risks to the macroeconomic and monetary policy forecasts. Domestic financial conditions continue to favor recovery in economic activity. The transmission of reductions to the policy interest rate on credit rates has been significant. The banking portfolio continues to recover amid circumstances that have affected both the supply and demand for loans, and in which some credit risks have materialized. Preferential and ordinary commercial interest rates have fallen to a similar degree as the benchmark interest rate. As is generally the case, this transmission has come at a slower pace for consumer credit rates, and has been further delayed in the case of mortgage rates. Commercial credit levels stabilized above pre-pandemic levels in March, following an increase resulting from significant liquidity requirements for businesses in the second quarter of 2020. The consumer credit portfolio continued to recover and has now surpassed February 2020 levels, though overall growth in the portfolio remains low. At the same time, portfolio projections and default indicators have increased, and credit establishment earnings have come down. Despite this, credit disbursements continue to recover and solvency indicators remain well above regulatory minimums. 1.2 Monetary policy decision In its meetings in March and April the BDBR left the benchmark interest rate unchanged at 1.75%.