Relevant bibliographies by topics / Tax management portfolios

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers

Academic literature on the topic 'Tax management portfolios'

Author: Grafiati
Published: 4 June 2021
Last updated: 30 January 2023

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Journal articles on the topic "Tax management portfolios"

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Horvitz, Jeffrey E., and Jarrod W. Wilcox. "Tax Management of Stock Portfolios." Journal of Investing 14, no. 1 (February 28, 2005): 83–89. http://dx.doi.org/10.3905/joi.2005.479392.

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Santodomingo, Rey, Vassilii Nemtchinov, and Tianchuan Li. "Tax Management of Factor-Based Portfolios." Journal of Index Investing 7, no. 2 (August 31, 2016): 78–86. http://dx.doi.org/10.3905/jii.2016.7.2.078.

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Davidson, R. B. "The Value of Tax Management for Bond Portfolios." Journal of Wealth Management 1, no. 4 (January 31, 1999): 49–55. http://dx.doi.org/10.3905/jwm.1999.320344.

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Moore, Howard. "Practical Applications of Tax Management of Factor-Based Portfolios." Practical Applications 4, no. 2 (October 31, 2016): 1.11–4. http://dx.doi.org/10.3905/pa.2016.4.2.176.

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Brunel, Jean L. P. "A Tax-Aware Approach to the Management of Multiasset Class Portfolios." Journal of Wealth Management 1, no. 4 (January 31, 1999): 57–70. http://dx.doi.org/10.3905/jwm.1999.320345.

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Shittu, Ekundayo, and Erin Baker. "Optimal Energy R&D Portfolio Investments in Response to a Carbon Tax." IEEE Transactions on Engineering Management 57, no. 4 (November 2010): 547–59. http://dx.doi.org/10.1109/tem.2009.2023107.

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In this paper, we deal with a very timely issue-R&D strategies needed for compliance with a climate policy in an economically optimal way. We provide interesting insights into the composition of R&D portfolios across the main mitigation options for decision makers and policy makers. We address the optimal R&D investment response of a decision maker or an engineering manager-at the firm level with a portfolio of alternative technologies-to a rising carbon tax. Understanding the optimal allocation of investments in these technologies is crucial because like most economic resources, there is a limitation on the investment capabilities of a firm to undertake these innovative efforts. In addition, environmental R&D spending is irreversible and investment decisions made today have multiperiod consequences on the energy technologies landscape. Thus, we explore the reaction of a firm's optimal investment in an energy R&D portfolio comprising four different technologies to increases in a future carbon tax. We find that investment allocation depends on the elasticity of substitution between fossil and nonfossil energy inputs, and the relative costs and efficacy of the R&D programs; and that overall investment tends to decrease in risk depending on firm flexibility and specifications.
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Pinelli, Jean-Paul, Josemar Da Cruz, Kurtis Gurley, Andres Santiago Paleo-Torres, Mohammad Baradaranshoraka, Steven Cocke, and Dongwook Shin. "Uncertainty Reduction Through Data Management in the Development, Validation, Calibration, and Operation of a Hurricane Vulnerability Model." International Journal of Disaster Risk Science 11, no. 6 (November 20, 2020): 790–806. http://dx.doi.org/10.1007/s13753-020-00316-4.

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AbstractCatastrophe models estimate risk at the intersection of hazard, exposure, and vulnerability. Each of these areas requires diverse sources of data, which are very often incomplete, inconsistent, or missing altogether. The poor quality of the data is a source of epistemic uncertainty, which affects the vulnerability models as well as the output of the catastrophe models. This article identifies the different sources of epistemic uncertainty in the data, and elaborates on strategies to reduce this uncertainty, in particular through identification, augmentation, and integration of the different types of data. The challenges are illustrated through the Florida Public Hurricane Loss Model (FPHLM), which estimates insured losses on residential buildings caused by hurricane events in Florida. To define the input exposure, and for model development, calibration, and validation purposes, the FPHLM teams accessed three main sources of data: county tax appraiser databases, National Flood Insurance Protection (NFIP) portfolios, and wind insurance portfolios. The data from these different sources were reformatted and processed, and the insurance databases were separately cross-referenced at the county level with tax appraiser databases. The FPHLM hazard teams assigned estimates of natural hazard intensity measure to each insurance claim. These efforts produced an integrated and more complete set of building descriptors for each policy in the NFIP and wind portfolios. The article describes the impact of these uncertainty reductions on the development and validation of the vulnerability models, and suggests avenues for data improvement. Lessons learned should be of interest to professionals involved in disaster risk assessment and management.
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Lemmon, Michael L., and Thanh Nguyen. "Dividend yields and stock returns in Hong Kong." Managerial Finance 41, no. 2 (February 9, 2015): 164–81. http://dx.doi.org/10.1108/mf-01-2014-0009.

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Purpose – The positive relationship between dividend yield and risk-adjusted return, which is called the dividend yield effect, is well documented in the US market. Yet, the drivers of the yield effect are unclear. Some argue this evidence is consistent with the prediction that the investor-level tax burden is capitalized in stock prices, also known as the tax capitalization hypothesis. Still others contend that nontax omitted factors drive the yield effect. The purpose of this paper is to contribute to the debate by exploring if the yield effect occurs in Hong Kong market where no taxes exist on either dividend income or capital gain. Design/methodology/approach – The authors use two main approaches to detect the dividend yield effect. The first approach groups stocks into portfolios based on dividend yields and tests for the presence of a yield effect at the portfolio level. The second approach employs the Fama-MacBeth methodology at the firm level and tests if a yield effect is existent after controlling for firm characteristics known to explain stock returns. Findings – The paper documents a robust dividend yield effect in the Hong Kong market and suggests that nontax reasons help to explain the yield effect. Originality/value – Tax capitalization is a long-standing question in financial economics and the research evidence is mixed. The findings do not completely rule out the tax capitalization hypothesis. The main contribution is to illustrate the difficulty of conducting a powerful test of this hypothesis in practice and to urge caution in interpreting the dividend yield effect as evidence in support of this hypothesis.
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Ke, Mei-Chu, Jian-Hsin Chou, Chin-Shan Hsieh, Tsung-Li Chi, Cheng-Te Chen, and Tung Liang Liao. "Testing the monthly anomaly with stochastic dominance." Managerial Finance 40, no. 2 (January 7, 2014): 137–56. http://dx.doi.org/10.1108/mf-07-2013-0182.

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Purpose – This study uses stochastic dominance (SD) theory to examine whether the traditional festival, such as the Spring Festival (often in February), affects the patterns of monthly anomaly for the Taiwan Stock Exchange (TWSE). The paper aims to discuss these issues. Design/methodology/approach – The authors employ a new bootstrap-based test due to Linton, Maasoumi and Whang (hereafter LMW). The LMW test is well suited for financial time series data, such as monthly returns of various portfolios in this study, because it allows for general dependence among the prospects (distributions) and does not require the observations to be identically and independently distributed. Findings – The particular findings of this study are that the February effect and the February-size effect indeed exist in the TWSE. Furthermore, allowing part of investors' assets is invested in the risky asset and the remaining part in a risk-free asset, first finding for monthly anomaly in the extant literature, is useful in distinguishing the performance among various size-month portfolios. Originality/value – Instead of tax-loss and window dressing hypothesis, the Spring Festival money movement hypothesis can be used to well explain the findings.
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Altiparmakov, Nikola, and Gordana Matković. "The development of private pensions in Serbia: caught between a generic blueprint and an unconducive local environment." Transfer: European Review of Labour and Research 24, no. 1 (February 2018): 57–71. http://dx.doi.org/10.1177/1024258917746033.

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Serbia is one of the rare eastern European countries that decisively dismissed the controversial pension privatisation agenda whereby mandatory private pension funds would be introduced to (partially) replace existing public pay-as-you-go (PAYG) benefits. Instead, Serbia opted for a more traditional western European approach, combining PAYG cost-containment parametric reforms with the introduction of tax-preferred supplementary private pensions. We explain that the desire for equitable intergenerational burden-sharing was one of the key factors behind the decision-making process that made Serbia diverge from regional trends and World Bank orthodoxy. Nonetheless, problems that have plagued mandatory private funds in neighbouring countries, such as excessive operating costs and undiversified portfolios, have also been prevalent in the Serbian voluntary private pension fund industry, which failed to achieve tangible labour market coverage and whose survival has been due mostly to exclusive tax privileges.
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Dissertations / Theses on the topic "Tax management portfolios"

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Tavares, Carlos Alberto da Silva. "A influência da fiscalidade na gestão de activos financeiros." Master's thesis, Instituto Superior de Economia e Gestão, 2013. http://hdl.handle.net/10400.5/11245.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
No presente estudo procurou-se investigar em que medida a fiscalidade é suscetível de influenciar a gestão de ativos financeiros num mercado globalizado em que esta atividade desempenha um papel importante no crescimento económico, porque permite a canalização das poupanças dos investidores para as necessidades da economia real e em que a capacidade da economia para gerar e atrair poupança depende, entre outros fatores, das políticas orçamentais e de sistemas fiscais eficientes. O estudo evidencia áreas da tributação controversas e discutíveis, designadamente no respeitante ao enquadramento dos rendimentos gerados pelos investimentos em ativos financeiros, em termos da sua qualificação como rendimentos de capitais ou como rendimentos de mais-valias, bem como ao regime fiscal aplicável aos fundos de investimento mobiliário, sendo que a diferenciação de tratamento fiscal cria oportunidades de gestão fiscal aos investidores. Os resultados da investigação permitiram concluir que a fiscalidade é um dos fatores que influência as decisões dos investidores, que a concorrência fiscal internacional é uma realidade, e que o regime fiscal dos fundos, previsto no sistema fiscal português, não é internacionalmente competitivo, não conseguindo atrair investidores não residentes, sendo a otimização fiscal das carteiras de ativos financeiros uma preocupação dos gestores de ativos financeiros.
The present study sought to investigate the extent to which the tax is likely to influence the management of financial assets, in a globalized market, where this activity plays an important role in economic growth, as it allows the channeling of savings to investors for the needs of real economy and the economy's capacity to generate and attract savings depends, among other factors, of budgetary policies and efficient tax systems. This study highlights areas of taxation controversial and debatable, particularly as regards the classification of the income generated by investments in financial assets, as capital income or capital gains, the tax treatment investment funds and the differentiation of tax treatment which creates opportunities for tax management to investors. Research results showed that taxation is one of the factors that influence the decisions of investors, the international tax competition is a reality that the tax regime of the funds provided for in the Portuguese tax system it is not internationally competitive, unable to attract non-resident investors and the tax optimization of portfolios of assets a concern of financial asset managers.
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Leisher, Thomas Kai. "Exchange-Traded Funds: The Unknown Investment Opportunity." Wittenberg University Honors Theses / OhioLINK, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=wuhonors1617280855446967.

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Tergny, Guillaume. "Allocation dynamique de portefeuille avec profil de gain asymétrique : risk management, incitations financières et benchmarking." Phd thesis, Conservatoire national des arts et metiers - CNAM, 2011. http://tel.archives-ouvertes.fr/tel-00629049.

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Les gérants de portefeuille pour compte de tiers sont souvent jugés par leur performance relative à celle d'un portefeuille benchmark. A ce titre, ils sont amenés très fréquemment à utiliser des modèles internes de "risk management" pour contrôler le risque de sous-performer le benchmark. Par ailleurs, ils sont de plus en plus nombreux à adopter une politique de rémunération incitative, en percevant une commission de sur-performance par rapport au benchmark. En effet, cette composante variable de leur rémunération leur permet d'augmenter leur revenu en cas de sur-performance sans contrepartie en cas de sous-performance. Or de telles pratiques ont fait récemment l'objet de nombreuses polémiques : la période récente de crise financière mondiale a fait apparaître certaines carences de plusieurs acteurs financiers en terme de contrôle de risque ainsi que des niveaux de prise de risque et de rémunération jugés excessifs. Cependant, l'étude des implications de ces pratiques reste un thème encore relativement peu exploré dans le cadre de la théorie classique des choix dynamiques de portefeuille en temps continu. Cette thèse analyse, dans ce cadre théorique, les implications de ces pratiques de "benchmarking" sur le comportement d'investissement de l'asset manager. La première partie étudie les propriétés de la stratégie dynamique optimale pour l'asset manager concerné par l'écart entre la rentabilité de son portefeuille et celle d'un benchmark fixe ou stochastique (sur ou sous-performance). Nous considérons plusieurs types d'asset managers, caractérisés par différentes fonctions d'utilité et qui sont soumis à différentes contraintes de risque de sous-performance. Nous montrons en particulier quel est le lien entre les problèmes d'investissement avec prise en compte de l'aversion à la sous-performance et avec contrainte explicite de "risk management". Dans la seconde partie, on s'intéresse à l'asset manager bénéficiant d'une rémunération incitative (frais de gestion variables, bonus de sur-performance ou commission sur encours additionnelle). On étudie, selon la forme de ses incitations financières et son degré d'aversion à la sous-performance, comment sa stratégie d'investissement s'écarte de celle de l'investisseur (ou celle de l'asset manager sans rémunération incitative). Nous montrons que le changement de comportement de l'asset manager peut se traduire soit par une réduction du risque pris par rapport à la stratégie sans incitation financière soit au contraire par une augmentation de celui-ci. Finalement, nous montrons en quoi la présence de contraintes de risque de sous-performance, imposées au gérant ou traduisant son aversion à la sous-performance, peut être bénéfique à l'investisseur donnant mandat de gestion financière.
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Dubecq, Simon. "Stress-Test Exercises and the Pricing of Very Long-Term Bonds." Phd thesis, Université Paris Dauphine - Paris IX, 2013. http://tel.archives-ouvertes.fr/tel-00871760.

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In the first part of this thesis, we introduce a new methodology for stress-test exercises. Our approach allows to consider richer stress-test exercises, which assess the impact of a modification of the whole distribution of asset prices' factors, rather than focusing as the common practices on a single realization of these factors, and take into account the potential reaction to the shock of the portfolio manager. The second part of the thesis is devoted to the pricing of bonds with very long-term time-to-maturity (more than ten years). Modeling the volatility of very long-term rates is a challenge, due to the constraints put by no-arbitrage assumption. As a consequence, most of the no-arbitrage term structure models assume a constant limiting rate (of infinite maturity). The second chapter investigates the compatibility of the so-called "level" factor, whose variations have a uniform impact on the modeled yield curve, with the no-arbitrage assumptions. We introduce in the third chapter a new class of arbitrage-free term structure factor models, which allows the limiting rate to be stochastic, and present its empirical properties on a dataset of US T-Bonds.
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"Essays on delegated portfolio management." Universitat Pompeu Fabra, 2009. http://www.tesisenxarxa.net/TDX-1209109-124356/.

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Amromin, Gene. "Taxable and tax-deferred portfolio choices : theory and practice /." 2002. http://gateway.proquest.com/openurl?url_ver=Z39.88-2004&res_dat=xri:pqdiss&rft_val_fmt=info:ofi/fmt:kev:mtx:dissertation&rft_dat=xri:pqdiss:3070152.

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Naccarato, Rose M. "Options for Tennessee's tax system a prospective portfolio analysis /." Diss., 2006. http://etd.library.vanderbilt.edu/ETD-db/available/etd-07122006-230922/.

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Santos, Sandro Filipe de Jesus Silva. "O fundo de investimento mobiliário como instrumento de eficiência fiscal na gestão de carteiras de investidores particulares." Master's thesis, 2012. http://hdl.handle.net/10071/4630.

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A gestão de carteiras assume a responsabilidade de gerir os activos e instrumentos financeiros de acordo com as necessidades e desejos de cada cliente, apresentando as soluções mais adequadas de acordo com o perfil de risco, objectivos de rendibilidade e os horizontes temporais de investimento. Neste contexto, o factor fiscal não pode ser relegado para segundo plano, pois o seu impacto é real, devendo este ser tido em conta na tomada de decisão, porque o que mais importa é o retorno “real” do investimento. A gestão discricionária de carteiras através de fundos de investimento, não só partilha dos mesmos princípios básicos da gestão de carteiras tradicional, como adicionalmente beneficia de vantagens fiscais, financeiras e de risco que podem ser aproveitadas pelos investidores. Em Portugal, os fundos constituídos de acordo com a legislação nacional, beneficiam de um regime especial de tributação assente no princípio que, os participantes do fundo se encontram na mesma situação fiscal, caso fossem investidores directos. Pretende-se com esta tese, demonstrar a eficiência fiscal subjacente a uma gestão de carteiras de investimento para investidores particulares, quando esta é realizada através de um Fundo de Investimento Mobiliário nacional. O trabalho centrar-se-á no estudo dos princípios básicos da gestão de carteiras, na análise do enquadramento fiscal do investidor particular, no estudo exaustivo do regime fiscal dos Fundos de Investimento Mobiliário e por último na demonstração das diferenças da fiscalidade entre o investimento directo e o investimento indirecto.
The portfolio management assumes the responsibility of managing assets and financial instruments according to the needs and desires of each client, presenting the most suitable solutions according to the clients risk profile, yield/profitability objectives and investment time line. In this context, the tax element cannot be over-looked, because its impact is real and it should be taken into consideration when taking decisions, because all that matters is the “real” return on investment. Discretionary portfolio management through investment funds, not only share the same main principles of the traditional portfolio management, but also benefits from tax, financial and risk advantages that can be taken up by the investors. In Portugal, funds formed according the Portuguese law benefit from a special taxation regime, built on the principle that the fund participants are on the same tax level as if they were direct investors. With this thesis it is intended to show the tax efficiency behind the portfolio management for private clients through a Portuguese Mutual Fund. The scope of this document is the study of the main portfolio management principles, on the analysis of the private investor tax framework, in-depth study of the mutual investment funds tax regime and on the observance of the taxation differences between direct investment and indirect investment.
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Qu, Heng. "Two essays on nonprofit finance." Diss., 2016. http://hdl.handle.net/1805/10643.

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Indiana University-Purdue University Indianapolis (IUPUI)
This dissertation consists of two essays on nonprofit finance. Nonprofit finance concerns obtaining and managing financial resources to support the social purposes of nonprofit organizations. A unique feature of nonprofit finance is that nonprofits derive revenue from a variety of sources. Nonprofit finance thus involves answering two fundamental questions: What is the optimal combination of revenue sources that supports a nonprofit to achieve its mission? Where and how to obtain the revenue sources? The two dissertation essays address these two questions respectively. The first essay, titled “Modern Portfolio Theory and the Optimization of Nonprofit Revenue Mix,” is among the first to properly apply modern portfolio theory (MPT) from corporate finance to nonprofit finance. By analyzing nonprofit tax return data, I estimate the expected return and risk characteristics for five nonprofit revenue sources as well as the correlations among these returns. I use the estimates to identify the efficient frontiers for nonprofits in different industries, based on which nonprofit managers can select an optimal portfolio that can minimize the risk given a preferred level of service provision or maximize the return given a level of risk. The findings also pose a challenge to the predominant approach used in previous nonprofit finance studies (Herfindahl-Hirschman Index) and suggest that MPT is theoretically and practically more helpful in guiding nonprofit revenue management. The second essay, titled “Charitable Giving in Nonprofit Service Associations: Identities, Incentives, and Gender Differences,” concerns nonprofit resource attainment, specifically, how do decisionmaking contexts and framing affect donations. Membership in a service club is characterized by two essential elements: members’ shared interest in the club’s charitable mission; and private benefits that often come as a result of social interactions with other members, such as networking, fellowship, and fun. A laboratory experiment was designed to examine 1) whether membership in a service club makes a person more generous and 2) the effect of service club membership—stressing either the service or socializing aspects—on individual support for collective goods. The study finds that female individuals are the least generous when they are reminded of the socializing aspect of service-club membership.
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Books on the topic "Tax management portfolios"

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Mavruk, Taylan. On the importance of information asymmetry: Essays on local bias and managerial myopia. Göteborg: BAS Publishing, 2010.

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Tax-aware investment management: The essential guide. New York: Bloomberg Press, 2006.

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Poterba, James M. Taxation, risk-taking, and household portfolio behavior. Cambridge, MA: National Bureau of Economic Research, 2001.

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Pak, Chʻang-gyun. Chʻoejŏk chasan idŭk kwase e kwanhan yŏnʼgu: Kagye chasan poyu wa chasan kwase. Sŏul Tʻŭkpyŏlsi: Hanʼguk Kaebal Yŏnʼguwŏn, 2006.

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McGill, Ross. Investment withholding tax: Best practice and strategies for intermediaries and investors. New York: Palgrave Macmillan, 2009.

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McGill, Ross. Investment withholding tax: Best practice and strategies for intermediaries and investors. New York: Palgrave Macmillan, 2009.

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Richard, Johnson. Portfolio choice in tax-deferred and Roth-type savings accounts. Kansas City [Mo.]: Research Division, Federal Reserve Bank of Kansas City, 2003.

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McGill, Ross. Investment withholding tax: Best practice and strategies for intermediaries and investors. New York: Palgrave Macmillan, 2009.

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Francis, Jack Clark. Investments: Analysis and management. 5th ed. Maidenhead: McGraw-Hill, 1991.

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Francis, Jack Clark. Investments: Analysis and management. 4th ed. New York: McGraw-Hill, 1986.

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Book chapters on the topic "Tax management portfolios"

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Luther, Robert G., and J. Matatko. "Tax Effects in Gilt-edged Security Valuation." In Risk, Portfolio Management and Capital Markets, 81–103. London: Palgrave Macmillan UK, 1992. http://dx.doi.org/10.1007/978-1-349-11666-9_6.

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Savona, Roberto. "On the Supposed Foreign Superiority: The Italian Tax Puzzle." In Diversification and Portfolio Management of Mutual Funds, 312–33. London: Palgrave Macmillan UK, 2007. http://dx.doi.org/10.1057/9780230626508_14.

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"Quantitative Tax-Aware Portfolio Management and Concentrated Stock." In Tax-Aware Investment Management, 117–31. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2015. http://dx.doi.org/10.1002/9780470883761.ch10.

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Shan, Tony C., and Winnie W. Hua. "Strategic Technology Engineering Planning." In Strategic Information Technology and Portfolio Management, 275–95. IGI Global, 2009. http://dx.doi.org/10.4018/978-1-59904-687-7.ch015.

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This chapter presents a methodical strategic technology engineering planning (STEP) approach, to effectively cope with the design complexity in service-oriented architecture and manage the strategic planning of solution development of information systems. This holistic model comprises four modules: Want-Is-Target (WIT) model, Transition and Alignment Grid (TAG), Comprehensive Architecting Process (CAP), and Joint Analysis & Roadmapping (JAR). The characteristics and features of the constituent elements in the STEP model are articulated in great detail. The WIT model defines three stages of architecture states – current, target, and end state. TAG specifies two dimensions for architecture planning, namely current-to-future state transformation and IT-to-Business alignment. CAP presents an overarching method for step-by-step engineering and design in system architecture and portfolio optimization. JAR comprises the best-of-breed strategic analysis techniques, accompanied by a hybrid method with strategy-driven and initiative-driven planning streams. Applying the framework in planning and future trends are also discussed in the context. This overarching framework provides a comprehensive multi-disciplinary approach to conducting strategic and tactical technology planning for both near-term needs and long-term goals.
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Dale, Peter, and John McLaughlin. "Land Values and the Fiscal Cadastre." In Land Administration. Oxford University Press, 2000. http://dx.doi.org/10.1093/oso/9780198233909.003.0010.

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Classic economic theory holds that there are three vehicles for generating wealth in an economy—capital, labour, and land. Land is fundamental, for labour cannot live without space and capital cannot be managed without offices and the infrastructure that is built upon the land. The management of land has social, political, and economic dimensions. While the post-war land reforms were driven largely by political agendas, current reforms are primarily concerned with the development of land markets. In their study of urban land markets, the Organization for Economic Cooperation and Development (OECD) pointed out that: . . . Land plays an important role as a financial asset. It is an important element in the portfolios of central and local government, nationalized industries, private companies and financial institutions. Financial markets and property markets are intimately connected. Land, especially seen from an historical perspective, is often considered from an investor’s point of view as a superior asset to the financial assets available on capital markets, mainly because of the potential of land to maintain its value over time and because of favourable tax treatment. The more capital and land markets are developed, the higher is the degree of possible substitution between land and other assets. Land and building values together can account for a substantial share of the market capitalization or many businesses and are often a prime consideration of corporate strategy. Stock market growth can be fuelled by rising prices in real estate markets when land is used as collateral for loans. Should land and prices fall in a volatile market place, a high level of dependency on land and property-based assets may carry the risk of serious financial disruptions. . . . The report went on to state that: Land policy cannot be effectively designed and pursued if governments do not understand how their land markets operate (OECD 1992). Land and property are important components in any market driven economy—their value is a measure of the wealth of any society and probably accounts for more than 20 per cent of GDP (UNECE 1996). In most countries, the biggest landowner is the state.
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Ferreira, Erika Borges, Liliane Cristina Segura, Ana Lucia Fontes de Souza Vasconcelos, and Rute Abreu. "Accounting Planning for Acceleration in Small Companies." In Advances in Human Resources Management and Organizational Development, 401–15. IGI Global, 2022. http://dx.doi.org/10.4018/978-1-6684-5666-8.ch022.

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To develop an interventionist proposal, a professional qualification program was developed, with a portfolio of management tools offered in a learning trail (or knowledge trail or development trail) where the learner can choose their contents according to their performance improvement priorities, through the application of a thermometer that identifies their greatest weaknesses, to mitigate accounting, financial, and tax risks. By generating knowledge in a direct and simplified way, the authors seek to consolidate a healthy and lasting management, improving the situation of Brazilian beauty salons. The proposal has interventionist methodology because it has as its principle the theoretical/practical relationship. In addition it adopts an approach based on the engaged scholarship, which is a participatory form of research developed by the main stakeholders (researchers, users, customers, sponsors, and professionals) to understand and solve a complex social problem.
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Saner, Raymond, Lichia Yiu, and Mario Filadoro. "Tourism Development in Least Developed Countries." In Handbook of Research on Global Hospitality and Tourism Management, 229–55. IGI Global, 2015. http://dx.doi.org/10.4018/978-1-4666-8606-9.ch013.

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Effective tourism strategies of a developing country can create revenue generating opportunities (tax revenues) and provide sustainable employment for semi-skilled or unskilled workers. Such tourism development strategies require systemic thinking and comprehensive investment portfolio strategies regarding the tourism industry as a whole, i.e. going beyond investing in hotels, but also including transportation infrastructure, catering, restaurants, safe water, financial system etc. In other words, the destination countries need to review their tourism value & supply chains and identify structural impediments to the full utilization of their tourism assets and facilities. This chapter shows how Least Developed Countries (LDCs) can define their tourism sector development and suggests a framework which can be used by a LDC to assess its tourism development potential. It can also be used by potential investors interested in investing in an LDC's tourism sector who need to understand the broader context of doing business in LDCs.
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Frolova, I. V., T. V. Matytsyna, T. G. Pogorelova, and E. A. Likhatskaya. "Harmonization of the tax portfolio of an organization by means of situational matrix modeling." In Managing Service, Education and Knowledge Management in the Knowledge Economic Era, 69–74. CRC Press, 2017. http://dx.doi.org/10.1201/9781315269146-14.

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Smithers, Andrew. "Summary." In The Economics of the Stock Market, 156–57. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780192847096.003.0032.

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Ex post corporate leverage must match ex post household portfolio preference. The utility preferences of managers determine the investment, leverage, and pay-out policies of quoted companies, which dominate the economy. Managements seek to maximize the present value of their companies as measured by the stock market not net worth. They avoid being over or underleveraged so that the ratio of interest payments to pre-tax profits is mean reverting. They invest when expected returns match the hurdle rate of 6.7 per cent p.a. The stationarity of equity returns is shown by historic returns and their negative serial correlation. Households dislike falls in income more than they like rises; their utility function leads to a low risk-free rate of interest even for twenty-year bonds and a high return on equity. The utility functions of savers and corporate managers differ, companies do not behave as if they were run by owners. The high elasticity of corporate leverage to changes in bond yields and the low elasticity of household portfolio preference results in their ex post identity being achieved solely through changes in bond yields. The real return on equity is stationary despite changes in demography. There are four constants. The mean reversion of the real return on equity at circa 6.7 per cent. The mean reversion of the profit (after depreciation) and labour shares of output. The mean reversion of the ratio of interest payments to profits. The mean reversion of the ratio of the value of fixed produced capital to output.
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Conference papers on the topic "Tax management portfolios"

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Febrian, F. "Managing Oil and Gas Project Value By Prime (Pertamina Investment Management Engine)." In Digital Technical Conference. Indonesian Petroleum Association, 2020. http://dx.doi.org/10.29118/ipa20-bc-88.

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Oil and gas companies are facing an enormous challenge to create value from mature fields. Moreover, price volatility presents a massive impact on project uncertainties. Therefore, robust portfolio management is essential for oil and gas companies to manage critical challenges and uncertainties. The objective of this study is to develop a robust portfolio model to assist top management in oil and gas companies to drive investment strategy. PRIME (Pertamina Investment Management Engine) has been built to visualize advanced oil and gas project portfolio management. The engine observes the relationship between risk-and-return as the main framework drivers. The profitability index is endorsed as a parameter to envisage the investment effectiveness of individual projects. Correspondingly, the risk index is a manifestation of multi-variable analysis involving subsurface uncertainty and price. A nine clusters "tactical board" matrix is provided as the outcome of PRIME to define generic strategy & action plans. The PRIME analysis leads to a dual theme of perspective: both macro and micro-scale. The macro-scale discovers a diversification of strategy and scenario development to achieve long-term objectives. Whereas, micro-scale perspective generates a detailed action plan in a particular cluster as a representation of the short and mid-term corporate strategy. Several strategies and action plans have been recommended, including advanced technology implementation, new gas commercialization, additional incentives in the Production Sharing Contract, tax management renegotiation, and project portfolio rebalancing
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Themelis, Nickolas J., and Karsten Millrath. "The Case for WTE as a Renewable Source of Energy." In 12th Annual North American Waste-to-Energy Conference. ASMEDC, 2004. http://dx.doi.org/10.1115/nawtec12-2206.

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The combustion of municipal solid wastes for generating electricity (Waste-To-Energy) has been recognized by several states as a renewable source of energy. Yet, there has been determined opposition by some environmental groups to including WTE in the portfolio of renewable energy sources that will benefit from a tax credit designed to decrease reliance on non-renewable fossil fuels. While WTE is considered worldwide as a solid waste management option, the recognition and acceptance of WTE as a clean source of energy still requires public involvement and education. This paper will examine the “pro” and “con” arguments for considering WTE as a renewable energy source.
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Heliodoro, Paula, Rui Dias, Paulo Alexandre, and Maria Manuel. "THE IMPACT OF THE COVID-19 ON THE FINANCIAL MARKETS: EVIDENCE FROM G7." In Fourth International Scientific Conference ITEMA Recent Advances in Information Technology, Tourism, Economics, Management and Agriculture. Association of Economists and Managers of the Balkans, Belgrade, Serbia, 2020. http://dx.doi.org/10.31410/itema.2020.103.

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This essay aims to analyse the impact of the 2020 global pandemic on the stock indexes of France (CAC 40), Germany (DAX 30), USA (DOW JONES), United Kingdom (FTSE 100), Italy (FTSE MID), Japan (Nikkei 225) and Canada (TSX 300), from January 2018 to June 2020, with the sample being divided into two sub periods: first sub period from January 2018 to August 2019 (Pre-Covid); second period from September 2019 to June 2020 (Covid-19). In order to carry out this analysis, different approaches were taken in order to analyse whether: (i) the global pandemic (Covid-19) increased the persistence of the G7 financial markets? In the Pre-Covid period, we can verify the presence of long memories in the Canadian market (TSX), while the markets in France (CAC 40) and Italy (FTSE MID) show signs of balance, since the random walk hypothesis was not rejected. The German (DAX 30), USA (DJI), United Kingdom (FTSE 100) and Japan (NIKKEI 225) markets have anti-persistence (0 <α <0.5). In period II, the Covid-19-time scale is contained, and we verified the presence of significant long memories, except for the US stock index (0.49). These findings make it possible to show that the assumption of the market efficiency hypothesis may be called into question, because these markets are predictable, which validate the research question. The results of the pDCCA correlation coefficients, in the Pre-Covid period, show 14 pairs of median markets (0.333 → ≌ 0.666). We can also see 7 pairs of markets with strong correlation coefficients (0.666 → ≌ 1,000), showing that these markets have a tendency towards integration, this evidence may call into question the hypothesis of portfolio diversification. In period II (Covid-19) the λ_DCCA correlation coefficients have 7 strong market pairs (0.666 → ≌ 1,000), 5 pairs have weak pDCCA coefficient (0.000 → ≌ 0.333), 5 market pairs show anti-correlation (-1.000 → ≌ 0.000), and 4 market pairs show median coefficients (pDCCA) (0.333 → ≌ 0.666) (out of 21 possible). When compared to the previous subperiod, we found that the majority of the pDCCAs decreased, which shows that the markets have decreased their integration, making it possible to diversify portfolios in certain markets, especially in the Japanese market (NIKKEI 225). These conclusions open space for market regulators to take measures to ensure better informational information, in the stock markets, in the 7 most advanced economies in the world.
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Al Kindi, Osama Mohammed, Vincent Hugonet, Sara Al Balushi, Taher Al Ghailani, Suleiman Al Hinai, Marwan Al Sawafi, Riham Al Ismaili, et al. "The Journey Towards Net Zero Emissions for the Second Largest Asset in Petroleum Development Oman." In ADIPEC. SPE, 2022. http://dx.doi.org/10.2118/210903-ms.

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Abstract The world has been suffering from Green House Gases (GHG) emissions for years in the past and for years to come. Governments have started to show their real commitment through Carbon Tax, Energy Transition plans and more renewables and cleaner energy sources to replace the carbon intensive operations [1-2]. Petroleum Development Oman (PDO) has pledge to have a Net Zero emissions by 2050 with an aspirational target to reduce 50% of the current emissions by 2030. Asset M has gone through a regress assessment and opportunity identification workshops to pinpoint the strategic directions moving forward to meet that aspiration. Asset M is the 2nd Largest asset in PDO in terms of Oil and Water production. Over 0.9 mln bbls of Water are recycled on daily basis with around 54 MWs of power consumed. In line with PDO aspiration towards NZE, Asset M has pledge to reduce its emissions from Scope 1 & 2 by 50% in 2030 and net zero by 2050. As of today, Asset M is the most energy efficient asset in PDO with a GHG intensity of 0.12 t/t. The objective of this paper is to shed light on some of the best practices followed to achieve reduction in Energy consumption and GHGE in general. In 2019, Asset M emissions were estimated around 0.55 mln_tCO2e, these are mainly linked to power consumptions (70%) and flaring (15%). Due to the large Growth planned in HCM, Asset M is expected to grow additional 0.25 mln_tCO2e by 2030. To align with PDO NZE by 2050, the team took the lead to build a sustainable GHG reduction road map. The work has been structured under the Strategic A3 approach with clear metrics and timelines. A simple approach was developed to focus on the top 4 main themes: Flaring, Power consumption, Portfolio assessment and EE Awareness. Well Reservoir & Facility Management (WRFM) in addition to Fail-Less initiative were key in reducing the energy consumption from Artificially Lifted wells by the means of Conversion to a more Energy efficient Artificial-Lift types such as PCP/Rotaflex systems, PMM motors and more. cEOR (Enhanced Oil Recovery) is another front that has proven successful improvement not only in increasing the oil production but also in reducing the GHGE. Field-A Polymer set a record emission intensity in PDO with average of 0.03 tCO2e/tHC. Asset M is leading the Polymer thematic study to accelerate cEOR across Multiple fields in South leading to further GHGE reduction. A black belt (6-Sigma as part of Lean projects) was initiated in 2021 to investigate the possibility of reducing the energy consumption of the DWD pumps which are contributing 30% to Asset M energy consumption. The project managed to slash the consumption of these pumps by 25% (4 MW). This approach has paved the way for additional scope across PDO with additional 10-15 MW reduction with zero Cost.
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