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This work considers the optimization and development of business processes in investment. The conditions for the digitalization of the economy actualize the issue of introducing information technologies at all its levels and links. It is proved that information technology is an effective tool for reducing the time for the implementation of individual business processes and in investment. Its use expands the possibilities of exchanging information and its dissemination to the general public, improves the quality of investment tasks and the objectivity of investment decision-making results. Experimental studies have confirmed that the result of its application is the efficiency of obtaining, processing, and analyzing information when making management decisions. The visual content of the results of investment analysis, obtained using automation technologies, facilitates the perception of information, improves the quality of its transmission, and the value of ideas. The continuous development of information technologies in the field of investment is the basis for further scientific and practical research in this area. Based on such considerations, the feasibility of modifying the methodical toolkit of financial calculations in the process of analyzing the effectiveness of investment implementation is justified. Models of the modified internal rate of return on investment and the rate of return on financial management are proposed. Based on their definition, the objectivity of evaluating investments increases, the effectiveness of cash flow management during their implementation is proved. Strengthening the manifestation of crisis phenomena actualize the study of the nature of the occurrence of risks and the degree of their controllability. The approach to assessing investment risks using the β coefficient, the calculation technology, which is a universal tool for assessing the impact of systemic risks at the macro and micro levels, is substantiated.

This study examined the economic benefits of higher education in Ethiopia. It utilized a quantitative research approach. The study revealed that the benefit-cost ratio (BCR) for secondary and higher education is 1.97 and 1.84 respectively. This implies that both levels of education provide benefits outweighing their costs. Regarding the private and social rate of return, they were 68% and 23% respectively. These figures reveal that both the private and social benefits are higher than the those found in any previous studies. Lastly, higher education has the highest rate of return for employees of three key sectors－that is, teacher education, agriculture, and health sciences－with an estimated value of 23, 15.3, 16.3 per cent increases to earnings compared to 3.8 for secondary education. In conclusion, the increasing pattern of high private rates of return to higher education shows that a shift of the education cost burden from the social to the private might be accomplished through loan schemes in higher education., I acknowledge Dilla University for funding this research entitled “Economic Benefits of Higher Education in Ethiopia: A Benefit-Cost Ratio Analysis”.

This study attempts to examine whether it is beneficial to introduce the buy online and return to store (BORS) strategy in a competitive market. We consider two competing dual-channel retailers, and investigate conditions under which it is optimal for one or both of the retailers to offer the BORS strategy. We first assume that a partial refund is offered for online returns and then consider the important case of a full refund. We show that whether both retailers adopt this strategy significantly depends on the return rate and cross-selling profit. Specifically, if the return rate is sufficiently low (high), at least one retailer (both retailers) will adopt this strategy when cross-selling profit is relatively high. Nonetheless, both retailers will fall into the prisoner's dilemma under certain conditions. Interestingly, the return rate and proportion of consumers with a high hassle cost associated with BORS returns significantly influence the equilibrium channel strategy and the existence of the prisoner's dilemma. We further find that, when both retailers implement the BORS strategy, they both benefit from offering a full refund return policy when the number of online-type consumers is large enough and the unit cross-selling profit is relatively small, but should provide a partial refund otherwise. When only one retailer adopts the BORS strategy, a partial refund return policy is preferable.

PURPOSE: Oman is the first country among the GCC countries to implement corporate governance (CG) principles. Corporate governance regulates the fundamental principles that govern the activities of businesses, like the responsibilities and roles of the Board of Directors (BoD), financial reporting and auditing, remunerations, and internal control system. Banks play a vital role in the economic development of a country. Adopting CG practices and the audit function in banks paves the way for transparent financial reporting. Furthermore, the audit committee has an impact on the financial performance of a firm as they undertake the task of preventing fraudulent financial reporting. From the above discussion, the purpose of this study is to understand and examine the characteristics of the audit committee by exploring its association with its performance., METHODOLOGY: All the eight listed banks on the Muscat Stock Exchange (MSX) have been selected for the study, and data has been collected from the banks' annual reports for five years (2016-2020). The study has been conducted based on three CG characteristics such as the number of members in the committee, number of committee meetings and number of non-executive members in the committee. Measuring firm performance has been done by calculating Return on Asset (ROA) and Return on Equity (ROE). Correlation and regression analysis has been used to study the relationship between CG factors and bank performance. ROA and ROE are dependent variables. The three CG factors are independent variables, and bank size has been used as a control variable., RESULTS/FINDINGS: This study shows a positive relationship between the banks' performance and the number of committee meetings and non-executive members and a negative impact between the number of members in the committee and bank performance., ORIGINALITY AND PRACTICAL IMPLICATIONS: Further research on this study area can be conducted after 2021, considering the impact of audit committee characteristics on bank performance before and during COVID – 19., peer-reviewed

This work considers the optimization and development of business processes in investment. The conditions for the digitalization of the economy actualize the issue of introducing information technologies at all its levels and links. It is proved that information technology is an effective tool for reducing the time for the implementation of individual business processes and in investment. Its use expands the possibilities of exchanging information and its dissemination to the general public, improves the quality of investment tasks and the objectivity of investment decision-making results. Experimental studies have confirmed that the result of its application is the efficiency of obtaining, processing, and analyzing information when making management decisions. The visual content of the results of investment analysis, obtained using automation technologies, facilitates the perception of information, improves the quality of its transmission, and the value of ideas. The continuous development of information technologies in the field of investment is the basis for further scientific and practical research in this area. Based on such considerations, the feasibility of modifying the methodical toolkit of financial calculations in the process of analyzing the effectiveness of investment implementation is justified. Models of the modified internal rate of return on investment and the rate of return on financial management are proposed. Based on their definition, the objectivity of evaluating investments increases, the effectiveness of cash flow management during their implementation is proved. Strengthening the manifestation of crisis phenomena actualize the study of the nature of the occurrence of risks and the degree of their controllability. The approach to assessing investment risks using the β coefficient, the calculation technology, which is a universal tool for assessing the impact of systemic risks at the macro and micro levels, is substantiated., Роботу присвячено оптимізації та розвитку бізнес процесів в інвестуванні. Умови цифровізації економіки актуалізують питання впровадження інформаційних технологій на всіх її рівнях та ланках. Доведено, що інформаційні технології є дієвим інструментом скорочення часу на виконання окремих бізнес-процесів і в інвестуванні. Їх використання розширює можливості обміну інформації та її розповсюдження широкому загалу, покращують якість виконання інвестиційних завдань та об’єктивність результатів ухвалення інвестиційних рішень. Експериментальними дослідженнями підтверджено, що результатом їх застосування є оперативність здобуття, обробки та аналізу інформації при ухваленні управлінських рішень. Візуальний контент результатів інвестиційного аналізу, отриманий з використанням технологій автоматизації, облегшує сприйняття інформації, підвищує якість її передачі та цінність ідей. Безперервний розвиток інформаційних технологій в сфері інвестування є підґрунтям для подальших науково-практичних досліджень цього напряму. Із таких міркувань, обґрунтована доцільність модифікації методичного інструментарію здійснення фінансових обчислень в процесі аналізу ефективності реалізації інвестицій. Запропоновано моделі модифікованої внутрішньої норми дохідності інвестицій та норми дохідності фінансового управління. На основі їх визначення підвищується об’єктивність оцінки інвестицій, доводиться ефективність управління грошовими потоками під час їх реалізації. Посилення прояву кризових явищ актуалізують питання дослідження природи виникнення ризиків та ступеня їх контрольованості. Обґрунтовано підхід до оцінювання інвестиційних ризиків за допомогою β-коефіцієнту, технологія розрахунку, якого є універсальним інструментом оцінки впливу системних ризиків на макро- та мікрорівнях

The share of wealth held by the top one percent of Americans has increased from about 24% in 1980 to 40% in 2010. This paper examines the potential role played by three factors in accounting for this increase - decline in the corporate tax rates, increase in the income risk, and the decline in the world interest rates. Our model consists of altruistic households who either run a business or work for others. Entrepreneurial households enjoy high returns due to high productivity while worker households' savings earn the bank deposit rate that is determined in a competitive banking sector and equals the rate of return on foreign bonds. We find that entrepreneurship and intergenerational links via altruism are important factors generating a wealth distribution that mimics the data in the 2000s. However, it is the decline in the interest rate that plays a major role in accounting for the increase in the U.S. wealth inequality since the 1980s. In our model, the decline in the interest rate increases wealth inequality as it affects the two types of households differently. Entrepreneurial households benefit from lower financing costs and increase their investments while worker households face lower returns to their savings as the interest rate declines. Other changes such as the changes in taxation and income risk play a less significant role.

Quite different R&D lag structures predominate in studies of agricultural R&D compared with studies of R&D in other industries, and compared with studies of economic growth more broadly. Here we compare the main models and their implications using long-run data for U.S. agriculture. We reject the models predominantly used in studies of economic growth and industrial R&D both on prior grounds and using various statistical tests. The preferred model is a 50-year gamma lag distribution model. The estimated elasticity of MFP with respect to the knowledge stock is 0.28 and the implied marginal benefit-cost ratio is 23:1.

I investigate how covenants, intrinsic to Collateralized Loan Obligation (CLO) indentures, provide a mechanism through which idiosyncratic shocks may be amplified, imposing negative externalities on other unrelated firms in CLO portfolios. To this aim, I exploit cross-sectional variation in CLO exposure to the Oil & Gas (O&G) industry, as well as the timing of the O&G bust in 2014 to study how non-O&G firms in CLO portfolios are affected. I find that when CLOs are subject to idiosyncratic shocks that push them closer to their covenant constraints, they fire-sell unrelated loans in the secondary loan market to alleviate these constraints. The ex-post, secondary market spread becomes the effective cost of capital for these innocent bystanders, as the expected rate of return across debt instruments is equalized in market equilibrium. In response, firms make financial and real adjustments. These adjustments are most pronounced for riskier firms held in CLO portfolios, whose loans are marked at market prices, as selling mark-to-market loans can generate greater slack in the covenant constraints. As the sample period for this study is 2012-2017, a relatively benign macroeconomic period, the effects may be significantly larger during times of stress such as Spring of 2020, at the outset of the COVID-19 pandemic.

This study investigates whether shareholders are willing to pay for higher levels of corporate financial, social, and environmental disclosure. We conduct a choice-based conjoint experiment wherein 65 shareholders are asked to make 12 choices, choosing each time between two predetermined randomized combinations of different levels of investment returns, financial disclosure, environmental disclosure, and social disclosure. Results indicate that whereas shareholders are willing to pay for financial disclosure and environmental disclosure, they are unwilling to pay for social disclosure. Hence, the latter finding does not provide conclusive evidence on the overall question. However, the result that investors are willing to pay for non-financial disclosures—such as environmental information—constitutes our main contribution as prior research has not been able to provide strong evidence that investors are willing to forfeit investment returns in order to gain access to more corporate disclosures. The use of a choice-based conjoint experiment to examine these matters is novel and potentially opens avenues for future research. We believe our theoretical and practical contributions to be of interest to various stakeholders, including firms in making decisions about disclosure levels and regulators in assessing the need for financial disclosure regulation.

We study a portfolio optimization problem involving the rational policyholder of a variable annuity with a guaranteed minimum maturity benefit. This financial guarantee is fi nanced via a fee withdrawn directly from the investment account, which impacts the net investment return. We propose a new fee structure that adjusts to the investment mix. A fair pricing constraint is de fined in terms of the risk-neutral value of the fi nal contract payout. We seek the investment strategy that maximizes the policyholder's expected utility of terminal wealth after the application of a fi nancial guarantee and subject to the fair pricing constraint. We solve the associated constrained stochastic control problem using a martingale approach and analyze the impact of the fee structure on the optimal investment strategies and payoff. Numerical results show that it is possible to nd an optimal portfolio for a wide range of fees, while keeping the contract fairly priced.

The costs of gas transportation and its environmental/security impacts in Iran have led to evaluating geothermal/solar renewable sources instead. Regarding the high potential of geothermal/solar in Sistan/Baluchestan province, Iran, which have still no access to the global gas network, these resources create a desirable plan. This paper attempted to present/compare four possible solar-assisted ground source heat pumps to supply four purposes of electricity demand, heating/cooling, and domestic hot water. First, the energy needed in the region was designed with DesignBuilder. Then, each proposed system was modeled in Polysun software using a photovoltaic-thermal and a vertical geothermal heat exchanger. Afterward, all probable plans were evaluated and compared technically, economically, and environmentally. The results indicated that the maximum/minimum values of the coefficient of heat pump performance for direct heat exchanger and series systems were 4.39/3.87. Also, the optimal plan was introduced with 4957/10667 kWh electricity consumption/production. Besides, an economic analysis was estimated for the optimal strategy with an investment return of 7years. The designed system prevented 5089kgCO2 emissions annually. By means of this integrating hybrid system, Sistan/Baluchestan province would become a significant renewable power plant globally, and a considerable techno-economic and environmental challenge would be dissolved in Iran.

Project selection amid the available sources with promising outcomes is challenging for the decision-maker (DM). Return rate Net present value, investment size, payback period, benefit-cost analysis, and time till breakeven are among the six variables used in selecting and assessing projects. Using Hybrid Multi-Criteria Decision Making technology, this study seeks to explain the assessment and selection process. The Fuzzy Analytical Hierarchy Process (Fuzzy AHP) is used for the criterion weights, whereas Fuzzy TOPSIS is used to determine the global weights of all five projects (Investment alternatives). As a consequence of the outcomes analysis, the projects are ranked from most important to least important.

Kolari, Pynnonen, and Tuncez rely on simulation outcomes to criticize the normalization of firm characteristics employed by Bessembinder and Zhang (2013) to assess returns after major corporate events. However, their simulation outcomes simply verify that a non‐linear normalization is inappropriate if the true relation is linear. The relation between log returns and firm characteristics is unknown, but is unlikely to be linear, as the distribution of firm characteristics is strongly skewed. Here, we report on bootstrap simulations that show our methods provide unbiased estimates with appropriate statistical size and high power to detect abnormal returns when implemented in actual data. Kolari, Pynnonen, and Tuncez also provide empirical estimates that comprise useful sensitivity tests. Their results verify that firm characteristics are useful in assessing whether returns to event firms are abnormal, largely confirm our conclusions with regard to SEOs, M&As, and dividend increases, but show that conclusions regarding IPOs depend on implementation choices.

This research uses over 750,000 loan records from LendingClub issued from 2015 through 2018 to estimate the gross rates of return (ROR) for each loan by assuming the borrowers stop paying their loans once a default occurs. We find the probability of earning a positive return is 75.6% in terms of the total number of loans. By our calculation, the median of ROR ranges from 4.7% to 10.3% by lending to grade A through D borrowers, but ROR plummets to −6.6% to grade E-and-below borrowers. Regression analysis shows that borrowers' credit rating, loan interest rate, loan status, and paid-month are the most critical factors to influence investors’ ROR. Lastly, we offer a few investment implications and suggestions regarding participation in LendingClub.

PURPOSE: This article aims to assess the impact of the efficiency of the banking sector and its concentration level on the stability of the banking system in Poland., DESIGN/METHODOLOGY/APPROACH: The impact assessment relies on correlation and regression analysis. The stability of the banking sector is expressed in Z-Score indicator. The assessment of banking efficiency is based on the Return on Equity (ROE) after tax and on the bank cost-to-income ratio. The concentration level is shown as the share of the assets of Poland’s three largest commercial banks in the total assets of the banking sector. The calculations are based on panel data for the banking sector in Poland, for the period 1996– 2017., FINDINGS: The results obtained suggest a positive influence of the return on equity after tax of the banking sector on the stability of Poland’s banking sector and no relationship between the stability of the banking sector and the level of its concentration or the bank cost-to-income ratio., PRACTICAL IMPLICATIONS: Identification of the factors determining the stability of the banking system may contribute to its increase, and thus reduce the likelihood of banking crises. Ultimately, this will translate into an increase in the stability of the entire financial system as well as an increase in the stability of the entire economy., ORIGINALITY/VALUE: The paper contains the author’s original research into stability of banking system in Poland. The study will contribute to the development of theories concerning factors of the stability of the banking system., peer-reviewed

This paper investigates the impact of financial liberalization on the relationship between consumption and total wealth (i.e., the sum of asset wealth and human wealth). Financial liberalization is persistent and may signal changes in expected future consumption growth rates and/or in rates of return on wealth that, through the inter-temporal budget constraint, affect the current consumption-wealth ratio. We estimate the long-run relationship between consumption, total wealth and financial liberalization by state space methods using quarterly US data. The results show that the trend in the consumption-wealth ratio is well-captured by our baseline liberalization indicator. We find that the increase in this indicator over the sample period has increased the consumption-wealth ratio with about ten to sixteen percent. Investigating the responsible channel, additional estimates show that financial liberalization has predictive power for aggregate consumption growth rather than for returns, a result that supports an incomplete markets interpretation of the link between liberalization and the consumption-wealth ratio.

A growing impact evaluation literature on antipoverty transfer programmes in low- and middle-income countries measures changes in utilitarian terms, at their unit value. The paper argues that valuing antipoverty transfers is more appropriately done within a framework of prioritarian social welfare functions, as the very presence of these programmes indicates that polities place a greater value on gains and losses among the disadvantaged. The paper applies this framework to the Senior Citizen Grant in Uganda, including survey and experimental work throwinglight on social preferences for redistribution. It finds that default utilitarian valuation significantly underestimates the social value of transfer programmes.

The product return rate (RR) is an important metric for retailers; even small RR changes can significantly impact retailers’ profit. Companies and researchers typically favor and employ one of three methods to calculate the RR: based on the number of returned items, these items’ revenue, or their profit contribution. Interviews with 24 managers and industry experts reveal that two methods, item-based and revenue-based, are often used. However, little is known about how much the interpretation of RRs depends on the calculation method. In this article, the authors rely on extensive datasets to investigate these potential differences empirically. Analyzing more than 8 million transactions at sixteen different retailers, the authors find that RRs calculated via the three methods differ on average by 24.3%. The size of these differences makes cross-sectional comparisons of RRs calculated via different methods difficult. In contrast, the authors find that the developments of the RRs over time are similar, which allows for a meaningful time-series comparison of RR developments, regardless of the method. Finally, this research shows that all three calculation methods result in RRs that are equally insightful (leading) indicators of relevant retailer performance metrics.

On the Ground • The three most well-recognized sustainability pillars are environmental, social, and economic. • Ranch economic sustainability hinges on asset value dynamics and ranch profitability. • Ranch economic sustainability metrics include multiyear average positive accrual adjusted net income, rate of return on assets (valued at market value)

In this paper, we study the distributional effect of a progressive wealth tax. We show that there exists a threshold level below which raising the upper bound of the tax rate reduces inequality of wealth and consumption in the long run. Such a threshold increases when the difference between the rate of return on wealth and the growth rate, r − g , and the level of wealth inequality relative to that of labour income inequality rise. The room for raising the tax progressivity to reduce inequality is restricted if r − g falls and labour income inequality rises relatively to wealth inequality.

Background Multi-ligament knee injury (MLKI) is a rare but severe injury with potential devastating complications. The primary goal of this study was to investigate return to sports and work after MLKI. Secondary outcomes were patient reported outcome measures (PROMs), treatment, time between trauma, diagnosis and treatment, and neurovascular damage. Method A database search was performed to identify all patients with MLKI in our hospital (2010–2017). Pre-defined variables were collected from patient files and questionnaires. Multiple regression analysis was used to study the relationship between different variables and PROMs. Results 31 patients were included. The overall return to sports rate after a MLKI was 88.5%, but only 23.1% returned to their pre-injury level. 83.3% of the patients were able to return to work. Multiple regression analyses led to a significant prediction model for pain during rest (F(7,16) = 2.808, p = 0.041, R2 = 0.355). Within this model, a higher age was a significant predictor for higher pain scores (p = 0.002). Age was also a significant (negative) predictor within the non-significant models for IKDC (p = 0.004) and Lysholm (p = 0.024). A delay between trauma and diagnosis of more than three months was seen in 32.3% of the patients. Conclusions This study showed a relatively high overall return to sports and work after MLKI, but less than a quarter returned to their pre-injury level of sports. An important finding was the substantial number of patients with a delay between trauma and diagnosis. This study contributes to more awareness and knowledge about MLKI among physicians, which is essential to reduce these delays.

Portfolio theory mainly studies how to optimize the allocation of assets under the premise of maximizing expected returns and minimizing investment risks. In view of the instability of the financial market, a diversified investment portfolio can help control the loss of the investment portfolio. In addition to paying attention to the safety and return of asset allocation, we cannot ignore the liquidity of assets, that is, their liquidity. Adding high-liquidity products to asset allocation, such as equity investment, can better control the financial cash flow in response to emergencies. One of the ways to make assets flow is to securitize assets and sell them to the market. In order to revitalize the stock assets, good investment efficiency is a necessary choice for financial investment. Various financial products and their derivatives continue to enter people’s vision. There are many financial products in reality, and optimizing the investment portfolio can bring high economic benefits. The purpose of this paper is to study the application of optimization algorithms in financial portfolio problems. (1) Monetary policy remains prudent and neutral. It is not easy to expect flooding, but flexibility is required in complex situations. (2) Financial resources are tilted towards innovation and transformation and capital markets, which is beneficial to the development of capital markets in the medium and long term. (3) Unblocking the transmission mechanism is conducive to lenient credit and tapping the wrong killing opportunities in private enterprise debt. (4) Banks and other financial institutions have moderate pressure to give benefits to entities, but in the long run, the interests of the two are consistent. (5) Finance risk prevention will continue, orderly breaking the rigid exchange and reshaping the financial structure and ecology. (6) The pace of opening up of the financial industry has accelerated, and the bond market investor structure has improved. In this paper, we establish different optimization schemes to compare and study the portfolio problem and then use MATLAB to solve the modeling and programming problem, calculate the highest return rate and the lowest risk value before and after optimization, and then make a comparative analysis to get a better optimization scheme. The results show that the genetic algorithm model is superior to the quadratic programming method in terms of risk control. The minimum risk of portfolio optimization through genetic algorithm has been reduced by about 40%, and the maximum return has increased by about 25%. The comprehensive optimization effect is better than the quadratic planning method and ultimately can obtain higher economic benefits. It can be seen that the optimization algorithm is of great significance for the comparative study of financial portfolio problems.

This study discusses financial literacys, experienced regrets, framing effect and mental accounting on investment decisions with risk tolerance as an intervening variable. The number of respondents used in this study was 200 respondents. All respondents are millennials with age 21-40 years old and have a minimum income of IDR 5,000,000, who live in DKI Jakarta. The data in this study were obtained from the results of questionnaires which were then analyzed using SEM PLS analysis techniques with the help of the smartpls program. Based on the results of the analysis in this study the results of financial literacy, experienced regret, framing effects and mental accounting are applied to risk tolerance. The results of the subsequent analysis showed that financial literacy, regrets and framed the effect of influencing on investment decisions, while mental accounting directly cannot influence on investment decisions. The results of the analysis in this study also showed that risk tolerance can mediate the financial literature, experience regret, and the effect of framing on investment returns. Keywords: Financial Literacy, Experienced Regrets, Rraming Efects, Milenial Generation Investment

We explore the long-run relationship between income risk, inequality, and the macroeconomy in an overlapping-generations model in which households face uncertain streams of labor income and returns on their savings. To manage those risks, households can apportion their savings to a bond, whose return is safe and identical across households, and a productive asset, whose return is uncertain and can differ persistently across households. We find that greater polarization in households’ labor income and returns on their savings generally accentuates households’ demand for risk-free assets and the compensation they require for bearing risk, leading to higher measured income and wealth inequality, a lower risk-free real interest rate, and higher risk premiums. These findings suggest that the factors behind the observed rise in inequality over the past few decades might have contributed to the observed fall in the risk-free real interest rate and widening gap between the risk-free real interest rate and the rate of return on capital. We also find that the magnitude of the decline in the risk-free real interest rate and offsetting rise in risk premiums depend importantly on the source of income polarization, with the effects being especially large when greater inequality is caused by increased dispersion in returns on risky assets. Thus, the macroeconomic implications not only depend on the amount of inequality, but also the source of this inequality.

Aceh Besar Regency has a relatively large freshwater fishery area. Based on the 2019 BPS, it was recorded that the area of aquaculture in the Jantho area at BBI was 32.10 Ha, while the People's Breeding Unit (UPR) had an area of 15.60 Ha. BBI Jantho produces freshwater fish, namely catfish, gourami, carp, and tilapia. However, every year there is a significant increase in production, namely tilapia with a percentage increase in production of 17%. This increase occurred due to the large demand for tilapia in the market but insufficient production. The problem is that the tilapia seed market is good but the production is lacking. The purpose of this study was to analyze the feasibility of Tilapia hatchery at BBI Jantho Aceh Besar. This research is a case study using primary and secondary data. The analytical tools used are market and marketing aspects, technical and technological aspects, income analysis, Cost Ratio (R/C), Break Event Point (BEP), Return On Investment (ROI). The results of this study indicate from all aspects that this business is profitable and feasible to work on. From the technical and technological aspects, all of them meet criteria such as the location of the tilapia hatchery, the scale of operation, production activities, pond layout and inputs. The market and marketing aspects have used 1 level distribution channels. From the economic aspect where the income is Rp.69,546.042, the R/C value is 2.81, the BEP Production value is 192,270 head 540,000, the BEP value Price is Rp.71/head Rp. 200/head. The ROI value is 181% which indicates that the rate of return on capital for Tilapia Hatchery is 81% greater.

Tangse District is one of the centers of Liberika coffee production in Pidie Regency. However, Liberika coffee production in Tangse District cannot supply market demand. Liberica coffee demand comes from the domestic market and foreign markets, for the domestic market Liberica coffee is used as a blending material and for foreign markets Liberica coffee is exported to Malaysia and also the Philippines which is the country with the highest Liberica coffee consumption. Therefore, efforts are needed to increase production by expanding land and increasing productivity. This study aims to determine the financial feasibility of Liberika coffee farming in Tangse District, Pidie Regency. The sampling technique used is themethod by stratified random samplingstratifying the sample based on the age of the coffee plant cultivated by the farmer. From a total of 665 families, the total population was taken as a sample of 10%, namely as many as 67 families. The analytical tools used are Net Present Value (NPV), Net Benefit Cost Ratio (Net B/C), Interest Rate of Return (IRR), Payback Period (PP) and Sensitivity Analysis. The results showed that Liberika coffee farming in Pidie District, Pidie Regency was feasible when viewed from the financial aspect. This is evidenced by the NPV value 0 which is Rp. 31,787,141, -. The value of Net B/C 1 is 3.289. The value of the IRR is 41.756%, which indicates that the rate of return on capital for Liberika coffee farming is greater than the interest rate of 18%. Based on the results of sensitivity analysis using three assumptions, namely revenue decreased by 10%, operational costs increased by 10% and operational costs increased by 10% accompanied by a decrease in revenue by 100%, it was found that Liberika coffee farming in Tangse District, Pidie Regency is feasible to continue and to be developed.

In this study, the solution to the problems raised in the hydrogen industry infrastructure construction was considered using the AHP analysis. This research model divided the major decision-making issues of hydrogen infrastructure construction into seven and evaluated the importance and priority of detailed items for each decision-making issue. The result of the analysis indicated that locations near existing gas stations were suitable for installing hydrogen refueling stations. To expand the supply of hydrogen refueling stations, safety concerns and acceptability of the refueling stations were evaluated as the biggest problems to be solved. It was evaluated that the location near the new mass demand was the most suitable location of the hydrogen production facility. Expanding public service advertisements related to hydrogen safety was found to be an appropriate technique for raising public awareness for the expansion of hydrogen infrastructure construction. Insufficient hydrogen infrastructure was evaluated as the most important factor for expanding the hydrogen industry ecosystem in Korea. Therefore, to expand the construction of hydrogen infrastructure, in addition to the subsidies for hydrogen vehicles, support policies from the government that guarantee a certain rate of return on the operation of hydrogen infrastructure facilities are necessary.

This study aims to determine the effect of macroeconomic factors on the JII during the 2015-2019 period. Macroeconomic factors in this study include the rate of return for Bank Indonesia Sharia Certificates (SBIS), the IDR / USD Exchange Rate, and Inflation. The data used in this study is secondary data obtained from the official website of the Indonesia Stock Exchange and the official website of Bank Indonesia. The type of data used is quantitative data. All variable data taken is in the form of monthly time series data from January 2015 to December 2019. This research is a quantitative study with a descriptive approach. The method used in this research is multiple linear regression using the WarpPLS 7.0 program. The results of this study indicate that partially rate of return for Bank Indonesia Syariah Certificates (SBIS), IDR/USD exchange rate, and inflation have a negative and significant effect on the JII.

We use structural equation modelling (SEM) for a robust test of the role information quality plays in explaining the cost of equity capital (CoE). SEM allows us to reliably identify the direct and indirect effects that three information quality attributes, quantity, asymmetry and precision, have on CoE. The method also reduces the error-in-variables problem, which stems from selectivity in proxies for information quality and CoE. Using nine proxies to capture the variation in information quality\ud attributes and nine CoE measures, we document that the direct effects of precision and asymmetry are equally important in explaining variation in CoE, while quantity has a negative direct effect. Quantity has a positive indirect effect on CoE mediated through asymmetry and precision. The strength of the relations we identify varies according to firm size, maturity, profitability and with proxies for CoE, which suggests that sample compositions and measurement choices affect the power of tests. Our results consolidate mixed evidence on the relation between information quality and CoE that is often based on a single measure of information quality and ignores indirect channels.

PURPOSE To identify predictors of return to work, duration of time off work, and claim closure for first responders experiencing injuries or illnesses, and summarize the claim data. METHODS First responder claims collected between January 2012 and July 2017 were obtained from a disability management company. Known predictors of return to work were extracted from the data including age, sex, diagnosis, years of service, claim lag, medical report lag, and the return-to-work duties. Survival analyses were performed to identify predictors of return to work and claim closure using the Cox proportional regression analysis. Log-rank tests were performed to identify predictors that affected the rate of return to work and claim closure. Summary statistics were performed for the injury and return-to-work data. RESULTS 60 of the 67 (89.6%) identified first responders returned to work within the data collection period. Musculoskeletal injuries predicted an increased likelihood of returning to work (hazard ratio = 2.0, 95%CI = 1.14-3.60) and a shorter duration of time off work (37 days on average) compared to mental health issues. Everyday of claim lag and medical report lag predicted a 2% decrease in likelihood of return to work. Returning to work was the only predictor of claim closure. 45 (67.2%) first responders returned to their pre-absence duties. 22 (32.8%) mental health claims and 45 (67.2%) injury claims were identified. CONCLUSIONS 89.6% of first responders returned to work, although only 67.2% returned to their pre-absence duties. Predictors of return to work included injury type, as first responders with musculoskeletal injuries returned to work sooner, and claim and medical lag delayed the return to work.

Due to the continuous growth of the amount of vehicles that households possess, the scarcity of easily accessible parking slots has gradually become a universal issue, especially in old communities that are usually lack of standardized administration. Thus, how to enhance the efficiency of arranging parking slots within limited public areas has become a concerned social issue in Chinese cities nowadays. As a zealous and supportive member of Shudeli community, the author tries to find the most suitable strategies of improving the efficiency of allocating parking slots here by learning from existing advanced community planning from both foreign and domestic researchers, while applying the knowledge of Economics and Business Management to obtain a final scheme which fits the local circumstances best.

Foreign direct investment (FDI) and tourism are listed as essential components of economic growth in many countries. However, empirical evidence remains controversial and ambiguous. This paper inve...

This article aims to analyse how sustainable construction creates an impact on minimizing environmental impacts and on reducing costs of conservation and operation of the buildings. It is based on a case study of a building over 100 years old which has been rehabilitated for the use of a students’ residence. In the article, we present parameters that improve the sustainability of a building, such as the materials chosen, the use of clean and renewable energies, the choice of efficient materials and equipment with minimal maintenance actions needed. Two virtual scenarios are presented in order to compare costs of energy consumptions of sustainable rehabilitation towards standard rehabilitation and also to traditional rehabilitation. It is concluded that the process of sustainable rehabilitation strongly decreases energy consumption, thus reducing CO2 emissions and decreasing the cost of building conservation. Moreover, extra costs introduced in construction to obtain extra savings in energy have got a low period of investment return, thus being advisable for general stakeholders.

In this paper, we investigate the optimal investment-reinsurance strategy for an insurer with two dependent classes of insurance business, where the claim number processes are correlated through a common shock. It is assumed that the insurer can invest her wealth into one risk-free asset and multiple risky assets, and meanwhile, the instantaneous rates of investment return are stochastic and follow mean-reverting processes. Based on the theory of linear-quadratic control, we adopt a backward stochastic differential equation (BSDE) approach to solve the mean-variance optimization problem. Explicit expressions for both the efficient strategy and efficient frontier are derived. Finally, numerical examples are presented to illustrate our results.

The issue associated with the situation of brownfields around the world is a very current topic today. This article focuses on the situation of the existence of brownfields in the Czech Republic. The aim of this article is to assess the current situation of brownfields from the perspective of municipalities and cities in the Czech Republic. The data in the paper were collected by means of a questionnaire applied to towns and villages in the Czech Republic. The existence of brownfields in regions can have a negative impact on the development of the relevant area, such as villages, towns or higher-level administrative units. The research took place from 9 July 2018 to 31 January 2019. The rate of return on the primary research was 43.2% of the respondents. The results showed that brownfields mainly occur in former industrial regions. The predominant form of ownership of abandoned buildings and grounds was private ownership. It can be stated that agricultural, industrial activity and former civic amenities dominated in the previous use. Last but not least, the study points to regional differences that are noticeable between municipalities and cities in individual NUTS 3 regions in connection to the issue of brownfields.

This study aimed to examine the factors that affect the profitability of insurance companies on the Indonesia Stock Exchange 2012-2019 period. The factors that affected the profitability of insurance companies on the Indonesia Stock Exchange were premium income, investment returns, underwriting results and risk based capital. This study used a quantitative approach. The population in this study were 16 insurance companies on the Indonesia Stock Exchange. The sampling technique used purposive sampling method with certain criteria in order to obtain a sample of 8 insurance companies. The data in this study were analyzed using the help of IBM SPSS version 20 by testing multiple linear regression analysis. The results of this study indicated that the premium income and underwriting results partially affected the profitability of insurance companies. Meanwhile, investment returns and risk based capital partially did not affect the profitability of insurance companies. As well as premium income, investment returns, underwriting results and risk based capital simultaneously affected the profitability of insurance companies.

PurposeThis study aims to examine whether a good corporate reputation leads to superior investment returns. Theory and empirics provide support for the idea that a good corporate reputation improves firm value, but much of the previous research fails to consider the risk of the companies they study and relies only on accounting measures of performance such as return on assets. A complete picture of the relationship between corporate reputation and shareholder value should include risk-adjusted returns and correlation with benchmark returns.Design/methodology/approachThe Harris Poll Reputation Quotient (RQ), based on the reputations of the 100 most visible companies, suggests that companies with a “solid reputation” are more likely to be attractive investments. The authors construct portfolios using deciles and the RQ categories, rebalancing annually as RQ rankings are updated. Returns are adjusted for risk using Jensen's alpha, the information ratio, the Sharpe ratio, Modigliani and Modigliani's M2 measure, and Muralidhar's M3 measure.FindingsThe results indicate that choosing a portfolio based on the highest RQ-ranked firms does outperform the market on a risk-adjusted basis, and that the relationship between rankings and time-weighted returns is roughly monotonic. The authors also observe that corporate reputation is persistent, and that the best and worst most-visible firms are more likely to be privately held.Originality/valueThis research adds to the literature by including both market-based return measures and risk in the examination of the relationship between corporate reputation and financial performance.

E-commerce supply chain actually deals with the acquisition of the raw materials, their timely processing, and on-time delivery to the right place. It deals with a number of processes such as supply and demand, managing order entry, and inventory tracking. Now profit distribution models are actually stochastic models that are used to optimize the gains and profits in a particular business. They actually generate modern time solutions to the existing problems in a sustainable environment. However, in order to solve the problems existing in the traditional profit distribution algorithm of the e-commerce supply chain, such as low distribution accuracy and large time cost, a profit distribution algorithm of the e-commerce supply chain under the concept of sustainable development was designed. It was supported by the concept of sustainable development, and the coefficient of income distribution is calculated according to the equilibrium bidding strategy of supply chain alliance and its members, net present value of income distribution, total investment, minimum expected rate of return on investment, and other parameters. First, calculate the Shapley value of the profit distribution of the power supply chain, and obtain the correction coefficient through the correction matrix, dimensionless processing, and analytic hierarchy process. Use the correction coefficient to correct the Shapley value and the income distribution coefficient to realize the design of the profit distribution algorithm for the power supply chain. The experimental results show that the algorithm has low relative error rate, high precision, and short time cost of profit distribution coefficient calculation.

We study access to banking and how it is related to banks’ rate of return on investments and the distribution of income. We develop our empirical framework through a theoretical supply-side model of bank deposit services with a consumer population heterogeneous in income. We use this model to show how decreases in the interest rate margin and higher income disparities lead to an increase in the proportion of unbanked. Using localized US household data from 2009, 2011, 2013 and 2015 we find strong empirical evidence for the predictions of the model. We then structurally estimate our model to estimate the value of having a checking account relative to alternative financial services and to quantify the effects of actual changes in the interest rate margin and the distribution of income that occurred in the aftermath of the 2008 financial crisis.

In this paper, we consider a non-standard renewal risk model with dependent claim sizes, where an insurance company is allowed to invest his/her wealth in financial assets, leading to some stochastic investment log-returns described as a general adapted cadlag process. Under the assumptions that the claim sizes are heavy-tailed and the stochastic log-return process on investments is bounded from below almost surely, we derive some asymptotic formulas for the finite-time ruin probability holding uniformly in any finite time horizon.

Given overall lack of gender diversity in the venture capital and entrepreneurship industry shown in Calder-Wang and Gompers (2017) we ask: What promotes greater gender diversity in hiring? Does diversity lead to better firm performance and higher investment returns? In this paper, using a unique dataset of the gender of venture capital partners’ children, we find strong evidence that when partners have more daughters, the propensity to hire female partners increases. Moreover, our instrumental variable results suggest that increased gender diversity improves deal and fund performance. Lastly, the effects are primarily driven by the gender of senior partners’ children.

Considerable effort has been devoted to indicate the critical determinants of acquisition premiums. However, the determinants of mergers and acquisitions (M&A) premiums are not yet fully understood. This research paper empirically examines the effect of stock return volatility on mergers and acquisitions premiums through real options value of bidder and target firms. With a sample of 2,559 completed M&A deals in the US during 1986-2016, we find that bidder firms tend to pay more premiums for the targets that have more future real option value and higher risk. To be more specific, when targets have more real options measured as high Research and Development (R&D) to market value, high sales growth rate, and low leverage ratio, the relationship between target return volatility and acquisition premiums is stronger. This study contributes not only to the literature regarding the determinants of mergers and acquisitions premiums but also to the literature of real options value. Keywords: Mergers and acquisition premiums, acquisition premiums, stock return volatility, real options, growth options

Throughout this scientific article we aim to analyse the prodigious and large-scale evolution of the financial crime in the Ponzi schemes, especially, the concept of the Ponzi scheme and its fundamental features. Moreover, we reflect the damage caused to people who invest their financial means in these schemes, but also on the economy of the states. A fortiori, the proper functioning of the system and the fight against crime in this area depend on the effective adoption and application of the legal-criminal norms., {"references":["Securities and Exchange commission v. Stanford International Bank, LTD., Stanford Group Company, Stanford Capital Management, LLC, r. Allen Stanford, James M. Davis, Laura Pendergest-Holt, defendants, and Stanford Financial Group, Stanford Financial Group BLDG INC, relief defenants, nr. 3:09-cv-0298-N, 27 februarie 2009, United States District Court, Northern District of Texas Dallas Division. [Accesat 24.12.2022] Disponibil:https://www.sec.gov/litigation/complaints/2009/stanford-first-amended-022709.pdf","2.\tThe United States, Department of Justice, United States v. Robert Allen Stanford et al. Court Docket Number: H-09-342. [Accesat 24.12.2022] Disponibil: https://www.justice.gov/criminal-vns/case/stanfordr","3.\tThe United States, District of Utah, Defendant Charged In Connection With Fraudulent Silver Trading Program Pleads Guilty To Money Laundering.[Accesat 24.12.2022] Disponibil: https://www.justice.gov/usao-ut/pr/defendant-charged-connection-fraudulent-silver-trading-program-pleads-guilty-money","4.\tCommodity Futures Trading Commission and State of Utah Charge Salt Lake City Precious Metals Dealer and His Company with Engaging in $170 Million Precious Metals Ponzi Scheme. [Accesat 24.12.2022] Disponibil: https://www.cftc.gov/PressRoom/PressReleases/7842-18","5.\tCommodity Futures Trading Commission and State of Utah Division Of Securities, through Attorney General, Sean D. Reyes, v. Rust Rare Coin Inc., a Utah Corporation, Gaylen Dean Rust, nr. 2:18cv00892, 13 noiembrie 2018, United States District Court, District of Utah, Central Division.[Accesat 24.12.2022] Disponibil: https://www.cftc.gov/sites/default/files/2018- 11/enfrrarecoincomplaint111318.pdf","6.\tDonell v. Kowell, nr. 06-55544, 1 iulie 2008, United States Court of Appeals, Ninth Circuit. [Accesat 21.12.2022] Disponibil: https://casetext.com/case/donell-v-kowell","7.\tThe American Cancer Society v. Karen L. Cook, nr. 10-10989, 20 martie 2012, United States Court of Appeals, Fifth Circuit. [Accesat 19.12.2022] Disponibil: http://www.ca5.uscourts.gov/opinions/pub/10/10-10989-CV0.wpd.pdf","8.\tIn re John C. ROSE, Roberta A. Deangelis, Acting United States Trustee, v. John C. Rose, nr. 1-08-bk-00317 RNO, 22 martie 2012, United States Bankruptcy Court, M.D. Pennsylvania, [Accesat 21.12.2022] Disponibil: https://www.courtlistener.com/opinion/1883356/in-re-rose/","9.\tRalph S. Janvey v. James R. Alguire; Victoria Anctil; Tiffany Angelle; Sylvia Aquino; Jonathan Barrack; et al. 1; Teral Bennett, Susana Cisneros; Ron Clayton; James Fontenot; Mark Groesbeck; et al. 2; and Jason Green, nr. 10-\t10617, 22 iulie 2011, United States Court of Appeals, Fifth Circuit. [Accesat 21.12.2022]Disponibil: https://www.courtlistener.com/opinion/221659/janvey-v-alguire/","10.\tIn re Evergreen Security, Ltd., nr. 01-00533-6B1, 6 iunie 2003, United States Bankruptcy Court, M.D. Florida, Orlando Division. [Accesat 23.12.2022] Disponibil: https://casetext.com/case/in-re-evergreen-security-13#p249","11.\tIn Re Manhattan Investment fund LTD., Bear, Stearns Securities Corp., v. Helen Gredd, Chapter 11 Trustee for Manhattan Investment Fund Ltd., nr. 00-10922 (BRL), 00-10921(BRL), 07 Civ. 2511(NRB), 17 decembrie 2007, United States District Court, S.D. New York. [Accesat: 23.12.2022] Disponibil: https://www.courtlistener.com/opinion/1927542/in-re-manhattan-inv-fund-ltd/","12.\tU.S. Securities and Exchange Commission. Ponzi scheme. [Accesat 21.12.2022] Disponibil: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme","13.\tHistory's Infamous Swindler. [Accesat 21.12.2022] Disponibil: https://internationalfinance.com/historys-infamous-swindler/","14. U.S. Securities and Exchange Commission. Ponzi scheme. [Accesat 21.12.2022]. Disponibil: https://www.investor.gov/protect-your-investments/fraud/types-fraud/ponzi-scheme"]}

Against a background of high-speed development and the expansion of built land surface, there has been widespread encroachment of natural habitats (henceforth “eco-spaces”). It becomes correspondingly difficult to improve the value of urban ecosystem services, since current assessments of land still primarily focus on use value (e.g., when nature and its products are converted and consumed), while the regulation and non-material services provided by eco-spaces are often ignored. In order to assess the rate of return on land transfers of eco-space, theories such as strong sustainable development, ecological land rental, natural resource ownership and opportunity costs were synthesized to construct an eco-space transfer cost–benefit analysis model, which is based on the value of ecosystem services. This study used the Futian Mangrove Ecological Park in the megacity of Shenzhen as a case study. To estimate the social value, which more comprehensively captures ecosystem services and economic value from eco-space, we used a counterfactual scenario of residential land development (the most plausible alternative land use scenario). This allowed us to calculate the rate of return from eco-space use change. The result of the total and annual rates of return over a projected 70-year timeframe were −10.76% and −0.16%, respectively. Accordingly, we suggest that management of the mangrove park should change the pricing strategy to better align the social benefits that it generates with the payments sustaining it. This case study provides instructive lessons for the management of eco-space in large urban settings.

PURPOSE: This study aims to determine the effect of the acquisition company's managerial ability on the company's performance after mergers and acquisitions. CEO overconfidence was added as a moderating effect in this study. The sample data of this study include companies listed on the IDX that carried out corporate actions in the 2014-2018 period., METHODOLOGY: The sampling technique used is purposive sampling, and the data analysis method used is the SPSS and Smart PLS applications. This research used return-on-assets, cash flow from operations and market-to-book ratio to measeure the firm’s operational performance and buy-and-hold abnormal return to measure company’s stock return., FINDINGS: The results of this study indicate that managerial ability affects the firm’s operational performance. This study also shows that CEO overconfidence can strengthen the relationship between managerial ability and the firm’s operational performance along with the rate of the acquiring companies stock returns., ORIGINALITY/VALUE: The managerial implications of this study suggest that companies should prioritize CEO overconfidence in the fit-and-proper test. CEO overconfidence can bring the company forward and earn higher returns. Novelty in this study provides a new insight of corporate action that CEO overconfidence can moderate the relationship between managerial ability and the firm’s operational performance and the company's stock return., peer-reviewed

From an asset pricing point of view the excess return of housing over the risk free rate is negatively related to the covariance between the gross housing return rate and the stochastic discount factor. Under log-normality regularity conditions, current return premiums would require an extremely volatile stochastic discount factor, as a consequence of the observed variability of real gross housing returns. We analyse the volatility bound noticing, that the logarithmic transformation of the rent/price ratio is, respectively, negatively and positively related to subsequent real rent growth and housing return rates. In predictive regressions the logarithmic transformation of the rent/price ratio is positively and significantly correlated to subsequent excess return rates and to gross housing return volatility, at horizons of 4–16 quarters. These results are robust to the specification of the regressions conditioning variables. Further analysis with a sign identified structural vector autoregression model shows that shocks to the rent/price ratio take several quarters to be completely realized and have persistent effects on real rent growth and interest rates, which last for more than 15 years. Moreover, the logarithmic rent/price ratio forecasts in each time period both forthcoming rent growth and gross housing return rates.

The paper justifies the possibility of estimating wage premiums that higher study education graduates may receive based on the administrative data from the Polish Graduate Tracking System. The data on wages in the year preceding the admission to a given study cycle were used, along with the data from the year after graduation. For the first first-cycle full full-time study programme, the average growth in wages in relation to every each subsequent year of education ranged from 20% to 40% depending on the area of study under which a given field of study was classified. For full-time second second-cycle studies, the rate of return was 50%–60%. In the case of part-time studies, these growth rates were considerably lower.

Joint activities for global water partnerships in regional development programs are usually facilitated by implementing transboundary water projects. Most projects are however hampered by the absence of a clear economic base for making investment decisions. In this paper, we propose a zero-one integer programming model to determine the optimal decisions for selection of project portfolios on transboundary waters; where project selection is based on several time periods in the future.The objective is to determine whether to undertake a project or not; so that the net present value of investment returns is maximized to support needy communities. A numerical example is presented for illustration; demonstrating the optimal choice of investment projects under budget constraints. The zero-one integer programming model provides a feasible solution for choice of transboundary project investment decisions; given the competing nature of capital budgets prior project implementation. The proposed model can be efficient; where limited funds among competing projects serve as a basis for project selection criteria; a decision for facilitation enhancement towards water partnership for regional development.

The study investigated internal management integration policies and school-community relations in Tertiary Institutions in Rivers State. Two research questions and two hypotheses guided the study. The study adopted correlational design. The population of the study is 1,071 respondents. A sample of 535 respondents was drawn using simple random sampling technique. Two sets of instruments were used for data collection. The first was titled: ‘Internal Management Integration Policies Questionnaire and the second was School-Community Relations Questionnaire. The reliability of 0.83 was determined with Cronbach Statistics. Out of 535 copies of questionnaire administered, 508 were properly filled and retrieved which represented 95% return rate. The Research questions were answered using Pearson Product Moment Correlation (PPMC) while Hypotheses were tested using r-ratio at 0.05 level of significance. The finding among others are that high positive relationship exists between award of contracts to community members and school-community relations and the null hypothesis of no significant relationship between award of contracts to community members and school-community relations is rejected. It was concluded that internal management integration policies have high positive relationship to school-community relations in Tertiary Institutions in Rivers State. It was recommended among others that higher institutions’ administration should give full implementation to local content laws during the award of contracts in the school environment. Keywords: Internal, management, Integration, Policies, School-Community.