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The profitability of feeding dried poultry droppings-based diet as a supplement in goat production enterprise was analyzed in this present study. The data generated in the study was analyzed using gross margin analysis and profitability ratio. The result of the budgetary analysis showed that the highest total cost of Rs 855.9/goat was incurred, the highest total revenue of Rs 1254.3/goat, highest gross margin of Rs 773.24/goat and highest net farm income of Rs 713.24/goat were observed for the supplemented treatment groups (T2-T5). The profitability ratio gave the best bene- fit-cost ratio of 4.62, a rate of return of 3.62, a gross ratio of 0.22 and an expense structure ratio of 0.12. This suggests that feeding of dried poultry droppings-based diet to goats is a profitable enterprise. This present study, therefore, recommends the supplementation of sun-dried poultry dropping based diet at 80% inclusion level for maximum profitability of goat production enterprises. [ABSTRACT FROM AUTHOR]

INTRODUCTION Physicians often underperform their financial potential, facing numerous challenges in optimizing their investment returns. Busy schedules, lack of training in finance and the ever-changing health care landscape make it [...]

We examine the suitability of using overnight returns to measure firm-specific investor sentiment by analyzing whether they possess characteristics expected of a sentiment measure. We document short-term overnight-return persistence, consistent with existing evidence of short-term persistence in the share demand of sentiment-influenced investors. We find that short-term persistence is stronger for harder-to-value firms, consistent with existing evidence that sentiment plays a larger role for such firms. We show that stocks with high (low) overnight returns underperform (outperform) over the longer term, consistent with prior evidence of temporary sentiment-driven mispricing. Overall, our evidence supports using overnight returns to measure firm-specific sentiment. [ABSTRACT FROM PUBLISHER]

Amidst diminishing federal investment in Adult Basic Education (ABE), there is growing interest in return on investment (ROI) as an economic rationale to support ABE funding. Against this backdrop, we provide an overview of the ROI concept and methods and the empirical evidence on ABE program impacts to broaden the discourse among practitioners and advocates. We point out that the most crucial building blocks necessary for ROI estimations are missing in the literature. We contextualize the current status of the literature by discussing challenges in ABE program evaluations and limitations in ROI methods. We then further our discussions by offering a recommendation for ROI estimation and alternative approaches to ROI. We conclude by calling for an expanded public discourse, beyond ROI, on the social benefits of funding ABE. [ABSTRACT FROM AUTHOR]

The Federal Reserve's influence on the economy and financial markets is substantial and well-recognized by market participants. Over the past few years, both the financial and popular media have been obsessed with Fed actions and speculation on potential Fed actions. While advisors and clients closely monitor monetary policy actions, there is confusion about the implications these actions have for stock market returns. This analysis documents the association between both general stock market returns and equity sector returns during expansive, indeterminate, and restrictive monetary policy conditions. Advisors can use the results to both condition clients' expectations and make portfolio adjustments to take advantage of historical patterns in equity sector returns. [ABSTRACT FROM AUTHOR]

We study rating shopping on the MBS market. Outside ofAAA, losses are higher on singlerated tranches than on multi-rated ones, and yields predict future losses for single-rated tranches, but not for multi-rated ones. Conversely, ratings have less explanatory power for single-rated tranches. These results suggest that single-rated tranches have been "shopped," whereby pessimistic ratings never reach the market. For AAA-rated MBS, by contrast, 93% receive two or three such ratings, and those ratings agree 97% of the time. This ratings convergence suggests that agencies "cater" to investors, who cannot purchase a tranche unless it has multiple AAA ratings. [ABSTRACT FROM AUTHOR]

Background: This research study is an economic analysis of a neurotechnology-based translational research and development venture focused on the development of a therapy for patients with epilepsy. In the conceptualization, planning, financing, and execution of neurotechnology ventures, many factors come into play in determining value and ability to secure financing at each stage of the venture. Conventionally, these have included factors that determine the return on investment for the stakeholders of the venture, most notably the investors and the team members, the former investing hard earned capital, and the latter investing significant portions of their professional careers. For a variety of reasons, the positive impact on society is often not quantified and taken into consideration. Methods: To address this, a new term is defined and assessed at a first approximation level using an index technology. The metric is termed the societal return on investment (sROI). Results: Among chronic conditions, neurological disease is virtually unique in the magnitude of economic devastation that it can inflict on a person and a family. Because the device costs do not reflect this value that is lost and subject to restoration, these are missing from this important calculation. The index project is the development of a seizure advisory system, which cost $71.2 million to develop and conduct a First-In-Man (FIM) study (NCT01043406) and which was estimated to require $50 million to complete a pivotal study. Conclusion: Despite the immense costs required to develop, test, and commercialize such a system, the direct and indirect economic costs imposed by uncontrolled seizures are sufficiently staggering that a sROI becomes positive after only 400 patients have been successfully treated and returned to work. [ABSTRACT FROM AUTHOR]

Enormous progress has been made in the field of rheumatology in the past several decades, historically led by publicly funded academic innovators but in more recent times with much greater involvement of the pharmaceutical industry. This shift in resources has created a complex new model for reinvestment in the medical community in which the vast majority of private funds are redirected towards influencing the prescription behaviour of practitioners through 'key opinion leaders', with the main purpose of enhancing and perpetuating profit rather than innovation and critical thinking, and often at the expense of partnerships with scientists (that is, basic and translational researchers) and academic collaborations. This new episteme brings multiple opportunities to rethink approaches to sustaining long-term critical research in the field, ultimately maximizing the return on investment: scientific knowledge for the benefit of patients and society. Central to such strategies should be the rebalancing of academia-industry partnerships towards academic research and the involvement of 'innovation and knowledge leaders', rather than mostly key opinion leaders. [ABSTRACT FROM AUTHOR]

A key question for understanding the cross-section of expected returns of equities is the following: which factors, from a given collection of factors, are risk factors, equivalently, which factors are in the stochastic discount factor (SDF)? Though the SDF is unobserved, assumptions about which factors (from the available set of factors) are in the SDF restricts the joint distribution of factors in specific ways, as a consequence of the economic theory of asset pricing. A different starting collection of factors that go into the SDF leads to a different set of restrictions on the joint distribution of factors. The conditional distribution of equity returns has the same restricted form, regardless of what is assumed about the factors in the SDF, as long as the factors are traded, and hence the distribution of asset returns is irrelevant for isolating the risk-factors. The restricted factors models are distinct (nonnested) and do not arise by omitting or including a variable from a full model, thus precluding analysis by standard statistical variable selection methods, such as those based on the lasso and its variants. Instead, we develop what we call a Bayesian model scan strategy in which each factor is allowed to enter or not enter the SDF and the resulting restricted models (of which there are 114,674 in our empirical study) are simultaneously confronted with the data. We use a Student-t distribution for the factors, and model-specific independent Student-t distribution for the location parameters, a training sample to fix prior locations, and a creative way to arrive at the joint distribution of several other model-specific parameters from a single prior distribution. This allows our method to be essentially a scaleable and tuned-black-box method that can be applied across our large model space with little to no user-intervention. The model marginal likelihoods, and implied posterior model probabilities, are compared with the prior probability of 1/114,674 of each model to find the best-supported model, and thus the factors most likely to be in the SDF. We provide detailed simulation evidence about the high finite-sample accuracy of the method. Our empirical study with 13 leading factors reveals that the highest marginal likelihood model is a Student-t distributed factor model with 5 degrees of freedom and 8 risk factors. [ABSTRACT FROM AUTHOR]

I present a graphical framework based on Subrahmanyam and Thomadakis (1980) that allows to study the impact from firm and market characteristics on systematic risk associated with the return on capital, i.e. Beta risk, for utilities under price control. Within this framework, Beta risk is driven by the magnitude of profit fluctuations following demand shocks. The framework is then applied to airport firm characteristics and airport market environment features. I find that the frequency of price control resets, the level of operating leverage, the extent of capacity constraints, and the degree of market power all have an unambiguous effect on the level of Beta risk. The scope of the regulatory perimeter and the type of traffic mix may also affect Beta risk; however, the magnitude and direction of their impact rely on the specifics of the case. The article may assist policy makers to formulate economically sound recommendations on how the regulatory rate of return for airport operators should be determined. Specifically, my findings suggest criteria that can be used to choose adequate peer companies of comparable systematic risk. [ABSTRACT FROM AUTHOR]

This paper evaluates an editorial and seven invaluable and interesting review papers for the Journal of Risk and Financial Management (JRFM). The topics covered include the rising complexity of bank regulatory capital requirements from global guidelines to their United States (US) implementation, connections among big data, computational science, economics, finance, marketing, management and psychology, factors, outcome, and the solutions of supply chain finance, with a review and future directions, time-varying price-volume relationship, adaptive market efficiency, and a survey of the empirical literature, improved covariance matrix estimation for portfolio risk measurement, stock investment and excess returns, with a critical review in the light of the efficient market hypothesis, and a cross section analysis of country equity returns, and a review of the empirical literature. [ABSTRACT FROM AUTHOR]

Rural Africa lags behind global progress to provide safe drinking water to everyone. Decades of effort and billions of dollars of investment have yielded modest gains, with high but avoidable health and economic costs borne by over 300m people lacking basic water access. We explore why rural water is different for communities, schools, and healthcare facilities across characteristics of scale, institutions, demand, and finance. The findings conclude with policy recommendations to (i) network rural services at scale, (ii) unlock rural payments by creating value, and (iii) design and test performance-based funding models at national and regional scales, with an ambition to eliminate the need for future, sustainable development goals. [ABSTRACT FROM AUTHOR]

Financial returns of forest plantations are an important concern around the world. In this research, we focused on South China's timber investments, collected data from the Pingxiang, Guangxi Province, China, which is the demonstration zone of Fast-growing and High-yielding Timber Plantation Base Construction Program and National Timber Strategic Storage and Production Bases Construction Program, and used capital budgeting analysis method and sensitivity analysis to compare different scenarios of planted forest management. The results showed that excluding land costs, (1) the financial returns of Eucalyptus forest managed by small business were excellent, having an IRR of 28% per year and a LEV of $7555 per ha, but it had a high risk with fluctuations of cost, timber price and timber yield; (2) the results for the Experimental Center of Tropical Forests indicate that the Eucalyptus forest and Castanopsis hystrix forest returns were greater than those for Cunninghamia lanceolata forest and Pinus massoniana forest, with having IRRs of 24%, 21%, 13% and 10% per year respectively. The mixed planted forest of Castanopsis hystrix × Eucalyptus and Castanopsis hystrix × Pinus massoniana had the features of high profits and low risks; (3) the forest farmers had lower levels of returns for Eucalyptus forest management in South China, but were still in the middle rank of global comparisons. This study gave a view of China's timber investment and provided more options of improving the economic returns of planted forest management to both small businesses and forest farmers in South China. [ABSTRACT FROM AUTHOR]

Noncommunicable diseases (NCDs) are a broad challenge for decision-makers. NCDs account for seven out of every 10 deaths globally, with 42 percent occurring prematurely in individuals under age 70. Despite their heavy toll, NCDs are underfunded, with only around two percent of global funding dedicated to the disease set. Country governments are responsible for funding targeted actions to reduce the NCD burden, but among other priorities, many have yet to invest in the health-system interventions and policy measures that can reduce the burden. This article examines “investment cases” as a potential mechanism for catalyzing attention to—and funding for—NCDs. In Jamaica, using the UN inter-agency OneHealth Tool, we conducted an economic analysis to estimate the return-on-investment from scaling up strategic clinical interventions, and from implementing or intensifying policy measures that target NCD risk factors. In addition, we conducted an institutional and context (ICA) analysis, interviewing stakeholders across sectors to take stock of promising policy pathways (e.g., areas of general consensus, political appetite and opportunity) as well as challenges to implementation. The economic analysis found that scaling up clinical interventions that target CVD, diabetes, and mental health disorders, and policy measures that target tobacco and alcohol use, would save over 6,600 lives between 2017–2032, and avert JMD 81.3 billion (USD 640 million) in direct and indirect economic costs that result from mortality and morbidity linked to NCDs. The ICA uncovered government economic growth targets and social priorities that would be aided by increased attention to NCDs, and it linked these targets and priorities to the economic analysis. [ABSTRACT FROM AUTHOR]

Uniting diverse stakeholders through communication, education or building a collaborative ‘common vision’ for biodiversity management is a recommended approach for enabling effective conservation in regions with multiple uses. However, socially focused strategies such as building a collaborative vision can require sharing scarce resources (time and financial resources) with the on-ground management actions needed to achieve conservation outcomes. Here we adapt current prioritisation tools to predict the likely return on the financial investment of building a stakeholder-led vision along with a portfolio of on-ground management strategies. Our approach brings together and analyses expert knowledge to estimate the cost-effectiveness of a common vision strategy and on-ground management strategies, before any investments in these strategies are made. We test our approach in an intensively-used Australian biodiversity hotspot with 179 threatened or at-risk species. Experts predicted that an effective stakeholder vision for the region would have a relatively low cost and would significantly increase the feasibility of on-ground management strategies. As a result, our analysis indicates that a common vision is likely to be a cost-effective investment, increasing the expected persistence of threatened species in the region by 9 to 52%, depending upon the strategies implemented. Our approach can provide the maximum budget that is worth investing in building a common vision or another socially focused strategy for building support for on-ground conservation actions. The approach can assist with decisions about whether and how to allocate scarce resources amongst social and ecological actions for biodiversity conservation in other regions worldwide. [ABSTRACT FROM AUTHOR]

• Return on investments in land restoration can be increased with an understanding of land potential. • High returns on land degradation avoidance are likely on high value land with low resilience. • Analysis requires an understanding of degradation resistance, resilience. • It also requires understanding likely changes in land values driving future land use. • Ignoring these factors may result in negative returns or even increased degradation. The response hierarchy of "Avoid > reduce > reverse" is increasingly acknowledged as the best strategy for prioritizing actions designed to address land degradation at hectare to national scales. This hierarchy is based on the assumption that the economic return on investment (ROI) will usually be higher for actions that help avoid degradation than for those required to restore already degraded land. While a useful first step, the hierarchy fails to account for how differences in land potential, defined as its potential to sustainably generate ecosystem services, may affect the ROI of actions at each level of the response hierarchy. The objective of this paper is to present a strategy for improving ROI at the landscape scale and above by systematically applying a more holistic understanding of land potential to the identification and prioritization of land investments. This objective is addressed in three sections. The first section explains how the potential short- and long-term resistance and resilience of the land can be used together with its potential productivity to prioritize actions designed to avoid, reduce and reverse degradation. In the second section we explain how this prioritization can be further optimized based on an understanding of degradation risk as indicated by the land's potential to generate relatively high short-term profits under management systems that are likely to increase degradation, or result in degradation of restored land. This potential, and land managers' perception of it, depend on a wide variety of factors including markets, infrastructure, and access to technology. Together these first two sections provide a framework for increasing ROI, while reducing the risk of failure at hectare to national scales. In the final section we briefly describe the Land-Potential Knowledge System (LandPKS), a modular mobile app that makes it possible for virtually anyone with a smartphone to make the land potential determinations necessary to apply the framework described in the first two sections. [ABSTRACT FROM AUTHOR]

In this paper, I aim to explore the effect of good governance on equity returns, and empirically investigate if governance at the country level has asset pricing implications and contributes to the idiosyncrasy of price jumps. Jumps are found to be far less systematic than the smooth (non-jump) component of country price indexes. Hence, if jumps are more idiosyncratic, governance should primarily affect the jump risk component. This is good news for international investors, because diversification provides insurance against jumps. Relying on an equilibrium asset-pricing model in an economy under jump diffusion, I decompose the moments of the returns of international stock markets into a diffusive (systematic) risk and a (idiosyncratic) jump risk part. For a balanced panel of 52 countries, my results suggest that governance is an important determinant of (idiosyncratic) jump risk. Stock markets in poorly governed countries are characterized by higher volatility and more negative return asymmetry, primarily driven by the higher jump risk. Regulatory quality, the government effectiveness and the control of corruption appear to be most important. Results are robust to the inclusion of various controls for other country- or market-specific characteristics. [ABSTRACT FROM AUTHOR]

This article investigates whether branch network expansions by Japanese regional banks influence their management performances positively at a time when management environments surrounding regional financial institutions have become increasingly severe due to the population decreases and shrinkage of regional economies. Specifically, the effects of numbers of regional bank branches on their credit businesses and profits are empirically examined. The results indicated that regional banks with more branches can increase their loans and bills discounted as well as their small and mid-sized enterprises loans and bills discounted. Thus, establishing more branches is effective in increasing the total sum of loans and bills discounted by each bank because regional banks with many branches can make contact with more customers. On the other hand, return on assets and return on equity of regional banks with more branches were found to be lower. Therefore, regarding the cost performance of regional banks, establishing too many branches and maintaining branch networks that are too large can have negative effects on regional banks. [ABSTRACT FROM AUTHOR]

ABSTRACT: We develop a model in which financially constrained arbitrageurs exploit price discrepancies across segmented markets. We show that the dynamics of arbitrage capital are self‐correcting: following a shock that depletes capital, returns increase, which allows capital to be gradually replenished. Spreads increase more for trades with volatile fundamentals or more time to convergence. Arbitrageurs cut their positions more in those trades, except when volatility concerns the hedgeable component. Financial constraints yield a positive cross‐sectional relationship between spreads/returns and betas with respect to arbitrage capital. Diversification of arbitrageurs across markets induces contagion, but generally lowers arbitrageurs' risk and price volatility. [ABSTRACT FROM AUTHOR]

Abstract: Aims: To inform the transferability of tobacco control‐related economic evidence to resource‐poor countries. Methods: We ran a univariate sensitivity analysis on a return on investment (ROI) model, the European study on Quantifying Utility of Investment in Protection from Tobacco model (EQUIPTMOD), to identify key input values to which the ROI estimates were sensitive. The EQUIPTMOD used a Markov‐based state transition model to estimate the ROI of several tobacco control interventions in five European countries (England, Germany, Spain, Hungary and the Netherlands). Base case ROI estimates were obtained through average values of model inputs (throughout the five countries), which were then replaced one at a time with country‐specific values. Tornado diagrams were used to evaluate the significance of sensitivity, defined as a ≥ 10% difference in ROI estimates from the base case estimates. Results: The ROI estimates were sensitive to 18 (of 46) input values. Examples of model inputs to which ROI estimates were sensitive included: smoking rate, costs of smoking‐related diseases (e.g. lung cancer) and general population attributes. Conclusion: Countries that have limited research time and other resources can adapt EQUIPTMOD to their own settings by choosing to collect data on a small number of model inputs. EQUIPTMOD can therefore facilitate transfer of tobacco control related economic evidence to new jurisdictions. [ABSTRACT FROM AUTHOR]

Abstract: Aims: To evaluate potential health and economic returns from implementing smoking cessation interventions in Hungary. Methods: The EQUIPTMOD, a Markov‐based economic model, was used to assess the cost‐effectiveness of three implementation scenarios: (a) introducing a social marketing campaign; (b) doubling the reach of existing group‐based behavioural support therapies and proactive telephone support; and (c) a combination of the two scenarios. All three scenarios were compared with current practice. The scenarios were chosen as feasible options available for Hungary based on the outcome of interviews with local stakeholders. Life‐time costs and quality‐adjusted life years (QALYs) were calculated from a health‐care perspective. The analyses used various return on investment (ROI) estimates, including incremental cost‐effectiveness ratios (ICERs), to compare the scenarios. Probabilistic sensitivity analyses assessed the extent to which the estimated mean ICERs were sensitive to the model input values. Results: Introducing a social marketing campaign resulted in an increase of 0.3014 additional quitters per 1 000 smokers, translating to health‐care cost‐savings of €0.6495 per smoker compared with current practice. When the value of QALY gains was considered, cost‐savings increased to €14.1598 per smoker. Doubling the reach of existing group‐based behavioural support therapies and proactive telephone support resulted in health‐care savings of €0.2539 per smoker (€3.9620 with the value of QALY gains), compared with current practice. The respective figures for the combined scenario were €0.8960 and €18.0062. Results were sensitive to model input values. Conclusions: According to the EQUIPTMOD modelling tool, it would be cost‐effective for the Hungarian authorities introduce a social marketing campaign and double the reach of existing group‐based behavioural support therapies and proactive telephone support. Such policies would more than pay for themselves in the long term. [ABSTRACT FROM AUTHOR]

Abstract: Aims: To assess the cost‐effectiveness of alternative smoking cessation scenarios from the perspective of the Spanish National Health Service (NHS). Design: We used the European study on Quantifying Utility of Investment in Protection from Tobacco model (EQUIPTMOD), a Markov‐based state transition economic model, to estimate the return on investment (ROI) of: (a) the current provision of smoking cessation services (brief physician advice and printed self‐helped material + smoking ban and tobacco duty at current levels); and (b) four alternative scenarios to complement the current provision: coverage of proactive telephone calls; nicotine replacement therapy (mono and combo) [prescription nicotine replacement therapy (Rx NRT)]; varenicline (standard duration); or bupropion. A rate of 3% was used to discount life‐time costs and benefits. Setting: Spain. Participants: Adult smoking population (16+ years). Measurements: Health‐care costs associated with treatment of smoking attributable diseases (lung cancer, coronary heart disease, chronic obstructive pulmonary infection and stroke); intervention costs; quality‐adjusted life years (QALYs). Costs and outcomes were summarized using various ROI estimates. Findings: The cost of implementing the current provision of smoking cessation services is approximately €61 million in the current year. This translates to 18 quitters per 1000 smokers and a life‐time benefit–cost ratio of 5, compared with no such provision. All alternative scenarios were dominant (cost‐saving: less expensive to run and generated more QALYs) from the life‐time perspective, compared with the current provision. The life‐time benefit–cost ratios were: 1.87 (proactive telephone calls); 1.17 (Rx NRT); 2.40 (varenicline‐standard duration); and bupropion (2.18). The results remained robust in the sensitivity analysis. Conclusions: According to the EQUIPTMOD modelling tool it would be cost‐effective for the Spanish authorities to expand the reach of existing GP brief interventions for smoking cessation, provide pro‐active telephone support, and reimburse smoking cessation medication to smokers trying to stop. Such policies would more than pay for themselves in the long run. [ABSTRACT FROM AUTHOR]

Abstract: Aims: To evaluate costs, effects and cost‐effectiveness of increased reach of specific smoking cessation interventions in Germany. Design: A Markov‐based state transition return on investment model (EQUIPTMOD) was used to evaluate current smoking cessation interventions as well as two prospective investment scenarios. A health‐care perspective (extended to include out‐of‐pocket payments) with life‐time horizon was considered. A probabilistic analysis was used to assess uncertainty concerning predicted estimates. Setting: Germany. Participants: Cohort of current smoking population (18+ years) in Germany. Interventions: Interventions included group‐based behavioural support, financial incentive programmes and varenicline. For prospective scenario 1 the reach of group‐based behavioral support, financial incentive programme and varenicline was increased by 1% of yearly quit attempts (= 57 915 quit attempts), while prospective scenario 2 represented a higher reach, mirroring the levels observed in England. Measurements: EQUIPTMOD considered reach, intervention cost, number of quitters, quality‐of‐life years (QALYs) gained, cost‐effectiveness and return on investment. Findings: The highest returns through reduction in smoking‐related health‐care costs were seen for the financial incentive programme (€2.71 per €1 invested), followed by that of group‐based behavioural support (€1.63 per €1 invested), compared with no interventions. Varenicline had lower returns (€1.02 per €1 invested) than the other two interventions. At the population level, prospective scenario 1 led to 15 034 QALYs gained and €27 million cost‐savings, compared with current investment. Intervention effects and reach contributed most to the uncertainty around the return‐on‐investment estimates. At a hypothetical willingness‐to‐pay threshold of only €5000, the probability of being cost‐effective is approximately 75% for prospective scenario 1. Conclusions: Increasing the reach of group‐based behavioural support, financial incentives and varenicline for smoking cessation by just 1% of current annual quit attempts provides a strategy to German policymakers that improves the population's health outcomes and that may be considered cost‐effective. [ABSTRACT FROM AUTHOR]

In this paper we study the effects of corruption using an open economy version of the endogenous growth model with international capital mobility. In particular, the model predicts that corruption negatively affects the stock of international investment in the host country. In addition, the model predicts that growth should be impaired by the uncertainty caused by corruption. Bribes, unlike taxes, involve unpredictable distortion in the discretionary and uncertain use of the government power. This results in additional costs to businesses and alongside with resources allocated to unproductive activities impose an extra burden on the economy. We test empirically the predictions of the theory using a sample of 142 countries for the period 1994–2014 and GMM methods. Using indicators of control of corruption from the World Bank, the lack of corruption is found to have a positive and statistically significant effect on the growth rate of real per capital GDP and increased the investment ratio. Hence, the empirical results suggest that corruption directly hinders economic growth by hampering investment. The estimated effects are robust to changes in specifications and estimation methods. Thus, it can be concluded that richer countries with better access to international financing should be growing faster and be less prone to the adverse effects of corruption than the emerging economies. [ABSTRACT FROM AUTHOR]

Theory suggests that firm value should include the value of real options; that is, firms have the option to expand more profitable businesses and liquidate less profitable businesses. In a diversified firm, each segment has its own real options. Applying real options theory to a diversified firm at the firm level neglects the value of segment-level options. If investors overlook segment-level options, mispricing will occur. Using data from 1981 to 2013, we find that a hedge portfolio buying diversified firms in the highest decile of the estimated real option value of segments (RVS) and selling those in the lowest RVS decile earns a significant 0.79% size-adjusted monthly return. The hedge returns are more significant for firms whose growth opportunities mainly lie in the more profitable segments. We also find that the predictive power of RVS is stronger for firms with high growth, lower analyst coverage, and stronger corporate governance. Further investigation links improved operating performance to the exercise of segment-level real options. [ABSTRACT FROM AUTHOR]

The electric utility industry is in transition but needs to move even faster if the country is to meet its emissions goals. The industry has historically moved cautiously, but policies and regulatory approaches must avoid unintentionally reinforcing the status quo. Incentive‐oriented policies and redesigned regulations must balance environmental sustainability with economic sustainability. The authors draw on well‐established corporate finance principles to guide more effective policies. Shareholder‐focused utility executives must make investments conditioned by three elements: (1) the return on equity the utility can expect to make on each project; (2) the investors' required return on equity capital for each project; and (3) the size of the investment. The well‐established economic value added (EVA) model can assist policy analysis: V=(r‐k)I; where V is the shareholder value created, r is the return on equity, k is the return investors require if they are to invest in the stock, and I is the scale of the project. Any new incremental V translates into higher stock prices. All three elements of their model (i.e., risk, return, and scale) require attention by regulators and policymakers to create value for shareholders. The authors show how the right state policies could create powerful incentives for shareholder focused utility executives to support such transitions. [ABSTRACT FROM AUTHOR]

This paper revisits recent claims that poor households owning cattle in developing countries settings do not behave according to the tenets of capitalism. We point out that the discussion was based on evidence from one single year only, while cows and buffalos are assets whose return varies through time. In drought years, when fodder is scarce and more expensive, milk production is lower and profits are low. In nondrought years, when fodder is abundant and cheaper, milk production is higher and profits can be considerably higher. Therefore, the return on cows and buffalos, like that of many stocks traded on Wall Street, is positive in some years and negative in others. The fact that in a given year the observed return on a risky asset is negative could certainly not be used as a contradiction of one of the basic tenets of capitalism. We report evidence from 3 years of data on the return on cows and buffalos in the district of Anantapur and show that in one of the 3 years returns are very high, while in drought years they are predominantly negative. [ABSTRACT FROM AUTHOR]

The Special Programme for Research and Training in Tropical Diseases (TDR) co-sponsored by UNICEF, UNDP, World Bank and WHO has been supporting research capacity strengthening in low- and middle-income countries for over 40 years. In order to assess and continuously optimize its capacity strengthening approaches, an evaluation of the influence of TDR training grants on research career development was undertaken. The assessment was part of a larger evaluation conducted by the European Science Foundation. A comprehensive survey questionnaire was developed and sent to a group of 117 trainees supported by TDR who had completed their degree (masters or PhD) between 2000 and 2012; of these, seventy seven (77) responded. Most of the respondents (80%) rated TDR support as a very important factor that influenced their professional career achievements. The “brain drain” phenomenon towards high-income countries was particularly low amongst TDR grantees: the rate of return to their region of origin upon completion of their degree was 96%. A vast majority of respondents are still working in research (89%), with 81% of respondents having participated in multidisciplinary research activities; women engaged in multidisciplinary collaboration to a higher extent than men. However, only a minority of all have engaged in intersectoral collaboration, an aspect that would require further study. The post-degree career choices made by the respondents were strongly influenced by academic considerations. At the time of the survey, 92% of all respondents hold full-time positions, mainly in the public sector. Almost 25% of the respondents reported that they had influenced policy and practice changes. Some of the challenges and opportunities faced by trainees at various stages of their research career have been identified. Modalities to overcome these will require further investigation. The survey evidenced how TDR’s research capacity grant programmes made a difference on researchers’ career development and on south-south collaborations, by strengthening and localizing research capacity in lower income regions, and also showed there is more that needs to be done. The factors involved, challenges and lessons learnt may help donors and policy makers improve their future interventions with regard to designing capacity strengthening programmes and setting funding priorities. [ABSTRACT FROM AUTHOR]

Mankind's prosperity has been dependent on availability of affordable energy in the recent centuries. Today, the need of sustainability requires precise energy efficiency evaluation. Unfortunately, the traditional metrics like energy return on investment (EROI) suffer from the system boundaries and from the inability to describe labor and physical capital in terms of energy. Therefore, they tend to omit up to 50% of input energy consumption. The price of energy model (PERM) and cost of energy model (CERM), derived via matrix description of production process, show that the ratio of the average energy input cost to the average useable energy output cost describes energy efficiency completely. The same holds for the ratio of energy prices, if shares of aggregate rents, taxes and subsidies in the input and output prices are similar. The above price (cost) ratio can serve as an EROI check and eliminate the need for a lengthy process analysis. The results enable the extension of energy efficiency metrics by social and environmental effects, measurable mostly in monetary terms. [ABSTRACT FROM AUTHOR]

In this paper, the problem of whether the left tail and the right tail of a distribution share the same extreme value index (EVI) is addressed and we propose two different test statistics. The first one is based on the result of the joint asymptotic normality of the two Hill estimators for the EVIs of both tails. And therefore, we can construct a quotient-type test statistic, which is asymptotic χ2(1) distributed after some standardization. The second test statistic proposed in this paper is inspired by the two-sample empirical likelihood methodology, and we prove its non parametric version of Wilk's theorem. At last, we compare the efficiencies of our two test statistics and the maximum likelihood (ML) ratio test statistic proposed by Jondeau and Rockinger (2003) in terms of empirical first type error and power through a number of simulation studies, which indicate that the performance of the ML ratio test statistic is worse than our two test statistics in most cases. [ABSTRACT FROM AUTHOR]

Non-banking deposit taking institutions play a vital role in the economic development of Mauritius and it is thus central to ascertain the determinants that commonly effect on the overall profitability of these institutions. This paper investigates empirically the elements that conclude the profitability of Mauritian Non-Banking Deposit Taking Institutions (NBDTIs) for the period of 2007-2015 based on the set of information acquired from the annual reports and financial accounts of NBDTIs while bearing in mind internal and external variables. The empirical examination uses the accounting measure Return on Assets (ROA) and Return on Equity (ROE) to represent NBDTIs' indicators. The outcomes obtained by employing multiple linear regression model and Generalised Least Square on panel data to the sample show that internal variables explain largely the variation in profitability. The research discovers that with ROE, capitalisation, and size, deposits and real interest rate are substantial to influence the profitability of the NBDTIs while GDP is not conclusive. On the other hand, with ROA it was found that size, capitalisation, deposits and macro-economic variables such as real GDP growth rates and real interest rate have significant impact on NBDTIs' profitability. Conversely, it is to be noted that these institutions listed on the Stock Exchange of Mauritius have no effect on the profitability. The implication of this paper is that profitability of NBDTIs is influenced by size, capitalisation, deposits as well as the macroeconomic surroundings such as GDP and real interest rate prevalent in the nation. The verdicts of the paper clinched that the variable used in investigating the profitability of Mauritian NBDTIs lead to a significant increase in their profitability. For this reason, executives of NBFIs must take into matter these features in their administration strategies since they have the capability to considerably effect on profitability. Forthcoming research might also need to contemplate other measures of risks so as to broaden the understanding on the concerns established in this paper. [ABSTRACT FROM AUTHOR]

This study explored the cost-effectiveness and return-on-investment of a combined social and physical environmental worksite health promotion program compared with usual practice, and of both intervention conditions separately. Participants were randomized to the combined intervention (n = 92), social environmental intervention (n = 118), physical environmental intervention (n = 96), or control group (n = 106). The social environmental intervention consisted of group motivational interviewing and the physical environmental intervention of workplace modifications. Both interventions were aimed at improving physical activity and relaxation. Effects included need for recovery (NFR), general vitality and job satisfaction. Cost-effectiveness analyses were performed from the societal and employer's perspective, and return-on-investment analyses from the employer's perspective. Compared with usual practice, the combined intervention was significantly more effective in improving NFR (-8.4;95% CI:-14.6;-2.2) and significantly more expensive to the employer (3102; 95%CI:598;5969). All other between-group differences were non-significant. For NFR, the combined intervention became the preferred option at willingness-to-pays of ≥€170/point improvement (society) and ≥€300/point improvement (employer). For general vitality and job satisfaction, the interventions' maximum probabilities of cost-effective were low (≤0.55). All interventions had a negative return-on-investment. The combined intervention may be cost-effective for NFR depending on the decision-makers' willingness-to-pay. Both separate interventions are not cost-effective for NFR. All interventions were neither cost-effective for general vitality and job satisfaction, nor cost-saving to the employer. [ABSTRACT FROM AUTHOR]

The analysis of the determinants of differences in wages across workers has traditionally relied on the estimation of average earnings functions. In this article, we propose a new theoretical model where it is the workers who decide the amount they wish to invest in human capital, taking into account the costs of acquiring those skills, for the purpose of maximizing earnings. In this model, both human capital and marginal productivity are likely to be influenced by the individual’s (unobserved) characteristics such as ability or motivation, potentially giving rise to endogeneity problems. In this context, the empirical implementation of our theoretical model allows us, under certain assumptions, to obtain consistent estimates even under the assumption of endogeneity. We present an empirical application to the education sector using data from the Spanish Structure of Earnings Survey 2010. Our results show that females and workers in the private education sector face more difficulties in achieving their maximum potential wage. [ABSTRACT FROM AUTHOR]

Many small-scale irrigation systems are characterized by low yields and deteriorating infrastructure. Interventions often erroneously focus on increasing yields and rehabilitating infrastructure. Small-scale irrigation systems have many of the characteristics of complex socio-ecological systems, with many different actors and numerous interconnected subsystems. However, the limited interaction between the different subsystems and their agents prevents learning and the emergence of more beneficial outcomes. This article reports on using Agricultural Innovation Platforms to create an environment in which irrigation scheme actors can engage, experiment, learn and build adaptive capacity to increase market-related offtake and move out of poverty. [ABSTRACT FROM PUBLISHER]

This paper examines the impacts of agricultural cooperative membership on output price, gross income, farm profit, and return on investment (ROI) utilizing a recent household survey data of 481 apple producers in China. We employ a treatment effects model to account for potential selection bias that arises from the fact that cooperative members and nonmembers are systematically different in terms of both observable and unobservable factors. Our analysis reveals that cooperative membership has a positive and statistically significant impact on apple price, gross income, farm profit, and ROI. In addition, we find that the highest profit effect of cooperative membership does not in fact result in the highest ROI effect of the membership, revealing differences in farm income and profitability of investment. [EconLit citations: C35, D71, Q12, Q13]. [ABSTRACT FROM AUTHOR]

Using 5-minute high frequency data from the Chinese stock market, we employ a non-parametric method to estimate Fama-French portfolio realized jumps and investigate whether the estimated positive, negative and sign realized jumps could forecast or explain the cross-sectional stock returns. The Fama-MacBeth regression results show that not only have the realized jump components and the continuous volatility been compensated with risk premium, but also that the negative jump risk, the positive jump risk and the sign jump risk, to some extent, could explain the return of the stock portfolios. Therefore, we should pay high attention to the downside tail risk and the upside tail risk. [ABSTRACT FROM AUTHOR]

Sorghum and millet grow in some of the most heterogeneous and austere agroecologies around the world. These crops are amongst the top five cereal sources of food and feed. Yet, few studies document the impact of sorghum and millet genetic enhancement. The Internal Rate of Return (ROR) is one of the most popular metrics used to measure the economic return on investment on agricultural research and development (R&D). This study conducted a meta-analysis of 59 sorghum and millet ROR estimates obtained from 25 sources published between 1958 and 2015. The average rate of return to sorghum and millet R&D investment is between 54–76 percent per year. All studies computed social rather than private RORs because the technologies were developed using public funds originating from host country National Agricultural Research Systems (NARS) and international organizations such as the INTSORMIL CRSP, ICRISAT and others. Nearly three quarter of the studies focused only on sorghum (72 percent) and around one tenth of the studies (8 percent) on millet. Regression models analyzed the determinants of variation in the reported RORs. Results show that ex-ante type and self-evaluated type of analyses are positively and significantly associated with the ROR estimates. Compared to estimates conducted by a university, results from international institutions and other mixed organizations provided significantly smaller estimates. Estimates conducted at national level also are significantly lower than those conducted at sub-national levels. The ROR is higher for studies conducted in the United States and for those conducted more recently. The study also reconstructed modified internal rate of return (MIRR) for a sub-sample of the reported RORs following recent methods from the literature. These results show that the MIRR estimates are significantly smaller than the reported ROR estimates. Both results indicate that investment in sorghum and millet research generates high social rates of return. [ABSTRACT FROM AUTHOR]

We examine the returns from owning cows and buffaloes in rural India. With labor valued at market wages, households earn large, negative median annual returns from holding cows and buffaloes, at −293% and −65%, respectively. Making the stark assumption of labor valued at zero, median returns are then −7% for cows and +17% for buffaloes (with 51% and 45% of households earning negative returns for cows and buffaloes, respectively). Why do households continue to invest in livestock if economic returns are negative, or are these estimates wrong? We discuss reasons why we may be underestimating returns and also, if the estimates are accurate, reasons why labor and milk market failures and social norms may still lead to persistent livestock investments. [ABSTRACT FROM AUTHOR]

We compare effects of research quality and quantity on the salary of academics in agricultural economics and economics departments of the same universities. Agricultural economists get a significantly lower payoff to research quality, whether measured by quality-weighted journal articles (based on nine different weighting schemes) or by citations. Instead, salary depends on the quantity of journal articles, while article counts have no independent effect on economist salaries. These differences in the reward structure for research are not due to either the extension focus of agricultural economists or to disciplinary differences in publishing with students and instead may reflect institutional factors that govern incentives within universities. One-third of academics in the agricultural economics departments studied here have doctoral training in economics; the very different disciplinary reward structures may cause frustration for these faculty due to the muted returns to research quality that agricultural economics departments seem to offer. [ABSTRACT FROM AUTHOR]

We explore whether investors who are more financially knowledgeable earn more on their retirement plan investments compared with their less sophisticated counterparts, using a unique new dataset linking administrative data on investment performance and financial knowledge. Results show that the most financially knowledgeable investors: (a) held 18% points more stock than their least knowledgeable counterparts; (b) could anticipate earning 8 basis points per month more in excess returns; (c) had 40% higher portfolio volatility; and (d) held portfolios with about 38% less idiosyncratic risk, as compared with their least savvy counterparts. Our results are qualitatively similar after controlling on observables as well as modeling sample selection. We also examine portfolio changes to assess the potential impact of the financial literacy intervention. Controlling on other factors, those who elected to take the financial literacy survey boosted their equity allocations by 66 basis points and their monthly expected excess returns rose by 2.3 basis points; no significant difference in volatility or non-systematic risk was detected before versus after the survey. While these findings relate to only one firm, we anticipate that they may spur other efforts to enhance financial knowledge in the workplace. [ABSTRACT FROM PUBLISHER]

To consider the environmental impacts of energy resource exploitation and better estimate the energy return of investment (EROI), this paper establishes a new emergy-based method (EmEROI) that can capture the essence of energy resource exploitation. The EmEROI method treats environmental impacts and labor as particular forms of energy, and all forms of energy can be quantified by solar transformity, which is expressed in emjoules as a common unit. The Daqing oilfield is used as an example, and the corresponding EmEROI value is calculated via the proposed method. The results are then compared with standard EROI estimates. Our EmEROI result is much lower than the standard EROI result and presents a more pronounced declining trend. Our results also indicated that the EmEROI estimates conform well to actual conditions and are not as affected by industrial energy intensity levels as the standard EROI. Thus, EmEROI has the potential for use as an integral aspect of energy resource exploitation project evaluations. [ABSTRACT FROM AUTHOR]

The article discusses the cyber security used in industrial control system (ICS) including encryptions, firewalls, and antivirus systems and highlights the importance of using Intrusion detection systems (IDS) for defense-in-depth IT networks. Particular focus is given to topics including seeking of return on investment (ROI) by business executives, need for risk assessment, and the installation of unidirectional gateway technology.

Using event-related potentials, this study investigated how financial herding or antiherding affected the valuation of subsequent outcomes. For each trial, subjects decided whether to buy the stock according to its net money flow information which could be used to reflect the strength of buying power or selling power of the stock. The return on investment (ROI) as feedback included the increase or decrease percentage after subjects’ responses. Results showed that, compared with herding, antiherding induced larger discrepancies of FRN and P300 amplitude between positive ROI and negative ROI, indicating that individuals under antiherding condition had stronger motivation and paid more attention in the evaluation process of ROI. Moreover, only for positive ROI, the amplitudes of FRN and P300 were modulated by two kinds of behaviors. We suggested that individuals making antiherd decisions were more confident with their own ability and choices, which reduced the positive outcome prediction error and gave more mental resources to evaluate positive outcome. However, negative outcomes evoked no different motivational meaning and negative emotion for individuals between herding and antiherding. The study may provide new insights into neurocognitive processes of herding and antiherding in financial market. [ABSTRACT FROM AUTHOR]

This paper examines the stylized facts, correlation and interaction between volatility and returns at the 5-minute frequency for gold, silver, platinum and palladium from May 2000 to April 2015. We study the full sample period, as well as three subsamples to determine how high-frequency data of precious metals have developed over time. We find that over the full sample, the number of trades has increased substantially over time for each precious metal, while the bid-ask spread has narrowed over time, indicating an increase in liquidity and price efficiency. We also find strong evidence of periodicity in returns, volatility, volume and bid-ask spread. Returns and volume both experience strong intraday periodicity linked to the opening and closing of major markets around the world while the bid-ask spread is at its lowest when European markets are open. We also show a bilateral Granger causality between returns and volatility of each precious metal, which holds for the vast majority subsamples. [ABSTRACT FROM AUTHOR]

Football is a sport that moves thousands of people and millions of euros. Since 1983, several clubs entered the stock markets with shares, and now twenty two clubs are listed in the Stoxx Football Index. In this study, we analyse the behaviour of the return rates of such shares, with Detrended Fluctuation Analysis and Detrended Cross-Correlation Analysis (and its correlation coefficient). With Detrended Fluctuation Analysis, we are able to observe that the shares of several clubs are far from the behaviour of a random walk, which is expected by the theory. Using Detrended Cross-Correlation Analysis, we calculate the cross correlations of clubs’ returns with national indexes and then with the Stoxx Football Index. Although almost all of them are positive, they do not seem to be strong. [ABSTRACT FROM AUTHOR]

Using sampled historical daily gold market data from 07-03-1985 to 06-01-2015, and building on a related work by Bentes (2016), this paper examines the presence of long-range dependence (LRD) in the world’s gold market returns and volatility, accounting for structural breaks. The sampled gold market data was divided into subsamples based on four global crises: the September 1992 collapse of the European Exchange Rate Mechanism (ERM), the Asian financial crisis of mid-1997, the Subprime meltdown of 2007, and the recent European sovereign debt crisis, which hit the world’s market with varying effects. LRD test was carried-out on the full-sample and subsample periods using three semiparametric methods—before and after adjusting for structural breaks. The results show insignificant evidence of LRD in gold returns. However, very diminutive evidence is found for periods characterized by financial/economic shocks, with no significant detections for post-shock periods. Collectively, this is indicative that the gold market is less speculative, and hence could be somehow less risky for hedging and portfolio diversification. [ABSTRACT FROM AUTHOR]

Efficiency frontiers are a useful tool for governmental agencies that balance the protection of ecosystem services with the economic returns from an agricultural landscape because the tool illustrates that a compromise of objectives generates greater value to society than optimizing a sole objective. Policy makers facing the problem of groundwater overdraft on an agricultural landscape want to know if regulations or irrigation technology adoption will enhance both economic and ecosystem service benefits. Conjunctive water management with on-farm reservoirs and tail water recovery system is frequently suggested to alleviate groundwater and surface water quality problems in the Lower Mississippi River Basin of the United States, and this study evaluates the consequence of the adoption of this technology for the balance of ecosystem service and economic objectives. A compromise of objectives that maximizes the value to society provides 76% more value to society without reservoirs and 66% more value to society with reservoirs than the sole objective of economic returns. The reservoirs help an agricultural landscape maximizing economic returns to align more closely with a landscape maximizing the value to society, although there are still significant gains possible from finding a landscape that directly compromises on the objectives. [ABSTRACT FROM AUTHOR]

A recent upsurge of investment in photovoltaic (PV) industry in China has made outstanding contributions to the adjustment of energy structure. In order to further promote the investment and construction of PV projects, the state has published many fiscal subsidy policies. In addition to unified national subsidy standard, local standards have been developed according to local fiscal revenue. They either have greatly improved return on investment (ROI) or have no significant effect as a result of too many impact factors. This paper utilizes multi dimensional big dates of distributed PV projects to obtain the weight of factors influencing the ROI from the calculation equation of ROI, which is fitted with innovative big data mining method of LSSVM-PSO. Results show that construction cost, sunshine duration, retail electricity tariff and subsidy have the greatest impacts. This study provides decision makers with quantitative basis for more comprehensive understanding on economic aspect of the distributed PV projects. [ABSTRACT FROM AUTHOR]

Significant listing day returns for IPOs is a phenomenon that is observed when companies go public. Using a larger timeframe (1999-2014), we attempt to determine the long-run performance of underpriced IPOs issued in an emerging economy such as India during the hot and cold IPO markets for 36-months. The results indicate that IPOs perform significantly better when issued during cold markets. We find that the distribution of returns is the same across cold and hot markets at specific periods during the 36-month period of study. [ABSTRACT FROM AUTHOR]