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Political frictions significantly affect both pricing and supply in the long-term care insurance (LTCI) market. Comparing the same insurer's requests submitted for the same policy at the same time to different state regulators, we find that they are 13% more likely to be approved and receive 4% more of the requested amount after an election year. Over time, regulatory pushback on premium increase requests leads to persistently lower cash reserves and increases the probability of company dropout. An insurer who receives one-standard-deviation less of their requested increase is 20% more likely to leave the market next year. [ABSTRACT FROM AUTHOR]

In order to improve the effect of injection–production coupling development to improve crude oil recovery in complex fault-block reservoirs, we carried out a physical simulation experiment based on a sandpack model of transforming water-driven development into injection–production coupling development and quantitatively evaluated the influence of rounds of injection pressure coupling on the crude oil mobilization in reservoirs with different permeability levels and on oil recovery. Meanwhile, the characteristics of residual oil were studied via a numerical simulation method. The mechanism of increased oil production via injection–production coupling development was revealed by analyzing the water and oil contents, formation pressure, and streamline fields through the establishment of mechanism models. The results of the physical experiment show that injection–production coupling can improve the recovery effect of medium- and low-permeability reservoirs by 55.66%. With an increase in the injection pressure, the oil recovery percentage of the low-permeability sandpack model at 20 MPa is 100%, and this study finds that injection–production coupling is the main way to develop the recoverable oil in a low-permeability reservoir. The numerical simulation results show that among the four remaining oil distribution types (interwell-enriched, low-permeability zone-enriched, well network imperfection, and mismatch between injection and production), the interwell-enriched type of the remaining oil reserves accounts for the highest proportion (48.52%). The simulation results of the mechanism model show that water-driven development easily leads to streamline solidification, resulting in ineffective circulation of the injected water. Compared with conventional water-driven development, the pressure propagation range is significantly increased in injection–production coupling development. The reservoir streamline distribution is more continuous and uniform, and the flooding wave is wider in volume and range. This research provides a theoretical basis for the injection–production coupling technology policy in complex fault-block reservoirs. [ABSTRACT FROM AUTHOR]

The '100% money' proposal aims at divorcing the creation of money from banking, by requiring 100% reserves on transaction accounts. The public monetary authority would then be the sole issuer of means of payment, while the banks would function as true intermediaries, financing loans with pre‐existing money. This article, building on the works of 1930s economists such as Irving Fisher, presents ten arguments in favour of this reform proposal — arguing that it would, in particular, prevent cumulative variations in the money stock, facilitate monetary control, reduce government intervention in banking, improve public finances, and make money creation more neutral. [ABSTRACT FROM AUTHOR]

The activities of business entities are conducted in conditions of uncertainty, which leads to the emergence of various types of business risks. The accounting system plays an important role in the information provision of risk management. Reliable accounting data can be a reliable source of information when making decisions on economic risk management both by the managers of the enterprise and by other parties interested in its activities. The article is devoted to the study of the accounting provision of capital reserves as a risk management tool for the protection of the capital of the enterprise. In the classification of capital reserves, an additional feature is distinguished by the identification of risks for the management of which the reserves are formed. It has been established that the risks of enterprises are the subject of the formation of reserves, and therefore it is advisable for the enterprise to create specific types of reserves that are necessary to cover the types of risks that are inherent in its activities. [ABSTRACT FROM AUTHOR]

Protection of cultivated land around cities has been an important topic in the territorial spatial planning, which is of great significance in guaranteeing ecological and food security and contributing to the sustainable development of cities. In this study, we quantified the synergistic relationship between natural quality characteristics and surrounding site conditions of cultivated land, by integrating the three-line demarcation requirements of permanent basic cultivated land red line, ecological red line, and urban development boundary. On the basis of Land Evaluation and Site Assessment (LESA) theory, this study establishes a cultivated land suitability evaluation system based on the comprehensive evaluation system of natural quality and site conditions, establishes cultivated land use and protection zones around the main urban area of Anshan City, and puts forward the control measures of cultivated land protection zones. The results showed that the cultivated land in the main urban area of Anshan could be divided into four types: permanent basic cultivated land area accounting for 80.7%, permanent basic cultivated land reserve area accounting for 10.15%, urban development boundary flexible use area accounting for 3.98%, and ecological restoration area accounting for 5.17%. The evaluation results reflected the differences in the cultivated land quality and site environment stability and integrated the policy requirements of the three-line demarcation. The layout of cultivated land around the main urban area was effectively explored, and the permanent basic farmland protection zone was delineated, which met the requirements of flexible development of urban boundaries and control of ecological red line for effective land use. [ABSTRACT FROM AUTHOR]

Copyright of Gold (1001-1277) is the property of Gold Magazine Editorial Office and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article highlights that many Arab countries have high spending without developing a solid revenue base or adequate emergency reserves, public debt levels have skyrocketed, and governments balance sheets have struggled to cope with waves of crises and their required responses. It also discusses that many Arab countries have faced compounded shocks in the humanitarian and health spheres, in real economic and financial trends, and in the management of their pre-existing sovereign debts.

Successive calamities, including bark beetle outbreaks and windthrow, have caused severe damages in German forests since 2018. The loss of forest stands as an important source of income makes it increasingly difficult for forest management to secure sustainable revenues, which in turn threatens the livelihood of many private forest enterprises. In addition, valuable ecosystem services are affected and there is a lack of financial resources for the necessary investments in reforestation and climate change adaptation. An online survey was used to investigate the attitude of private forest enterprises towards solving liquidity problems. [ABSTRACT FROM AUTHOR]

The research is dedicated to the current issue of improving the accounting and analytical support for enterprise risk management in conditions of a military state. It analyzes the processes of risk identification, assessment, measurement, and representation in financial reporting, taking into account International Accounting Standards and qualitative assessments. A conceptual approach is proposed to enhance the enterprise risk management process through the detailed implementation of three blocks of analytical procedures: research and identification, risk assessment, analysis, and neutralization, which involves its integration into the accounting and analytical support system for enterprise risk management. Based on the analysis of reporting of Ukrainian enterprises, the most common risks arising in modern conditions are identified. A classification of risks by their origin is proposed, allowing for the systematization of various types of reserves, provisions, and funds that are formed to reflect risk events in accordance with accounting standards. The analytical and applied support for risk representation in accounting is improved through the development of an analytical matrix of risk impact on events in reporting. It enables the consolidation of information on the likelihood and significance of risks in a unified format and establishes the appropriateness of reflecting reserves and provisions in accounting. The research results have practical significance and can be utilized by enterprises to enhance their risk management systems and effectively represent risk events in financial reporting, which will contribute to risk reduction and minimizing losses for enterprises in conditions of a military state. [ABSTRACT FROM AUTHOR]

Detailed information about individual claims are completely ignored when insurance claims data are aggregated and structured in development triangles for loss reserving. In the hope of extracting predictive power from the individual claims characteristics, researchers have recently proposed to use micro‐level loss reserving approaches. We introduce a discrete‐time individual reserving framework incorporating granular information in a deep learning approach named Long Short‐Term Memory (LSTM) neural network. At each time period, the network has two tasks: first, classifying whether there is a payment or a recovery, and second, predicting the corresponding non‐zero amount, if any. Based on a generalized Pareto model for excess payments over a threshold, we adjust the LSTM reserve prediction to account for extreme payments. We illustrate the estimation procedure on a simulated and a real general insurance dataset. We compare our approach with the chain‐ladder aggregate method using the predictive outstanding loss estimates and their actual values. [ABSTRACT FROM AUTHOR]

Background: The widespread use and misuse of antimicrobials are the major driving factor for antimicrobial resistance (AMR) that threatens the health of human beings globally. Thus, monitoring antimicrobial consumption at national level is crucial to prevent and contain AMR. Nevertheless, there is no well-established system for recording and reporting of antimicrobial consumption in Ethiopia. Hence, the national antimicrobial consumption survey was conducted to generate evidence for decision-making on the appropriate use of antimicrobials in Ethiopia and tackle AMR. Methods: All imported and locally manufactured antimicrobials from 2017 to 2019 were from the Ethiopian Food and Drug Authority and local manufacturers database, respectively. Data were collected and analyzed descriptively in accordance with the World Health Organization (WHO) Anatomical Therapeutic Chemical (ATC) and defined daily doses (DDD) classification and methodology. Results: The average DDD/1,000 inhabitants for all antimicrobials was 15.36. The DDD/1,000 inhabitants fell down sharply from 37.03 in 2017 to 4.30 in 2018, before slightly rising to 4.75 in 2019. The majority of the consumed antimicrobials were comprised of oral antimicrobials (98.6%), while parenteral antimicrobials made up 1.4%. Tetracyclines (35.81%), fluoroquinolones (20.19%), macrolides (13.92%), antiretrovirals (10.57%), and cephalosporins (9.63%) were the most frequently consumed classes of antimicrobials during the three years period. About 75.83% of the consumed antimicrobials fall under the WHO AWaRe classification and 67.87% of antimicrobial consumption was from the WHO Access class medications, with Watch and Reserve classes accounting for 32.13% and <1%, respectively. Similarly, about 86.90% of the antimicrobials fall under the Ethiopian AWaRe classification, with Access, Watch, and Reserve accounting for 87.73%, 12.26%, and <1%, respectively. Conclusion: Due to the peculiarities of our settings, our findings may have some similarities and differences with similar studies from other countries. Hence, we recommend for all concerned bodies to work collaboratively to improve monitoring of antimicrobial consumption at different levels of the Ethiopian healthcare tier system. Future work is necessary to establish a strong system of reporting of antimicrobial consumption patterns in Ethiopia. [ABSTRACT FROM AUTHOR]

The article describes the characteristics and classification of partial (hypolactasia) and complete (alactasia) lactose intolerance; the classification of dairy products for people with lactose intolerance is considered, the lactose content requirements for low-lactose and lactose-free products are indicated. The parameters of lactose hydrolysis in milk using the enzyme β-galactosidase HA-Lactase 2100 of the Danish company Christian Hansen are given.. Lactulose has been characterized as a prebiotic used in dairy product technologies to prevent dysbacteriosis. The mass fraction of lactulose in pasteurized low-lactose milk is substantiated. The expediency of production of pasteurized low-lactose milk with a lactulose content of 0.3% is shown, which will provide the human body with 30.0–50.0% lactulose when consuming the daily norm of the product - 500 cm3. The change of quality indicators in pasteurized low-lactose milk in hermetically sealed containers - plastic bottles with a capacity of 1000 cm3, produced under production conditions at Hormolzavod LLC (Odesa), during the storage process - was determined. It was noted that during 25 days of storage, the quality indicators of the target product meet the requirements of the current regulatory documents for drinking milk, in particular, according to the "titrated acidity" indicator, and during further storage, this indicator exceeds the normative value Recommendations are provided regarding the storage parameters of pasteurized low-lactose milk with lactulose in a hermetic container: taking into account the reserve ratio, which for drinking milk should be 1.3, the maximum storage period of pasteurized low-lactose milk with lactulose, produced at Hormolzavod LLC (Odesa), should not exceed 19.2 days at a temperature of 2–6 ºС. Taking into account the fact that the storage of the product at the enterprise during experimental research was carried out at a temperature of 2 ºС, it was decided to recommend establishing a maximum storage period of pasteurized low-lactose milk with lactulose at a temperature of 2–6 ºС for no more than 18 days to prevent spoilage of the product in trade networks. where its storage temperature can be 2–6 ºС. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This article examines steps taken at one academic library to address issues encountered when attempting to create a foundation of copyright knowledge to assist staff in reserves and interlibrary loan. It reviews the development of a copyright policy for the library that specifically addressed interlibrary loan and reserves activities. It also addresses how conducting staff instruction, developing process documentation, and having regular training meetings, enhanced each department's ability to incorporate the new policy into daily workflows. Finally, it points out new issues encountered when attempting to simplify how copyright and licensed materials are handled. [ABSTRACT FROM AUTHOR]

Calculating and accounting only for current tax is not sufficient if, due to accounting policies or legal provisions, the tax value of assets and liabilities is different from their book value. Profits or losses are shown in the profit and loss account, while some gains or losses (other than those shown in the profit and loss account) are shown in reserves or retained earnings. To the extent that the taxation of certain profits or the deduction of certain tax losses is deferred to future periods, as well as in situations where some amounts shown in the reserve accounts or retained earnings are to be taxed in the future as a result of provisions in tax legislation, a deferred income tax liability must be recognized in the accounts. The transition to IFRS has led to the recognition of deferred taxes, receivable or payable, depending on the situation of each entity, in the profit and loss account, the retained earnings account or the reserve accounts. [ABSTRACT FROM AUTHOR]

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Natural Gas Geoscience is the property of Natural Gas Geoscience and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The western Baltic Sea cod (WBC) stock is at historically low levels, mainly attributed to high fishing pressure and low recruitment. Stable stock assessment metrics suggested recovery potential, given appropriate fisheries management measures. However, changing environmental conditions violate stability assumptions, may negatively affect WBC, and challenge the resource management. The present study explored 42 years of changes in WBC biological parameters. WBC body condition gradually decreased over the last decades for juveniles and adults, with a rapid decrease in recent years when a single cohort dominated the overfished stock. The hepato-somatic index and the muscle weight decreased by 50% and 10% in the last 10 years, respectively, suggesting severely decreasing energy reserves and productivity. The changes in energy reserves were associated with changes in environmental conditions (increase in bottom water temperature, expansion of hypoxic areas during late summer/autumn), and changes in diet composition (less herring). A key bottleneck is the warming and longer-lasting summer period when WBC, trapped between warmed shallow waters and hypoxic deeper waters, have to mobilize energy reserves to account for reduced feeding opportunities and thermal stress. Our results suggest that stock recovery is unlikely to happen by fisheries management alone if environmental trajectories remain unchanged. [ABSTRACT FROM AUTHOR]

We examine whether firms' tax uncertainty affect their trade credit and inventory investment policies. Using a measure of tax uncertainty based on an accounting reserve for contingent tax liability, we find that tax uncertainty is negatively associated with trade credit use and inventory investment. In terms of economic significance, the effect of tax uncertainty on trade credit use is comparable to those of the firm's cash flow and leverage. Overall, our findings highlight a new channel through which tax planning policies affect corporate decisions and show that the firm's tax planning policies are important determinants of its trade credit use and inventory investment. Our results are robust to different empirical specifications and tests. [ABSTRACT FROM AUTHOR]

This paper proposes a comprehensive methodology for determining the converter droop settings to ensure the voltage security in a multi-terminal direct current (MTDC) grid. The novelty lies in the introduction of the concept of over- and under-voltage containment reserves in analogy to the frequency containment reserves in AC systems. This not only gives a distinction of the contribution between the converters in rectifying and inverting modes, but also significantly facilitates the sizing of the necessary amount of reserves within their available headroom capacity of power. In particular, the constraints of converter outages, converter rating, and DC voltage deviations are all taken into account in the design of reserves. The effectiveness of the proposed approach is demonstrated by a contingency power flow analysis algorithm and EMT simulations of a four-terminal MTDC grid. [ABSTRACT FROM AUTHOR]

With the increasing share of variable and limitedly predictable renewable energy in power systems worldwide, ensuring reserve capacity to maintain the balance of supply and demand becomes more important. On the other hand, the development of the virtual power plant model (VPP) allows renewable sources and energy storage to participate in reserve service. This paper addresses the optimal reserve bidding strategy problem of a VPP comprising of renewable energy resources (RESs), energy storage systems (ESSs), and several customers. The VPP participates in balance capacity (BC), day-ahead (DA), and intra-day (ID) markets. The scheduling problem is formulated as a two-stage chance-constrained optimization model taking the uncertainty of RESs production, load consumption, and probability of reserve activation into account. The response of VPP after its reserve capacity is called and generated is also considered to increase the operational flexibility of VPP. The proposed model is implemented on a test VPP system, and the effects of RESs sizing, ESSs sizing, and the probability of reserve activation are analyzed. Results indicate that the proposed model can perform well under real-world conditions. [ABSTRACT FROM AUTHOR]

Should exchange rate regime classifications be based purely on some measure of exchange rate flexibility, or should such flexibility be judged in proportion to the degree of exchange market pressure (EMP), as reflected in the behaviour of international reserves? Some authors have claimed that the best approach to classifying exchange rate regimes is to estimate to what extent EMP is absorbed in reserve variability rather than exchange rate variability. Empirical evidence is presented on the variability of reserves and exchange rates for 193 countries from 1980 to 2019. Pegged regimes do not display any more reserve volatility than floats. In most regimes there is a small but statistically significant positive correlation between reserve accumulation and exchange rate appreciation in monthly data, but this effect is no stronger in less flexible regimes, where intervention is expected to be greater. A flexibility index is constructed, based on the ratio of exchange rate flexibility to reserve volatility, and is compared to one based solely on exchange rate flexibility by investigating its conformity with the IMF de facto classification. The flexibility index that takes reserves into account does not improve the identification of pegs, but it helps to a limited extent to distinguish free floats from managed floats. [ABSTRACT FROM AUTHOR]

China is both a major trading partner of the United States and the largest official holder of U.S. assets in the world. The value of Chinese foreign exchange reserves peaked at just over $4 trillion in June 2014 but has since declined to $3.19 trillion (as of August 2016). This very large decline in foreign exchange reserves is unprecedented, and some analysts have speculated that continued sales of these (mostly U.S.) assets might significantly impact the U.S. and global economies. This article explains the reasons for this large decline in official assets, China's available policy choices, and how these choices could affect the U.S. economy. [ABSTRACT FROM AUTHOR]

The article focuses on the globalization of German conversion tax law through the Corporate Income Tax Modernization Act. It mentions that avoiding the realization and taxation of hidden reserves without increasing liquidity is often a prerequisite for the success of an economically necessary restructuring.

Copyright of Journal of The Iraqi University is the property of Republic of Iraq Ministry of Higher Education & Scientific Research (MOHESR) and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper provides evidence that disclosing corporate bond investors' transaction costs (markups) affects the size of the markups. Until recently, markups were embedded in the reported transaction price and not explicitly disclosed. Without explicit disclosure, investors can estimate their markups using executed transaction prices. However, estimating markups imposes information processing costs on investors, potentially creating information asymmetry between unsophisticated investors and bond‐market professionals. We explore changes in markups after bond‐market professionals were required to explicitly disclose the markup on certain retail trade confirmations. We find that markups decline for trades that are subject to the disclosure requirement relative to those that are not. The findings are pronounced when constraints on investors' information processing capacity limit their ability to be informed about their markups without explicit disclosure. [ABSTRACT FROM AUTHOR]

We present evidence from 260,000 online auctions of second-hand cars to identify the impact of public reserve prices on auction outcomes. We exploit multiple discontinuities in the relationship between reserve prices and vehicle characteristics to present causal regression-discontinuity estimates of reserve price impacts. We find an increase in reserve price decreases the number of bidders, increases the likelihood the object remains unsold, and increases expected revenue conditional on sale. We then combine these estimates to calibrate the reserve price effect on the auctioneer's ex ante expected revenue. This reveals the auctioneer's reserve price policy to be locally optimal. ( JEL D44, L11, L62) [ABSTRACT FROM AUTHOR]

Copyright of REUNIR: Revista de Administração, Contabilidade e Sustentabilidade is the property of REUNIR - Revista de Administracao, Contabilidade e Sustentabilidade and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Listy Cukrovarnicke a Reparske is the property of VUC Praha a.s. and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Copyright of Scientific Bulletin of National Mining University is the property of National Mining University, State Higher Educational Institution and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article discusses a case law concerning transfers on profit distributions in the purview of several sections of the Körperschaftsteuergesetz (KStG) 2002 German corporate income tax law. Topics discussed include merging of subsidiary company and the transferring of economic goods in the tax balance sheet of subsidiary company; disclosure of the hidden reserves in the surplus transfers created in the trade balance; and tracking of income from investments.

The article discusses a case law concerning divestment or real division in purview of several sections of Einkommensteuergesetz (EStG) German income tax law and the Umwandlungssteuergesetz (UmwStG) 2006 business reorganizations tax law in Germany. It mentions the real sharing of a co-entrepreneur through the transfer of one part of the company or part of a co-entrepreneur. It mentions that EStG is primarily intended to cover a whole hidden reserves.

Copyright of FinanzRundschau is the property of De Gruyter and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This study examines the effect of exchange rate regimes on foreign direct investment (FDI) flow for West African Monetary Zone (WAMZ). The Arellano Panel Correction for Serial Correlation and Heteroskedaticity option of the Within Estimator for fixed-effect panel data model as well as the Dynamic Panel Data Instrumental Variable Approach by Anderson and Hsiao [(1981). Estimation of dynamic models with error components. Journal of the American Statistical Association, 76, 598–606] for the countries selected based on the data availability for the period 1980–2016 were used. The fixed exchange rate regime was found to hamper FDI flow in the zone, while intermediate policy had a significantly positive effect in facilitating FDI flow during periods of declining foreign reserves and narrowing current account balance in WAMZ. This implies that the transmission of the effect of exchange rate regimes on FDI inflows depends on the positions of the foreign reserves and current account balance in the zone. The study therefore recommends the need for monetary authorities to be cautious in managing their exchange rates especially in periods of depleting foreign reserves and narrowing current account so as not to deter the much needed FDI inflow. [ABSTRACT FROM AUTHOR]

This article analyses the earliest known use of reserve accounting in the late fourteenth century. It reveals the dual purpose of this reserve, the entries made, including those made when the reserve was utilized and when the remainder was written-back to be distributed to the owners in the following accounting period. The research method is archival, using logical–analytical modelling of a merchant's accounting records from 1392 to 1400. It finds that a reserve was initially an estimate of costs that had been incurred the amount of which was unclear, and that it was then extended to act as a suspense account to balance the ledger when errors in the double entries could not be identified. In doing so, this study also reveals changes made in how the entries were made to the reserve as bookkeepers sought more efficient ways to make them. [ABSTRACT FROM AUTHOR]

The complex pattern of gold production in Canada, which differs from the classic Hubbert´s curve, is modeled, and a short-term forecast is made, via the Fundamental Equation of Mineral Production (FEMP). For intervals of time with a variable production to reserves ratio, a discrete piecewise version of the equation updates the reserves and the Production to Reserves Ratio (PRR) by units of time. These piecewise linear portions of the PRR correspond to sub-cycles of rising and declining production embedded in the overall history of production. This version of the FEMP allows modelling of any pattern of mineral production at a universal range of scales. The Hubbert´s linearization indicates the official account of reserves underestimates the real amount of gold resources in Canada. The equivalence between the Hubbert's formula and the FEMP is introduced. The Hubbert curve is shown as a case study of the Fundamental Equation, featured as the product of a quadratic function of the cumulative production and a rational function of the PRR with time. The forecast for Canada's current gold production illustrates the metal output is about to peak with an all-time record high in the near future, unless new findings or influential global economic factors are introduced (i.e., a sharp and sustained growth of gold demand from regional markets), allowing an increase of the slope of the linear function featured by the PRR of the FEMP-based model. [ABSTRACT FROM AUTHOR]

Copyright of Mineral Resources Management / Gospodarka Surowcami Mineralnymi is the property of Mineral & Energy Economy Research Institute of the Polish Academy of Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

The article discusses the German Bundesfinanzhof court case dealing with taxation. The court held that tax certificate for the distribution from a capital reserve that is missing at the time of the issuance of a notice of assessment for the tax deposit account leads to a fixed use of zero according to section 27 para. 5 sentence 2 KStG.

Copyright of Omer Halisdemir Universitesi Iktisadi ve Idari Bilimler Fakültesi Dergisi is the property of Omer Halisdemir University, Faculty of Economics & Admistrative Sciene and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

Secret reserves accounting have been described as one of the most celebrated aspects of accounting practices (Arnold, 1997, p. 162). However, while secret reserve accounting may have played a role in promoting public confidence in the banking system, it conflicted with increasing demands from financial report users and regulatory agencies for comprehensive and accurate disclosures of a bank's financial position and performance. Secret reserve accounting may have been a well-intentioned deceit, but it was still a deceit. In this paper I tried to present the beneficial yet conflicting nature of such hidden reserve. The paper begins with an introduction of secret reserve followed by its background which involves its sources, advantages and disadvantages. Next it focuses on how secret reserve created conflicts between different groups like managers, employees, and shareholders. Finally I end the discussion by explaining the position of secret reserve from legal perspective followed by a concluding remark. [ABSTRACT FROM AUTHOR]

Copyright of Accounting & Finance / Oblìk ì Fìnansi is the property of Institute of Accounting & Finance and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

In this paper we investigate how well banks manage their reserves. The optimal policy takes into account expected foregone interest on excess reserves and penalty costs for going below required reserves. Using a unique panel data set on daily clearing house settlements of a cross-section of Mexican banks we estimate the deposit uncertainty banks face, and in turn their optimal reserve behavior. The most important variables in forecasting the deposit uncertainty are the interbank fund-transfers of the day, certain calendar dates, and the interest rate differential between the money market rate and the discount rate--a measure reflecting the bank's opportunity cost of money holdings. For most banks, the model's prediction accord relatively well with the observed reserve behavior of banks. The model produces reserve costs that are significantly smaller relative to the case when reserves are set via a simple rule of thumb. Furthermore, alternative motives for holding reserves (such as liquidity and reputation effects) do not seem to explain why certain banks hold relatively large reserves. [ABSTRACT FROM AUTHOR]

Conservative financial policies are often criticized as serving the interests of managers rather than the interests of stockholders. We test this argument by examining the operating performance and other characteristics of firms that for a five-year period held more than one-fourth of their assets in cash and cash equivalents. Following the five-year period, operating performance of high cash firms is comparable to or greater than the performance of firms matched by size and industry or by a measure of proclivity to hold substantial cash. In addition, proxies for managerial incentive problems, such as ownership and board characteristics, are not unusual and do not explain differences in operating performance among high cash firms. We find that high cash holdings are accompanied by greater investment, particularly R&D expenditures, and by greater growth in assets. For firms that persistently hold large cash reserves, we conclude that such policies support investment without hindering corporate performance. [ABSTRACT FROM AUTHOR]

This paper shows that uncertainty about an emerging market's international reserves can affect the willingness of foreign investors to supply international credits. We illustrate the relevance of this concern for South Korea. Uncertainty has asymmetric effects. When the expected reserve position of an, emerging market is large relative to the potential bailout in bad states of nature, reserve volatility does not matter. However, the same amount of reserve volatility, can cause a large reduction in the supply of international credit if the private sector seriously downgrades its priors about repayment possibilities or becomes more pessimistic about the emerging market's reserve position. [ABSTRACT FROM AUTHOR]

This study examines the association between a firm's LIFO reserve and its equity risk. We hypothesize that LIFO reserve has favorable implications for equity risk as it confers tax benefits and represents unhooked profits, which prompt firms to lower their borrowings and effectively increase equity. Consistent with this hypothesis, we document a negative association between LIFO reserve and two measures of risk: standard deviation of stock returns and beta. We document a negative association between LIFO reserve and debt, consistent with the proposition that LIFO reserve ami debt are tar shield substitutes. However, the negative association between LIFO reserve and equity risk remains even when the level of debt of firms is controlled. Further tests show that adjusting the denominator of the debt-equity ratio for LIFO reserve improves its explanatory power with regard to risk, consistent with the notion that LIFO reserve is viewed as a component of equity in assessing risk. Additional tests indicate that LIFO reserve has explanatory power with regard to future risk. Also, variability of LIFO reserve is positively associated with equity risk, suggesting that firms with high temporal variability in their LIFO reserve may be unable to fully avail of the future benefits of LIFO accounting. Collectively, these results indicate that LIFO reserve is negatively associated with equity risk and conveys information that is potentially useful in assessing equity risk. [ABSTRACT FROM AUTHOR]

Economists have long believed that, absent any public withdrawals of high-powered money, an unregulated, closed banking system can expand its assets and liabilities without encountering any shortage of reserves so long as its members act in concert. Notwithstanding its popularity, this "in-concert overexpansion" doctrine is inconsistent with standard theories of the precautionary demand for bank reserves. Unless these theories are themselves incorrect, concerns that complete removal of legal restrictions on the competitive supply of bank money must result in an unstable or indeterminate bank-money multiplier are misplaced. [ABSTRACT FROM AUTHOR]

Abstract: This paper proposes a novel financing scheme, reserve financing, for government infrastructure investment in China. A two-sector open economy model explores the consequences and policy implications of a surge in infrastructure investment financed by international reserves. The results show that reserve financing, coupled with a managed float exchange rate system, can maintain the country's fast growth rate while mitigating fiscal pressure on local governments. Productive infrastructure capital stimulates domestic demand, reducing the country's dependence on exports. To promote growth and maintain price stability, three factors are critical: return on infrastructure, swift fiscal adjustment, and rapid infrastructure financing. [Copyright &y& Elsevier]

Las reservas internacionales constituyen una de las herramientas de que disponen los bancos centrales para proporcionar un seguro de liquidez y hacer frente a contingencias futuras y a cambios repentinos en los flujos de capitales. Este trabajo analiza los factores económicos que explican el comportamiento de las reservas en el caso argentino. Atal efecto, se estiman modelos de VEC (vector de corrección de errores), con datos trimestrales de ese país, que cubren el período 1994-2013. Los resultados muestran que el PIB real y el riesgo país serían los principales determinantes de la volatilidad en las reservas, mientras que otros factores, como los términos del intercambio y los componentes de la balanza de pagos (balanza comercial y cuenta capital y financiera, respectivamente) habrían sido menos importantes. [ABSTRACT FROM AUTHOR]