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Among various portfolio insurance strategies, option-based portfolio insurance (OBPI) stands out as the unique strategy offering both downside protection and minimum upside participation. Its implementation, however, is challenging for public funds, whose investors have different entry points and uncertain holding periods. In this article, the author extends OBPI to ensure downside protection over a rolling window. Such an objective reflects the common practice in which the performance of funds is regularly monitored over fixed time intervals. The author shows how to derive the optimal strategy using methods of reinforcement learning and demonstrates that it provides a more effective portfolio protection than the existing methods on both simulated and real-life data. [ABSTRACT FROM AUTHOR]

The term 'universal basic services' (UBS) describes a set of proposals for achieving universal access to life's essentials within the limits of a finite ecosystem. It's not a new idea but a product of learning about the strengths and weaknesses of social democracy over more than six decades. It reclaims the collective ideal that shaped the post-war settlement and resets it for the twenty-first century. It is designed as part of a systemic strategy for tackling the climate emergency by way of social justice. And this, surely, must be a driving force in renewing social democracy today. [ABSTRACT FROM AUTHOR]

Copyright of Ekonomia XXI Wieku is the property of Uniwersytet Ekonomiczny we Wroclawiu 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 focuses on amending Georgia's Election and Primaries statutes to regulate third-party funding for conducting elections. It is reported that the bill prohibits government employees, election officials, or municipal governments from accepting third-party funding for election administration, making it a felony offense to do so. It mandates that all costs related to election administration be covered by lawfully appropriated public funds.

Zakat Management Organization is an organization that is authorized and obliged to implement the system and management of public funds. As a country with a Muslim population of 87%, the potential amount of zakat is very large, the latest measurement of zakat potential in Indonesia according to Puskas (2019) reached Rp 233.9 trillion. As the person in charge and management of public funds, of course, the management of the zakat management organization must have good performance in order to gain the trust of the muzaki. However, in its development, it turns out that there are still many people who lack trust in conducting zakat transactions in official government organizations. This study used quantitative data with secondary data from the Puskasbaznas index. The purpose of this study is to determine the performance of zakat managers. The results showed that there was a significant influence between zakat literacy and Sharia compliance on performance, while zakat transparency did not have a significant effect on performance. Meanwhile, simultaneously, zakat literacy, zakat transparency, and Sharia compliance have a significant effect on the performance of zakat managers. [ABSTRACT FROM AUTHOR]

In recent years there has been a growing interest in improving ethics in the management of public resources. However, while there have been significant improvements in the search for efficiency and effectiveness in the use of public funds, there is not yet a complete and comprehensive development of mechanisms and instruments that enhance ethics in the decisions of public managers. In this article the Spanish case study and its exercise of ethical responsibility are carried out, through which results of interest to other countries with similar models of public management are obtained. [ABSTRACT FROM AUTHOR]

One of the most important stimulators for the economic situation of enterprises is conducting research, development and innovation activities. However, the costs of running these activities are so high that they exceed the financial capabilities of many enterprises. The financial remedy turns out to be state aid funds, which can bring a number of different benefits. The main purpose of this paper is to determine the non-financial results of supporting the Aviation Valley cluster through public aid for R&D&I. The article is based on a case study of a unit that raises significant funds for these activities. It defines the concepts of research and development and innovation activities, and discusses the development of these activities in Poland in the years 2011-2021. It also characterizes the non-financial results of supporting the Aviation Valley cluster via public aid funds for R&D&I, summarizing the most important achievements of the Aviation Valley. [ABSTRACT FROM AUTHOR]

Indonesia is a nation that uses taxes as a means of supporting its state treasury. As a tax collection tool, Indonesia uses various types of taxes. The value of the tax is determined from the results of the collection of public funds, and the tax is then used as a condition for carrying out state development. The study sought to ascertain how profitability, leverage, and company size affect tax evasion. The approach used in this study is qualitative and involves collecting information from cigarette manufacturers listed on the IDX for the years 2016 to 2021. The findings of this study show that although leverage has little impact on tax evasion, profitability has little impact. [ABSTRACT FROM AUTHOR]

The IAF assists organizations in achieving accountability and integrity, enhancing the implementation of organizational programs, fostering public confidence, and mitigating the risk of mismanagement of public funds. Even though the significance of internal audit functions has been acknowledged and recognized in South Africa, the South African public sector is plagued by numerous issues resulting from the IAF's poor performance. The purpose of this paper is to investigate the factors that influence the efficacy of the internal audit function (IAF) within the Department of Defense (DoD). The investigation employed a qualitative methodology. Twenty-five professionals were interviewed in depth, and the data were subjected to thematic analysis. Five factors have been identified as affecting the performance of the IAF within the DoD: limited resources, outmoded data collection techniques, a lack of automated data analytics software, the inaccessibility of audit records, and a lack of support from senior management. This article suggests that upper management invest in hiring competent and qualified personnel to automate its data collection and in purchasing data analysis software such as iAuditor, SAP, and TeamMate. It is recommended that audit records be well managed and securely stored and that internal auditors have complete access to information for conducting audits in all DoD sectors. The budget of the IAF within the DoD must be increased. [ABSTRACT FROM AUTHOR]

Following the 2008 Great Financial Crisis, financial policy makers have refocused their attention on bank resolution, prompting the creation of new resolution tools and regime reforms. As a result, the focus has mainly been on large, systemically important banks. Less attention has been paid to a broader range of financial institutions, namely small and medium deposit‐taking institutions. That tendency limits the applicability of these tools, which are imperfectly adapted to the unique issues faced by these smaller institutions. This article will assess both the successful applications and the limitations of resolution tools to small and medium deposit‐taking institution failures, focusing on three tools in particular: the bail‐in, the bridge bank, and purchase and assumption. In doing so, the benefits and challenges of each of these tools will be examined through the lens of recent resolution examples in the United States, Canada, and the European Union. This article also argues for the availability of public funds to achieve a successful resolution, taking the view that moral hazard concerns are overstated and that rigid bans of public funds are counterproductive to the goals of resolution. Lastly, this article seeks to develop a broad understanding of the systemic importance that accounts for the essential role of small and medium deposit‐taking institutions in their communities. [ABSTRACT FROM AUTHOR]

This article presents the findings of a study that utilized a panel ARDL (autoregressive distributive lag) model to scrutinize the association of foreign direct investment (FDI), trade, human capital, government expenditures, with tourism in the BRICS nations. The research analyzed data spanning the period from 1995 to 2020 and unveiled crucial insights into the dynamics influencing tourism development in these countries. The results revealed that FDI, trade, and human capital demonstrated positive associations with the tourism sector, in the short and long time period. These factors played a significant role in boosting tourism activities within the BRICS (Brazil, Russia, China, India & South Africa) nations. However, an inverse correlation was observed between government expenditures and tourism during the same time frame, suggesting the need for careful allocation and optimization of public funds to enhance the sector's growth and performance. This study sheds light on the complex interplay between various determinants of tourism development in BRICS countries, providing valuable implications for policymakers and industry stakeholders. [ABSTRACT FROM AUTHOR]

In 2018, an unprecedented red tide prompted Chile's Ministry of Health to close fisheries throughout the country's southern Aysén Region. The disaster heightened the precarity of "paper fishers," or those who seldom fish but deftly navigate Chile's neoliberal fisheries management system. Amid the crisis, these fishers performed valuable distributive labor. They connected benefits from transferable fishing quotas to community‐based networks, persuaded officials to recognize additional claimants, and redistributed cash in their communities. This enabled fishers to access public funds when fishing was impossible and strengthened community solidarity in the face of precarity. Yet it also required that claims for financial compensation be legible to state officials, and it prevented political actions that would have disrupted the state‐backed aquaculture industry, despite the latter's contribution to the red tide. Thus, neoliberal distributive programs that depend on the commodification of nature simultaneously benefit rural communities in crisis and facilitate the displacement of beneficiaries. [ABSTRACT FROM AUTHOR]

The structural changes that have occurred in contemporary capitalism, brought new conditions for the use of territory in Brazil. Consequently, it can be observed the insertion of new agents from the financial sphere, notably investment funds, corporate investors, and high net-worth individuals, who started to participate, directly and indirectly, in the productive processes in various sectors that take place in the Brazilian territory. This process was evaluated in this paper, through the empirical situation of Cosan Group, the main controller of the Brazilian sugar-energy sector (production of sugarcane and sugarcane derivatives). Our analysis was based on secondary data on the agricultural and agro-industrial production of this group, as well as the strategies and characteristics related to the financialization of the company (such as initial public offering, investor behaviour, among others) and financial issues, using information obtained from public and private databases. The analysis of the use of territory by the Cosan Group makes it possible to identify the transformations associated with the insertion of this agent into the current dynamics of financialization of the economy and the inherent territorial implication of this process. The strategies of the use of territory adopted by the Cosan Group, in the current context of financial accumulation, were mainly guided by the need for financial valuation, which occurred fundamentally through the mobilization of public funds and the territorial expansion of productive activities. [ABSTRACT FROM AUTHOR]

In recent years, most South African (SA) municipalities still need to produce clean audits. In 2018 and 2019, most municipalities in SA needed better-quality financial statements and performance reports. Misrepresentation of financial statements in audit reports is linked to inadequate governance, misappropriation of public funds and poor public service delivery. It is upon this background that this study aimed to: (i) assess perceptions of municipality middle management employees on factors affecting auditing, (ii) evaluate the differences in perceptions among municipality middle management employees on factors affecting auditing, (iii) measure the effect of factors affecting auditing on overall clean audit and (iv) establish the effect of clean audit on service delivery at two municipalities in Mpumalanga province. Using a structured questionnaire, a quantitative descriptive approach methodology was employed to collect data from a minimum sample of 294 employees in the middle management category working within the accounting and finance department at two municipalities in Mpumalanga province, SA. SPSS v28 was used to conduct descriptive and multivariate analyses, including mean, analysis of variance (ANOVA), correlation, and regression analysis. Results indicated that employees from the clean audit municipality had positive perceptions of factors affecting clean audit, while employees from the municipality with an unclean audit had negative perceptions. It was also concluded that factors affecting auditing had a statistically significant positive effect on clean audits. The findings in this study led to significant implications for theory and practice. [ABSTRACT FROM AUTHOR]

Copyright of Valori e Valutazioni is the property of Societa Italiana di Estimo e Valutazione (SIEV) 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.)

Decree-Law no. 109-H/2021, 10 December, published the new Legal Framework applicable to the Investment Companies, which has entered in force on last February. This work will be divided in two parts, starting with a brief presentation of the main novelties of the REI to then explore the new regime of the revocation of the authorisation of an investment company, presenting its weaknesses, as well as the interactive solution that could mitigate them. [ABSTRACT FROM AUTHOR]

It is obvious to state that no tax system is strictly national anymore (Schön, 2018). Spain is a globalized economy, with 98 double taxation agreements in force, it is also one of the most decentralized rich countries in the world, and is part of the European Union. This triple dimension must permeate all diagnoses of the Spanish tax system, as well as any debate on its reform. [ABSTRACT FROM AUTHOR]

In 2020, the United States Supreme Court delivered a verdict constituting a significant win for advocates of school choice and public funding for private religious education. In Espinoza v. Montana Department of Revenue, the Court found that the Montana Supreme Court's wholesale exclusion of religious schools from a neutral aid program based on a no-aid provision in the state constitution violated the free exercise rights of the religious schools that sought to participate in the program. At bottom, the Court found that if Montana desired to provide a neutral form of public assistance to private schools, it was required to disburse that aid to secular and religious schools alike in order to comport with the Free Exercise Clause. Although laying down a straightforward rule, Espinoza does not completely settle this contentious area and more problems will likely arise. Indeed, the majority of states have no-aid provisions quite similar to that of Montana's. The potential for conflict between those state constitutional prerogatives and the desire to create useful public aid programs to boost private schools could put some states in an awkward position, at least to the extent that they wish to retain some control over the use of public money for religious objectives. If a state enacts any such program, then Espinoza clearly commands that it must include private religious schools in the benefits, an act that is clearly in tension with most no-aid provisions. This is the correct result under the Free Exercise Clause, but this Comment argues that the states should be allowed to carve out a narrow space in which they can exercise some modest control over the actual use of public funds by religious schools to give their greater anti-establishment interests, as expressed in their respective constitutions, some force and operation. Drawing on the currently extant distinction between religious status and use, this Comment argues that the states should be able to place some reasonable restrictions on how religious schools actually use public funding. Specifically, as in Locke v. Davey, these restrictions would be limited to a narrow universe of essentially religious activities such as chapel services and Bible study programs. Religious schools, even those that integrate religious teachings into nearly every facet of the educational experience, would be able to fully participate in state aid programs, but would merely have to engage in some modest segregation of public funds from those specified ends. This presents a workable compromise that would preserve a modest degree of state autonomy to give some expression to longstanding state constitutional provisions. Although the Court seems inclined to read the status-use distinction narrowly, or to get rid of it altogether, this Comment thus concludes that the doctrine remains useful for this narrow purpose and could lead to a mutually beneficial result for all parties involved. [ABSTRACT FROM AUTHOR]

Copyright of Prawo Budżetowe Państwa i Samorządu is the property of Nicolaus Copernicus University in Torun, Faculty of Law & Administration 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.)

While the public subsidy of major league sport franchises and associated urban development projects remains wildly popular in some constituencies, these expenditures have, increasingly, been met with organized resistance. This article examines the formation of Voices for Democracy (VFD)--a grassroots community group that opposed the use of public funds to build a CAD $606.5 million arena and entertainment district in Edmonton, Alberta. I begin by providing an analysis of VFD's division of labor and the collective development of the group's political claims and tactical repertoire to challenge a powerful growth coalition between 2011-2013. Next, I examine the unfavorable political opportunity structure that set decisive limits on what the group could challenge. The article concludes with a discussion of why VFD was unable to cultivate a more widespread coalition of support and, in turn, how the 'boosterish' coalition in Edmonton--a coalition that included the Edmonton Oilers, the downtown business community, the mayor and a majority of council, and senior civil servants--were able to contain opposition over the course of this divisive debate. [ABSTRACT FROM AUTHOR]

The article presents the discussion on politics corruption. Topics include misuse of public funds when public officials, legislators, political parties, or states spending money from the treasury being not approved by a consensus of the taxpayers; and political parties, corporations, NGOs, and other groups with money and political influence hijacking the treasury.

Copyright of Educationis is the property of CBPC - Companhia Brasileira de Producao Cientifica 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 Journal of Philosophy, Culture & Political Science is the property of Al-Farabi Kazakh National University 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 sub-national public spending studies in Mexico have increased in the last years. Nevertheless, it is unknown if the party ideology has an effect on it. Therefore, this paper explores whether this variable influences on the public expenditure. Based on the case of Jalisco, this research compares PAN and PRI governments to show their decisions on public expenditure. The results show that the panista government gave more resources to public investment, education and rural development; meanwhile the priista government gave more to public health. [ABSTRACT FROM AUTHOR]

Authors in the article analysed the current state and development prospects of financial and legal regulation in the field of transplantation. In the context of reforming the entire system of domestic health care, the problem of financial and legal regulation in the field of transplantation becomes relevant. The purpose of the article is to study the financial and legal regulation in the field of transplantation, highlight its problems and form the prospects for improvement. After a throughout analysis of all peculiarities of the transplantation in the light of law and medicine issues authors stated the barriers which should be lifted in order to open the production capacities of medical institutions in this area, which are now used by 15-25%, or not used at all. This, at present, is insufficient: with a huge demand for such operations, very few of them are carried out, and public funds are spent on the treatment of citizens abroad, although in Ukraine it would be many times cheaper. [ABSTRACT FROM AUTHOR]

This study addresses the issue of the efficiency of public funding mechanisms. Using the Ukrainian experience as an example, the article covers recently introduced amendments and their effect on the overall efficiency of public funding. Further, the article analyzes possible ways for mitigating existing shortcomings of public funding mechanisms and outlines suggested solutions. Complemented with semi-structured interviews with current Members of Rada, the article strives to provide insights and suggestions to issues of political independence, political corruption, accountability, and transparency. [ABSTRACT FROM AUTHOR]