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The economics of biological methods of hydrogen production

Resnick, Richard J. (Richard Jay), 1971-
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 108 p.; 5689889 bytes; 5700748 bytes; application/pdf; application/pdf
ENG
Relevância na Pesquisa
65.4%
The costs to produce and utilize hydrogen are extremely high per unit of energy when compared to fossil fuel energy sources such as natural gas or gasoline. The cheapest hydrogen production approaches today are also the most polluting, as they use fossil fuels in even more inefficient ways than cars do. Renewable approaches to hydrogen production are- at best- three times more expensive per unit energy than the cost to produce the same amount of natural gas. The production of hydrogen through biological systems is one area of particularly promising research. There are countless biological systems that produce energy from sunlight, and countless others that produce energy from the metabolism of organic molecules such as glucose. Many microbial organisms produce hydrogen under certain conditions. Optimizing their innate ability to produce hydrogen and developing biohydrogen plants whose economics compete with current commercial plants are key hurdles that must be overcome. Economic models for the production of hydrogen through biological systems are examined in detail in this thesis. The key technical hurdles which drive the capital and production costs are identified. Fruitful areas of potential research are suggested to bring biological hydrogen production to commercial scale as rapidly as possible.; by Richard J. Resnick.; Thesis (S.M.M.O.T.)--Massachusetts Institute of Technology...

Macroprudential Regulation of Credit Booms and Busts : The Experience of the National Bank of the Republic of Macedonia

Celeska, Frosina; Gligorova, Viktorija; Krstevska, Aneta
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
55.79%
This paper provides an overview of the macroprudential measures undertaken by the National Bank of the Republic of Macedonia to prevent further deterioration of the systemic risk and to promote resilience of the banking system. The measures were generally aimed at addressing the time dimension of the systemic risk and were intended to protect the banking system against the increase of credit risk arising from the credit boom. The paper also outlines the future challenges facing financial regulation and supervision, as well as the most important quantitative and qualitative impacts of the utilized macroprudential measures.

Macroprudential Regulation of Credit Booms and Busts : The Case of Croatia

Kraft, Evan; Galac, Tomislav
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
55.75%
Croatia employed macroprudential measures to manage credit growth and capital inflows during the boom years of the 2000s, including reserve requirements on loan growth, a marginal reserve requirement on increases in foreign liabilities, foreign exchange liquidity minima, and elevated capital adequacy ratios. Although quantitative analysis is complicated by substantial overlaps among measures, the econometric results in this paper suggest that the measures were most effective in requiring banks to hold high liquidity and capital buffers, and less effective in slowing credit growth and capital inflows. Larger buffers seem to have helped Croatian banks weather the financial crisis, making the adjustments to capital and liquidity during the crisis smaller.

A Dynamic Model of Extreme Risk Coverage : Resilience and Efficiency in the Global Reinsurance Market

Lemoyne de Forges, Sabine; Bibas, Ruben; Hallegatte, Stephane
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
55.71%
This paper presents a dynamic model of the reinsurance market for catastrophe risks. The model is based on the classical capacity-constraint assumption. Reinsurers choose every year the quantity of risk they cover and the level of external capital they raise to cover these risks. The model exhibits time dependency and reproduces a market dynamics that shares many features with the real market. In particular, market price increases and reinsurance coverage decreases after large shocks, and a series of smaller losses may have a deeper impact than one larger loss. There is a significant oligopoly effect reducing reinsurance supply, and the market is segregated into strategic large actors that influence market prices and price-taker smaller firms. A regulation trade-off between market efficiency and resilience is identified and quantified: improving the ability of the market to cope with exceptional events increases the cost of reinsurance. This model provides an interesting basis to analyze further capacity needs for the insurance industry in view of growing worldwide exposure to catastrophic risks and climate change.

Banking Flows and Financial Crisis : Financial Interconnectedness and Basel III Effects

Ghosh, Swati R.; Sugawara, Naotaka; Zalduendo, Juan
Fonte: Banco Mundial Publicador: Banco Mundial
Relevância na Pesquisa
55.76%
This paper examines the factors that determine banking flows from advanced economies to emerging markets. In addition to the usual determinants of capital flows in terms of global push and local pull factors, it examines the role of bilateral factors, such as growth differentials and economic size, as well as contagion factors and measures of the depth in financial interconnectedness between lenders and borrowers. The analysis finds profound differences across regions. In particular, in spite of the severe impact of the global financial crisis, banking flows in emerging Europe stand out as a more stable region than is the case in other developing regions. Assuming that the determinants of banking flows remain unchanged in the presence of structural changes, the authors use these results to explore the short-term implications of Basel III capital regulations on banking flows to emerging markets.

A Financing Facility for Low-Carbon Development

de Gouvello, Christophe; Zelenko, Ivan; Ambrosi, Philippe
Fonte: World Bank Publicador: World Bank
Relevância na Pesquisa
55.77%
The reality of climate change associated with anthropogenic emissions is now widely acknowledged by the scientific community. Its potential devastating future harms are equally well perceived and as stated in the Copenhagen Accord major nations agree on the need to jointly and urgently combat climate change. The international community is also quite aware that stabilizing atmospheric concentrations of green-house gases (GHG) at supportable levels will require a drastic reduction in GHG emissions within a limited period of time. Undertaking such an enormous effort triggers several interlinked challenges: (1) technically mitigating GHG emissions to the required level; (2) implementing these solutions in countries where the required amount of emission reduction is most realistically and efficiently achievable in particular through involving and using in full the large potential of developing countries; and (3) mobilizing the large amount of financing needed to ensure that the corresponding projects and programs can be effectively implemented. Furthermore...

Does Foreign Portfolio Investment Reach Small Listed Firms?

Knill, April M.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
55.8%
Using a unique dataset, the author examines the impact of foreign portfolio investment on the capital issuance behavior of small listed firms. The author finds that foreign portfolio investment is associated with an increased probability of small firm security issuance in all nations, regardless of property rights development. Evidence suggests the mechanism by which this occurs is a freeing up of capital in domestic markets when large firms utilize the foreign investment directly. Debt levels in nations where property rights are more developed increase, suggesting that foreign portfolio investment may reach small firms through the banking channel as well as capital markets in these nations.

Patterns of International Capital Raisings

Gozzi, Juan Carlos; Levine, Ross; Schmukler, Sergio L.
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
65.76%
This paper documents several new patterns associated with firms issuing securities in foreign markets that motivate the need for and help guide future research. Besides noting that these international capital raisings grew almost four-fold from 1991 to 2005, accounting for 35 percent of all capital raised through security issuances, the paper has three main findings. First, a large and growing fraction of capital raisings, especially debt issuances, occurs in international markets, but a very small number of firms accounts for the bulk of international capital raisings, highlighting the distributional implications of financial globalization. Second, changes in firm performance following equity and debt issuances in international markets are qualitatively similar to those following domestic issuances, suggesting that capital raisings abroad are not intrinsically different from domestic ones. Third, after firms start accessing international markets, they significantly increase the amount raised in domestic markets...

Catastrophe Risk Pricing : An Empirical Analysis

Lane, Morton; Mahul, Olivier
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Relevância na Pesquisa
65.74%
The price of catastrophe risks is viewed by many to be too high and/or too volatile. Catastrophe risk practitioners point out that, contrary to standard insurance, such as automobile insurance, catastrophe re-insurance is exposed to infrequent but potentially very large losses. It thus requires keeping a large amount of capital in hand, generating a cost of capital to be added to the long-term expected loss. This paper pulls together data from about 250 catastrophe bonds issued on the capital markets to investigate how catastrophe risks are priced. The analysis reveals that catastrophe risk prices are a function of the underlying peril, the expected loss, the wider capital market cycle, and the risk profile of the transaction. The market-based catastrophe risk price is estimated to be 2.69 times the expected loss over the long term, that is, the long-term average multiple is 2.69. When adjusted from the market cycle, the multiple is estimated at 2.33. Peak perils like US Wind are shown to have a much higher multiple than that of non-peak perils like Japan Wind...

Assessing Fiscal Implication of the Recent Changes in Poverty Lines and Revision of Allocation Norms of Capital Expenditures and Resources for Targeted Programs

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
65.65%
There have been important changes in the budgeting process in Vietnam since 2006 when the government of Vietnam instituted a revolutionary reform in the management and allocation of the state budget. For the period of 2007-2010, the norms include ethnic minority population data, and poverty rates. The purpose of this research assignment is to describe the evolution of budgeting mechanisms in recent years, in association with capital expenditure transferred from central to provincial budgets. This report focuses on changes in the budgeting process and allocation norms. It is also assesses whether these recent changes are pro-poor, and how they would affect availability of resources for the national targeted programs.

Financial Sector Assessment : Republic of Latvia

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
55.73%
Latvia has a well-developed financial sector, but in the aftermath of the 2008-09 global financial crisis, access to finance has become a major constraint for the development of private enterprises. Credit to the private sector in Latvia, at above 100 percent of Gross Domestic Product, or GDP, is one of the highest in Eastern Europe, after significant growth over the last decade. However, in the aftermath of the 2008-09 financial crisis, credit growth has been negative (average annual growth of -7 percent between FY2009-2011) and access to finance has become one of the most significant obstacles for growth according to enterprises (close to 30 percent of firms identify it as an obstacle in 2009, versus 2 percent before the crisis). This contributed to a significant decline in the volume of private investment, which dropped by 48 percent between 2008 and 2010. Credit constraints are more severe in specific segments, including smaller firms. In response to these challenges, the Government has supported credit to the private sector through various instruments...

Review of State-Owned Banks in Belarus

World Bank
Fonte: Washington, DC Publicador: Washington, DC
EN_US
Relevância na Pesquisa
55.75%
This note reviews state-owned banks in Belarus and offers recommendations on how to strengthen them. It covers the Belarusbank, Belagroprombank, Belinvestbank, and Paritetbank (the public banks), and the recently established Development Bank of Belarus (DBB). Recommendations focus on corporate governance, funding, ownership function, mandate, lending models, and regulation and supervision. The note is based on information provided by the public banks, the Ministry of Finance, and the NBRB. However, due to their unavailability, the team did not hold meetings with the DBB and the Ministry of Economy. Thus, the analyses concerning the DBB are based on the review of its law as well as on discussions with the Ministry of Finance and the NBRB. The note is organized as follows: after this introduction, section two presents an overview of the public banks in Belarus and the role that they play in the local economy; section three discusses the details of Lending under Government Programs (LGP) and the importance for the public banks of the funding attached to these programs; section four analyzes the key features of the DBB...

COMPARISON OF TRADITIONAL FINANCIAL ACCOUTING INDICATORS WITH EVA® COMPANIES IN THE BUILDING IN ORDER TO ASSESS ITS ADVANTAGES AND DISADVANTAGES

de almeida, Leonardo Soares Francisco; Neto, Julio Vieira; Ibanez, Francisco Carlos; de Oliveira Costa, Claudio Luiz; Pimentel, Leonardo Bezerra
Fonte: Brazilian Association for Industrial Engineering and Operations Management (ABEPRO) Publicador: Brazilian Association for Industrial Engineering and Operations Management (ABEPRO)
Tipo: info:eu-repo/semantics/article; info:eu-repo/semantics/publishedVersion; Peer-reviewed Article; Formato: application/pdf
Publicado em 30/06/2015 ENG
Relevância na Pesquisa
65.54%
This paper intends to perform the calculation of its EVA® and compare it with the traditional economic indicators in the determination of net income, verifying the advantages and disadvantages of applying (EVA®) as a Management System Based on value. The relevance of this study is to recognize the best proposal that adequately to measure the amount of capital and its opportunity cost. The proposed methodology is based on applying a metric to adequately measure the value of capital and the cost of their compensation through comparison between the traditional method and (EVA®) ten construction companies extracted from the BM & FBOVESPA website. The study results point out that the book profit does not represent the actual value of gain or loss to the stakeholders, the loss itself does not mean prejudice because the traditional metric does not include the opportunity cost.

Global Development Finance 2006 : The Development Potential of Surging Capital Flows, Volume 2. Summary and Country Tables

World Bank
Fonte: Banco Mundial Publicador: Banco Mundial
Tipo: Publications & Research :: Publication; Publications & Research
ENGLISH
Relevância na Pesquisa
55.71%
Global Development Finance is the World Bank's annual review of global financial conditions facing developing countries. The current volume provides analysis of key trends and prospects, including coverage of capital originating from developing countries themselves. Robust global growth and a favorable financing environment provided the context for a record expansion of private capital flows to developing countries in 2005. Many low-income countries still have little or no access to international private capital, and instead depend largely on official finance from bilateral and multilateral creditors to support their development objectives. Capital flows are changing due to financial integration among developing countries, financial innovations, domestic debt markets, and the global role of the Euro. Net official flows continue to decline as official lending falls and there is more aid and debt relief for the poorest countries. To ensure economic stability, developing countries must manage capital flows with effective macroeconomic policies, prudent accumulation of reserves, careful management of oil-export revenues, and improvements in standards for the corporate sector.

Patterns of Financing During Periods of High Risk Aversion : How Have Latin Firms Fared in this Crisis So Far?

Didier, Tatiana
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Brief; Publications & Research
ENGLISH
Relevância na Pesquisa
55.74%
This note examines the extent to which firms in Latin America have been able to raise capital through debt and equity securities as well as syndicated loans, both abroad and domestically, since the onset of the 2008 global financial crisis. The public and the private sectors alike lost access to foreign sources of financing during the height of the turbulence. Furthermore, two months after the Lehman Brothers' collapse, only government owned firms and governments themselves were able to re-enter international markets to some extent and raise capital. Thus, the evidence suggests an important role for government guarantees in attracting foreign investors in times of high risk aversion. In domestic and syndicated loan markets, there has been a marked decrease in the total amount raised, although they have remained a viable option for the private sector in Latin America. To the extent possible, non-government borrowers have been able to raise capital in these markets and have generally met their rollover needs. In contrast...

Why Liquidity Matters to the Export Decision of the Firm

Chan, Rosanna
Fonte: World Bank, Washington, DC Publicador: World Bank, Washington, DC
Tipo: Publications & Research :: Policy Research Working Paper; Publications & Research
ENGLISH; EN_US
Relevância na Pesquisa
55.71%
Under financial constraints, exporting may have less to do with productivity and more to do with financial resources. The established relationship between exporting and productivity would differ when examined through the lens of the working capital needs of the firm. The hypothesis that working capital matters in the firm's exporting decision is explored in two ways: first, by articulating a dynamic working capital model of the firm that incorporates the firm's export decision. Secondly, by testing the hypothesis empirically using a unique firm level dataset from Bangladesh, where issues of financial constraints are particularly acute. The model shows that productivity determines export status of the firm as long as it is not under financial constraints. However, under financial constraints, export status is less dependent on productivity and more dependent on the availability of working capital. Empirical results support the model's prediction. The relationship between exporting time and the need for greater liquidity is also borne out empirically as shown by a positive and significant correlation between the amount of working capital and the distance of export destination. An important policy implication from the analysis is that short term liquidity is critical in allowing productive firms to export and that access to finance may prevent the benefits of trade liberalization within a country to be fully realized.

Fatores determinantes da manutenção de buffers de capital regulatório nas instituições bancárias brasileiras

Belém, Vinícius Cintra
Fonte: Universidade de Brasília Publicador: Universidade de Brasília
Tipo: Dissertação
POR
Relevância na Pesquisa
55.76%
Dissertação (mestrado)—Universidade de Brasília, Universidade Federal da Paraíba, Universidade Federal do Rio Grande do Norte, Programa Multiinstitucional e Inter-Regional de Pós-Graduação em Ciências Contábeis, 2012.; Esta pesquisa tem como objetivo identificar os fatores determinantes da manutenção de buffers de capital regulatório pelas instituições financeiras brasileiras. A pesquisa utilizou uma amostra de 121 bancos, durante o período de 2001 a 2011, sendo as informações obtidas do relatório do Banco Central do Brasil “50 Maiores Bancos e o Consolidado do Sistema Financeiro Nacional”. A pesquisa utilizou o modelo estatístico Generalised Method of Moments (GMM) devido à presença de uma variável dependente defasada na regressão, causando correlação entre essa variável e o termo de erro. O buffer de capital regulatório é definido na literatura como a quantidade de capital regulatório mantido pelos bancos acima do mínimo regulatório exigido. Os motivos pelos quais os bancos mantêm esse buffer estão relacionados à existência de um custo de ajustamento, devido os bancos não conseguirem obter capital imediatamente...

Real estate investment indices in Japan and their role in optimal international portfolio allocation

Endo, Takashi, S.M. Massachusetts Institute of Technology
Fonte: Massachusetts Institute of Technology Publicador: Massachusetts Institute of Technology
Tipo: Tese de Doutorado Formato: 71 leaves
ENG
Relevância na Pesquisa
65.4%
It has been said that "home bias" exists among investors due to informational disadvantage involved in cross-border investment. But, real estate has become a major asset class and cross-border real estate investment has been surging. Behind this phenomenon is heightened awareness among investors of the modem portfolio theory and the benefits of diversification. Japan is not an exception. Since late 1990's, a large amount of capital has flowed into Japanese real estate markets. The markets have also experienced significant transformation. However, in the eyes of foreign investors they are far from transparent due to, among other things, lack of reliable investment indices of commercial real estate. Such indices cannot be generated overnight, and lack of such indices can be a critical issue for global real estate investors. This issue is contributing to under-investment in Japan's real estate from overseas. Facing this problem, researchers and industry practitioners launched a number of investment indices for private real estate in recent years, each of which has strong and weak points. Compared to other indices, the ARES J-REIT Property Index seems potentially the most reliable and promising index for Japanese commercial real estate.; (cont.) The purposes of this paper is to analyze and compare various investment indices for Japanese private real estate; to understand distortions i.e. the "lagging" and "smoothing" effects involved in appraisal-based investment indices to see the "true" pictures of private real estate returns; and then to apply such indices to an international portfolio analysis to see the relative position of Japan's private real estate as a global asset class. Simulations are used to understand the mechanism of appraisal-based investment indices. Introductory sections provide some background on globalization of real estate and issues with Japanese real estate markets.; by Takashi Endo.; Thesis (S.M.)--Massachusetts Institute of Technology...

Wealth Distributions in Models of Capital Exchange

Ispolatov, S.; Krapivsky, P. L.; Redner, S.
Fonte: Universidade Cornell Publicador: Universidade Cornell
Tipo: Artigo de Revista Científica
Publicado em 03/08/1997
Relevância na Pesquisa
55.78%
A dynamical model of capital exchange is introduced in which a specified amount of capital is exchanged between two individuals when they meet. The resulting time dependent wealth distributions are determined for a variety of exchange rules. For ``greedy'' exchange, an interaction between a rich and a poor individual results in the rich taking a specified amount of capital from the poor. When this amount is independent of the capitals of the two traders, a mean-field analysis yields a Fermi-like scaled wealth distribution in the long-time limit. This same distribution also arises in greedier exchange processes, where the interaction rate is an increasing function of the capital difference of the two traders. The wealth distribution in multiplicative processes, where the amount of capital exchanged is a finite fraction of the capital of one of the traders, are also discussed. For random multiplicative exchange, a steady state wealth distribution is reached, while in greedy multiplicative exchange a non-steady power law wealth distribution arises, in which the support of the distribution continuously increases. Finally, extensions of our results to arbitrary spatial dimension and to growth processes, where capital is created in an interaction...

Essays in Capital Structure

Yang, Jie
Fonte: Universidade Duke Publicador: Universidade Duke
Tipo: Dissertação Formato: 1224479 bytes; application/pdf
Publicado em //2010 EN_US
Relevância na Pesquisa
55.71%

The costs and constraints to financing, and the factors that influence them, play critical roles in the determination of corporate capital structures.

Chapter 1 estimates firm-specific marginal cost of debt functions for a large panel of companies between 1980 and 2007. The marginal cost curves are identified by exogenous variation in the marginal tax benefits of debt. The location of a given company's cost of debt function varies with characteristics such as asset collateral, size, book-to-market, intangible assets, cash flows, and whether the firm pays dividends. Quantifying, the total cost of debt is on average 7.9% of asset value at observed levels, reaching as high as 17.8%. Expected default costs constitute approximately half of the total ex ante cost of debt.

Chapter 2 uses the intersection between marginal cost of debt functions and marginal benefit of debt functions to examine optimal capital structure. By integrating the area between benefit and cost functions, net benefit of debt at equilibrium levels of leverage is calculated to be 3.5% of asset value, resulting from an estimated gross benefit of debt of 10.4% of asset value and an estimated cost of debt of 6.9%. Furthermore, the cost of being overlevered is asymmetrically higher than the cost of being underlevered. Case studies of several firms reveal that...