Search results

Striving to shorten the time‐period necessary for the huge transfer of the property needed by the ongoing economic reforms, Bulgaria developed a mass privatisation scheme (MPS). Based on specific financial intermediaries called privatisation funds (PF) that scheme encounters a major problem – to facilitate the establishment of an effective system for corporate governance of the privatised companies. Can it succeed in resolving that problem? This paper provides an analysis of mass privatisation objectives, the legal and economic frameworks of privatisation, funds’ activities, their goals and portfolio structures. It examines the types of funds’ founders and the presence of different groups among their shareholders. Additionally, it outlines the role of financial institutions in the process. The study is based on the PFs’ prospectus for capital rise. Its results should not be seen as final, since the process is competitive, and not all funds will be able to achieve what they strive for in their prospectus.

To explain the background and details and to discuss the implications of the USA Securities and Exchange Commission’s (SEC’s) July 23, 2014 amendments to Rule 2a-7 and other rules that govern money market funds under the Investment Company Act of 1940.

Explains the background, including problems during the financial crisis, the USA Treasury’s temporary guarantee program in 2008, earlier SEC proposals, and the USA Financial Stability Oversight Council’s recommendations. Details the amendments to Rule 2a-7, including the authorization to impose liquidity fees and redemption gates, the floating net asset value (NAV) requirement, the impact of the amendments on unregistered money funds operating under Rule 12d1-1, guidance on fund valuation methods, disclosure requirements, requirements for money fund portfolios to be diversified as to issuers of securities and guarantors, stress testing requirements, and compliance dates.

The Amendments set forth sweeping changes to money fund regulation and will have a profound effect on the money fund industry. Although the most significant provisions of the Amendments – the floating NAV requirement and the imposition of liquidity fees and redemption gates – will not go into effect for two years, the changes to the industry will be apparent almost immediately.

Money fund managers and boards of directors should begin assessing the potential impact of the Amendments and develop a schedule to come into compliance.

Practical guidance from experienced financial services lawyers.

The Employee Provident Fund Organization (EPFO), established by the Government of India is one of the World's Largest Social Security Organizations. The purpose of EPFO is to ensure social security for Industrial workers and their dependents. EPFO maintains more than 15 crore accounts of its members. Traditionally EPFO had been functioning as a legacy organization, administered and managed by Indian bureaucracy. Operational processes were riddled with over emphasis on rules and regulations, but were weak on transparency, accountability, effectiveness and efficiency. The 120 EPFO offices established all over the country operated in silos. Consequently, the very purpose of social security and welfare of the industrial employees suffered, while all other stake holders enjoyed significant controlling power. Recent interventions at EPFO were focused on process reengineering and ICT enablement to make EPFO more customer-centric. The case documents the transformation of EPFO from a bureaucratic, opaque organization to a customer centric, stakeholder friendly, transparent and accountable organization through IT enabled operations.

With the rapid development and stable operated application of lithium-ion batteries used in uninterruptible power supply (UPS), the prediction of remaining useful life (RUL) for lithium-ion battery played an important role. More and more researchers paid more attentions on the reliability and safety for lithium-ion batteries based on prediction of RUL. The purpose of this paper is to predict the life of lithium-ion battery based on auto regression and particle filter method.

In this paper, a simple and effective RUL prediction method based on the combination method of auto-regression (AR) time-series model and particle filter (PF) was proposed for lithium-ion battery. The proposed method deformed the double-exponential empirical degradation model and reduced the number of parameters for such model to improve the efficiency of training. By using the PF algorithm to track the process of lithium-ion battery capacity decline and modified observations of the state space equations, the proposed PF + AR model fully considered the declined process of batteries to meet more accurate prediction of RUL.

Experiments on CALCE dataset have fully compared the conventional PF algorithm and the AR + PF algorithm both on original exponential empirical degradation model and the deformed double-exponential one. Experimental results have shown that the proposed PF + AR method improved the prediction accuracy, decreases the error rate and reduces the uncertainty ranges of RUL, which was more suitable for the deformed double-exponential empirical degradation model.

In the running of UPS device based on lithium-ion battery, the proposed AR + PF combination algorithm will quickly, accurately and robustly predict the RUL of lithium-ion batteries, which had a strong application value in the stable operation of laboratory and other application scenarios.

The purpose of this paper is to suggest the usage of the project finance (PF) scheme as a suitable mechanism to fund energy efficiency projects at the urban scale and present its advantages and adoption barriers.

A case study is developed to renew the traffic lighting system of an Italian town via replacement of the old lamps with new light-emitting diode (LED) technology. Several partners are involved in the case project to construct a viable PF arrangement.

The case study presents the viability of the proposed PF scheme that provides for acceptable financial returns and bankability. However, it also shows that the need for short concession periods may call for a public contribution to the initial funding to make the project more attractive to private investors.

This case study is a useful guideline for governments and promoters to using the PF arrangement to fund energy efficiency investments in urban settings. It helps designing an appropriate PF scheme and understanding the advantages of PF to reduce risk and, consequently, increase the debt leverage and profitability of energy efficiency projects.

This paper contributes to bridging the gap about the lack of works addressing the implementation of the PF mechanism in the energy efficiency sector in urban areas. The importance of this paper is also associated with the shortage of traditional public finance faced by many cities that forces to seek for alternate forms of financing.

Data on economic variables are drawn from the International Financial Statistics (IFS) Yearbook (Edward, 2008; Carson, 2000, 2002, 2004; McLenaghan, 1992, 1995) published by the International Monetary Fund (IMF) Statistics Department (1964, 1973, 1981, 1983). The economic variables that I obtained from the IFS are GDP, gross domestic investment, and government expenditures. The IMF values for the variables are in current prices. The current values are non-comparable across countries due to the different amounts of inflation across nations over time. I converted all data to constant values with the year 1985 as a base year using the GDP deflator provided by the IFS. For countries that do not have GDP deflators for the period (1960–2002), I used the consumer price index (CPI)² provided by the same source. In addition, the values for the variables are converted from their respective national currencies to U.S. dollars. Some countries in Latin America posed problems when I conducted the conversion process because they arbitrarily changed their national currencies several times from 1960 to 2002. These currency changes made it very difficult in the cases of Argentina, Brazil, Bolivia, and Mexico to draw reliable conclusions from the empirical analysis. Several countries – Chile, Indonesia, Liberia, Mauritius, Madagascar, the Sudan, Tanzania, Zaire, and Zambia – have numerous missing values that made their time series fall below the required span for appropriate time series analysis. These nine countries were dropped from the NLS analysis, which reduced the number of countries involved in the NLS analysis to sixty countries. However, these nine countries were included in the CNTS analysis.

To highlight guidance issued by the US Securities and Exchange Commission (SEC) for the benefit of investment advisers regarding certain obligations under the Investment Advisers Act of 1940 (Advisers Act) and the rules thereunder.

Summarizes recent guidance regarding issues related to several challenging Advisers Act requirements, including inadvertent custody and client account transfers under Advisers Act Rule 206(4)-2, the use of participating affiliate arrangements pursuant to the “Unibanco” no-action letters, unique considerations affecting automated advisers (i.e., “robo-advisers”), the top five most frequently identified compliance topics identified in examinations conducted by the SEC’s Office of Compliance Inspections and Examinations (OCIE), and recent guidance regarding the private fund regulatory filing Form PF.

This guidance may assist advisers in preparing for regulatory examinations and questions from institutional investors. While the recent guidance addresses important topics, the guidance also raises some practical questions.

Practical guidance from experienced securities and financial services lawyers.

The integration of sustainability, performance measurement and new product development (NPD) is key for aligning environmental and social objectives with business strategies. While previous research has initiated proposals for integrating sustainability into NPD or incorporating sustainability into corporate measurement systems, there is a notable deficiency in studies that comprehensively integrate these three perspectives. In this sense, this study proposes a performance framework (PF) to integrate sustainability performance indicators (PIs) into the measurement system considering the company’s NPD phases.

The PF was developed through a literature review and action research (AR). This resulting PF was positively evaluated by the practitioners in the company.

First, the review enabled the synthesis of an initial conceptual PF with 188 sustainability PIs and a five-step procedure. Then, the empirical results of the AR led to a new PF that presents the systematisation of the PIs database and a practice-based seven-stage approach.

This action-oriented research limits the extent to which this study’s findings can be generalised. Future research should apply the PF in different research designs to produce managerially relevant knowledge.

This PF may provide managers with actionable knowledge that best supports the measurement system integration with sustainability PIs considering the NPD phases.

Integrating sustainability, performance measurement and the NPD has been recognised as critical for supporting decision-making concerning the impact of processes and products. Compared with previous frameworks, the proposed PF extends the existing literature by introducing a systematised PIs database and a novel procedure for integrating sustainability measurement throughout the NDP.

This study implements the fourth-order phase field method (PFM) for modeling fracture in brittle materials. The weak form of the fourth-order PFM requires C¹ basis functions for the crack evolution scalar field in a finite element framework. To address this, non-Sibsonian type shape functions that are nonpolynomial types based on distance measures, are used in the context of natural neighbor shape functions. The capability and efficiency of this method are studied for modeling cracks.

The weak form of the fourth-order PFM is derived from two governing equations for finite element modeling. C⁰ non-Sibsonian shape functions are derived using distance measures on a generalized quad element. Then these shape functions are degree elevated with Bernstein-Bezier (BB) patch to get higher-order continuity (C¹) in the shape function. The quad element is divided into several background triangular elements to apply the Gauss-quadrature rule for numerical integration. Both fourth-order and second-order PFMs are implemented in a finite element framework. The efficiency of the interpolation function is studied in terms of convergence and accuracy for capturing crack topology in the fourth-order PFM.

It is observed that fourth-order PFM has higher accuracy and convergence than second-order PFM using non-Sibsonian type interpolants. The former predicts higher failure loads and failure displacements compared to the second-order model due to the addition of higher-order terms in the energy equation. The fracture pattern is realistic when only the tensile part of the strain energy is taken for fracture evolution. The fracture pattern is also observed in the compressive region when both tensile and compressive energy for crack evolution are taken into account, which is unrealistic. Length scale has a certain specific effect on the failure load of the specimen.

Fourth-order PFM is implemented using C¹ non-Sibsonian type of shape functions. The derivation and implementation are carried out for both the second-order and fourth-order PFM. The length scale effect on both models is shown. The better accuracy and convergence rate of the fourth-order PFM over second-order PFM are studied using the current approach. The critical difference between the isotropic phase field and the hybrid phase field approach is also presented to showcase the importance of strain energy decomposition in PFM.

This article aims to draw a conceptual model that integrates the view from the entrepreneurial event model with entrepreneurial education and prior self-employment experience. The model tests the role of entrepreneurial education on the formation of intentions to become an entrepreneur and examines whether prior self-employed experiences moderate the route from entrepreneurial education, entrepreneurial perceived feasibility (PF) and perceived desirability (PD) into the entrepreneurial intention (EI).

The authors operated on a sample of 389 master's students by applying Cronbach's alpha, exploratory factor analysis, confirmatory factor analysis and structural equation modelling to illustrate the links between constructs.

The study found that entrepreneurial education is positively correlated with PF, PD, and intention to enter entrepreneurial activities. PD is determined as a partial mediator in the entrepreneurial education–intention link and full mediator in PF and EI. Moreover, the study revealed that prior self-employed experiences serve as a positive moderator in the path from entrepreneurial education and PD to EI.

The study offers several recommendations based on research findings so as to nurture and promote entrepreneurial activities among master's students.

The current research provides novel insights about the relationship between entrepreneurial education and intentions to become an entrepreneur over and about the central antecedents in the entrepreneurial event model and moderation effects of prior self-employed experiences.