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Article
Publication date: 1 June 2003

Plamen Tchipev

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…

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Abstract

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.

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Journal of Economic Studies, vol. 30 no. 3/4
Type: Research Article
ISSN: 0144-3585

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Article
Publication date: 5 May 2015

Jack Murphy, Stephen Cohen, Brenden Carroll, Aline A. Smith, Matthew Virag and Justin Goldberg

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Practical implications

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

Originality/value

Practical guidance from experienced financial services lawyers.

Details

Journal of Investment Compliance, vol. 16 no. 1
Type: Research Article
ISSN: 1528-5812

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Case study
Publication date: 4 April 2018

N. Ravichandran and N. Sundaravalli

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…

Abstract

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.

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Indian Institute of Management Ahmedabad, vol. no.
Type: Case Study
ISSN: 2633-3260
Published by: Indian Institute of Management Ahmedabad

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Article
Publication date: 1 March 2021

Jie Lin and Minghua Wei

With the rapid development and stable operated application of lithium-ion batteries used in uninterruptible power supply (UPS), the prediction of remaining useful life…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

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.

Details

International Journal of Intelligent Computing and Cybernetics, vol. 14 no. 2
Type: Research Article
ISSN: 1756-378X

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Article
Publication date: 4 April 2016

Alberto De Marco, Giulio Mangano, Fania Valeria Michelucci and Giovanni Zenezini

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…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Practical implications

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.

Originality/value

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.

Details

International Journal of Energy Sector Management, vol. 10 no. 1
Type: Research Article
ISSN: 1750-6220

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Book part
Publication date: 16 December 2009

Riad A. Attar

Data on economic variables are drawn from the International Financial Statistics (IFS) Yearbook (Edward, 2008; Carson, 2000, 2002, 2004; McLenaghan, 1992, 1995) published…

Abstract

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.

Details

Arms and Conflict in the Middle East
Type: Book
ISBN: 978-1-84950-662-5

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Article
Publication date: 4 September 2017

Joyce E. Larson, Kara J. Brown and Ivet A. Bell

To highlight guidance issued by the US Securities and Exchange Commission (SEC) for the benefit of investment advisers regarding certain obligations under the Investment…

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Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Originality/value

Practical guidance from experienced securities and financial services lawyers.

Details

Journal of Investment Compliance, vol. 18 no. 3
Type: Research Article
ISSN: 1528-5812

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Article
Publication date: 7 January 2020

Dileep Kumar, Taihua Mu and Mengmei Ma

Clarify the effects of potato flour (PF) addition on dough properties and quality characteristics of pie bread, thus providing a theoretical basis for potato-wheat-yogurt…

Abstract

Purpose

Clarify the effects of potato flour (PF) addition on dough properties and quality characteristics of pie bread, thus providing a theoretical basis for potato-wheat-yogurt pie bread processing.

Design/methodology/approach

The seven pie bread formulations were prepared with addition of different amount of PF (0, 10, 20, 30, 40, 50 and 60 per cent) by replacing wheat flour (WF). The influence of replacement of PF with WF on the dough development, gas behavior, microstructural, gluten-starch interaction inside dough matrix and the nutritional and textural properties of pie bread was analyzed.

Findings

Compared to dough with WF, dough height was decreased significantly but total gas volume showed no significant difference with the addition of PF (10-60 per cent), and the dough height was decreased gradually with the increasing addition of PF (p = 0.0012). Scanning electron microscopy and confocal laser scanning microscopy showed that dough with 10-30 per cent PF revealed smooth surface and continuous network structure was also existed between starch and gluten, this was similar to the structure of wheat dough, while the surface was rough and the connection was not continuous when the PF addition was further increased from 40 to 60 per cent. Nuclear magnetic resonance showed dough with 10-60 per cent PF presented larger content of immobilized water compared to the wheat dough, and its content was also increased with the increasing addition of PF (p = 0.0008). Pie bread with 10-60 per cent PF exhibited lower fat, carbohydrate content and energy value compared to the wheat pie bread, and the fat, carbohydrate, energy was further decreased with the increasing addition of PF (p = 0.0012, 0.0002, 0.0007, respectively), while the dietary fiber content increased (p = 0.0011). In addition, specific volume and height/diameter ratio showed no significant difference in pie bread with 0-40 per cent PF, which were 2.1-2.4 cm3/g and 0.16-0.19, respectively (p = 0.004), whereas they were reduced significantly when the PF was increased to 60 per cent (p = 0.001, p = 0.002). In addition, the lightness (L) of pie bread decreased gradually with the increasing amount of PF, and the browning index was increased. Pie bread with 0-40 per cent PF showed similar hardness, springness and chewiness value, which were also increased when the PF was increased to 60 per cent (p = 0.001). The above results indicated that PF could improve the nutritional quality of pie bread, and the appropriate addition amount should be no more than 40 per cent.

Research limitations/implications

The mechanisms of this study should be clarified for further study.

Practical implications

PF was an excellent food ingredient and could be used for pie bread making at 30 per cent replacement level to overcome use of WF.

Social implications

The results of this study can provide a new kind of potato staple food with high nutrition and low energy for market and consumers.

Originality/value

PF was first used to produce yogurt pie bread to improve the nutritional properties of traditional WF yogurt pie bread.

Details

Nutrition & Food Science , vol. 50 no. 5
Type: Research Article
ISSN: 0034-6659

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Article
Publication date: 1 March 2014

Nancy Chun Feng, Qianhua (Q.) Ling, Daniel Gordon Neely and Andrea Alston Roberts

Research in nonprofit accounting is steadily increasing as more data is available. In an effort to broaden the awareness of the data sources and ensure the quality of…

Abstract

Research in nonprofit accounting is steadily increasing as more data is available. In an effort to broaden the awareness of the data sources and ensure the quality of nonprofit research, we discuss archival data sources available to nonprofit researchers, data issues, and potential resolutions to those problems. Overall, our paper should raise awareness of data sources in the nonprofit area, increase production, and enhance the quality of nonprofit research.

Details

Journal of Public Budgeting, Accounting & Financial Management, vol. 26 no. 3
Type: Research Article
ISSN: 1096-3367

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Article
Publication date: 8 June 2012

James M. Cain, Daphne G. Frydman, David Roby, Michael Koffler and Raymond A. Ramirez

The purpose of this paper is to explain legislative and regulatory changes and related developments that will be of interest to hedge funds and other private funds as they…

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Abstract

Purpose

The purpose of this paper is to explain legislative and regulatory changes and related developments that will be of interest to hedge funds and other private funds as they traverse the shifting regulatory landscape in 2012.

Design/methodology/approach

The paper provides a general overview of the new regulatory regime that the Dodd‐Frank Act imposes on over‐the‐counter (OTC) derivatives; describes the rescission of a regulatory exclusion from the commodity pool operator (CPO) definition that was previously available to registered investment companies and the repeal of an exemption from CPO registration requirements for operators of funds whose shares are exempt from registration under the Securities Act of 1933; discusses proposed changes to CPO and commodity trading advisor (CTA) compliance requirements; discusses Dodd‐Frank Act changes to existing securities laws and regulations, including with respect to large trader reporting and investment advisers; highlights some of the concerns raised by MF Global, Inc.’s collapse; and describes recent tax law developments.

Findings

The paper reveals that the Dodd‐Frank Act significantly alters the space within which hedge funds and other private funds currently operate.

Practical implications

Whereas the majority of the regulations to implement the Dodd‐Frank Act have yet to become effective, federal regulators are working diligently to implement their mandates and hedge funds and other private funds should begin preparing to comply with the new Dodd‐Frank Act requirements now.

Originality/value

The paper provides expert guidance by experienced securities, derivatives and tax lawyers.

Details

Journal of Investment Compliance, vol. 13 no. 2
Type: Research Article
ISSN: 1528-5812

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