Defense Expenditure: Central America and The Dominican Republic

It is often speculated that the high allocation of funds to retirement pension systems has influenced the capacity of Central American and Dominican Republic military to modernize. Yet, the comparative study of the allocation of pension and social funds in these particular countries suggest that there is not direct linkage between the poor funding of military modernization plans and the allocation of funds to military pension systems. The research conducted on this subject shows the following results: 1. The Dominican Republic is the only country that has embarked on a considerable procurement of modern equipment and still reports the largest proportion of social expenditures. 2. El Salvador’s defense budget allocates minimal funding to Social Welfare Institute, which as alternative sources of funding. In 2009, El Salvador increased 15 percent funding to the military to respond to increased role in domestic security issues. 3. The Guatemalan defense expenditure on social programs is fairly low, but it has grown during the past six years due to processes of demobilization. However, the Military Social Welfare Institute is administered by a decentralized institution funded directly by the Ministry of Finance. If it were to be considered as a part of the defense budget, its social expenses would account for almost 16% of it. 4. The Honduran Defense Budget has faced a considerable enlargement during the past four years, with social spending expenses taken precedence over modernization efforts. 2 5. The Nicaraguan system of military pensions is administered by a decentralized entity (IPSM) through a system of salary deductions. Information on the funding of this entity is inconclusive. The Nicaraguan Defense spending on social services has reported a drastic 90% drop since the year 2007.

Defense Expenditure: Andean and Amazon Regions

The Andean and the amazon, comprised of Venezuela, Colombia, Bolivia, Peru and Ecuador, have recently undertaken significant modernization efforts ranging from equipment, logistics, doctrine, training, deployment and the re-definition of the roles and missions of their forces. In most cases, motivations to modernize have been internal, such as continuing operations against armed groups as in the case of Colombia and Peru, enhance border control and sovereignty enforcement, as in the case of Ecuador and Brazil or regime control in Venezuela. However, they are complemented by perceptions of external threats, including traditional intra-state conventional wars. The increased tensions between Colombia and Venezuela and Ecuador as well as the historic Peru-Chile tensions are the most salient examples. Although diplomacy –especially defence diplomacy- has worked to a good degree in creating and strengthening confidence building measures, the potential for inter-state conflict is higher in this region of the Americas. This region has seen the recent emergence of long-term modernization plans, initially in Colombia followed by Venezuela and Ecuador and probably best embodied in scope and scale by the Brazilian National Defence Plan (for its long term vision). Although it has been speculated that high allocation of funds to retirement pension systems has had an impact on delaying modernization plans, this comparative study on the allocation of pension and social funds in these particular countries concludes that there is no direct linkage between the poor funding of military modernization plans and the diversion of funds to military pension systems.

The market value implications of pension asset allocation

Pension funds have been part of the private sector since the 1850's. Defined Benefit pension plans [DB], where a company promises to make regular contributions to investment accounts held for participating employees in order to pay a promised lifelong annuity, are significant capital markets participants, amounting to 2.3 trillion dollars in 2010 (Federal Reserve Board, 2013). In 2006, Statement of Financial Accounting Standards No.158 (SFAS 158), Employers' Accounting for Defined Benefit Pension and Other Postemployment Plans, shifted information concerning funding status and pension asset/liability composition from disclosure in the footnotes to recognition in the financial statements. I add to the literature by being the first to examine the effect of recent pension reform during the financial crisis of 2008-09. This dissertation is comprised of three related essays. In my first essay, I investigate whether investors assign different pricing multiples to the various classes of pension assets when valuing firms. The pricing multiples on all classes of assets are significantly different from each other, but only investments in bonds and equities were value-relevant during the recent financial crisis. Consistent with investors viewing pension liabilities as liabilities of the firm, the pricing multiples on pension liabilities are significantly larger than those on non-pension liabilities. The only pension costs significantly associated with firm value are actual rate of return and interest expense. In my second essay, I investigate the role of accruals in predicting future cash flows, extending the Barth et al. (2001a) model of the accrual process. Using market value of equity as a proxy for cash flows, the results of this study suggest that aggregate accounting amounts mask how the components of earnings affect investors' ability to predict future cash flows. Disaggregating pension earnings components and accruals results in an increase in predictive power. During the 2008-2009 financial crisis, however, investors placed a greater (and negative) weight on the incremental information contained in the individual components of accruals. The inferences are robust to alternative specifications of accruals. Finally, in my third essay I investigate how investors view under-funded plans. On average, investors: view deficits arising from under-funded plans as belonging to the firm; reward firms with fully or over-funded pension plans; and encourage those funds with unfunded pension plans to become funded. Investors also encourage conservative pension asset allocations to mitigate firm risk, and smaller firms are perceived as being better able to handle the risk associated with underfunded plans. During the financial crisis of 2008-2009 underfunded status had a lower negative association with market value. In all three models, there are significant differences in pre- and post- SFAS 158 periods. These results are robust to various scenarios of the timing of the financial crisis and an alternative measure of funding.

Perkins+Will Meeting Agendas and 15 Campus Plans

Meeting agenda and documents from Meeting # 5 between the memebers of Perkins+Will and the FIU-AHSCMP Executive Planning Committee. Includes plans and blueprints detailing facility goals and assumptions for the Academic Health Sciences facility over a 5, 10, and 20 year planning period, as well as future goals. Blueprints include a Campus Plan and 5, 10, and 20 year plans for the Program, Space, Service, and Access, as well as a Site Plan, and Perspective View of the facilities.

The effect of the business cycle on the performance of socially responsible equity mutual funds

The current study applies a two-state switching regression model to examine the behavior of a hypothetical portfolio of ten socially responsible (SRI) equity mutual funds during the expansion and contraction phases of US business cycles between April 1991 and June 2009, based on the Carhart four-factor model, using monthly data. The model identified a business cycle effect on the performance of SRI equity mutual funds. Fund returns were less volatile during expansion/peaks than during contraction/troughs, as indicated by the standard deviation of returns. During contraction/troughs, fund excess returns were explained by the differential in returns between small and large companies, the difference between the returns on stocks trading at high and low Book-to-Market Value, the market excess return over the risk-free rate, and fund objective. During contraction/troughs, smaller companies offered higher returns than larger companies (ci = 0.26, p = 0.01), undervalued stocks out-performed high growth stocks (h i = 0.39, p <0.0001), and funds with growth objectives out-performed funds with other objectives (oi = 0.01, p = 0.02). The hypothetical SRI portfolio was less risky than the market (bi = 0.74, p <0.0001). During expansion/peaks, fund excess returns were explained by the market excess return over the risk-free rate, and fund objective. Funds with other objectives, such as balanced funds and income funds out-performed funds with growth objectives (oi = −0.01, p = 0.03). The hypothetical SRI portfolio exhibited similar risk as the market (bi = 0.93, p <0.0001). The SRI investor adds a third criterion to the risk and return trade-off of traditional portfolio theory. This constraint is social performance. The research suggests that managers of SRI equity mutual funds may diminish value by using social and ethical criteria to select stocks, but add value by superior stock selection. The result is that the performance of SRI mutual funds is very similar to that of the market. There was no difference in the value added among secular SRI, religious SRI, and vice screens.

Microteaching Lesson Study: Mentor interaction structure and its relation to elementary preservice mathematics teacher knowledge development

This study investigated Microteaching Lesson Study (MLS) and three possible MLS mentor interaction structures during the debriefing sessions in relation to elementary preservice teacher development of knowledge for teaching. One hundred three elementary preservice teachers enrolled in five different sections of a mathematics methods course at a southern urban university were part of the study. This included 72 participants who completed MLS across three different mentor interaction structures as part of their course requirements and 31 elementary preservice teachers who did not complete MLS as part of their methods course and served as a comparison group for a portion of the study. A sequential mixed-methods research design was used to analyze the relationship between MLS mentor interaction structure and growth in preservice teachers' mathematics teacher knowledge. Data sources included pre and post assessments, group developed lesson plans and final reports, a feedback survey with Likert-type and open-ended questions, and transcripts of audio-recorded debriefing sessions. The pre and post assessments were analyzed using Analysis of Variance (ANOVA) and descriptive statistics were used to analyze the Likert-type feedback survey questions. Group MLS lesson plans, final reports, and transcripts of debriefing sessions along with the open-ended questions from the feedback survey were coded in a three-step process as described by Miles and Huberman (1994). In alignment with findings from M. Fernandez (2005, 2010), elementary preservice teachers participating in MLS grew in content knowledge related to MLS topics taught by one another. Results from the analysis of pre and post content knowledge assessments revealed that participants grew in their understanding of the mathematics topics taught during MLS irrespective of their mentor interaction structure and when compared to the participants who did not complete MLS in their methods course. Findings from the analysis of lesson plans for growth in pedagogical content knowledge revealed the most growth in this area occurred for participants assigned to the interaction structure in which the MLS mentor participated in the first two debriefing sessions. Analysis of the transcripts of the discourse during the debriefing sessions and the feedback surveys support the finding that the elementary preservice teachers assigned to the interaction structure in which the MLS mentor participated in the first and second debriefing sessions benefited more from the MLS experience when compared to elementary preservice teachers assigned to the other two interaction structures (MLS mentor participated in only the first debriefing session and MLS mentor participated in only the last debriefing session).

Hazard mitigation element quality in coastal comprehensive plans in a state with strong requirements for hazard mitigation plan elements

This dissertation examines the quality of hazard mitigation elements in a coastal, hazard prone state. I answer two questions. First, in a state with a strong mandate for hazard mitigation elements in comprehensive plans, does plan quality differ among county governments? Second, if such variation exists, what drives this variation? My research focuses primarily on Florida's 35 coastal counties, which are all at risk for hurricane and flood hazards, and all fall under Florida's mandate to have a comprehensive plan that includes a hazard mitigation element. Research methods included document review to rate the hazard mitigation elements of all 35 coastal county plans and subsequent analysis against demographic and hazard history factors. Following this, I conducted an electronic, nationwide survey of planning professionals and academics, informed by interviews of planning leaders in Florida counties. I found that hazard mitigation element quality varied widely among the 35 Florida coastal counties, but were close to a normal distribution. No plans were of exceptionally high quality. Overall, historical hazard effects did not correlate with hazard mitigation element quality, but some demographic variables that are associated with urban populations did. The variance in hazard mitigation element quality indicates that while state law may mandate, and even prescribe, hazard mitigation in local comprehensive plans, not all plans will result in equal, or even adequate, protection for people. Furthermore, the mixed correlations with demographic variables representing social and disaster vulnerability shows that, at least at the county level, vulnerability to hazards does not have a strong effect on hazard mitigation element quality. From a theory perspective, my research is significant because it compares assumptions about vulnerability based on hazard history and demographics to plan quality. The only vulnerability-related variables that appeared to correlate, and at that mildly so, with hazard mitigation element quality, were those typically representing more urban areas. In terms of the theory of Neo-Institutionalism and theories related to learning organizations, my research shows that planning departments appear to have set norms and rules of operating that preclude both significant public involvement and learning from prior hazard events.

Frameworks for Systemic and Structural Analysis of Financial Innovations in Infrastructure

Financial innovations have emerged globally to close the gap between the rising global demand for infrastructures and the availability of financing sources offered by traditional financing mechanisms such as fuel taxation, tax-exempt bonds, and federal and state funds. The key to sustainable innovative financing mechanisms is effective policymaking. This paper discusses the theoretical framework of a research study whose objective is to structurally and systemically assess financial innovations in global infrastructures. The research aims to create analysis frameworks, taxonomies and constructs, and simulation models pertaining to the dynamics of the innovation process to be used in policy analysis. Structural assessment of innovative financing focuses on the typologies and loci of innovations and evaluates the performance of different types of innovative financing mechanisms. Systemic analysis of innovative financing explores the determinants of the innovation process using the System of Innovation approach. The final deliverables of the research include propositions pertaining to the constituents of System of Innovation for infrastructure finance which include the players, institutions, activities, and networks. These static constructs are used to develop a hybrid Agent-Based/System Dynamics simulation model to derive propositions regarding the emergent dynamics of the system. The initial outcomes of the research study are presented in this paper and include: (a) an archetype for mapping innovative financing mechanisms, (b) a System of Systems-based analysis framework to identify the dimensions of Systems of Innovation analyses, and (c) initial observations regarding the players, institutions, activities, and networks of the System of Innovation in the context of the U.S. transportation infrastructure financing.

Hazard Mitigation Element Quality in Coastal Comprehensive Plans in a State with Strong Requirements for Hazard Mitigation Plan Elements

This dissertation examines the quality of hazard mitigation elements in a coastal, hazard prone state. I answer two questions. First, in a state with a strong mandate for hazard mitigation elements in comprehensive plans, does plan quality differ among county governments? Second, if such variation exists, what drives this variation? My research focuses primarily on Florida’s 35 coastal counties, which are all at risk for hurricane and flood hazards, and all fall under Florida’s mandate to have a comprehensive plan that includes a hazard mitigation element. Research methods included document review to rate the hazard mitigation elements of all 35 coastal county plans and subsequent analysis against demographic and hazard history factors. Following this, I conducted an electronic, nationwide survey of planning professionals and academics, informed by interviews of planning leaders in Florida counties. I found that hazard mitigation element quality varied widely among the 35 Florida coastal counties, but were close to a normal distribution. No plans were of exceptionally high quality. Overall, historical hazard effects did not correlate with hazard mitigation element quality, but some demographic variables that are associated with urban populations did. The variance in hazard mitigation element quality indicates that while state law may mandate, and even prescribe, hazard mitigation in local comprehensive plans, not all plans will result in equal, or even adequate, protection for people. Furthermore, the mixed correlations with demographic variables representing social and disaster vulnerability shows that, at least at the county level, vulnerability to hazards does not have a strong effect on hazard mitigation element quality. From a theory perspective, my research is significant because it compares assumptions about vulnerability based on hazard history and demographics to plan quality. The only vulnerability-related variables that appeared to correlate, and at that mildly so, with hazard mitigation element quality, were those typically representing more urban areas. In terms of the theory of Neo-Institutionalism and theories related to learning organizations, my research shows that planning departments appear to have set norms and rules of operating that preclude both significant public involvement and learning from prior hazard events.

LCME Visit Fact Sheet

Plans and projections for the development of the Academic Health Sciences facility.

Problems faced by beginning principals

The job of a principal is becoming more demanding and more critical each year. Principals are asked to undertake huge challenges and to succeed regardless of what obstacles lie ahead. The purpose of this study was to identify which Administrative Task Areas and Specific Task Areas caused the most difficulties for first- and second-year principals.^ A survey was taken of first- and second-year principals in Dade County, Florida. These beginning principals rated their level of proficiency for each administrative task area and each specific task within those areas. Participants rated their perceptions on a scale from one to four. The data were analyzed based on frequency distributions, percentages, means, and standard deviations.^ Beginning principals perceived themselves as least proficient in the administrative task areas of management and personnel duties. They believed their strongest areas were curriculum and instruction and school-community relations. Within these areas, the specific administrative task areas identified as most problematic were identifying proper procedures for construction in the schools, visiting classrooms to help teachers improve instruction, awareness of issues related to school law, establishing accounting procedures for the school's internal funds, and procedures for dismissing incompetent staff members.^ Many beginning principals surveyed volunteered to make recommendations for future beginning principals. Of these recommendations, the most popular responses addressed obtaining more experience with the budget and internal funds prior to becoming a principal. In addition, there was a strong need for more training dealing with school personnel and the importance of networking with a veteran principal.^ The principal training programs for five of the largest school districts in Florida were reviewed. These programs were found to incorporate a vast amount of the recommendations included in the literature. Florida is moving in the right direction toward excellence in the public schools. ^

How do partnerships lead to a competitive advantage? Applying the resource based view to nascent social ventures

This dissertation is one of the earliest to systematically apply and empirically test the resource-based view (RBV) in the context of nascent social ventures in a large scale study. Social ventures are entrepreneurial ventures organized as nonprofit, for-profit, or hybrid organizations whose primary purpose is to address unmet social needs and create social value. Nascent social ventures face resource gaps and engage in partnerships or alliances as one means to access external resources. These partnerships with different sectors facilitate social venture innovative and earned income strategies, and assist in the development of adequate heterogeneous resource conditions that impact competitive advantage. Competitive advantage in the context of nascent social ventures is achieved through the creation of value and the achievement of venture development activities and launching. The relationships between partnerships, heterogeneous resource conditions, strategies, and competitive advantage are analyzed in the context of nascent social ventures that participated in business plan competitions. A content analysis of 179 social venture business plans and an exploratory follow-up survey of 72 of these ventures are used to analyze these relationships using regression, ANOVA, correlations, t-tests, and non-parametric statistics. The findings suggest a significant positive relationship between competitive advantage and partnership diversity, heterogeneous resource conditions, social innovation, and earned income. Social capital is the type of resource most significantly related to competitive advantage. Founder previous start-up experience, client location, and business plan completeness are also found to be significant in the relationship between partnership diversity and competitive advantage. Finally the findings suggest that hybrid social ventures create a greater competitive advantage than nonprofit or for-profit social ventures. Consequently, this dissertation not only provides academics further insight into the factors that impact nascent social value creation, venture development, and ability to launch, but also offers practitioners guidance on how best to organize certain processes to create a competitive advantage. As a result more insight is gained into the nascent social venture creation process and how these ventures can have a greater impact on society.

AHSC Facilities Master Plan

Plans and projections for the development of the Academic Health Sciences facility.

Drivers of Innovation In Financing Transportation Infrastructure: A Systemic Investigation

Traditional methods of financing infrastructure, which include gas taxation, tax-exempt bonds, and reserve funds, have not been able to meet the growing demand for infrastructure. Innovative financing systems have emerged to close the gap that exists between the available and needed financing sources. The objective of the study presented in this paper is to assess determinants of innovative financing in the U.S. transportation infrastructure using a systemic approach. Innovation System of Systems approach is adopted for systemic assessment and a case-based research approach is utilized to explore the constituents of innovative financing for U.S. transportation infrastructure. The findings, which include constructs regarding the players, practices, and activities are used to create a model to enable understanding the dynamics of the drivers and inhibitors of innovation and, thus, to derive implications for practice. The model along with the constructs provides an analytical tool for practitioners in the U.S. transportation infrastructure.