Optimal Investment in Energy Efficiency under Uncertainty

41 p.

Value chain analysis: shrimp, prawn and tilapia from the southern region of Bangladesh & feasibility analysis: brackish water sea-bass in the southern region in Bangladesh

The WorldFish Center is implementing the FtF Aquaculture Project in 20 southern districts in Bangladesh. The project is implemented under USAID’s Feed the Future initiative in collaboration with the Government of Bangladesh. The project contributes to achieving the ‘Feed the Future’ goals through four objectives: (i) dissemination of improved quality fish and shrimp seed, (ii) improving the nutrition and income status of farm households, (iii) increasing investment, employment and fish production through commercial aquaculture and (iv) policy and regulatory reform and institutional capacity building to support sustainable aquaculture growth. The project commissioned this study to gather insights into the value chains of shrimp, prawn and tilapia in the project region and the feasibility of promoting culture of brackish water sea-bass in the region. The findings and recommendations are expected to provide the foundation for the project to design its interventions for achieving its goals.

Economic feasibility of composite fish culture in leased-in village tanks of Kanyakumari district: an invesment analysis

Kanyakumari district belonging to the high rainfall zone has resource advantages for composite fish culture in the leased-in village tanks. There are more than 400 fish farmers operating in leased-in tanks following composite fish culture under the FFDA programme. To estimate the economic feasibility and financial viability of the enterprise, the present study was taken up. 38 fish farmers selected from the district provided the necessary information like capital investment, costs and return and constraints. The data collected were analysed and a farm nearest to the average farm situation was taken as the representative farm. Investment criteria like PayBack Period (PBP), Simple Rate of Returns (SRR), Net Present Value (NPV) and Benefit Cost Ratio (BCR) were estimated taking into account a period of 10 years, the period for which the village tanks are leased-out to fish farmers under the FFDA programme. The analysis indicated the profitability of composite fish culture in village tanks in the district and the results are discussed with recommendations.

Investment in fish seed multiplication farms in Bangladesh: Evidences of an attractive business

This study mainly evaluated the profitability of Fish Seed Multiplication Farms (FSMFs) having hatchery, nursery and hatchery-cum-nursery located in the districts of Jessore, Jhenidah and Narail in Bangladesh. The general findings of the study were that the investment in FSMFs with hatchery, nursery and hatchery-cum-nursery was highly profitable business. The results clearly indicated that the investment on hatchery was the most profitable than those of nursery and hatchery-cum-nursery operations from the viewpoints of individual investors. The results of sensitivity analysis suggested that the investment in nursery farm was a risky business with 20 per cent increase in operation and management as well was production costs or 20 per cent reduction in benefits if other things remaining the same. It was also evident from the study that the investors of FSMFs had currently been facing some crucial problems, which among others are: problems of inbreeding, shortage of brood fish, incidence of diseases, unavailability of certain inputs and lack of credit.

Utilization of treated wood, steel, fibreglass, ferrocement and aluminium in the construction of modern fishing boats and their comparative cost analysis

Modern fishing boats have to be built not only on perfect lines but also with sound and strong construction materials that will ensure a long lasting trouble free service commensurate with the heavy capital investment involved. Choice of construction materials for fishing boats need careful scrutiny as they have to perform too well under most aggressive environments-sea-water and marine atmosphere. A number of alternative boat-building materials are now available whose comparative merits and demerits as well as comparative costs are brought out in this paper.

Economic analysis of 22m and 23m deep sea trawlers

The cost-benefit analysis of 23m and 22m trawlers operated from Visakhapatnam base is presented. The study indicated that the deep sea fishing in Indian waters is a profitable venture. The profit over capital investment for a 23m trawler worked out to about 18% whereas the same was about 10% for a 22m trawler. Catch per trawling operation, cost of production, productivity per man year, energy yield etc. establish the economic superiority of 23m vessel.

Investment funds: What next?

Investment funds provide a low cost method of sharing in the rewards from capitalism. Recently “alternative investments” such as hedge funds have grown rapidly and the trading strategies open to hedge funds are now becoming available to mutual funds and even to ordinary retail investors. In this paper we analyze problems in assessing fund performance and the prospects for investment fund sectors. Choosing genuine outperformers among top funds requires a careful assessment of non-normality, order statistics and the possibility of false discoveries. The risk adjusted performance of the average hedge fund over the last 10-15 is actually not that impressive, although the “top” funds do appear to have statistically significant positive alphas.

Agglomeration effects in foreign direct investment and the pollution haven hypothesis

Does environmental regulation impair international competitiveness of pollution-intensive industries to the extent that they relocate to countries with less stringent regulation, turning those countries into "pollution havens"? We test this hypothesis using panel data on outward foreign direct investment (FDI) flows of various industries in the German manufacturing sector and account for several econometric issues that have been ignored in previous studies. Most importantly, we demonstrate that externalities associated with FDI agglomeration can bias estimates away from finding a pollution haven effect if omitted from the analysis. We include the stock of inward FDI as a proxy for agglomeration and employ a GMM estimator to control for endogenous time-varying determinants of FDI flows. Furthermore, we propose a difference estimator based on the least polluting industry to break the possible correlation between environmental regulatory stringency and unobservable attributes of FDI recipients in the cross-section. When accounting for these issues we find robust evidence of a pollution haven effect for the chemical industry. © 2008 Springer Science+Business Media B.V.

Investment and Capitalization of Firms in the USA

In the USA today, the precipitous rise of new financial mechanisms for capitalisation of firms as well as the merger and acquisition of others, especially risk equity capital through venture capitalist and investment banking, has sparked growth and helped to bring the economy out of the 1990s recession into a robust continuous growth pattern well positioned for the next century. The scenario is not new. For the venture capitalists of ''Silicon Valley'' in California, the experience is not new. They have seen the new industries arise before, like a phoenix from ashes of ruin, despair and even failure. Venture capital poured into high tech start-up companies has been an enormous source of financial support for the entrepreneurs who head new and growing companies. The mid-1990s marked the most dramatic increase yet recorded. Indicators, such as the NASDAQ document, outlined the solid and continuous growth in high tech industries. The paper discusses investment in US corporations within the context of governance and management of the company. Discussion about the various forms of finance are related to the organisation and management of the US corporation. Critical to any firm today are its ability to find innovative, new products or services. A growing literature on resource-base framework for analysis will be discussed as part of the firm's development of research for commercialisation. The results of a recent survey further shed light on the relationship between corporate financial management and allocated resources for research and development as the ''engine'' for new product development and therefore corporate market share and growth. The conclusion is that more financial mechanisms will be created and changed within US corporate systems to adjust, grow, and expand companies in the global economic arena, as the inevitable economic pattern leads to mergers, consolidations, and increasing cooperation and alliances among firms.

The influence of gender in the direction of Spanish cooperative societies on profitability and indebtedness: an empirical analysis

In this paper the claim for the market for a new business management to ensure the presence of women in decision -making to respond to new social needs addressed. Thus, this paper analyzes the influence of gender diversity of the directors on the profitability and the level of debt for a sample of 5,199 Spanish cooperatives. Unlike capitalist societies, these organizations have a number of peculiarities in their government, and that the partners are themselves major time, agents and customers. The study focuses on the Spanish context, where there is an open debate on the importance of women's business management, as in other countries, driven by the proliferation of legislation on gender equality, being, in addition, Spain, the pioneer in having specific legislation on Social Economy. The results show that cooperatives with greater female representation in theirs Boards have higher profitability. On the other hand, those Boards with a higher percentage of women show a lower level of indebtedness.

After the Party the Hangover?: An Analysis of ‘Post-Celtic Tiger’ Ireland in the Light of the February 2011 elections’

The election of February 2011 was dominated by the International Monetary Fund/European Central Bank bailout of November 2010, the state of the public finances, the ongoing Irish banking crisis, and the disastrous state of the economy with rising unemployment, emigration and collapsing international competiveness. After years of phenomenal economic growth (at least as measured by orthodox economic measurements such as gross domestic product (GDP) and foreign direct investment), known as the 'Celtic Tiger‘, during which a bloated construction industry accounted for a quarter of GDP and Irish banks sank nearly a third of their lending in construction projects, Ireland has entered a 'post-Celtic Tiger‘ era. This article offers a critical analysis outlining some political, economic and cultural issues of this election as heralding a decisive stage in the 'post-Celtic Tiger' development of the Republic of Ireland, and suggests that what is required at this present historical moment is that a different development model be articulated by the Irish state and wider society.

Allometric analysis of Sitka spruce branches:Mechanical versus hydraulic design principles

The geometry of tree branches can have considerable effect on their efficiency in terms of carbon export per unit carbon investment in structure. The purpose of this study was to evaluate different design criteria using data describing the form of Picea sitchensis branches. Allometric analysis of the data suggests that resources are distributed to favour shoots with the greatest opportunity for extension into new space, with priority to the extension of the leader. The distribution of allometric relations of links (branch elements) was tested against two models: the pipe model, based on hydraulic transport requirements, and a static load model based on the requirement of shoots to provide mechanical resistance to static loads. Static load resistance required the load parameter to be proportional to the link radius raised to the power of 4. This was shown to be true within a 95% statistical confidence limit. The pipe model would require total distal length to be proportional to link radius squared but the measured branches did not conform well to this model. The comparison suggests that the diameters of branch elements were more related to the requirements for mechanical load. The cost of following a hydraulic design principle (the pipe model) in terms of mechanical efficiency was estimated and suggested that the pipe model branch would not be mechanically compromised but would use structural resources inefficiently. Resource allocation among branch elements was found to be consistent with mechanical stability criteria but also indicated the possibility of allocation based on other criteria, such as potential light interception by shoots. The evidence suggests that whilst branch topology increments by reiteration of units of morphogenesis, the geometry follows a functional design pattern.

Assessing and measuring impact of a digital collection in the humanities: An analysis of the SPHERE (Stormont Parliamentary Hansards: Embedded in Research and Education) Project

Although a substantial corpus of digital materials is now available to scholarship across the disciplines, objective evidence of their use, impact, and value, based on a robust assessment, is sparse. Traditional methods of assessment of impact in the humanities, notably citation in scholarly publications, are not an effective way of assessing impact of digital content. These issues are problematic in the field of Digital Humanities where there is a need to effectively assess impact to justify its continued funding and existence. A number of qualitative and quantitative methods exist that can be used to monitor the use of digital resources in various contexts although they have yet to be applied widely. These have been made available to the creators, managers, and funders of digital content in an accessible form through the TIDSR (Toolkit for the Impact of Digital Scholarly Resources) developed by the Oxford Internet Institute. In 2011, the authors of this article developed the SPHERE project (Stormont Parliamentary Hansards: Embedded in Research and Education) specifically to use TIDSR to evaluate the use and impact of The Stormont Papers, a digital collection of the Hansards of the Stormont Northern Irish Parliament from 1921 to 1972. This article presents the methodology, findings, and analysis of the project. The authors argue that TIDSR is a useful and, critically, transferrable method to understand and increase the impact of digital resources. The findings of the project are modified into a series of wider recommendations on protecting the investment in digital resources by increasing their use, value, and impact. It is reasonable to suggest that effectively showing the impact of Digital Humanities is critical to its survival.

Economic globalization, inequality and body mass index:a cross-national analysis of 127 countries

This article investigates to what extent the worldwide increase in body mass index (BMI) has been affected by economic globalization and inequality. We used time-series and longitudinal cross-national analysis of 127 countries from 1980 to 2008. Data on mean adult BMI were obtained from the Global Burden of Metabolic Risk Factors of Chronic Diseases Collaborating Group. Globalization was measured using the Swiss Economic Institute (KOF) index of economic globalization. Economic inequality between countries was measured with the mean difference in gross domestic product per capita purchasing power parity in international dollars. Economic inequality within countries was measured using the Gini index from the Standardized World Income Inequality Database. Other covariates including poverty, population size, urban population, openness to trade and foreign direct investment were taken from the World Development Indicators (WDI) database. Time-series regression analyses showed that the global increase in BMI is positively associated with both the index of economic globalization and inequality between countries, after adjustment for covariates. Longitudinal panel data analyses showed that the association between economic globalization and BMI is robust after controlling for all covariates and using different estimators. The association between economic inequality within countries and BMI, however, was significant only among high-income nations. More research is needed to study the pathways between economic globalization and BMI. These findings, however, contribute to explaining how contemporary globalization can be reformed to promote better health and control the global obesity epidemic. © 2013 Copyright Taylor and Francis Group, LLC.

The Multiple Facets of ETF Investing: A World-Wide Analysis

The global ETF industry provides more complicated investment vehicles than low-cost index trackers. Instead, we find that the real investments of ETFs that do not fully replicate their benchmarks may deviate from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability), to benefit from the securities lending market, to support ETF-affiliated banks’ stock prices, and to help affiliated OEFs through cross-trading. These effects are more prevalent in ETFs domiciled in Europe. Market awareness of such additional risk is reflected in ETF outflows. These results have important normative implications for consumer protection and financial stability.