Foreign private investment in the Latin American free-trade area;

"United Nations publication. Sales no.: 60.II.G.5."

The science of equity; stabilization of the general price level from which emanates balanced economy and justice,

"Introduction: Silvio Gesell and free private enterprise, by George Richmond Walker": p.[7]-18.

Financing of economic development; recent governmental measures affecting the international flow of private capital.

At head of title: United Nations. Economic and Social Council. 20th session. Item 6.

Equity in access to outpatient rehabilitation services for children with traumatic brain injury and public insurance

Thesis (Master's)--University of Washington, 2016-06

The risk premium for equity: implications for resource allocation, welfare and policy

Analysis of the equity premium puzzle has focused on private sector capital markets. The object of this paper is to consider the welfare and policy implications of each of the broad classes of explanations of the equity premium puzzle. As would be expected, the greater the deviation from the first-best outcome implied by a given explanation of the equity premium puzzle, the more interventionist are the implied policy conclusions. Nevertheless, even explanations of the equity premium puzzle consistent with a general consumption-based asset pricing model have important welfare and policy implications.

Gender, computing and the organisation of working time: public/private comparisons in the Australian context

Professional computing employment in Australia, as in most advanced economies, is highly sex segregated, reflecting well-rehearsed ideas about the masculinity of technology and computing culture. In this paper we are concerned with the processes of work organisation that sustain and reproduce this gendered occupational distribution, focusing in particular on differences and similarities in working-time arrangements between public and private sectors in the Australian context. While information technology companies are often highly competitive workplaces with individualised working arrangements, computing professionals work in a wide range of organisations with different regulatory histories and practices. Our goal is to investigate the implications of these variations for gender equity outcomes, using the public/private divide as indicative of different regulatory frameworks. We draw on Australian census data and a series of organisational case studies to compare working-time arrangements in professional computing employment across sectors, and to examine the various ways employees adapt and respond. Our analysis identifies a stronger ‘long hours culture’ in the private sector, but also underlines the rarity of part-time work in both sectors, and suggests that men and women tend to respond in different ways to these constraints. Although the findings highlight the importance of regulatory frameworks, the organisation of working time across sectors appears to be sustaining rather than challenging gender inequalities in computing employment.

Capital markets and the market structure of foreign investments

Contrary to the long-received theory of FDI, interest rates or rates of return can motivate foreign direct investment (FDI) in concert with the benefits of direct ownership. Thus, access to investor capital and capital markets is a vital component of the multinational’s competitive market structure. Moreover, multinationals can use their superior financial capacity as a competitive advantage in exploiting FDI opportunities in dynamic markets. They can also mitigate higher levels of foreign business risks under dynamic conditions by shifting more financial risk to creditors in the host economy. Furthermore, the investor’s expectation of foreign business risk necessarily commands a risk premium for exposing their equity to foreign market risk. Multinationals can modify the profit maximization strategy of their foreign subsidiaries to maximize growth or profits to generate this risk premium. In this context, we investigate how foreign subsidiaries manage their capital funding, business risk, and profit strategies with a diverse sample of 8,000 matched parents and foreign subsidiary accounts from multiple industries in 38 countries.We find that interest rates, asset prices, and expectations in capital markets have a significant effect on the capital movements of foreign subsidiaries. We also find that foreign subsidiaries mitigate their exposure to foreign business risk by modifying their capital structure and debt maturity. Further, we show how the operating strategy of foreign subsidiaries affects their preference for growth or profit maximization. We further show that superior shareholder value, which is a vital link for access to capital for funding foreign expansion in open market economies, is achieved through maintaining stability in the rate of growth and good asset utilization.

Public and private hospital services reform:an investigation in Iranian hospitals

This research aimed to present a model of efficiency for selected public and private hospitals of East Azerbaijani province of Iran by making use of DEA approach in order to recognize and suggest the best practice standards. In other words, its aim was to suggest a suitable context to develop efficient hospital systems while maintaining the quality of care at minimum expenditures. It is recommended for inefficient hospitals to make use of the followings: transferring, selling, or renting idle/unused beds; transferring excess doctors and nurses to the efficient hospitals or other health centers; pensioning off, early retirement clinic officers, technicians/technologists, and other technical staff. The saving obtained from the above approaches could be used to improve remuneration for remaining staff and quality of health care services of hospitals, rural and urban health centers, support communities to start or sustain systematic risk and resource pooling and cost sharing mechanisms for protecting beneficiaries against unexpected health care costs, compensate the capital depreciation, increasing investments, and improve diseases prevention services and facilities in the provincial and national levels.

Entrepreneur's Dilemma: Hotel Investments in Emerging Markets

Estimating the required rate of return for hotel properties is a daunting task because a lodging property is considered a hybrid between a real estate asset, and a revenue-generating enterprise affiliated with a hotel brand. Computing the expected rate of return for a hotel becomes even more complicated when a third party foreign investor/entrepreneur is the one performing the computation for an investment hotel in an emerging country. This clinical case illustrates the challenges surrounding the estimation of a project’s cost of equity in the multinational hotel industry. The results reveal that estimating cost of equity in emerging markets for hotel investments continues to be a conundrum. Future investors should make multiple adjustments and use several models when making their capital investment decisions.

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.

Who Financed the Expansion of the Equity Market? Shareholder Clienteles in Victorian Britain

Who financed the great expansion of the Victorian equity market, and what attracted them to invest? Using data on 453 firm-years and over 172,000 shareholders, we find that the largest providers of capital were rentiers, men with no formal occupation who relied on investment income. We also see a substantial growth in women investors as time progressed. In terms of clientele effects, we find that rentiers invested in large firms, whilst businessmen were the venture capitalists of young, regional enterprises. Women and the middle classes preferred safe investments, whilst financiers and institutional investors were speculators in foreign companies. Our results may help to explain the growth of new types of assets catering for particular clienteles, and the development of managerial policies on dividends and share issues. 

Perpetual private land conservation: the case for outdoor recreation and functional leisure

As natural areas, agricultural lands, and open spaces continue to be developed at unprecedented rates, it is important for land conservation professionals to understand the individuals who might play a role in permanently protecting these lands and their ecological services. Many factors have been shown to influence land protection decisions among private owners, including land-use activities, demographic characteristics, and environmental intention and behavior. With the hypothesis that individuals already involved in land conservation programs would be candidates for permanent protection, we set out to model conservation easement decisions within a group of participants in southern Indiana’s Classified Forest and Wildlands Program (ICFWP). We used a mailed questionnaire to survey 500 landowners, garnering 308 responses, about their interest in conservation easements. Our results indicated significant positive relationships between interest in conservation easements with variables representing perception of landscape change, outdoor recreation behavior as an adult, and environmental organization membership. By better understanding the ways these factors promote permanent land-use decisions, land conservation professionals can better allocate limited resources through strategic investments in targeting and outreach.

Increased water charges improve efficiency and equity in an irrigation system

Conventional wisdom in many agricultural systems across the world is that farmers cannot, will not, or should not pay the full costs associated with surface water delivery. Across Organisation for Economic Co-operation and Development (OECD) countries, only a handful can claim complete recovery of operation, maintenance, and capital costs; across Central and South Asia, fees are lower still, with farmers in Nepal, India, and Kazakhstan paying fractions of a U.S. penny for a cubic meter of water. In Pakistan, fees amount to roughly USD 1-2 per acre per season. However, farmers in Pakistan spend orders of magnitude more for diesel fuel to pump groundwater each season, suggesting a latent willingness to spend for water that, under the right conditions, could potentially be directed toward water-use fees for surface water supply. Although overall performance could be expected to improve with greater cost recovery, asymmetric access to water in canal irrigation systems leaves the question open as to whether those benefits would be equitably shared among all farmers in the system. We develop an agent-based model (ABM) of a small irrigation command to examine efficiency and equity outcomes across a range of different cost structures for the maintenance of the system, levels of market development, and assessed water charges. We find that, robust to a range of different cost and structural conditions, increased water charges lead to gains in both efficiency and concomitant improvements in equity as investments in canal infrastructure and system maintenance improve the conveyance of water resources further down watercourses. This suggests that, under conditions in which (1) farmers are currently spending money to pump groundwater to compensate for a failing surface water system, and (2) there is the possibility that through initial investment to provide perceptibly better water supply, genuine win-win solutions can be attained through higher water-use fees to beneficiary farmers.

Utilização do “cheque-dentista” por parte de crianças de 10 e 13 anos no ano letivo 2013/2014 em duas escolas no agrupamento de Vizela

Introdução: Uma grande parte de todas as consultas de medicina dentária realizadas em Portugal ocorre em prestadores de natureza privada, consequentemente a acessibilidade, principalmente entre os estatutos socioeconomicamente mais desfavorecido é dificultada. As crianças e os jovens são um grupo especial da população que necessita de particular atenção e proteção por parte dos serviços governamentais, investir na sua saúde e no seu bem‐estar garante ganhos de saúde ao longo das suas vidas. Tendo isto em conta, foi criado o Programa Nacional de Promoção de Saúde Oral (PNPSO). Os objetivos principais deste programa consistem na redução da incidência de doenças orais, melhoria dos conhecimentos e comportamentos sobre saúde oral e a promoção da equidade na prestação de cuidados de saúde oral. Desta forma são emitidos cheques-dentista para determinados grupos populacionais, sendo eles crianças e jovens com idade inferior a 16 anos, gravidas a ser seguidas no SNS, beneficiários do complemento solidário para idosos, portadores de Sida/VIH, e consultas no âmbito da prevenção do cancro oral. Participantes e Métodos: Realizou-se um estudo observacional transversal onde a população em análise foi constituída pelos responsáveis dos alunos de 10 e 13 anos abrangidos pelo PNPSO que no ano letivo 2013/2014 frequentaram o Colégio de Vizela e o Instituto Silva Monteiro. A recolha de dados foi feita através de um inquérito realizado por escrito com questões relativas à utilização dos documentos no âmbito do PNPSO. Em ambas as situações esteve presente o consentimento informado e garantiu-se a total confidencialidade dos dados. Os dados recolhidos neste estudo foram submetidos a uma análise estatística recorrendo ao software IBM SPSS Statistics v22. Resultados: Na população analisada quando questionados “O seu educando já tinha tido alguma consulta de medicina dentária?” 88,5% responderam “sim”, desses a maioria referiu que o médico dentista onde essas consultas foram realizadas estava incluído no programa (81,5%). Uma grande parte dos inquiridos referiu a escola como fator que lhes deu a conhecer o programa (sendo que 90,2% incluíram essa opção nas suas respostas). Quando questionados se fizeram tratamentos fora do programa 54,9% responderam que não. Em relação à utilização do(s) cheque(s)-dentista a que tiveram direito, 86,1% dos beneficiários referiu ter utilizado, desses, 67,6% mencionou a conclusão dos tratamentos com as consultas no âmbito do programa. Quando questionados o que os levou a escolher o consultório onde os tratamentos incluídos no PNPSO foram realizados, 57,9% do total de respostas foram para o “conhecimento prévio do médico dentista”. Na opinião de grande parte dos inquiridos (97,5%), o cheque-dentista é um incentivo para cuidados de saúde oral. No futuro, 99,2% dos beneficiários referiram que irão realizar os tratamentos a que tenham direito com o PNPSO. Conclusão: Com este estudo foi possível observar que grande parte dos beneficiários analisados utilizou o(s) cheque(s)-dentista a que tiveram direito. É possível observar que a maioria dos utentes referiram ter beneficiado com o programa, e afirmam que este constitui um meio de promoção e prevenção de doenças orais futuras e um incentivo para os cuidados de saúde oral. O processo de divulgação do PNPSO foi na sua maioria realizado pelas escolas, em que ambas se revelaram competentes a dar a conhecer o programa aos beneficiários.

The gender wage gap in the public and private sectors in Bangladesh

The gender wage gap is well studied in developed countries; however, recently it has generated much interest in developing countries. This thesis addresses three issues regarding the gender wage gap in Bangladesh. Firstly, it explores the wage determinants for formal public and private sector employees in Bangladesh and examines the gender pay gap. This is the first time different decomposition methods have been used to compare the sources of the gender wage gap as well as any potential discrimination effect in the formal sector of the Bangladeshi labour market. These decomposition methods are: the original Oaxaca (1973) and Blinder (1973) decomposition methods, the Neumark (1988), Cotton (1988), and Reimers (1983) methods, and the extended Oaxaca method including both the employment selection and the double selection correction in the wage equation. In addition to mentioned methods, to quantify the gender wage gap in monetary terms, a recently developed ‘simulated change’ approach by Olsen and Walby (2004) is also applied for the first time to the Bangladeshi data. By using the Labour Force Survey 2005-06, BBS (LFS 2005-06) data results show formal sector female employees earn about 32.1 per cent less than their male counterparts. Without considering the selection correction, a large range of human capital, demographic and labour market related variables are explained less than half of the total gender wage gap (21 to 46 per cent of the total wage gap) and the major part of the wage gap is unexplained (54 to 79 per cent of the total wage gap). This could partly be attributed to discrimination. Using the double selection correction method, the decomposition results changed where a small part of the wage gap was explained by the measured characteristics (only nine per cent of the total wage gap) and a major part is attributed to the discrimination and selection effect. The selection effect also reveals that exclusion of the double selection correction might lead to an overestimation of the gender wage gap in the formal sector of Bangladesh. In addition, results based on the Olsen and Walby (2004) simulation method show that, if the other characteristics of male and female employees were similar, ‘being female’ is sufficient, to generate significantly lower wages than males in the formal sector. If females in the workplace are treated as males, without considering any other endowment increases, females could increase their earnings by 4095.3 Taka1 per year. Results also indicate that not only endowment differences in human capital and work experience related variables were important, but discrimination appears to play a significant role in the total wage gap throughout the formal sector of the Bangladeshi labour market. Secondly, the study investigates whether public sector employees enjoyed a wage premium or not, compared to the private sector and whether the gender wage gap is greater in the public sector. In addition, the research considered whether there was an impact from the inclusion of the different selection correction terms in the wage equation. In Bangladesh, public sector employees have, on average, a 60 per cent wage premium over the private sector. Using both the original Oaxaca and the extended Oaxaca methods, where selection effect is partly captured by both explained and unexplained components, and using the public sector wage structure as the basis of the non-discriminatory wage structure, these methods revealed a considerably larger portion of explained (72 - 93 per cent of the total wage gap) and a smaller portion of unexplained part of the wage gap. However, if the selection correction is considered as another component of the decomposition outcome then the major portion of the total public and private sectors wage gap is justified (explained) by the effect of the selection correction and unexplained factors. Furthermore, a large part of the wage premium exists in favour of public sector female employees compared to males and the gender wage gap is lower in the public sector than the private sector. Finally, this study compares the gender wage gap of five different occupations. The gender wage gap is associated with labour market rigidities where one of the important factors is occupational segregation where females are disproportionately distributed in occupations resulting in lower earnings. The largest gender wage gap was found in agriculture, forestry, fisheries, production and transport labour jobs (56.4 per cent) and the lowest in the professional, technical administrative and managerial jobs (22.1 per cent). Substantial differences are found in the size of the endowment gap across occupations and larger variations occurred in the adjusted wage gap which varied from 21.4 per cent in sales and service occupations, to 100 per cent in professional and technical jobs (the highest). This too can be partly explained by discrimination. A reduction in the gender wage gap is expected not only to increase national income, but also to reduce poverty and lead to better outcomes for future generations. National policy should aim to reduce the gender wage gap and achieve gender wage equality in the formal sector; for example through a targeted program to remove the gender differences in education and to reduce the skill difference, with a better child care policy to encourage labour force retention and increased labour market experience for female employees, with anti-discriminatory policies and the enforcement of existing antidiscrimination policies, and a more equal distribution of males and females across occupations.