Aggregate dividends and consumption smoothing

We show that net equity payouts from the corporate sector play a crucial role in helping individuals manage their consumption path across the business cycle. In particular, we show that, as investors' desire to smooth consumption increases, optimal aggregate dividends become both more volatile and more counter-cyclical to help counterbalance pro-cyclical labor income. These findings are robust to whether or not agency conflicts exist in the economy.

Hatékonyság növelése tervezéssel - avagy: aggregált tervezés alkalmazása egy magyar vállalatnál = Improving efficiency with production planning - Applying aggregate planning at a Hungarian company

A cikk alapvető kérdése, hogy miképpen használható a tervezés a termelési folyamatok, s ezzel a vállalati m}uködés egészének hatékonyságnövelése érdekében. A termeléstervezés szintjei és eszközei közül a középtávú aggregált tervezésre koncentrálunk. Ennek oka elsősorban az, hogy tapasztalatunk szerinte tervezési szint gyakorlati alkalmazása még nem tekinthető elterjedtnek, s ebből következően az eszköz alaposabb ismerete és alkalmazásának elterjedése jelentős tartalékokat tárhat fel a m}uködési hatékonyság növelése terén. A dolgozat a termeléstervezés klasszikusnak tekinthető modelljét alkalmazza egy hazai vállalat esetében. Az elemzés során vizsgáljuk a modell alkalmazhatóságát és a különböző tervezési alternatívák hatását a hatékonyság növelésére. A modell számítógépes megoldását a Microsoft Excel Solver programjával végeztük. _______ The article demonstrates how production planning, especially aggregate production planning can positively influence the competitiveness of production firms. First the structure of production planning, different, but interconnected levels of it are introduced than the aggregate planning is elaborated in more details. Reason for focusing on aggregate planning lies in the fact that according to our experience aggregate planning is an operation planning method applied least of all production planning methods in Hungary. Due to this we are convinced that demonstrating a real case study in this area can help managers to realize that adopting it can significantly influence e±ciency in operation and represent important source of development. We applied a classic aggregate planning model for a Hungarian producing company. We have tested the adaptability of the model and also the effect of different concrete planning scenarios on efficiency. Solution of the mathematical model is calculated using the program of Microsoft Excel Solver.

A beruházási projektek aggregált tőkeigénye = The Aggregate Capital Needs of Investment Projects

A tanulmány abból indul ki, hogy a beruházási projektek értékelése során egyidejűleg szükséges figyelembe venni a projektben lekötött tőkét és a lekötési időt mint jövedelemtermelési lehetőséget. Definiálja a projekt aggregált tőkeigényének fogalmát és megszerkeszti a vonatkozó mérőszámot. Az aggregált tőkeigény új vállalatgazdasági kategória, mely a beruházási projektek értékelésének egy új megközelítését teszi lehetővé. A projekt aggregált tőkeigénye azt a tőkeösszeget jelenti, mely a projekt működtetéséhez annak teljes élettartama alatt szükséges. A három meghatározó tényező: a kezdőtőke, a megtérülési idő (illetőleg az élettartam) és a megtérülés gyorsasága. A számszerűsítéshez minden évre vonatkozóan meg kell határozni az adott évben lekötött tőkét, ami az adott évig még meg nem térült tőkerészt jelenti, majd ezek összegzése révén adódik az aggregált tőkeigény. A mértékegység egységnyi tőke egyévi lekötése. A tanulmány az összefüggések modellszerű levezetése mellett gazdag példaanyagot is tartalmaz. Az elemzés bővíti a nettó jelenérték tartalmára vonatkozó ismereteket, rávilágít az aggregált tőkeigény ismeretének fontosságára mind a nettó jelenérték, mind a belső kamatláb esetében. _____ The starting point of this paper is that in the evaluation process of investment projects necessary to take into account simultaneously the tied-up capital and tiedup time as the income-generating potential. For this, it defines a special content of aggregate capital needs of investment projects, and elaborates an index. The aggregate capital needs is a new business economics category, which provides a new aspect to evaluate investment projects. This means the amount of capital needed for the operation of the project during its full duration. Three factors determine the aggregate capital needs for investments projects. These are the amount of initial investment, the payback period (or the duration) and the rapidity of capital payback. The solution is to sum up the yearly tied-up capital, that is, the notreturned parts of the capital for each year. The measurement unit is one unit tied-up capital for one year. The paper formulates the main relationships as models and by way of explanation presents some examples. The analysis highlights the importance of considering the aggregate capital needs furthermore widens knowledge regarding the net present value and internal rate of return.

(Table 1, page 171) Thorium and cobalt content of the total aggregate of manganese nodules from various locations

A criterion is suggested for discrimination between ferromanganese oxide minerals, deposited after the introduction of manganese and associated elements in sea water solution at submarine vulcanism, and minerals which are slowly formed from dilute solution, largely of continental origin. The simlultaneous injection of thorium into the ocean by submarine vulcanism is indicated, and its differentiation from continental thorium introduced into the ocean by runoff is discussed.

2000 NHGRI e-mail request for HGP sequencing center information, and corresponding aggregate data from NHGRI, compiled by Kris Wetterstrand

Email exchange in 2013 between Kathryn Maxson (Duke) and Kris Wetterstrand (NHGRI), regarding country funding and other data for the HGP sequencing centers. Also includes the email request for such information, from NHGRI to the centers, in 2000, and the aggregate data collected.

Overview on bio-based building material made with plant aggregate

Global warming, energy savings, and life cycle analysis issues are factors that have contributed to the rapid expansion of plant-based materials for buildings, which can be qualified as environmental-friendly, sustainable and efficient multifunctional materials. This review presents an overview on the several possibilities developed worldwide about the use of plant aggregate to design bio-based building materials. The use of crushed vegetal aggregates such as hemp (shiv), flax, coconut shells and other plants associated to mineral binder represents the most popular solution adopted in the beginning of this revolution in building materials. Vegetal aggregates are generally highly porous with a low apparent density and a complex architecture marked by a multi-scale porosity. These geometrical characteristics result in a high capacity to absorb sounds and have hygro-thermal transfer ability. This is one of the essential characteristics which differ of vegetal concrete compared to the tradition mineral-based concretes. In addition, the high flexibility of the aggregates leads to a non-fragile elasto-plastic behavior and a high deformability under stress, lack of fracturing and marked ductility with absorbance of the strains ever after having reached the maximum mechanical strength. Due to the sensitivity to moisture, the assessment of the durability of vegetal concrete constitutes one of the next scientific challenging of bio-based building materials.

Absorption of Asphalt by Aggregate, HR-142, Progress Report, 1970

This report summarizes work accomplished under Project HR-142 during the period from January 1, 1969 to December 31, 1969. Pore characteristics of six limestones were studied in relation to their absorption of two asphalt cements. Porosity and pore size distribution were determined by a mercury penetration porosimeter and asphalt absorption was determined by immersion and bulk-impregnated specific gravity methods. A special study was conducted to develop new, simple and more reproducible methods for bulk specific gravity determination. As a result, a new chemical indicator method was developed to determine the saturated surface-dry condition, and a glass mercury pycnometer was designed to determine coarse·and fine aggregates. Asphalt absorption history of one asphalt mixture on campus has been studied since September 1968. Chemical and/or radiation treatments of absorptive aggregates were conducted on four chemicals and two aggregates.

Evaluation and Testing of a Lightweight Fine Aggregate Concrete Bridge Deck in Buchanan County, Iowa, TR-648, 2016

Internal curing is a relatively new technique being used to promote hydration of Portland cement concretes. The fundamental concept is to provide reservoirs of water within the matrix such that the water does not increase the initial water/cementitious materials ratio to the mixture, but is available to help continue hydration once the system starts to dry out. The reservoirs used in the US are typically in the form of lightweight fine aggregate (LWFA) that is saturated prior to batching. Considerable work has been conducted both in the laboratory and in the field to confirm that this approach is fundamentally sound and yet practical for construction purposes. A number of bridge decks have been successfully constructed around the US, including one in Iowa in 2013. It is reported that inclusion of about 20% to 30% LWFA will not only improve strength development and potential durability, but, more importantly, will significantly reduce shrinking, thus reducing cracking risk. The aim of this work was to investigate the feasibility of such an approach in a bridge deck.

General Aggregate Source Information, 1979

Only those aggregate sources which have been sampled or tested within the last ten years are listed. This listing additionally ranks sources in accordance with a skid resistance classification as defined herein for aggregates used in asphalt construction. The rankings are based on the ledges used in the past for asphalt aggregates. Upon request, new sources or different combinations of beds within an existing source will be evaluated as to their skid resistance classification. This ranking refers only to the skid resistant properties and does not waive the normal quality requirements for the particular type of aggregate indicated in the contract documents.

Occupational exposure to mycotoxins: aspects to consider for the aggregate and cumulative risk assessment

Mycotoxins are an important group of naturally occurring substances known to contaminate a huge variety of agricultural products, feed and food commodities. The main concern is their widespread presence and toxic effects on humans and animals as they have been described as cytotoxic, nephrotoxic, hepatotoxic, teratogenic, immunosuppressive, mutagenic and/or carcinogenic. However, until now, risk assessments and regulations have usually been performed on individual mycotoxins despite humans and animals are being frequently exposed to a multitude of mycotoxins simultaneously. Moreover, even though some exposures through inhalation and dermal contact may potentially occur, only oral ingestion has been considered as the sole route of exposure in all the evaluations. However, more recent studies have also demonstrated airborne exposure to mycotoxins in different occupational settings with emphasis on agricultural professions. In these cases, skin contact with mold-infested substrates and inhalation of spore-borne toxins are the most important sources of exposure. Still, mycotoxins are not normally recongnize as na occupational hazard and exposure is different from the one ocurring by food intake. In this case, exposure is charaterized to be acute and simultaneous to other mycotoxins and also to fungi and dust. All these features increase the challenge implicated in the risk assessment process. Some topics will be presented and discussed in detailed such as: What occupational settings should be consider in this case; possible exposure routes; exposure characterization; how to assess exposure; co-exposure; aggregate exposure and cumulative risk assessment.

A study on the effect of functional distribution of income on aggregate demand

In this thesis, we study the causal relationship between functional distribution of income and economic growth. In particular, we focus on some of the aspects that might alter the effect of the profit share on growth. After a brief introduction and literature review, the empirical contributions will be presented in Chapters 3,4 and 5. Chapter 3 analyses the effect of a contemporaneous decrease in the wage share among countries that are major trade partners. Falling wage share and wage moderation are a global phenomenon which are hardly opposed by governments. This is because lower wages are associated with lower export prices and, therefore, have a positive effect on net-exports. There is, however, a fallacy of composition problem: not all countries can improve their balance of payments contemporaneously. Studying the country members of the North America Free Trade Agreement, we find that the effect on export of a contemporaneous decrease in the wage share in Mexico, Canada and the United States, is negative in all countries. In other words, the competitive advantage that each country gains because of a reduction in its wage share (to which is associated a decrease in export prices), is offset by a contemporaneous increase in competitiveness in the other two countries. Moreover, we find that NAFTA is overall wage-led: the profit share has a negative effect on aggregate demand. Chapter 4 tests whether it is possible that the effect of the profit share on growth is different in the long run and in the short run. Following Blecker (2014) our hypothesis is that in the short run the growth regime is less wage-led than it is in the long run. The results of our empirical investigation support this hypothesis, at least for the United States over the period 1950-2014. The effect of wages on consumption increases more than proportionally compared to the effect of profits on consumption from the short to the long run. Moreover, consumer debt seem to have only a short-run effect on consumption indicating that in the long run, when debt has to be repaid, consumption depends more on the level of income and on how it is distributed. Regarding investment, the effect of capacity utilization is always larger than the effect of the profit share and that the difference between the two effects is higher in the long run than in the short run. This confirms the hypothesis that in the long run, unless there is an increase in demand, it is likely that firms are not going to increase investments even in the presence of high profits. In addition, the rentier share of profits – that comprises dividends and interest payments – has a long-run negative effect on investment. In the long run rentiers divert firms’ profits from investment and, therefore, it weakens the effect of profits on investment. Finally, Chapter 5 studies the possibility of structural breaks in the relationship between functional distribution of income and growth. We argue that, from the 1980s, financialization and the European exchange rate agreements weakened the positive effect of the profit share on growth in Italy. The growth regime is therefore becoming less profit-led and more wage-led. Our results confirm this hypothesis and also shed light on the concept of cooperative and conflictual regimes as defined by Bhaduri and Marglin (1990).

A divide-and-conquer bound for aggregate's quality and algebraic connectivity

info:eu-repo/semantics/submittedForPublication

Estimating dynamic models with aggregate shocks and an application to mortgage default in Colombia

We estimate a dynamic model of mortgage default for a cohort of Colombian debtors between 1997 and 2004. We use the estimated model to study the effects on default of a class of policies that affected the evolution of mortgage balances in Colombia during the 1990's. We propose a framework for estimating dynamic behavioral models accounting for the presence of unobserved state variables that are correlated across individuals and across time periods. We extend the standard literature on the structural estimation of dynamic models by incorporating an unobserved common correlated shock that affects all individuals' static payoffs and the dynamic continuation payoffs associated with different decisions. Given a standard parametric specification the dynamic problem, we show that the aggregate shocks are identified from the variation in the observed aggregate behavior. The shocks and their transition are separately identified, provided there is enough cross-sectionavl ariation of the observeds tates.

The influence of organic amendments on soil aggregate stability from semiarid sites

Restoring the native vegetation is the most effective way to regenerate soil health. Under these conditions, vegetation cover in areas having degraded soils may be better sustained if the soil is amended with an external source of organic matter. The addition of organic materials to soils also increases infiltration rates and reduces erosion rates; these factors contribute to an available water increment and a successful and sustainable land management. The goal of this study was to analyze the effect of various organic amendments on the aggregate stability of soils in afforested plots. An experimental paired-plot layout was established in southern of Spain (homogeneous slope gradient: 7.5%; aspect: N170). Five amendments were applied in an experimental set of plots: straw mulching; mulch with chipped branches of Aleppo Pine (Pinus halepensis L.); TerraCotten hydroabsobent polymers; sewage sludge; sheep manure and control. Plots were afforested following the same spatial pattern, and amendments were mixed with the soil at the rate 10 Mg ha-1. The vegetation was planted in a grid pattern with 0.5 m between plants in each plot. During the afforestation process the soil was tilled to 25 cm depth from the surface. Soil from the afforested plots was sampled in: i) 6 months post-afforestation; ii) 12 months post-afforestation; iii) 18 months post-afforestation; and iv) 24 months post-afforestation. The sampling strategy for each plot involved collection of 4 disturbed soil samples taken from the surface (0–10 cm depth). The stability of aggregates was measured by wet-sieving. Regarding to soil aggregate stability, the percentage of stable aggregates has increased slightly in all the treatments in relation to control. Specifically, the differences were recorded in the fraction of macroaggregates (≥ 0.250 mm). The largest increases have been associated with straw mulch, pinus mulch and sludge. Similar results have been registered for the soil organic carbon content. Independent of the soil management, after six months, no significant differences in microaggregates were found regarding to the control plots. These results showed an increase in the stability of the macroaggregates when soil is amended with sludge, pinus mulch and straw much. This fact has been due to an increase in the number cementing agents due to: (i) the application of pinus, straw and sludge had resulted in the release of carbohydrates to the soil; and thus (ii) it has favored the development of a protective vegetation cover, which has increased the number of roots in the soil and the organic contribution to it.

BENEFICIAL REUSE OF LOCALLY-AVAILABLE WASTE MATERIALS AS LIGHTWEIGHT AGGREGATE IN LIGHTWEIGHT CONCRETE

This study investigated the physical characteristics of lightweight concrete produced using waste materials as coarse aggregate. The study was inspired by the author’s Peace Corps service in Kilwa, Tanzania. Coconut shell, sisal fiber, and PET plastic were chosen as the test waste products due to their abundance in the area. Two mixes were produced for each waste product and the mix proportions designed for resulting compressive strengths of 3000 and 5000 psi. The proportions were selected based on guidelines for lightweight concrete from the American Concrete Institute. In preparation for mixing, coconut shells were crushed into aggregate no larger than 3/4 inch, sisal fiber was cut into pieces no longer than 3/8 inch, and PET plastic was shredded into 1/4 inch-wide strips no longer than 6 inches. Replicate samples were mixed and then cured for 28 days before they were tested for compressive strength, unit weight, and absorption. The resulting data were compared to ASTM Standards for lightweight concrete masonry units to determine their adequacy. Based on these results, there is potential for coconut shell to be used as coarse aggregate in lightweight concrete. Sisal fiber was unsuccessful in producing the appropriate compressive strength. However, the reduction in spalling of the hardened concrete and the induction of air in the mixes incorporating sisal fiber suggests that it has the potential to improve other characteristics of lightweight concrete. Concrete mixes using PET plastic as aggregate resulted in adequate compressive strengths, but were too dense to be considered ‘lightweight’ concrete. With some adjustments to slightly decrease absorption and unit weight, the PET plastic concrete mixes could be classified as medium weight concrete and, therefore, achieve many of the same benefits as would be seen with lightweight concrete.