Pankkien tuloksenjärjestelymahdollisuudet siirryttäessä IFRS-normistoon

Tutkielman ensisijaisena tavoitteena oli määrittää pankkien tuloksenjärjestelymahdollisuuksien muutoksia siirryttäessä kansallisesta FAS GAAP -tilinpäätösnormistosta IFRS-normistoon. Tuloksenjärjestelyn ilmiötä käsiteltiin esittelemällä useita koti- ja ulkomaisia tuloksenjärjestelytutkimuksia. Pankeilla on toimialalleen erityisiä kannustimia tuloksenjärjestelyyn. Pankkitoimialalla tuloksenjärjestely on perinteisesti esiintynyt tuloksentasaamisena tilikausien välillä. Tutkimuksessa saatiin selkeä kuva tuloksenjärjestelymahdollisuuksien muutoksesta. IFRS-normiston sisältämä johdon harkintavalta ilmenee tilinpäätöksen laadintaperiaatteiden valinnaisuutena ja standardien laskelmien sisältäminä johdon arvioina ja oletuksina. Harkintavaltaa käyttämällä johto voi vaikuttaa tilinpäätöksen taseeseen ja tulokseen. IFRS-normistossa tilinpäätöksen laadintaperiaatteisiin liittyvä johdon harkintavalta on vähentynyt verrattuna kansalliseen FAS GAAP-tilinpäätöskäytäntöön, mutta IFRS jättää johdolle edelleen harkintavaltaa muutamien kirjaus- ja raportointikäytäntöjen suhteen. Perinteisten tuloksenjärjestelykeinojen rinnalle IFRS:ssä nousevat useiden standardien laskelmien sisältämät johdon arviot ja oletukset tulevaisuuden muuttujista. Omaisuuserien käypään arvoon arvostamisen myötä tilikauden tuloksista saattaa tulla aikaisempaa volatiilimpia. Käypiin arvoihin arvostamisen seurauksena pankit saattavat siirtyä käyttämään sijoitustensa ostoja ja myyntejä tuloksentasauskeinona. FAS GAAP:ssa pankit ovat käyttäneet tuloksentasaamiseen tiettyjä suoriteperusteisia eriä, esimerkiksi luottotappiovarauksia. IFRS tiukentaa varausten tekemisen periaatteita, mutta tuo tilalle lainakannan arvonalentumistestaukseen sisältyvät johdon arviot.

Kovenantit yritysrahoituksessa

Tutkielman päätavoitteena on analysoida kovenanttien eli luottosopimusten eritysehtojen soveltuvuutta yritysrahoitukseen rahoittajan ja yrityksen näkökulmasta ja luoda viitekehys kovenanttien käytettävyydelle yritysrahoituksessa yhdistelemällä siihen liittyvien keskeisten käsitteiden merkityksiä. Tutkielman empiirinen osa on rakennettu pääosin haastatteluihin pohjautuen. Tutkimusmetodologia on toiminta-analyyttinen ja haastattelut suoritettiin teemahaastatteluina. Tutkimuksessa todetaan, että kovenantit sopivat isoille- ja keskisuurille yrityksille ja tietyin varauksin pienille yrityksille. Niiden käytölle ei näyttäisi olevan voimassa olevista säännöksistä johtuvia olennaisia esteitä. Sopimuksissa on huomioitava voimassa olevat säännökset ja sopijapuolten luonteenpiirteet. Keskeisiä tekijöitä ja perusteita kovenanttien asettamisessa todettiin olevan ne, että yrityksen toiminta on vakiintunut ja yhteisymmärrys ja arvio liiketoiminnan kehityksestä on molemminpuolista. Ne monipuolistavat yritysten rahoitusmahdollisuuksia ja parantavat rahoituksen saatavuutta. Tuotteistaminen ei ole mielekästä, koska jokainen laina räätälöidään tapauskohtaisesti.

Systems Medicine and Integrated Care to Combat Chronic Noncommunicable Diseases.

We propose an innovative, integrated, cost-effective health system to combat major non-communicable diseases (NCDs), including cardiovascular, chronic respiratory, metabolic, rheumatologic and neurologic disorders and cancers, which together are the predominant health problem of the 21st century. This proposed holistic strategy involves comprehensive patient-centered integrated care and multi-scale, multi-modal and multi-level systems approaches to tackle NCDs as a common group of diseases. Rather than studying each disease individually, it will take into account their intertwined gene-environment, socio-economic interactions and co-morbidities that lead to individual-specific complex phenotypes. It will implement a road map for predictive, preventive, personalized and participatory (P4) medicine based on a robust and extensive knowledge management infrastructure that contains individual patient information. It will be supported by strategic partnerships involving all stakeholders, including general practitioners associated with patient-centered care. This systems medicine strategy, which will take a holistic approach to disease, is designed to allow the results to be used globally, taking into account the needs and specificities of local economies and health systems.

Housing Wealth and Housing Decisions in Old Age: Sale and Reversion

Population ageing brings new challenges to long-term household economic decisions. In the event of old-age dependency, housing assets become a key self-insurance device. However, little empirical evidence has been reported regarding an individual"s expectations of having to use their housing wealth for such a purpose. This paper draws upon two complementary data sources to empirically examine: (1) the influence of housing assets on an individual"s willingness-to-sell (WTS) their dwelling for care purposes, and (2) the willingness to take out a reverse mortgage contract loan in the event of old-age dependency. The paper"s findings suggest that homeowners" WTS in old age is unaffected by their income or housing assets and is, rather, determined by socio-environmental housing characteristics and the individual"s health and personal needs. Conversely, the study finds that the uptake of home reversion loans is largely dependent on income or education, but not on a household"s housing assets.

Los Grandes olvidados: las personas mayores en el entorno rural = The Great Forgotten Issue: Older People in Rural Context

Ageing is a heterogeneous subject being been able to distinguish profiles in function of sex, age, economic situation, cultural levels, habitat, family structure, health, etc. The objectives of this article are to identify forms of life to age in the rural environment and to concretize intervention proposals to increase active and participatory ways of life. 7 in-depth interviews to experts, 21 to older people, 5 to professionals and two focal groups of professionals and significant social agents were performed to collect data. Results identify 4 styles of aging: an opportunity for the change; a natural phase of the life; a moment to compensate and; a moment of abandonment. Conclusions summarize intervention proposals to increase active and participatory ways of ageing in different contexts to help professionals responsible for the services of older people care

International cash management and how to optimize it in China, Case: Stora Enso Oyj School of Business

The aim of this study was to analyze and give proposals for the case-company how to optimize cash management in China. The purpose of the theoretical part was to enlighten the liquidity and cash management practices in an international environment and apply these into the different, regulated environment of China. In the theoretical part both domestic and international literature, articles and journals were used. The results of the empirical part are based on the in-formation from the case-company and its associates. Information was gathered mainly via internal questionnaire which was sent to the case com¬pany's subsidiaries involved with the study. Mainly company-internal factors were studied. The main result of the study implies that China is a challenging environment to optimize cash management, as the structures used elsewhere can not be applied to China as such. The study clarified the picture of the current cash management situation within the case company's China units. Can be seen, that by optimizing their cash management it is possible to especially increase control, and interest earnings and utilize internal liquidity more efficiently.

Análisis de los comentarios de los usuarios en la prensa española en el debate de ‘Ley Wert’

La opinión de muchos lectores de prensa digital española se expresa en los comentarios. El artículo es un estudio de las reacciones emitidas por los lectores a propósito de la propuesta de la Ley Wert (durante el mes de mayo de 2013). Las principales conclusiones que se extraen del análisis es que la participación (1) es escasamente complementaria o nula a la información profesional y, en consecuencia, (2) no contribuye, en el ejemplo analizado, al llamado periodismo participativo. El estudio ha permitido radiografiar el tipo de participación y debatir sobre su pertinencia en las principales cabeceras de la prensa digital española

Trencant espais fixes: programa de prevenció contra l'homo / trans fòbia a l'escola

“Trencant espais fixes: Programa de prevenció contra l’(homo/trans)fòbia a l’escola” és un programa finançat per l’Ajuntament de Barcelona que pren per objectiu prevenir i suprimir l’opressió que reben gais, lesbianes, transsexuals i bisexuals (LGTB) dins del centre educatiu, així com també d’aquells nens i nenes que transgredeixin les normes socials hegemòniques de gènere (establertes dins d’un sistema catalogat com a sexista, patriarcal i heteronormatiu), a través de la formació i apoderament dels docents dels centres educatius públics i concertats dels diferents districtes de Barcelona –fent ús de la prevenció primària, secundària i terciària-. Es pretén fer incís a l’educació de la diversitat afectivo-sexual, a les manifestacions sexistes, al sistema sexe-gènere-desig, als estereotips i prejudicis establerts en la societat i a les diverses dinàmiques de violència, desigualtat i relacions de poder, a fi de sensibilitzar, conscienciar i proporcionar eines als docents per prevenir i poder fer front a les diferents manifestacions discriminatòries a raó d’orientació sexual o identitat de gènere. S’utilitza una metodologia dinàmica i participativa, estructurada en tres sessions de 2,5h en cadascun dels centres educatius inscrits en el programa (a demanda del centre), el qual pren com a principis rectors la perspectiva integral del gènere, la intervenció preventiva, la transversalitat educativa, el procés participatiu i, finalment, l’interseccionalitat de factors identitaris d’una persona. Es pren consideració al Codi Ètic i Deontològic de la professió de Treball Social, ja que el present programa es caracteritza pel seu caràcter sensible i influent en la vida de les persones. Aquets fet suposa certes limitacions pels dinamitzadors dels tallers/sessions, ja sigui per la pròpia sensibilitat o per la manca de participació o de cohesió del grup destinatari.

The role of advanced nursing in lung cancer: A framework based development.

PURPOSE: Advanced Practice Lung Cancer Nurses (APLCN) are well-established in several countries but their role has yet to be established in Switzerland. Developing an innovative nursing role requires a structured approach to guide successful implementation and to meet the overarching goal of improved nursing sensitive patient outcomes. The "Participatory, Evidence-based, Patient-focused process, for guiding the development, implementation, and evaluation of advanced practice nursing" (PEPPA framework) is one approach that was developed in the context of the Canadian health system. The purpose of this article is to describe the development of an APLCN model at a Swiss Academic Medical Center as part of a specialized Thoracic Cancer Center and to evaluate the applicability of PEPPA framework in this process. METHOD: In order to develop and implement the APLCN role, we applied the first seven phases of the PEPPA framework. RESULTS: This article spreads the applicability of the PEPPA framework for an APLCN development. This framework allowed us to i) identify key components of an APLCN model responsive to lung cancer patients' health needs, ii) identify role facilitators and barriers, iii) implement the APLCN role and iv) design a feasibility study of this new role. CONCLUSIONS: The PEPPA framework provides a structured process for implementing novel Advanced Practice Nursing roles in a local context, particularly where such roles are in their infancy. Two key points in the process include assessing patients' health needs and involving key stakeholders.

An Explanatory Approach to the Political Uses of ICT Initiatives for Participation : Institutions, Context, and Characteristics of the Actors

Political actors use ICTs in a different manner and in different degrees when it comes to achieving a closer relationship between the public and politicians. Usually, political parties develop ICT strategies only for electoral campaigning and therefore restrain ICT usages to providing information and establishing a few channels of communication. By contrast, local governments make much more use of ICT tools for participatory and deliberative purposes. These differences in usages have not been well explained in the literature because of a lack of a comprehensive explanatory model. This chapter seeks to build the basis for this model, that is, to establish which factors affect and condition different political uses of ICTs and which principles underlie that behaviour. We consider that political actors are intentional and their behaviour is mediated by the political institutions and the socioeconomic context of the country. Also, though, the actor¿s own characteristics, such as the type and size of the organization or the model of e-democracy that the actor upholds, can have an influence in launching ICT initiatives for approaching the public.

Online and Offline Participation at the Local Level : A Quantitative Analysis of the Catalan Municipalities

This paper presents a first analysis on local electronic participatory experiences in Catalonia. The analysis is based on a database constructed and collected by the authors. The paper carries out an explanatory analysis of local initiatives in eparticipationand off line participation taking into account political variables (usually not considered in this kind of analysis) but also classical socio-economic variables that characterise municipalities. Hence, we add a quantitative analysis to the numerous case studies on local e-participation experiences. We have chosen Catalonia because is one of the European regions with more initiatives and one that has enjoyed considerable local governmental support to citizen participation initiatives since the 80s. The paper offers a characterisation of these experiences and a first explanatory analysis, considering: i) the institutional context in which these experiences are embedded, ii) the characteristics of the citizen participation processes and mechanisms on-line, and iii) a set of explanatory variables composed by the population size, thepolitical adscription of the mayor, the electoral abstention rate, age, income and level ofeducation in the municipality. The model that we present is explanatory for the municipalities with more than 20,000 inhabitants but it is not for the fewer than 20,000inhabitants. Actually, the number of participatory activities developed by these last municipalities is very low. Among all the variables, population size becomes the mostinfluential variable. Political variables such as political party of the mayor and the localabstention rate have a certain influence but that have to be controlled by population size.

A Game to Promote Understanding about UCD Methods and Process

The User-centered design (UCD) game is a tool forhuman-computer interaction practitioners to demonstrate the key user-centered design methodsand how they interrelate in the design process in an interactive and participatory manner. The target audiences are departments and institutions unfamiliar with UCD but whose work is related to the definition, creation, and update of a product or service.

Online and Offline Participation at the Local level: A Quantitative Analysis of the Catalan Municipalities

This article presents an analysis on local participatory experiences in Catalonia,both online and in-person. The analysis is based on a database set up by theauthors. The article carries out an explanatory analysis of local participatoryinitiatives (on- and offline) taking into account political variables (not usually con-sidered in this kind of analysis) and also classical socio-economic variables thatcharacterize municipalities. Hence, we add a quantitative analysis to the numerouscase studies on local e-participation experiences. We have chosen Catalonia becauseit is one of the European regions with more initiatives and a considerable localgovernment support for citizen participation initiatives since the 1980s. Thearticle offers a characterization of these experiences and an explanatory analysis,considering: (i) the institutional context in which these experiences are embedded,(ii) the citizen participation processes and mechanisms online and (iii) a set ofexplanatory variables composed of the population size and the province to whichthe municipality belongs, the political tendency of the mayor, the electoral absten-tion rate, age, income, level of education, broadband connection and users of theInternet in the municipality. The model that we present is explanatory for munici-palities with more than 20,000 inhabitants but it is not for fewer than 20,000inhabitants. Actually, the majority of these latter municipalities have not developedany participatory activities. Among all the variables, population size is the mostinfluential variable and affects the influence of other variables, such as the politicalparty of the mayor, the local abstention rate and the province.

Arvopaperistaminen ja luottojohdannaiset luottoriskin ja omien varojen hallinnan välineenä

Tässä tutkimuksessa selvitetään, voisiko Pohjola Pankki tehostaa omien varojen käyttöään ja luoda taloudellista lisäarvoa osakkeenomistajilleen hyödyntämällä arvopaperistamista tai luottojohdannaisia rahoitustaseen yritys-lainasaamisiin sisältyvän luottoriskin hallintaan. Työssä pohditaan myös ko. instrumenttien soveltuvuutta ja transaktion toteutusprosessia Pohjola Pankin näkökulmasta. Tutkimus on empiirinen tapaustutkimus, jossa on hyödynnetty kvantitatiivista tutkimusmetodia. Tulosten valossa Pohjola Pankki pystyy alentamaan omien varojen määrä luomaan lisäarvoa ja parantamaan riskipainotettua kannattavuuttaan arvopaperistamalla yrityslainasaataviaan tai ostamalla luottojohdannaisen. Huomioiden kohdeyrityksen luottoportfolion rakenteen ja transaktion toteuttamiseen vaadittavat toimenpiteet, soveltuu luottojohdannainen arvopaperistamista paremmin luottoriskin johtamiseen kohdeyrityksessä – edellyttäen, että suojaus-kustannukset eivät nouse liian korkeiksi ja vapautuvat omat varat saadaan hyödynnettyä mahdollisimman tehokkaasti.

Microfinance and credit rationing in Ghana: Does the microfinance type matter?

This study sets out to examine the extent to which access to credit and credit rationing are influenced by the microfinance type based on the major factors determining micro, small and medium enterprises’ access to credit from microfinance institutions in the era of financial liberalization. The data for the study were gleaned from the microfinance institutions’ credit and loan records consisting of the various pieces of information provided by the borrowers in the application process. Our results are puzzling and show that credit rationing is not influenced by the microfinance types but by the individual microfinance institutions. Keywords: Microfinance, Ghana, Credit Rationing. JEL codes: G21