Environmental impact indicators estimation in European rural devlopment programs. Limitations of evaluators and financial institutions? Expectatios

The European Commission established Mid-term evaluation for the period 2007-2013 on Rural Development Programs as part of a continuous evaluation system. Mid-term evaluations are important for the Commission because they help measuring the success of a program, as well as giving advice and pointing out good practices for the current and consecutive programming periods. One of the main elements used to achieve these objectives is the impact indicators estimation of the program. This paper will focus on how impact indicators estimation is done for just the environmental indicators. To do this the 88 Mid-term evaluations of Rural Development Programs for 2007-2013 period, were analyzed. This study shows how far the actual methodologies to obtain impact indicators? values are from what the European Commission expects when demanding this task to be done.

Performance Indicators in Agricultural Financial Markets. Factor Markets Working Document No. 43, May 2013

This study attempts to develop performance indicators for the financial markets based on the findings in an earlier Factor Markets Working Paper (No. 33, ���Agricultural credit market institutions: A comparison of selected European countries���) and on FADN (Farm Accountancy Data Network) data. Two indicators were developed. One measured the long-term economic sustainability of agricultural firms since the financial characteristics of the firms were perceived as important factors when rejecting a loan applicant. If the indicator works, it should show that a low value in this indicator is related to the performance in the financial markets. The second indicator was the loan-to-value (LTV), or debt-to-asset ratio, the reasoning behind this indicator is that low values can point to credit constraints, and in WP 33 we saw that the interviewed experts expected LTVs to be much higher than what is actually the case. We find that the first indicator can���t be used to measure the performance of the financial institutions, since we can���t show any relationship between the indicator and activities in the financial markets. However, the indicator is valuable for its measurement of the long-term financial sustainability of the agricultural sector, or of the firms. The loan-to-value indicator does imply that most countries would have room to increase the credit.

The role of deposit insurance and bank���s asset size in the 2008 financial crisis

In this paper we analyze the role of deposit insurance in providing the market with liquidity in times of financial turmoil. To do so, we look at the variation in insured and uninsured deposits between 2005Q3 and 2011Q3, controlling for liquidity, solvency and capital adequacy indicators, and find evidence that deposit insurance does provide some confidence in keeping funds in banks in times of turmoil. Additionally we follow an event study methodology to assess the impact of deposit insurance oriented policies on bank holding companies stock market returns, and find a TBTF effect.

Key performance indicators and the balanced scorecard at the Luxury Brand Hotels of Pestana Group

Traditional approaches to evaluate performance in hotels, have mainly used financial measures. Building on Speckbacher et al. (2003), this Work Project aims to design and propose a Balanced Scorecard Type II as a performance measurement/management system for the hospitality industry based on data collected at the Luxury Brand Hotels of Pestana Group. The main contribution is to better align the vision, strategy and financial and non-financial performance measures in this category of hotels, in particular those of Pestana Group, and by doing so, lead their managers to focus on what is really critical and, consequently improve the overall performance.

The response of the external finance premium in Asian corporate bond markets to financial characteristics, financial constraints and two financial crises

Empirical investigation of the external finance premium has been conducted on the margin between internal finance and bank borrowing or equities but little attention has been given to corporate bonds, especially for the emerging Asian market. In this paper, we hypothesize that balance sheet indicators of creditworthiness could affect the external finance premium for bonds as they do for premia in other markets. Using bond-specific and firm-specific data for China, Hong Kong, Indonesia, Korea, Philippines, Singapore and Thailand during 1995-2009 we find that firms with better financial health face lower external finance premia in all countries. When we introduce firm-level heterogeneity, we show that financial variables appear to be both statistically and quantitatively more important for financially constrained firms. Finally, when we examine the effects of the 1997-98 Asian crisis and the 2007-09 global financial crisis, we find that the sensitivity of the premium is greater for constrained firms during the Asian crisis compared to other times.

Performance Indicators in Sourcing : Case: Mainospy��r�� Ltd

The business environment has rapidly become more global and more competitive. It sets new requirements for the company management. It is not enough to look at the financial information of the company, but one need to analyse also the internal processes as well. Sourcing exists in every company. It is no longer just a supporting function in a company chain of operations. By sourcing company can affect the profitability of the company in both direct and indirect ways The thesis overviewed the role of strategic accounting, sourcing and performance measurements in particularly, in company strategic steering. The study is qualitative, where the meaning was to describe true life. In the same time it is an explanatory case study. The aim of the study was to build up a set of sourcing performance indicators for the case company.

Technical and economic indicators of the yellow passion fruit tree irrigated with underground water supply

The research aimed to quantify technical and economic indicators of yellow passion fruit tree irrigated with fractions of irrigation with underground source of water, to generate information that helps farmers in decision making on the implementation of investment in irrigated fruit growing (yellow passion fruit). For this purpose, we used the passion fruit crop irrigated with Microjet type irrigation system, with conducting system in simple espaliers. The treatments consisted of five hours of application of the depth of water required by the crop with irrigation frequency of two days. The results showed that the highest yield (16660kg ha-1) was obtained with the fractionation of irrigation twice a day (50% to 7h and 50% to 21h30), which provided an increase in productivity of 54%, demonstrating the financial viability and being highly profitable to the interest rate of 2% per year, with low sensitivity of financial risk to real interest rates above the prevailing market.

The effectiveness of financial innovation support tools. Comparative study of Latvia and Finland

In the Innovation Union Scoreboard of 2011, Latvia ranked last amongst the EU countries in innovation performance. Even though there is sufficient scientific and technological basis, the results remain modest or low in most of the indicators concerning innovations. Several aspects influence the performance a national innovation system. In Latvia, the low effectiveness is often attributed to lack of financial support tools. As a comparison, Finland was chosen because of its well-established and documented innovation system. The aim of this study is to research the efficiency and effectiveness of the current financial innovation support tool system in Latvia from the point of view of an innovating company. It also attempts to analyze the support tool system of Latvia and compare to the relevant parts of the Finnish system. The study found that it is problematic for innovative companies in Latvia to receive the necessary funding especially for start-ups and SMEs due to the low number of grant programs, funds and lacking offer from banks, venture capital and business angels. To improve the situation, the Latvian government should restructure the funding mechanisms putting a bigger emphasis on innovative start-ups and SMEs. That would lay a foundation for future growth and boost research and scientific activities in Latvia.

Analysis of corporate social responsibility (CSR) performance and financial performance of selected mining companies

The global concern about sustainability has been growing and the mining industry is questioned about its environmental and social performance. Corporate social responsibility (CSR) is an important issue for the extractive industries. The main objective of this study was to investigate the relationship between CSR performance and financial performance of selected mining companies. The study was conducted by identifying and comparing a selection of available CSR performance indicators with financial performance indicators. Based on the result of the study, the relationship between CSR performance and financial performance is unclear for the selected group of companies. The result is mixed and no industry specific realistic way to measure CSR performance uniformly is available. The result as a whole is contradictory and varies at company level as well as based on the selected indicators. The result of this study confirms that the relationship between CSR performance and financial performance is complicated and difficult to determine. As an outcome, evaluation of benefits of CSR in the mining sector could better be analyzed based on different attributes.

Towards a method for the economic evaluation of environmental indicators in UK Integrated Arable Farming Systems

Integrated Arable Farming Systems (IAFS), which involve a reduction in the use of off-farm inputs, are attracting considerable research interest in the UK. The objectives of these systems experiments are to compare their financial performance with that from conventional or current farming practices. To date, this comparison has taken little account of any environmental benefits (or disbenefits) of the two systems. The objective of this paper is to review the assessment methodologies available for the analysis of environmental impacts. To illustrate the results of this exercise, the methodology and environmental indicators chosen are then applied to data from one of the LINK - Integrated Farming Systems experimental sites. Data from the Pathhead site in Southern Scotland are used to evaluate the use of invertebrates and nitrate loss as environmental indicators within IAFS. The results suggest that between 1992 and 1995 the biomass of earthworms fell by 28 kg per hectare on the integrated rotation and rose by 31 kg per hectare on the conventional system. This led to environmental costs ranging between ��2.24 and ��13.44 per hectare for the integrated system and gains of between ��2.48 and ��14.88 for the conventional system. In terms of nitrate, the integrated system had an estimated loss of ��72.21 per hectare in comparison to ��149.40 per hectare on the conventional system. Conclusions are drawn about the advantages and disadvantages of this type of analytical framework. Keywords: Farming systems; IAFS; Environmental valuation; Economics; Earthworms; Nitrates; Soil fauna

International office investment in global cities: the production of financial space and systemic risk

The paper explores the relationships between UK commercial real estate and regional economic development as a foundation for the analysis of the role of real estate investment in local economic development. Linkages between economic growth, development, real estate performance and investment allocations are documented. Long-run regional property performance is not the product of long-run economic growth, and weakly related to indicators of long-run supply and demand. Changes in regional portfolio weights seem driven by neither market performance nor underlying fundamentals. In the short run, regional investment shifts show no clear leads or lags with market performance.

The financial effects of uniform and mixed corporate social performance

Firms typically present a mixed picture of corporate social performance (CSP), with positive and negative indicators exhibited by the same firm. Thus, stakeholders��� judgements of corporate social responsibility (CSR) typically evaluate positives in the context of negatives, and vice versa. Building on social judgement theory, we present two alternative accounts of how stakeholders respond to such complexity, which provide differing implications for the financial effects of CSP: reciprocal dampening and rewarding uniformity. Echoing notable findings on strategic consistency, our US panel study finds that firms that exhibit uniformly positive or uniformly negative indicators in particular dimensions of CSP outperform firms that exhibit a mixed picture of positives and negatives, which supports the notion that stakeholders��� judgements of CSR reward uniformity.

Financial frictions, informality and income inequality

We studied the effects of changes in banking spreads on distributions of income, wealth and consumption as well as the welfare of the economy. This analysis was based on a model of heterogeneous agents with incomplete markets and occupational choice, in which the informality of firms and workers is a relevant transmission channel. The main finding is that reductions in spreads for firms increase the proportion of entrepreneurs and formal workers in the economy, thereby decreasing the size of the informal sector. The effects on inequality, however, are ambiguous and depend on wage dynamics and government transfers. Reductions in spreads for individuals lead to a reduction in inequality indicators at the expense of consumption and aggregate welfare. By calibrating the model to Brazil for the 2003-2012 period, it is possible to find results in line with the recent drop in informality and the wage gap between formal and informal workers

Firm financial constraints and the impact of monetary policy: evidence from financial conglomerates

Building on recent evidence on the functioning of internal capital markets in financial conglomerates, this paper conducts a novel test of the balance sheet channel of monetary policy. It does so by comparing monetary policy responses of small banks that are affiliated with the same bank holding company, and this arguably face similar constraints in accessing internal/external sources of funds, but that operate in different geographical regions, and thus face different pools of borrowers. Because these subsidiaries typically concentrate their lending with small local businesses, we can use cross-sectional differences in state-level economic indicators at the time of changes of monetary policy to study whether or not the strength of borrowers' balance sheets influences the response of bank lending. We find evidence that the negative response of bank loan growth to a monetary contraction is significantly stronger when borrowers have 'weak balance sheets. Our evidence suggests that the monetary authority should consider the amplification effects that financial constraints play following changes in basic interest rates and the role of financial conglomerates in the transmission of monetary policy.