Crucial silences: When Accountability Met PFI and Finance Capital

During recent years, a wide spectrum of research has questioned whether public services/infrastructure procurement through private finance, as exemplified by the UK Private Finance Initiative (PFI), meets minimum standards of democratic accountability. While broadly agreeing with some of these arguments, this paper suggests that this debate is flawed on two grounds. Firstly, PFI is not about effective procurement, or even about a pragmatic choice of procurement mechanisms which can potentially compromise public involvement and input; rather it is about a process where the state creates new profit opportunities at a time when the international financial system is increasingly lacking in safe investment opportunities. Secondly, because of its primary function as investment opportunity, PFI, by its very nature, prioritises the risk-return criteria of private finance over the needs of the public sector client and its stakeholders. Using two case studies of recent PFI projects, the paper illustrates some of the mechanisms through which finance capital exercises control over the PFI procurement process. The paper concludes that recent proposals aimed at “reforming” or “democratising” PFI fail to recognise the objective constraints which this type of state-finance capital nexus imposes on political process.

Accountability and Value for Money: A Framework for Exploring the Relationship in Private Finance Initiative Contracts

There is an implicit assumption in the UK Treasury’s publications on public-private partnerships (PPP) – also more commonly known in the United Kingdom as private finance initiative (PFI) - that accountability and value for money (VFM) are related concepts. While recent academic studies on PPP/PFI (from now on as PFI) have focused on VFM, there is a notable absence of studies exploring the ‘presumed’ relationships between accountability and VFM. Drawing on Dubnick’s (Dubnick and Romzek, 1991, 1993; Dubnick, 1996, 1998, 2003, 2005; Dubnick and Justice, 2002) framework for accountability and PFI literature, we develop a research framework for exploring potential relationships between accountability and VFM in PFI projects by proposing alternative accountability cultures, processes and mechanisms for PFI. The PFI accountability model is then exposed to four criteria - warrantability, tractability, measurability and feasibility. Our preliminary interviews provide us guidance in identifying some of the cultures, processes and mechanisms indicated in our model which should enable future researchers to test not only the UK Government’s claimed relationships between accountability and VFM using more specific PFI empirical data, but also a potential relationship between accountability and performance in general.

Risk in Private Finance Initiative Projects::A Public Sector Perspective

The management of public sector risk is increasingly seen as a priority area of UK government policy. This has been highlighted recently by the Prime Minister Gordon Brown who stated that “the issue of public risk is one of the most challenging areas of policy-making for any government” (Strategic Risk, 2008). In response to these challenges, the UK Prime Minister has appointed a new body - the Risk and Regulation Advisory Council (RRAC) which is tasked with improving the way risk to the public is understood and managed. One area of particular concern with regard to the governance of public sector risks involves projects procured via the Private Finance Initiative (PFI). These projects involve long-term contracts, complex multi-party interactions and thus create various risks to public sector clients. Today, most PFI actors acknowledge the potentially adverse effects of these risks and make an effort to prevent or mitigate undesirable results. As a consequence, issues of risk allocation, risk transfer and risk management have become central to the PFI procurement process. This paper provides an overview of the risk categories and risk types which are relevant to the public sector in PFI projects. It analyses risk as a feature of uncertain future project-related events and examines potential pitfalls which can be associated with PFI risk management on the basis of a case study of a high-profile PFI hospital in Scotland. The paper concludes that, despite the trend towards diminished risk profiles during the operational phase, the public sector continues to be exposed to significant risks when engaging in PFI-based procurement.

Big data warehouse framework for smart revenue management

Revenue Management’s most cited definitions is probably “to sell the right accommodation to the right customer, at the right time and the right price, with optimal satisfaction for customers and hoteliers”. Smart Revenue Management (SRM) is a project, which aims the development of smart automatic techniques for an efficient optimization of occupancy and rates of hotel accommodations, commonly referred to, as revenue management. One of the objectives of this project is to demonstrate that the collection of Big Data, followed by an appropriate assembly of functionalities, will make possible to generate a Data Warehouse necessary to produce high quality business intelligence and analytics. This will be achieved through the collection of data extracted from a variety of sources, including from the web. This paper proposes a three stage framework to develop the Big Data Warehouse for the SRM. Namely, the compilation of all available information, in the present case, it was focus only the extraction of information from the web by a web crawler – raw data. The storing of that raw data in a primary NoSQL database, and from that data the conception of a set of functionalities, rules, principles and semantics to select, combine and store in a secondary relational database the meaningful information for the Revenue Management (Big Data Warehouse). The last stage will be the principal focus of the paper. In this context, clues will also be giving how to compile information for Business Intelligence. All these functionalities contribute to a holistic framework that, in the future, will make it possible to anticipate customers and competitor’s behavior, fundamental elements to fulfill the Revenue Management

O Impacto do project finance nas empresas portuguesas no setor têxtil

Dissertação para a obtenção do Grau de Mestre em Contabilidade e Finanças Orientador: Mestre Adalmiro Álvaro Malheiro de Castro Andrade Pereira

The effect of ownership concentration on management behavior in Belgian banks: A case study

Double Degree. A Work Project, presented as part of the requirements for the Award of a Master’s Degree in Finance from NOVA – School of Business and Economics and a Masters Degree in Management from Louvain School of Management

Does ownership structure matter? Three essays in finance

Management

House Building and Personal Finance-A Study of Salaried Employees in Kerala

School of Management Studies,Cochin University of Science and Technology

Personal finance of gulf-returned Keralites

The study is about the Gulf-returned Keralites and their personal financial planning during the Gulf-period. The researcher has examined the nature of their income, expenditure, savings and investments during the Gulf-period and after their return. Even though the Gulf-returned Keralites had remitted huge amounts to Kerala, it appears that the majority of them are struggling hard to make both ends meet. The sample consists of 318 Gulf-returned Keralites selected by employing stratified random sampling technique, from 5 districts. After a pilot study, the data was collected through personal interviews using a structured schedule. In order to find out whether the respondents had personal financial planning during the Gulf-period, the researcher has evaluated 15 elements of personal financeusing a five-point-scale rating technique. The hypotheses were tested using correlation, t-test, chi-square and ANOVA, through SPSS.

Personal Finance of Gazetted Officers in Kerala

The purpose of personal financial management is achievement of personal financial freedom. It is a stage where finance will not be a hindrance against the fulfilment ofthe financial objectives of persons. After counting individual values and preferences we arrive at a standard or normal financial behaviour. Even though individuals differ in their tastes and preferences, there are a very large amount of commonality among them. The financial manager should list out the various financial objectives ofthe family. Then he should make the best choice from among the various alternatives on a priority based system. In short personal finance is concerned with the way in which a person manages his income and expenditure to achieve his personal financial objectives. Thus a proper personal financial planning is essential in every family for attaining financial discipline in the family. The fall ofthejoint family system, the growing financial responsibilities of modern families, limited chance ofincreasing income, growing population, financial insecurity of the government employees, lack of financial freedom, lack of proper personal financial practice and its awareness, the growing suicide rate on account offinancial crisis etc.,make the study a necessity

A Comparative Study Of The Organisation And Management Of Notihed Markets In Bangladesh With The Organisation And Management Of Regulated Markets In West Bengal India

For improving agricultural marketing, which has been discussed in the previous chapter, the Government has intervened in different ways. The direct regulatory role through the regulation of markets and market practices is one of the ways in which governmental intervention can improve agricultural marketing. This study is an enquiry of the direct regulatory role of the government through regulation of markets and market practices. By restructuring the operational methods and redesigning the existing physical markets, this system gives direct benefit to the cultivating class and protects them from the market manipulations of organised and powerful private traders. If traders do not continue their trade for the time being they will not be affected financially, because they are resourceful or financially solvent. On the other hand, Cultivators must sell their produce immediately after harvesting for the lack of additional facilities or to satisfy other needs for which finance is required. Another important reason is that Cultivators/farmers are not organised and because of lack of their organisation, they sell their produces individually. In this situation, a farmer is helpless when astute traders indulge in manipulations at the time of purchase of the produces. So it is the government's obligation to protect the interest of the farmers. Protection of the farmer/cultivator is necessary not only from the point of social justice but also from that of economic growth. If the farmers are assured of a remunerative or incentive price for their produce, they will get the inspiration to produce more and through more production, economy will be developed and the nation as a whole will be benefitted. This study will examine the management system of the markets through the direct regulatory role played by the governments to control markets and market practices in West Bengal and Bangladesh.

Enquiry Into The Management Practices Followed In Rubber Estates In India

The broad objective of the study is to find out the management practices followed in the rubber estates in India. Comparing the management practices followed in the estates belonging to Indian and non-Indian companiess is also an objective. It has been widely held that the management practices followed in the estates belonging to these groups vary considerably. Hence attempt is made to find out the divergence between them in regard to various practices and to identify and bring them into broader relief so that the strong points of each would be emulated by the other. The management practices are examined in the light of well-established management principles and techniques adopted in business and industry. The principles of management which are widely accepted are Planning, Organizing, Staffing, Directing and Controlling. Other management principles and techniques relating to personnel - finance, marketing, materials and transporting - are also examined in the appropriate context

Management of Public Road Transport System in Trivandrum City

An efficient passenger road transport system is a boon to any city and an inefficient one its bane. Passenger bus transport operation involves various aspects like passenger convenience, profitability of operation and social, technological and environmental factors. The author’s interest in this area was aroused when he conducted a traffic survey of Trivandrum City in 1979. While some studies on the performance of the Kerala State Road Transport Corporation in specific areas like finance, inventory control etc. have already been made, no study has been made from the operational point of view. The study is also the first one of its kind in dealing with the transportation problems for a second order city like Trivandrum. The objective of this research study is to develop a scientific basis for analysing and understanding the various operational aspects of urban bus transport management like assessing travel demand, depot location, fleet allocation, vehicle scheduling, maintenance etc. The operation of public road transportation in Trivandrum City is analysed on the basis of this theoretical background. The studies made have relevance to any medium sized city in India or even abroad. If not properly managed, deterioration of any public utility system is a natural process and it adversely affects the consumers, the economy and the nation. Making any system more efficient requires careful analysis, judicious decision making and proper implementation. It is hoped that this study will throw some light into the various operational aspects of urban passenger road transport management which can be of some help to make it perform more efficiently