Capital investments planning and life cycle simulations for the new valves manufacturing facility in Russia

The focus of the research is on the derivation of the valid and reliable performance results regarding establishment and launching of the new full-scale industrial facility, considering the overall current conditions for the project realization in and out of Russia. The study demonstrates the process of the new facility concept development, with following perfor-mance calculation, comparative analyzes conduction, life-cycle simulations, performance indicators derivation and project`s sustainability evaluation. To unite and process the entire input parameters complexity, regards the interlacing between the project`s internal technical and commercial sides on the one hand, and consider all the specifics of the Russian conditions for doing business on the other hand, was developed the unique model for the project`s performance calculation, simulations and results representation. The complete research incorporates all corresponding data to substantiate the assigned facility`s design, sizing and output capacity for high quality and cost efficient ferrous pipe-line accessories manufacturing, as well as, demonstrates that this project could be suc-cessfully realized in current conditions in Russia and highlights the room for significant performance and sustainability improvements based on the indexes of the derived KPIs.

Do firms always want to learn from corporate venture capital investments?

In this paper, the learning intentions and outcomes for corporate venture capital are questioned. Through qualitative research in the oil and gas sector, we identified a desire to control the direction and pace of innovation as the main driver for this type of investments. A new model and framework for CVC are presented. Contrary to the traditional model of CVC, which features a dyadic relation between corporate investor and venture entrepreneur, our model shows that CVC investments create a more complex conjoint of relations between multiple stakeholders. These relations challenge the neo-Schumpeterian model of competition. Using the grounded theory approach, we created a theoretical framework explaining and predicting outcomes of corporate venture capital other than learning. At firm level, our framework conceptualizes CVC programs as dynamic capabilities, and suggests a competitive advantage for the corporate investor through its ability to faster and better integrate the new technology. At market level, we proposed that CVC investments positively affect the pace of innovation in the market through an increased speed of acceptance of technologies supported by corporate investors.

Capital investments in Canada; some facts and figures respecting one of the most attractive investment fields in the world.

Mode of access: Internet.

Tőkebefektetések Magyarországon = Capital investments in Hungary

A tanulmány megvizsgálja Magyarország integrációs kapcsolatainak alakulását a tőkebefektetések területén, feltárja annak pozitív és negatív hatásait. Az 1990-től 2010-ig tartó periódust három fő szakaszban elemzi, ezek a szakaszok: a rendszerváltás ideje, az EU csatlakozásig, valamint a csatlakozás óta eltelt évek. Kitér a tanulmány arra, hogy a hét évvel ezelőtti uniós csatlakozás hogyan hatott a tőkebefektetések alakulására, az integráció előtti kapcsolatok milyen mértékben maradtak fent, illetve változtak, mennyire vagyunk nyitottak a külföldi tőke előtt és a 2008-ban kezdődő gazdasági világválság milyen hatással volt ezekre a folyamatokra. / === / The purpose of the study is to examine the standing of Hungary's relations within the integration especially focusing on foreign direct investment, as well as to explore its positive and negative consequences. The period between 1990 and 2010 will be discussed in three main parts, namely as the time of the political transformation, the time preceding Hungary's accession to the European Union, and that of the years passed since then. Apart from the above mentioned it is also necessary to analyze the impact made by the integration which took place seven years ago on the state of foreign direct investment, and, to have a look at the relations formed prior to it, to see the extent to which they have altered or remained the same. We need to know how much our economy is open to foreign capital and we have to understand the measure Hungary has been affected by, since the crisis that began in 2008 has made itself plausible.

Discount rates for seed capital investments

Hasta el momento la estimación de las tasas de descuento requeridos por los empresarios ha seguido siendo un misterio. Mongrut y Ramírez (2006) hicieron una contribución a esta zona por deducción del límite inferior tasa de descuento para un empresario no diversificada en un mercado emergente. Sin embargo, utilizaron una función de utilidad cuadrática, que no tiene supuestos deseables. Esta investigación extiende el trabajo previo mediante la derivación de las expresiones de las tasas de descuento utilizando un Hiperbólico Absoluto Aversión al Riesgo (HARA) función de utilidad que incluye la cuadrática y la formas logarítmicas como casos especiales. Por otra parte, también se asume el empresario con el bajo la aversión al riesgo que invierte casi todo su capital en su proyecto o empresa y cuyo nivel de la riqueza se acerca a cero. Uno encuentra que ambas expresiones dependen de riesgo del empresario, la aversión y una medida del riesgo total del proyecto. El mantenimiento constante de la tasa libre de riesgo, simular las expresiones de la tasa de descuento para la forma cuadrática y la forma logarítmica. Como era de esperar, los rendimientos requeridos del empresario (descuentos) son muy sensibles tanto especificaciones y todos los valores fueron inferiores a 50% y la mayoría de ellos fueron inferiores a 25%, pero más alta que la tasa libre de riesgo asumido.

Regional variability in the impact of human capital on regional growth

The first objective of this study is to furnish new evidence concerning the aggregate profitability of the accumulation of human capital. In addition to the traditional measure of the return to human capital, combining the information on its shadow price with the social cost of providing education allows us to confirm the profitability of human capital investments as a tool for promoting economic growth. The possibility of obtaining estimations of these effects for each Spanish region enables us to empirically evaluate the amount of heterogeneity across economies in the effects of human capital. As a second objective, we provide evidence on the indirect effect of human capital in making private capital investment more attractive. Among the main explanations for this process, we observe that higher worker skill levels enable higher returns to be extracted from investment in physical capital.

Venture capital investment on SME

The thesis investigates if venture capital investments affect the development of SMEs positively. The thesis will also view the presence of venture capitalists affect on the capital structure of SMEs and other company determinants in the financial crisis. The theories effecting to SME investment has been presented to provide background information. The data consist of the financial statement data and the results a corporate questionnaire. The questionnaire consists of 63 questions and 860 corporate answered the questionnaire. The result shows that venture capitalist seems to have a negative effect on SMEs productivity. Also SMEs with a venture capitalist have more negative outlook for future in the financial crisis.

Russian Venture Capital Markets

Tämän työn tarkoituksena on arvioida riskipääomasijoittamisen kehitystä ja kasvua Venäjällä, sekä antaa kuva siihen vaikuttavista tekijöistä. Se myös arvioi Venäjän valtion toimintaa niin säätelijänä, kuin myös itsenäisenä sijoittajana. Saavutetut tulokset perustuvat haastatteluihin ja olemassa olevien tilastojen analysointiin. Vuoden 1998 rupla kriisin jälkeen riskipääomasijoittaminen lähti kasvuun joka on jatkunut tasaisella rauhallisella tahdilla. Alueellisista riskipääomarahastoista on siirrytty myös yksityisrahoitteisiin ja yksityishallinnoituihin rahastoihin omine kohde aloineen ja portfolioineen. Silti markkinat ovat säilyneet kyllästymättöminä. Kuluttajavetoiset toimialat ovat keränneet eniten investointeja talouden ja ostovoiman kasvusta johtuen. Alueellisesti Moskova erottuu sijoituskohteena, muiden suurempien kasvukeskusten seuratessa perässä. Venäjällä on vielä paljon heikkouksia jotka vaikuttavat sen houkuttelevuuteen sijoittajan näkökulmasta. Heikot instituutiot ja lainsäädäntö yhdistettynä riskipääomasijoittamisen luonteeseen tekevät Venäjästä arvaamattoman markkina-alueen. Se kuitenkin tarjoaa menestyville sijoittajille korkeat tuotot. Nähtäväksi jää kuinka valtion toiminta vaikuttaa markkinoiden kehitykseen lyhyellä ja pitkällä tähtäimellä, ja kuinka se onnistuu kehittämään Venäjän yleistä kilpailukykyä globaaleilla markkinoilla.

The risk-properties of human capital and the design of government policies

Whether human capital increases or decreases wage uncertainty is an open question from an empirical standpoint. Yet, most policy prescriptions regarding human capital formation are based on models that impose riskiness on this type of investment. In a two period and finite type optimal income taxation problem we derive prescriptions that are robust to the risk characteristics of human capital: savings should be discouraged, human capital investments encouraged and both types of investment driven to an efficient level from an aggregate perspective. These prescriptions are also robust to the assumptions regarding what choices are observed, despite policy instruments being not.

Health and development with imperfect capital markets

This paper investigates the interaction between investment in education and in life-expanding investments, in a simple two-period model in which individuaIs are liquidity constrained in the first period. We show that under low leveIs of health and capital, investments in human capital and in health are complement: since the probability of survival is small, there is littIe incentive to invest in human capital; therefore the return on health investment is also low. This reinforcing effect does not hold for higher leveIs of health or capital, and the two investments become substitute. This property has many consequences. First, subsidizing health care may have dramatically different effects on private investment in human capital, depending on the initial leveI of health and capital. Second, the assumption that mortality is endogenous induces an increase in inequality of income: since health investment is a normal good, the return on education is also lower for poor individuaIs. Third,in a non-overlapping generation madel with non-altruistic agents, the hea1th leveI of the population has strong consequences on growth. For a very low leveI of hea1th, mortality is too high for the investment on education to be profitable. For a higher, but still low, levei of hea1th the economy grows on1y if the initial stock of capital is high enough; bad health and low capital create a poverty trapo Fourth, we compare redistributive income policies versus public hea1th measures. Redistributing income reduces both static and dynamic inequality, but slows growth. In contrast, a paternalistic health policy that forces the poor to invest in hea1th reduces dynamic inequality and may foster growth.

The U.S. General Services Administration's fiscal year 2003 Capital Investment Program : hearing before the Subcommittee on Economic Development, Public Buildings, and Emergency Management of the Committee on Transportation and Infrastructure, House of Representatives, One Hundred Seventh Congress, second session, June 5, 2002.

"107-83."

United States system of allocating investment capital : hearing before the Committee on Banking, Housing, and Urban Affairs, United States Senate, One Hundred Second Congress, second session ... June 26, 1992.

Distributed to some depository libraries in microfiche.