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This paper examines how uncertainty affects corporate investment under varying degrees of asset redeployability. We develop new measures of asset redeployability by accounting for the usability of assets within and across industries. We identify plausibly exogenous shocks to economic uncertainty by using major economic and political events. We find that after an increase in uncertainty, firms using less redeployable capital reduce investment more. More redeployable assets exhibit higher recovery rates and are traded more actively in secondary markets. Overall, our results suggest that frictions in redeploying assets affect liquidation values and therefore make firms cautious about investment decisions under uncertainty. [ABSTRACT FROM AUTHOR]

This paper examines the vulnerability of households to disasters, using an asset vulnerability framework to represent livelihoods. Such frameworks are widely employed to analyse household poverty and focus on living conditions and well‐being rather than money‐metric measures of consumption and income. The conceptualisation of household vulnerability is a challenge in current studies on coping with disasters. The paper considers whether a capital assets framework is useful in identifying and assessing household vulnerability in the context of the Wenchuan earthquake in China in 2008. The framework has five categories of assets (financial, human, natural, physical, and social capital) and attempts to measure the resilience and vulnerability of households. When applied to a major disaster, asset‐based methods face the problem of heterogeneity of the population, such as with regard to livelihood type or residence. Moreover, the effect of external interventions, such as the provision of relief assistance, must be taken into account. [ABSTRACT FROM AUTHOR]

This paper is concerned with the affective economies of lively capital. Its central argument is that nonhuman life itself has become a locus of accumulation, marked by an atmospheric politics of capital: the intensification of relations between life and productivity by incorporating entire lifeworlds into regimes of generating value. Focusing on the Giant panda – a spectacular icon raising millions of dollars globally – the paper first examines junctures at which their charismatic affects emerge and are manipulated to produce value. Turning to panda lifeworlds in zoos, it then shows how such value production is contingent on affective labours nonhumans perform in captivity. Nonhuman labour, as a component of atmospheric politics, enables understanding how lively capital is produced and reproduced, a theme interrogated through a critical analysis of the commercial global circulation of pandas. The paper develops the concept of atmospheric politics – an intervention in an animal's milieu and its affective intensities – as a means for analysing the dynamics of lively capital. Atmospheric politics retrieves a critical political economy obscured by the concept of nonhuman charisma, and restages biopower as an apparatus and political technology of capital. [ABSTRACT FROM AUTHOR]

High and sustained housing‐price growth has been observed in many countries over recent decades. In Norway, real housing prices increased by 200 percent between 1990 and 2015, and many households have high debts. In addition, maintaining the welfare state as the population ages likely involves higher taxes in the coming years. Norway taxes housing leniently. Increased taxation of housing is a way of killing several birds with one stone: generating tax revenue, moderating housing prices, and increasing efficiency. In this paper, I use a microsimulation model to determine the effects on revenue and distribution of a hypothetical tax change where housing is taxed as other capital assets. I take into account the effect of taxation on housing demand, using a simple user‐cost model. This housing tax would increase personal tax revenue by 11 percent and make the tax system more progressive. Housing prices would fall by 20 percent. [ABSTRACT FROM AUTHOR]

In this paper, an empirical analysis is proposed by employing a regression-based convergence test, which was first introduced by Phillips and Sul. Unlike most related studies, this approach allows examining for evidence of club convergence and enables to endogenously identify groups of counties that converge to different equilibria. The results obtained in this paper support the existence of convergence clubs, indicating that 108 counties of Henan Province in China form four separate groups within which income per capita dispersion is decreasing over time. Moreover, results from an ordered logit model suggest that differences in initial income, physical capital, government intervention, geographical agglomeration, and topography factor among these counties have played vital roles in determining club membership. The most important conclusion of this paper is that the structural characteristics and infrastructure level do not contribute to determining club membership, and neighbors' effect is also not a decisive factor. Particularly, counties which belong to Central Henan Urban Agglomeration are more likely to fall into a club with a higher mean income per capita. The findings in this paper may have significant policy implications for developing regions. [ABSTRACT FROM AUTHOR]

This paper reports preliminary results of ongoing interdisciplinary research in digital humanities and animation. This research explores visualisation techniques (e.g., motion graphics, 3D animation, Non-Photorealistic Rendering) to empower the study of depicted objects in Renaissance treatises on architecture and engineering. The aim is to pioneer a method that can be adopted by both scholars in the humanities and practitioners in animation to 1) take advantage of available editions and scholarship via interactive online systems (e.g., Engineering Historical Memory); 2) map and decode visual information and knowledge embodied in manuscripts; 3) create philologically correct 3D models and storytelling to unfold narratives embedded in drawings. As a showcase, this paper used Francesco di Giorgio Martini's drawings of the Corinthian capital in the manuscripts Ashburnham 361 (Biblioteca Medicea Laurenziana, Florence) and Saluzzo 148 (Musei Reali, Turin). [ABSTRACT FROM AUTHOR]

Nicosia's Buffer Zone, the boundary dividing the Cypriot capital, has been for decades considered a 'no man's land', 'dead' and unchanging. This paper examines a prominent shift in local socio-spatial practices following the reinstatement of controlled mobility on the island in 2003. Since then, diverse local initiatives have reclaimed Buffer Zone space, offering pregnant analytical moments to problematize the historical relevance of bordering and de-bordering in Nicosia. Through this exploration, the boundary emerges as a dynamic social construct, accommodating multiple visions of and for the city, thus contributing to a reconceptualization of the notion of 'in-between' borders and boundaries. [ABSTRACT FROM AUTHOR]

Since 2010, cities across Europe have served as 'European Green Capital' (EGC), an initiative celebrating the contribution of environmental action to urban life. Drawing together the experiences of initial EGC winners, for the first time this paper considers what EGC means to city managers as a way of celebrating and driving forward environmental performance, as well as promoting their own cities. Through a discussion of the experiences of the initial host cities, the paper outlines a typology of EGCs. In doing so the paper notes a shift to a harder-edged economic outlook, which increasingly incorporates themes of entrepreneurial economic growth and competitiveness. [ABSTRACT FROM AUTHOR]

Eco‐efficiency is an important indicator which serves as a helpful instrument for the studies of sustainable development. This paper estimated the eco‐efficiency of 26 cities in China's Yangtze River Delta urban agglomerations. Based on different matrixes, Moran's I was applied to analyze the spatial correlation. The spatial Durbin model was applied to analyze the direct and indirect effect of influencing factors. Some conclusions were drawn. (a) The average eco‐efficiency showed an increasing trend. The regional difference of eco‐efficiency decreased and then increased. Shanghai's eco‐efficiency had been the highest. (b) The eco‐efficiency showed positive spatial autocorrelation and it also exhibited significant characteristic of local spatial autocorrelation. (c) Economic development, fixed assets investment, and technological level of one city had a significant positive impact on the eco‐efficiency of the city itself. Industrial structure, fiscal decentralization, and foreign direct investment of a city had a significant negative impact on the eco‐efficiency of the city itself. Changes in the economic development and technological levels in a city had positive impacts on the eco‐efficiency of its neighboring cities. Foreign direct investment had a negative spatial spillover effect. (d) This paper suggested that it is necessary to pay attention to the interaction of influencing factors among cities. [ABSTRACT FROM AUTHOR]

In 2010, the Basel Committee on Banking Supervision published an assessment of the long-term economic impact (LEI) of stronger capital and liquidity requirements. This paper considers this assessment in light of estimates from later studies of the macroeconomic benefits and costs of higher capital requirements. Consistent with the Basel Committee's original assessment, this paper finds that the net macroeconomic benefits of capital requirements are positive over a wide range of capital levels. Under certain assumptions, the literature finds that the net benefits of higher capital requirements may have been understated in the original committee assessment. Put differently, the range of estimates for the theoretically optimal level of capital requirements--where marginal benefits equal marginal costs--is likely either similar to, or higher than was originally estimated by the Basel Committee. The above conclusion is however subject to a number of important considerations. First, estimates of optimal capital are sensitive to a number of assumptions and design choices. For example, the literature differs in judgments made about the permanence of crisis effects as well as assumptions about the efficacy of post crisis reforms, such as liquidity regulations and bank resolution regimes, in reducing the probability and costs of future banking crisis. In some cases, these judgements can offset the upward tendency in the range of optimal capital. Second, differences in (net) benefit estimates can reflect different conditioning assumptions such as starting levels of capital or default thresholds (the capital ratio at which firms are assumed to fail) when estimating the impact of capital in reducing crisis probabilities. Finally, the estimates are based on capital ratios that are measured in different units. For example, some studies provide optimal capital estimates in risk-weighted ratios, others in leverage ratios. And, across the risk-weighted ratio estimates, the definition of capital and risk-weighted assets (RWAs) can also differ (e.g., tangible common equity (TCE) or Tier 1 or common equity tier 1 (CET1) capital; Basel II RWAs vs. Basel III measures of RWAs). A full standardisation of the different estimates across studies to allow for all of these considerations is not possible on the basis of the information available and lies beyond the scope of this paper. This paper also suggests a set of issues which warrant further monitoring and research. This includes the link between capital and the cost and probability of crises, accounting for the effects of liquidity regulations, resolution regimes and counter-cyclical capital buffers, and the impact of regulation on loan quantities. [ABSTRACT FROM AUTHOR]

There is a knowledge gap and practical demand to understand the relationship between capitals for developing sustainable livelihoods to realize poverty reduction and sustainable development, in particular for the smallholder farmers. This paper intends to make sights into an important livelihood challenge faced by smallholder farmers, which also aims to find out strategy (ies) in accelerating smallholder farmers' poverty reduction and achieving sustainable development. More specifically, we used a hybrid approach by adopting both qualitative and quantitative methods along with the concept of sustainable livelihood approach to reveal six capitals of farmers' household capacity and their potential relationships. Based on an analysis of Grounded Theory for smallholder farmers, we proposed a newly built framework for smallholder farmers' sustainable livelihoods by taking the Psychological capital (Psycap) into the sustainable livelihoods' assets. With a total sample of 796 households representing 26 counties in Three Gorges Reservoir Region (TGRR) in China, we adopted the Structural Equation Modelling using partial least squares (PLS‐SEM) to explore the key factors and key paths affecting smallholder farmers' sustainable livelihoods. Results indicate that Psycap can effectively promote the performance of Human capital (Humcap) and Physical capital (Phycap), with both significant direct and significant indirect effects on sustainable livelihoods; Phycap and Humcap have significant impacts on the new sustainable livelihood index. Finally, this paper proposed corresponding policy recommendations for poverty alleviation and sustainable livelihoods of smallholder farmers. © 2020 John Wiley & Sons, Ltd. [ABSTRACT FROM AUTHOR]

Equity market valuations of bank capital have been found to be better than regulatory capital ratios, and other metrics, in spotting problem banks. This paper illustrates how marketbased ratios could be used as part of the surveillance toolkit to assess vulnerabilities in the banking sector. While the measures may provide some false signals, from the point of view of an authority tasked with assessing systemic risk, it is better to have a strategy for identifying potential difficulties — even if sometimes everything turns out to be fine — than not being able to spot anything before problems affect the banking system. [ABSTRACT FROM AUTHOR]

Based on the finding of the economic studies on the analysis of the performances of the companies from retails sector, this paper aims of analyzing the economic factors which are the basis of economic performances of the new companies from the retails sector of Romania. Starting with an econometric model based on current assets, fixed assets and number of employees, three research hypotheses were tested and validated through a multilinear regression model analyzed with the OLS method with the use of statistical software SPSS 23. The conclusions of the paper are in line with the other researches in the area and underline that the economic performances of the selected companies are determined by the current and fixed assets, as well as the number of employees. [ABSTRACT FROM AUTHOR]

The paper deals with the analysis of measurement approaches for stable competitiveness. The authors substantiate that promotion the stable competitiveness requires the creation of modern theoretical approaches for its measurement and understanding the relevant trends in the national business sector. The analysis results prove that green competitiveness is the part of national economy competitiveness and modern trends indicate that the European countries create new market opportunities for green growth promotion and ecological competitiveness increase. The objective of the paper is to investigate the measurement system for the global stable competitiveness and to analyze the Ukraine internal peculiarities in comparison with the post-Soviet and European countries. The analysis results prove that today’s worldwide trends and tendencies of the countries green competitiveness measurement are described in the approach implemented by the Global Stable Competitiveness Index. The given methodology includes three basic aspects of stable development: economy, environment and society and defines the investigated areas within the framework of five basic fields: natural capital; social capital; resource management; intellectual capital and innovations; managerial efficiency. TOP-20 countries representation according to the Global Stable Competitiveness Index is considered, the leading developed high-income countries are determined and analyzed in this investigation. Ukraine’s position among the European and Post-Soviet countries is shown in this papers. It ranks the 74th place among 180 countries and its score level is 44.7. The authors estimate the prospects for the Ukraine stable competitiveness increase within the framework of its five main determinants. [ABSTRACT FROM AUTHOR]

This paper investigates the development and structure of the fixed assets of Czech farms and their investment behaviour. We use data from a long-term (2003-2016) survey of farms and categorise farms into three groups according to their share of agricultural land in less favoured areas. The development of tangible fixed assets and their structural development points to the importance of investments to agricultural holdings. Above all, there is an extensive trend of investing in the land, but purchases of land are likely to affect the growth of the relative age of tangible fixed assets, especially the obsolescence of buildings that are not sufficiently modernised by farms. Results of the accelerated model indicate that there is an absence of soft budget constraints but a presence of capital imperfections and high importance of both operating and investment subsidies when deciding on investments in fixed assets. [ABSTRACT FROM AUTHOR]

The aim of this paper is to analyse the development, structure and efficiency of tangible fixed assets in the Czech farms and identify the factors that affect it. The data of farms in the period of 2003 to 2018 were used and sorted by the size of these farms. This paper evaluates the proportional development between the development of the volume of the tangible fixed assets and the volume of revenues. The development of tangible fixed assets and their structure in the reference period points to the efforts of farms to invest primarily in self-farmed land is taken into consideration. It turns out that investment activities are more affected by the overall economic situation of the farm and operating subsidies than by the possibility of drawing capital support. [ABSTRACT FROM AUTHOR]

The heterogeneity of the contemporary Indian middle-class has been discussed widely. However, the effect of its internal differences on the distribution of educational resources needs to be examined systematically. Drawing upon in-depth interviews with parents in 53 middle-class families in Dehradun, India, this paper explores three aspects of the home-school relationship: how socioeconomic transformations shape parents' aspirations for their children's future, educational decisions parents make to realise those aspirations, and mothers' engagement in their children's everyday schooling. The tripartite analysis reveals that despite sharing common educational goals and strategies with the population in general, middle-class families in India use their class privilege to gain valuable educational resources. The paper argues that the discrepancy in the mobilisation of accumulated resources in the heterogeneous middle-class results in disparate educational advantages across families. It critiques the binary construction of social classes when explaining the processes of social reproduction in contemporary Indian society. [ABSTRACT FROM AUTHOR]

The purpose of this paper is to investigate various factors affecting the efficiency of China IC industry, reflecting the resource utilization and overall development level of China IC industry. In this paper, three input indicators (R&D Expenditure, Cash paid to and for employees, Total fixed assets) and two output indicators (Net profit, Sales revenue) were selected for 17 listed companies in the IC industry with operating profit of less than 1 billion yuan in 2018 and applied the technology efficiency theory and DEA analysis method to analyze the relative efficiency of the output base. The study found that one of the 17 companies analyzed was efficient, two were inefficient on an inadequate scale, and the rest were inefficient due to insufficient production technology, scale and management level. This study argues that enterprises should reduce resource input appropriately and strengthen scientific and technological innovation management to maximize resource utilization efficiency. Therefore, this study has important practical significance for improving the efficiency of IC enterprises. The Malmquist method will be used to study the total factor productivity of small and Medium-sized companies in IC industry. [ABSTRACT FROM AUTHOR]

Purpose: This aim of this paper is to prove that the diversity of board capital is a significant driver of corporate governance. Board capital has increasingly been identified as a key part of governance mechanism that assists businesses to improve their sustainability reporting practices and sustainability performance. In addition, board capital has been recognized as being key to the development of good corporate governance in the private and public sectors. Design/methodology/approach: The paper discusses whether the diversity of board capital is a significant driver of corporate governance. Findings: This paper suggests that the best mixture of board capital for an individual company should be varied between industries and business models. Effective corporate governance assists in the attainment of high-level sustainability and financial performance, which, in turn, bolsters corporate reputation. Practical implications: This paper presents new strategic insights into diversity of board capital that is pivotal to global leading companies in preparing their sustainability reports. Originality/value: This paper justifies the need of diversity in board capital because it is one of the means to build strong corporate governance based on the stakeholders' expectations and interests, and to create greater public trust and the prospects of the respective business. [ABSTRACT FROM AUTHOR]

Growth accounting approach method is a useful technic which estimates the relative contribution of the factors of production to the economic growth rate and allow us to identify the current growth pattern. In this paper the focus is on the economic growth in the Republic of North Macedonia and the determination of the source of growth in the past two decades. The decomposition of the three basic factors labour, capital and productivity is calculated according to the Cobb-Douglas production function. The calculations are made for the whole 20 years period, first 1997 - 2017 and also for the group of five years period (1997-2001, 2001-2005, 2005-2009, 2009-2013 and 2013-2017). The results from the growth accounting in the Republic of North Macedonia shows that average growth rate in the past 20 years is 1.34%. Average growth rate of physical capital is 4.24% and of the labour is 1.28%. Contributions of physical capital to the growth rate in the Republic of North Macedonia is 1.40 percent points. Labour contribution is 0.86 percent points. The total factor productivity contributions to the average growth rate is negative -0.92 percentage points. The results of the calculations for the five years period confirm the low average rate of growth, and similar growth pattern of the average growth rate of capital and labour. The most concerning is the low and negative total factor productivity. This lead to the conclusions that economic growth in the Republic of North Macedonia is due to intensification of the labour. Hence, the growth is unsustainable in the long ran. Unsustainability of growth arise due to the low productivity of the production factors and the increased public debt which was made for financing the evidently low growth rate in the past. Recommendations are to focus on the investment in the physical capital, education, research and development, which will rise the quality of human capital and will increase total factor productivity. [ABSTRACT FROM AUTHOR]

Abstract: This paper investigates whether an economy that lags behind in infrastructure compared with other countries can make up its shortfall when it competes for foreign direct investments. The main message of the paper is that jurisdictional competition can enable the lagging country to reduce the infrastructural gap if capital mobility is sufficiently high and the gap is not too large. Further, we show that size asymmetry reinforces (weakens) the effect in reducing the infrastructural disparity resulting from interjurisdictional competition when the lagging economy is small (large). [ABSTRACT FROM AUTHOR]

This paper is based on research conducted as part of a Doctorate in Education (EdD) and explores the transitional period into higher education (HE) of ten first year undergraduate students at Southeastern (a post-1992 university). The students come from widening participation (WP) backgrounds, based on socio-economic characteristics. The literature on WP students' experiences suggests that they encounter potential difficulties during their transition into HE (Gale and Parker, 2014). This paper focuses on extracting transitional experiences using artful inquiry. Collage, as a method of artful inquiry, provides insights into the early HE experiences of WP students. This paper demonstrates that these WP students endured difficult initial experiences, mainly due to a mismatch between expectations, embodied capitals, awareness of HE and their university environment. Unlike other WP studies (Reay, Crozier and Clayton, 2009 and Christie, Tett, Cree and McCune, 2016), this sample rebounded once peer groups were formed, suggesting that peer connections are key to ensuring smooth transitions, at least within post-1992 institutions (Yorke and Longden, 2007 and Wingate, 2007). [ABSTRACT FROM AUTHOR]

Copyright of Voluntas: International Journal of Voluntary & Nonprofit Organizations is the property of Springer Nature and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper is presenting the current scenario of business liquidity and financial crisis in Indian Business Perspective at Chennai City during the COVID19.The authors have in sight on few aspects related to business, financial crisis of the world economy on before, during and after. Such as economic recessions can be rebuild with the existence of Liquidity crisis, Shadow banks, Capital and Liquidity, Information and bank liquidity, Measuring liquidity of crisis in market, Market strain at the time of COVID -19 crisis poses threat to financial stability and the role of social quarantine. The main objective of this study is to identify the problem faced by the Industries due to the financial crisis faced by them during the period of COVID– 19.The research design used in this study will be empirical analysis and descriptive analysis in nature. Questionnaire will be drafted to collect the primary data which will help the research to collect the required information from the public. Purposivesamplingtechniquewithasampleof120respondentswillbeusedinthisstudy.The findings and suggestions will be applicable for the COVID – 19 scenariosonly. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to enrich the scientific and managerial debate on intangibles by placing the concept of key money within the broader concept of Intellectual Capital, and by proposing an evaluation approach for a portion of the latter, focusing the analysis on fashion retailers. Design/methodology/approach: This research focuses on the fashion industry, given that key money gains particular significance and accounted for in fashion retailers' financial statements. A comparative case study is presented with regard to the application of two evaluation methods proposed to some fashion retailers operating in Italy. Findings: This paper defines a suitable placement for key money within the vast structure of intellectual capital. The research shows that the two methods give "very close" key money values, thus laying the foundations for a theoretical articulation of interest to be further explored in future researches. Originality/value: The document represents a first in-depth examination regarding the evaluation and inclusion of key money in the intellectual capital. A further element of originality lies in having interpreted the key money in a perspective closer to the world of intangibles and competitive strategies, to the detriment of the previous (meagre) settings that placed it within the real estate branches of study. [ABSTRACT FROM AUTHOR]

In the past decades, intangibles assets have become an important source of productivity and economic growth in developed countries. Despite the transforming properties of intangibles across economies and the large and dynamic literature on the impact of intangible investments on productivity growth in frontier countries, there is not much evidence for the Latin America context. This paper contributes to the empirical literature on intangible investments along various dimensions. First, we make use of a large firm-level longitudinal data set from Peru, a Latin America middle income country, which contains separated information on intangible assets, which allow us to measure the impact of them on both wages and productivity at the firm level. Second, the analysis at the firm level and the panel structure of the data allows us to control for the endogeneity of variable inputs applying different control function approaches. In addition, the production function estimates provide us with a measure of unobservables, which we include in the wage equation to retrieve consistent estimates for the impact of intangible assets on wages. Third, our data allow us to explore how the impact of intangibles on wages and productivity is affected by the differences in the composition of the bundle of intangibles, changes in the product mix at the firm level and for the presence of imperfect competition in the labor market. We find that an increase in the share of intangible assets by one standard deviation is associated with 6.8% to 7.2% higher total factor productivity, depending on the model's specification. We also find that the capital productivity premium of intangible assets over tangible ones is substantial with estimates suggesting that intangibles are up to 2 times more productive than tangible assets. We also find that this capital productivity premium is not entirely offset by an increase in wages. Finally, we conclude that the main channels for appropriability are the specificity of the ideas generated by intangible investments at the firm level and the wage compression due to imperfect competition in the labor market. [ABSTRACT FROM AUTHOR]

This paper critically interrogates the meaning attached to social reproduction in the so-called Social Reproduction Theory [SRT]. While SRT represents an improvement over competing approaches to social reproduction along several dimensions, its understanding of social reproduction as referring exclusively to the ongoing reproduction of labour-power does not fully capture the extent to which the reproduction of social life is mediated by the reproduction of capital. Instead of defining social reproduction in opposition to capitalist production, it is argued that their relation should be reformulated as one between a transhistorical content, namely, the need of any society to reproduce itself through a division of labour that mediates its metabolic interaction with nature, and a historically specific form it adopted, as myriad uncoordinated acts of individual production linked together by the incessant circulation of capital along its different value forms in search of self-expansion. Inasmuch as the reproduction of social life thus requires the concomitant reproduction of capital's abstract nexus as the key mediating link between human life and its condition, the reproduction of social life and that of capital need to be framed as two mutually co-mediated moments within overall capitalist social reproduction. [ABSTRACT FROM AUTHOR]

This study examines the balance sheet management governance operating model of selected failed banks from 2007, 2008, 2009 and 2023, with emphasis on the corporate governance structure in place and the position of the asset-liability committee (ALCO), and draws conclusions and recommendations for future policy. All failed sample banks exhibited near-identical governance frameworks for management and oversight of balance sheet risk: namely an ALCO that reported to the senior executive management committee, and was at least two levels, if not three levels, below board level. It is inferred that, as the ultimate responsible and accountable forum for ensuring balance sheet viability and continuing going concern of the bank, the board would benefit from being closer to the balance sheet risk management process. This implies changing the governance structure such that the ALCO is closer to the board itself, and able to provide direct comfort to the board that the bank's capital and liquidity risks are being managed appropriately. The following bank governance measures are recommended, to be imposed by regulatory fiat if necessary: • Direct delegated authority of the ALCO to manage the balance sheet, from a long-term robustness and viability perspective, directly on behalf of the board. • The ALCO to report directly to the board, rather than via the executive management committee (or as an alternative approach, changed to become a sub-committee of the board). This recognises that the asset-liability management (ALM) discipline is at least as important as, if not more important than, the 'audit' oversight function undertaken by the board audit committee. • Technical expertise at ALCO and board level that is capable of discerning the genuine capital and liquidity risk exposure position of the bank, on a medium-term forward-looking basis, at all times. [ABSTRACT FROM AUTHOR]

The existing studies usually find that technical change was very important in constraining the economic growth of the Soviet Union. While these studies have been successful in quantifying the extent of technical change, they have been less successful in quantifying its nature. This paper moves a step closer to probing the essence of Soviet efficiency by splitting the aggregate technical change into its subcomponents – namely, capital and labour efficiency. I find that the Soviet Union registered strong labour efficiency gains during most of the postwar period, converging towards the labour efficiency level of the global frontier – the US. Labour efficiency growth did decrease over time, but labour efficiency was not a primary cause of Soviet growth retardation. That retardation was instead caused by a decline in capital efficiency. At a disaggregated level, I find that the decrease in capital efficiency was driven by structures. I hypothesize that labour shortages and an inadequate investment policy resulted in a large stock of unfinished, and hence idle, structures, distorting Soviet economic growth. [ABSTRACT FROM AUTHOR]

Investments are how the medium and long-term development of the enterprise is fixed. For each investment project, it is necessary to calculate and compare the resources invested with the results obtained. This research paper aims to analyse the efficiency of investment projects using discounting methods. Some highlights on the analysis of investment projects are presented, identifying the main outflows of funds and inflows of funds that are considered in the analysis of investment projects. Investment selection indicators are analysed: net present value and profitability index. The theoretical presentation is accompanied by a case study of an economic entity in Romania. The results of the research can be used by any economic entity to support investment projects. [ABSTRACT FROM AUTHOR]

The financial rate of return is a financial analysis indicator with an important role in assessing the economic and financial performance of an enterprise. Thus, if the economic rate of return expresses the return on invested capital only from the point of view of the operating activity, the financial rate of return does nothing more than to quantify the return on capital. If we start from the consideration that the financial rate of return expresses the efficiency of the equity capital of an enterprise, we realize that it has a major importance for the shareholders of that enterprise because they can see the effect of the investments made in that enterprise, if these investments are profitable and if they will still be interested in participating in the development of the enterprise, even through new investments. The purpose of the paper is to highlight the importance of financial returns in various situations, as exemplified, and the impact on both the company and the shareholders. [ABSTRACT FROM AUTHOR]

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This paper is a theoretical contribution to the development and update of Marx's theory of money and credit, given the empirical developments in finance since the 1970s. It expands on the discussion of fictitious capital and government bonds within the Marxian literature. In contrast with most Marxian literature and some of Marx's own writings on the topic, I argue that fictitious capital does not represent any real capital and then further develop the idea that fictitious capital is the channel through which the dominance of interest-bearing capital over other forms of capital occurs. This interpretation lays the foundation for understanding why government bonds, as titles of fictitious capital, are the keystone of financial markets and an unavoidable source for both financial accumulation and exploitation, rather than being a mere consequence of state spending. For this reason, public debt can neither be avoided nor fully paid off. [ABSTRACT FROM AUTHOR]

This paper uses a bottom-up, reduced form credit risk model with hazard rate estimated default probabilities to compute various collateralised loan obligation (CLO) tranches' loss probabilities and capital factors. It is shown that with respect to the loss probabilities, credit rated CLO tranches are less risky than comparably rated corporate bonds. In addition, a similar argument can be made that corporate debt loss rates will be on average larger than equally rated CLO tranche loss rates. And, it is shown that the National Association of Insurance Commissioners (NAIC) capital factors are typically larger than value-at-risk based capital factors. The policy implication is that NAIC capital factors distort investment incentives by requiring too much capital for CLOs relative to equally rated corporate debt. [ABSTRACT FROM AUTHOR]

In this paper, I adopt Pierre Bourdieu's theoretical and methodological framework to investigate patterns of inequality in volunteering fields and practices in Norway. Multiple correspondence analyses of national survey data indicate a hierarchically structured social space in Norway according to total volume of capital, while the positioning of different volunteer fields and practices seems to be more egalitarian with regard to capital possession, with some exceptions. This resonates well with established notions of the Norwegian civil society model as social democratic and egalitarian. Based on the discussions and findings, and considering growing social, cultural, and economic differences in many societies, I argue for a new volunteering research agenda better tailored for investigating social inequalities and differentiation in volunteering in different societal contexts, providing a new vantage point for understanding and explaining such inequalities. [ABSTRACT FROM AUTHOR]

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The study aims to explore the divergences around the implementation of the Basel III agreement, since this agreement is considered the core of the international regulatory response to the financial crisis, setting the strictest criteria for capital structure and risk assessment. This paper explains the current level of legislation that applies in Kosovo, as well as possible divergences with the criteria set by Basel III. It is argued that the national authority, explicitly the CBK, to decide on the implementation of Basel III, had to agree on three aspects and potentially conflicting between them: the stability of the banking sector, competition, and care for economic growth. Finally, the study concluded that Kosovo is implementing Basel III regulations with greater ease and attention, contributing to banking sector stability, competitiveness, and economic growth. [ABSTRACT FROM AUTHOR]

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Copyright of Parasite (1252607X) is the property of EDP Sciences and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)

This paper seeks to discuss challenges for management education and integrity capital promulgation in innovative ways in the era of Artificial Intelligence (AI) in education and business practice. The authors present some examples of innovative strategies in the new educational era characterized by globalized AI. How will the AI co-instruction affect the acquisition of intellectual capital? Building on previously published articles and ongoing new research, and maintaining that lack of sustainable management practices, corruption in management leads to social exclusion. The paper presents innovative methods of organization's ethics and integrity branding management in diverse organizations focusing on intellectual capital management and sustainability. It proposes that the facilitation of social inclusion can be considered an innovative approach in both business management and management education. It is an opening and invitation to further exploration for finding better means for management education, integrity competencies and intellectual capital, teaching, sharing in business and society in the era of AI in educational institutions and business organizations. In addition, it seeks to build corruption-preventative contexts to construct corruption-free organizations that benefit their owners, shareholders, and community stakeholders. A particular focus is on higher educational institutions in this research. [ABSTRACT FROM AUTHOR]

This paper is devoted to the substantiation of methodological aspects of strategic planning of the capital-forming base of enterprises in accordance with the objective features of the knowledge economy. Regarding the basic researched category — «capital» — it is proposed to interpret it according to financial approach. At the same time in the context of business management and its development it is important to consider the peculiarities of capital-forming base, in particular, taking into account theories of intellectual (human) and information capital. In this case, the capital-forming base of the enterprise is proposed to be understood as a set of assets (financial, tangible and intangible) in its ownership and / or disposal, and theirs usage forms the potential of the entity’s development over time. At the same time, the formation of the capital-forming base of the enterprise in the conditions of knowledge economy formation should be based on the principles of complexity, systemicity, strategicity and innovation. The main priorities of the formation of the enterprises’ capital-forming base include: 1) ensuring stable operation over time by creating a sufficient margin of safety; 2) accumulation of potential for sustainable development; 3) the formation of the company’s ability to innovative transformation. Strategic planning of the capital-forming base of enterprises is proposed on the basis of a foresight approach. In this paper the critical analysis of its advantages and disadvantages for solving the scientific problem and the semantic distinction between ‘forecasting’, ‘foresight’, ‘prediction’ has been held. It is proved that the effectiveness of the foresight approach for strategic planning of the enterprise’s capital-forming base is ensured by a logical combination of five factors: 1) clarity of formulation of foresight targets and variation of their implementation; 2) validity and depth of understanding of the grounds for decision-making by all participants of the foresight; 3) reflection of target priorities in specific research, investment and other projects; 4) independence of foresight participants’ identification of their positions, except for the order of interaction of participants (determined by foresight organizers); 5) possible change of positions of participants depending on initially accepted determinants. Also, the implementation capacity of strategic planning of enterprise’s activity directly depends on the availability and quality of industry strategy’s development made by the relevant government institutions. Methodological features of strategic planning of the capital-forming base are considered on the enterprises of the construction industry. It is formed the contour determinants of innovative transformation drivers of the construction industry (as the fundamental basis of strategic planning of the enterprises’ capital-forming base) in the following semantic directions: technological, ecological, personnel, economic, managerial. In turn, for strategic planning of the capital-forming base of construction industry enterprises technological, social, personnel, financial and managerial components have been identified and for each unit the operational measures have been formulated. [ABSTRACT FROM AUTHOR]

This paper is aimed at analyzing the relationship between outsourcing and productivity. Specifically, this paper deals with outsourcing at the firm level and focuses on the role of contracting out of manufacturing activities. I obtain new insights on this topic, mainly using a precise measure for outsourcing and analyzing differences across industries. Using an unbalanced panel of Spanish manufacturing firms, I estimate a production function depending on traditional inputs (labor, capital, and materials) and an index of production subcontracting. I find that for manufacturing as a whole, outsourcing intensity has a positive effect on productivity, showing an elasticity of output with respect to outsourcing around 0.15. When analyzing industry level results, I find that outsourcing intensity has a positive effect on productivity, mainly for firms belonging to light industries. [ABSTRACT FROM AUTHOR]

Understand the uncertainties and evaluate the opportunity are essential to support the number of new businesses launched every day. The aim of this paper is to analyse the uncertainty factors related to the evaluation of opportunity in software entrepreneurship. This study is concerned with developing a simple and effective framework for software entrepreneurs to evaluate opportunities for their projected venture and predict its success in an uncertain environment. The paper begins with identifying uncertainty factors relevant to software start-ups. Then, we introduce the Opportunity Evaluation Model to evaluate the scope of opportunities as moderated by the uncertainties using External Factor Evaluation (EFE) and Internal Factor Evaluation (IFE) matrix methods. The model outputs Internal-External (I-E) matrix containing graphical representation of the opportunity position, with the strengths, weaknesses, opportunities and threats identified from the inputs. Two case studies with different factor ratings for uncertainties are demonstrated using the model with a detailed explanation of the procedure of implementation. The article ends with a note on the efficacy of the framework and reiterates the importance of research examining opportunities in relation with surrounding uncertainties. Early recognition and management of uncertainties identified in this paper can increase the chance of success for new software ventures. [ABSTRACT FROM AUTHOR]

This paper is a collaborative autoethnography (CAE) by three international PhD students from Bangladesh, Japan and Nepal who pursued (or who are currently pursuing) their studies in New Zealand. In contrast to previous research which largely advanced a simplistic, downward social mobility experience of international PhD students or highly skilled migrants in general, we argue that this experience is dynamic, complex and multidimensional in nature. In doing so, we turn to Bourdieu's theory of capital. By focusing on less-direct economic resources (e.g. ethnicity, nationality, language and social networks), we explore the multidimensionality and convolution of our social mobility which stems from migration. Setting aside a narrative of adversity and downward social mobility among international PhD students, this paper emphasizes how we actively negotiated and dealt with shifting class identity and social mobility in the host countries. [ABSTRACT FROM AUTHOR]

Balancing higher education, study, family life and a professional role is a complex task for many women students. Family support, work commitments and feelings of guilt can impact on how mothers carve out time and space for family life and their studies. This paper draws on qualitative research with women doctoral students to examine their use of time and space. Following a narrative line of inquiry with methods of mind mapping and focused interviews, family capital was used as a theoretical lens to analyse the role the family plays in supporting access to time and space. Findings reveal factors that may act as a barrier to a woman's success and highlight certain strategies that mothers use to find time and space to study. This paper highlights the important role of economic, social, cultural and emotional capital in the family and how access to capital influences study patterns, especially in terms of 'headspace'. [ABSTRACT FROM AUTHOR]