...Lending Institutions, Healthcare and Human Capital in Algeria Lending Institutions, Healthcare and Human Capital in Algeria The central bank gives the system its overall consistency and provides resources to other bodies. In addition, laws and regulations underpinning bank supervision may not be formally deficient. However, the extensive state ownership of banks severely undermines regulatory governance (IMF, 2004). Many uncertainties also surround the preconditions for effective banking supervision and sustainable macroeconomic policies. These uncertainties also hinders well-developed public infrastructure, effective market discipline, efficient resolution of banking problems and appropriate level of systemic protection. Evident in the IMF (2004) report is the award of banking licenses to individuals without experience. The net worth of bank owners could not be reliably established (IMF, 2004). The 1990 law on money did not require full capital payment. This culminated to the failure of the largest private bank in 2003 with assets of 3% of GDP. The Algerian banking system currently has 28 active lending institutions of which 21 are banks and 7 are financial institutions. There is also one development bank and an offshore bank. The total number of lending institutions has increased from end 1999 when there were 21 as a result of private sector development. Even though, currently there are 15 private banks, the public sector remains predominant (IMF, 2004). They have long...
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...additional stock. 2. How do you respond to each director’s assessment of the financing decision? The following assessments were given during the last board meeting: •Andrea Winfield considered issuing bonds was not a good option for financing the acquisition. She was particularly concerned about the increasing long-term debt and annual cash layout of $ 6.25 million for 15 years. We believe that her concerns are justified, because the Company had already significant amount of debt that could result in higher risks and stock price fluctuation. However, Andrea neglected the advantage of the tax shield the Company could use if issuing bonds: the lower discount rate of 4.225% could be applied to discount the cash layouts over 15 years’ period. •Joseph Winfield calculated the annual dividends payout of $7.5 million and was convinced that the Company could service the dividends using their after-tax earnings. We believe that he overlooked the fact that the benefits of the new entity will be shared amongst the new and existing stockholders on the basis of earnings, not dividends alone. Therefore, earnings per share will decrease even if dividends per share is maintained. •Ted Kale was concerned about a low issuance price of new stock and diluting the management control by issuing stock. Ted’s concerns are justified: the main task of the management is to maximize the shareholders’ value, i.e. to increase the stock’s price. There was a certain risk of dissatisfying shareholders and pricing...
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...within the Fund’s strategic planning framework to align allo cation of resources to the delivery of institutional priorities. For the net administrative budget , the FY 15–17 MTB proposal includes: In FY 15, an unchanged budget envelope in real terms, for the third year in a row. New demands are met once again throug h better utilization and reallocation of existing resources, including a sm all reduction in crisis allocations. For FY 16–17, as a baseline assumption, a flat real budget envelope as well . In the baseline, further savings in crisis allo cations along with continued streamlining are counterbalanced by new priority demands and the need to rebuild the contingency. However, given uncertainties about the post-crisis world, a range of outcomes is also possible:...
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...Chapter 06 Individual Deductions SOLUTIONS MANUAL Discussion Questions 1. [LO 1] It has been suggested that tax policy favors deductions for AGI compared to itemized deductions. Describe two ways in which deductions for AGI are treated more favorably than itemized deductions. Itemized deductions must exceed the standard deduction before taxpayers receive any tax benefit from the deductions (this is equivalent to an overall floor limit). In contrast, business deductions that are deductible for AGI (above the line) reduce taxable income without being subject to an overall floor limit. Also, itemized deductions are subject to many mechanical limitations including ceilings, floors, and phase-outs whereas business deductions are generally not subject to these limits (there are limits on certain specific deductions, but this will be described in greater detail in chapter 8). 2. [LO 1] How is a business activity distinguished from an investment activity? Why is this distinction important for the purpose of calculating federal income taxes? Both business and investment activities are motivated primarily by profit intent, but they can be distinguished by the level of profit-seeking activity. A business activity is commonly described as a sustained, continuous, high level of profit-seeking activity, whereas investment activities don’t require a high level of involvement. The distinction can be important for the location of deductions, because business deductions...
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...BUSINESS ENVIRONMENT AND CONCEPTS Section 1: Business Structure 1. The uniform law, issued in 1984 by the Committee on Corporate Laws of the American Bar Association, that regulates the formation, operation, and termination of corporations is A. The Model Business Corporation Act B. The Uniform Commercial Code C. The Revised Model Business Commercial Code D. The Standard Incorporation Act 2. Which of the following statements is true? A. The exchange of stock for services rendered is not a taxable transaction. B. The repeal of Sec. 351 would result in more existing businesses being incorporated. C. Section 351 was enacted to allow taxpayers to incorporate without incurring adverse tax consequences. D. Section 351 is an example of a negative aspect of the corporate form of business organization. 3. Which of the following statements is true? A. Formation of a partnership requires legal documentation. B. An individual engaged in the active conduct of a business must elect not to be taxed as a partnership. C. If two people (or business entities) work together to carry on any business or financial operation with the intention of making a profit and sharing that profit as co-owners, a partnership exists for federal income tax purposes. D. The partnership form of business creates double-taxation because individual partners are taxed, and the partnership is also taxed as a separate legal entity. Want to download the Final Exam answers..?? Click ACC 497 Final Exam ...
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...Chapter 06 Individual Deductions SOLUTIONS MANUAL Discussion Questions 1. [LO 1] It has been suggested that tax policy favors deductions for AGI compared to itemized deductions. Describe two ways in which deductions for AGI are treated more favorably than itemized deductions. Itemized deductions must exceed the standard deduction before taxpayers receive any tax benefit from the deductions (this is equivalent to an overall floor limit). In contrast, business deductions that are deductible for AGI (above the line) reduce taxable income without being subject to an overall floor limit. Also, itemized deductions are subject to many mechanical limitations including ceilings, floors, and phase-outs whereas business deductions are generally not subject to these limits (there are limits on certain specific deductions, but this will be described in greater detail in chapter 8). 2. [LO 1] How is a business activity distinguished from an investment activity? Why is this distinction important for the purpose of calculating federal income taxes? Both business and investment activities are motivated primarily by profit intent, but they can be distinguished by the level of profit-seeking activity. A business activity is commonly described as a sustained, continuous, high level of profit-seeking activity, whereas investment activities don’t require a high level of involvement. The distinction can be important for the location of deductions, because business deductions...
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...GOVERNMENT OF GHANA EDUCATION STRATEGIC PLAN 2003 to 2015 VOLUME 1 POLICIES, TARGETS AND STRATEGIES Ministry of Education May 2003 Education Strategic Plan, Volume 1 EDUCATION STRATEGIC PLAN 2003 - 2015 Volume 1: Policy, Targets and Strategies Contents page List of Abbreviations used in ESP Foreword by Honourable Minister of Education Chapter 1 4 2 The Education Strategic Plan- Background and Policy Basis 5 1.1 1.2 1.3 1.4 1.5 1.6 The Education Sector - an Overview Documents that have informed the ESP Philosophical and Policy basis of the ESP Outline Situation Analysis Other influences on the ESP Challenges facing the Education Sector (as at 2002) 5 6 7 8 11 12 Chapter 2 The Strategic Framework 2.1 Areas of Focus and Policy Goals 2.2 Areas of Focus 2.3 The Strategic Framework Chapter 3 13 13 16 19 Managing and Implementing the ESP 3.1 Sector Wide Approach 3.2 Co-ordination of Stakeholder Inputs 3.3 Implementation of ESP through Work Programming and Operational Planning Chapter 4 34 34 36 37 Monitoring Education Sector Performance 4.1 Indicators 4.2 ESP Review Chapter 5 40 40 41 Financial Framework for the ESP 5.1 Cost projections 5.2 Funding the ESP 42 42 43 Annexes 46 1 Education Strategic Plan, Volume 1 Abbreviations BECE BOG CBO CPM CRT DP EA EFA EM EMIS ERRC ESP ESPRR ESR ESTAC FBO FCUBE FPMU GER GES GETFund GoG GPRS HIV/AIDS HQ HT ICT IEC IGO INSET JSS KG M&E MNS MoE MoMDE...
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...Instruments business were actively considering a change in their sourcing strategy fo r printed circuit boards (PCBs), a key electronic component of many of Stryker Instruments medi cal products. Currently, Stryker purchased PCBs from a small number of contract manufacturers. The Instrument s business anticipated spending more than $10 million in each of the next two years on PCBs, an amount that would increase as the Instruments business grew. In re cent years, the performance of some contract manufacturers had been unsatisfactory with respect to quality, delivery and/or responsiveness and Stryker had repeatedly found itself looking for new suppliers. More generally, contract manufacturers tended to operate on thin margins with scant capital. Ba nkruptcies were not uncommon, and even without bankruptcy, a financially weak supplier was simply less reliable. Given recent events and the shaky appearance of several current suppliers, Stryker Instruments had resolved to address the issue. Stryker Instruments manufacturing managers stud ied three options for improving the situation. Option #1 was to maintain the current basic...
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...Cost and EQuity in access paper by Gada Korayim UNIVERSITY OF SOUTHERN CALIFORNIA EDU 628 - Professor Tatiana Melguizo Due Date: March 8, 2015 Introduction The diversity of colleges in the higher education landscape stems from the diversity of missions. For one, the obstacles to innovation in higher education in the USA has been a debate for years. There are colleges that focus on liberal arts education as Dr. Liz Coleman (TED Talks) lectured during her speech about “Reinventing the Liberal Arts Education”. There are colleges that focus on career development. According to Fortino (2015), the university mission is “to create more prepared minds” to contribute to society by creating jobs and innovative opportunities that will improve economies. Fortino (2015) mentioned that the former President of Harvard University, Dr. Derek Bok, discussed the dangers of commercializing higher education when colleges and universities turn their attention to commercial development of their inventions. This apparently is what is being seen on campuses and in universities today. When the focus is placed on commercialization, universities are placed under pressure to produce output and seek profitable, income based outputs, and the main mission and vision of universities can fade and disappear. Governments provide funding to universities and provide laboratories, equipment, books, etc. The desired output is to produce students that have a commercial...
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...Contents 1.0 Introduction 4 2.0 Wave Energy Technologies – Spill Over /Overtopping Devices 5 2.1 Wave Capture Systems 5 2.2 Wave Dragon (Offshore) 6 2.3 Point Absorbers (Near/Offshore) 7 2.4 Oscillating Water Column (Nearshore) 7 2.5 Hinged Contour Devices (Near/Offshore) 8 2.6 Case Study – Pelamis DeviceI 9 2.7 Economic Appraisal 9 2.6 Non Technological Barriers - Environmental Impacts: 13 2.7 Non Technological Barriers - Social Impacts: 16 2.8 Miscellaneous Non Technological Barriers 16 2.9 Technological Barriers that impact the deployment of wave energy 17 3.0 Tidal Stream Technologies 21 3.1 Horizontal Axis Turbines 21 3.2 Vertical Axis Turbines 22 3.3 Reciprocating devices (oscillating hydrofoils) 22 3.4 Venturi Effect Tidal Stream Devices 23 3.5 Economic Appraisal: 24 3.6 Non Technological Barriers – Socio-Economic & Environmental Impacts: 27 3.7 Technological Barriers that impact the deployment of Tidal Stream energy. 29 3.8 Grid Integration: 30 3.8.1 Grid connection charges 30 3.8.2 Connection Charges. 30 3.9 Grid Connection. 30 3.9.1 Technological Barriers for Tidal Stream 31 3.10 Research and Development for future Irish Energy Strategies:. 37 4.0 Summary 41 5.0 Conclusion 41 5.1 Wave Energy: 42 5.2 Tidal Stream: 42 Bibliography 46 1.0 Introduction The aim of this report is to critically review the socio-economic and environmental impacts associated with Ocean...
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...primarily affecting car manufacturing and then it has its percussions in the whole economy-gradually reaching all the players. The crisis management in human resources implies layoffs, redundancies or shorter working hours and weeks. In many cases there were not wellthought corporate strategies for crisis management as managers as well as employees had to face a problem they had never experienced before. One of the corporate operative steps is to examine and realise how deeply the organisation itself is affected in the crisis. Our objective is to present what theoretical and practical solutions were or are invented besides the ones already mentioned. Keywords: crisis management, human resources management, atypical employment 1. About the crisis in general About a year ago the credit crunch became widespread primarily hitting the financial institutions worldwide and had its impacts felt in the motor industry reaching all players of the economic life. There were no companies that could escape its impact and most organisations lived through the recession negatively. The fluctuation of the economy is a natural phenomenon. However, the constant and worldwide crisis is rare to be experienced, fortunately. The economic players who had been following the fluctuations of the market for a longer period could experience its signs beforehand but it was impossible to...
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...leverage and margin constraints that vary across investors and time. We find evidence consistent with each of the model’s five central predictions: (1) Since constrained investors bid up high-beta assets, high beta is associated with low alpha, as we find empirically for U.S. equities, 20 international equity markets, Treasury bonds, corporate bonds, and futures; (2) A betting-against-beta (BAB) factor, which is long leveraged lowbeta assets and short high-beta assets, produces significant positive risk-adjusted returns; (3) When funding constraints tighten, the return of the BAB factor is low; (4) Increased funding liquidity risk compresses betas toward one; (5) More constrained investors hold riskier assets. * Andrea Frazzini is at AQR Capital Management, Two Greenwich Plaza, Greenwich, CT 06830, e-mail: andrea.frazzini@aqr.com; web: http://www.econ.yale.edu/~af227/ . Lasse H. Pedersen is at New York University, AQR, NBER, and CEPR, 44 West Fourth Street, NY 10012-1126; e-mail: lpederse@stern.nyu.edu; web: http://www.stern.nyu.edu/~lpederse/. We thank Cliff Asness, Aaron Brown, John Campbell, Kent Daniel, Gene Fama, Nicolae Garleanu, John Heaton (discussant), Michael Katz, Owen Lamont, Michael Mendelson, Mark Mitchell, Matt Richardson, Tuomo Vuolteenaho and Robert Whitelaw for helpful comments and discussions as well as seminar participants at Columbia University, New York University, Yale University, Emory University, University of Chicago Booth, Kellogg School of Management...
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...A Critical Review of Keynes’ General Theory of Employment, Interest & Money By:- Deepika Rana Priyanka Gupta Biographical Account John Maynard Keynes is doubtlessly one of the most important figures in the entire history of economics. He revolutionized economics with his classic book, The General Theory of Employment, Interest and Money (1936), regarded as probably the most influential social science treatise of the 20th Century. The son of the Cambridge economist and logician John Neville Keynes, John Maynard Keynes, born in 1883, was bred in British elite institutions - Eton and then King's College Cambridge. During his freshman year at Cambridge, Keynes was invited to join an intellectual group called "The Apostles" that met periodically to discuss literary, philosophical, political, and aesthetic questions. Through his association with the Apostles, Keynes became introduced to the philosophy of G. E. Moore; critics note the pervasive influence of Moore's Principia Ethica on Keynes's A Treatise on Probability, his only philosophical work, as well as on his economic methodology. His first book on Indian currency (1913) was directly related to his experience at the India office. From 1914 to 1918, J.M.K. was called to the UK Treasury to assist with the financing of the British war economy. He excelled at his job and the influence he gained earned him a position with the British delegation to the Versailles Peace Conference in 1918. J.M.K was appalled at the vindictive...
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...concept are profitability, customer orientation, social responsibility and organisational integration. It encourages focus on the needs and wants of the consumers by teamwork and working as a unit. (Strydom, 2004, p.299) 2.2) Profit is not just there to make the shareholders happy. Profit can benefit the company in many ways, helping it to grow, and reach the desired goals of the company. Without profit, the company can not create quality advertising in order to give it the edge over its competitors. It can not afford advertising, sales promotion, and publicity, which are essential in giving the company the competitive edge over its competitors. Quality market research will not be able to take place as the company will not have the capital to fund market research. Without profit, the product/service will not be able to stay at the desired quality. It will not be able to create a happy environment for staff (staff functions, raises etc...), in turn creating a less effective product/service. Focus on customer centricity will not be possible as limited profit means limited staff. Quality sales training programmes would not be able to take place as the company would not be able to afford it, meaning the sales staff will be under equipped to market the product/service. The company will also not be able to meet its Corporate...
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...Group was a top-tier buy-out firm within the private equity community. Tad O’Malley, a second-year student at the Harvard Business School, accepted a position at Empire Investment Group. Ted received a call from his boss, Townsend “Sandy” Beech, the head of his four-person deal team and founding member of the firm. Sandy requested Tad, on a Friday afternoon, to review three presentations for possible buyout targets. Tad was to make a presentation at the partners’ meeting on Monday morning, recommending only one (1) investment and detailing the strengths and weaknesses of all three. The Empire Investment Group had a strong “brand name” and historically sponsored very successful business partnerships. The company was strong in “structuring deals” and had just recently added an advisory services operation as a way to expand its services internationally and provide deal flow. By 2005, Empire’s buyout unit consisted of 25 seasoned partners with a range of backgrounds that encompassed financial, consulting, and operations experience. The objective of a “leveraged buy-out” is to find companies, either domestically or internationally (or both), where Empire can utilize borrowed funds or debt to finance its acquisition. Often times a leveraged buy-out does not involve much committed capital (maybe a 70% debt to 30% equity) that will achieve high returns for Empire. Basically, Empire buys a company with debt, fixes the company, and sells it. After the purchase of the company...
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