Relevant bibliographies by topics / Passive Investments

Contents

  1. Journal articles
  2. Dissertations / Theses
  3. Books
  4. Book chapters
  5. Conference papers
  6. Reports

Academic literature on the topic 'Passive Investments'

Author: Grafiati
Published: 29 June 2021
Last updated: 1 February 2022

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Journal articles on the topic "Passive Investments"

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Graham, Roger C., and Craig E. Lefanowicz. "Evidence of the Relation between Accounting for Equity Investments and Equity Valuation." Journal of Accounting, Auditing & Finance 11, no. 4 (October 1996): 587–605. http://dx.doi.org/10.1177/0148558x9601100404.

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Income recognition events for equity investments reflect an investor's ability to influence the activities of an investee and therefore the timing of income realization to the investor. Investor firms with passive equity investments recognize investment income when investee dividends are declared, whereas investors with nonpassive equity investments recognize investment income as investee income is earned. To determine whether market participants associate investor income realization with the income recognition events, investor and investee security return correlations are examined around investee dividend and earnings announcements. The correlations suggest an association between passive and nonpassive investor valuation and investee dividend and earnings announcements that corresponds to the accounting income recognition procedures for equity investments. Analysis of the relative timing of investor and investee announcements indicates that the results are not due to a naive fixation on accounting revenue recognition events. Rather, the results suggest differences in the substance of the investor-investee relation between passive and nonpassive investments. The results are robust to alternative specifications and controls for relative investment size and industry affiliation.
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Alexander, Carol, and Anca Dimitriu. "Equity indexing: Optimize your passive investments." Quantitative Finance 4, no. 3 (June 2004): C30—C33. http://dx.doi.org/10.1088/1469-7688/4/3/f01.

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Bankman, Joseph. "The Case against Passive Investments: A Critical Appraisal of the Passive Loss Restrictions." Stanford Law Review 42, no. 1 (November 1989): 15. http://dx.doi.org/10.2307/1228858.

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Daniluk, Katarzyna. "Profitability and Risk of Selected Forms of Investment on the Polish Capital Market." Economic and Regional Studies / Studia Ekonomiczne i Regionalne 14, no. 2 (June 1, 2021): 209–19. http://dx.doi.org/10.2478/ers-2021-0014.

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Abstract Subject and purpose of work: The subject of this study concerns profitability and risk of selected forms of investment on the Polish capital market. The aim of the study was to compare profitability and risk of active and passive investment portfolios. Materials and methods: The research material consisted of the rates of return on investments in the undervalued shares and growth shares included in the WIG-20 index and the results of the Lyxor WIG 20 UCITS ETF fund in 2014-2019. The study compares the rates of the return and standard deviations of returns of the portfolios managed actively and passively. Results: The analysis of the rates of return of the created investment portfolios indicates a higher profitability and a lower risk of the passive form of investment consisting in the purchase of an ETF fund. Among active strategies the growth investing strategy showed a higher profitability and a lower risk. Conclusions: Passive forms of investment are an effective alternative to active portfolio management.
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Venkataraman, R., and Thilak Venkatesan. "Evaluation of Growth of Mutual Funds and Exchange Traded Funds in India." SDMIMD Journal of Management 7, no. 1 (March 1, 2016): 41. http://dx.doi.org/10.18311/sdmimd/2016/8413.

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Investors are always baffled about the risk-return characteristics of their investments. There is often the challenge of the alternative between active&passive investments. In case of active mutual funds there are numerous categories of active funds each tracking a different benchmark. It often leads to confusion about how the performance can be compared between one fund to another. The growth of ETFs' has been phenomenal in the recent years due to various advantages of an exchange traded fund compared to the mutual fund as lower cost of management, lesser dependence on fund manager, ease of transaction to name a few. In this context the research analysedthe passive ETF's&prominent Mutual funds both active and passive to justify superior returns at lower risk. The research was based on secondary data, for a period of 5 years i.e. from 2010 to 2015.The various tools used were Sharpe Ratio, Jenson's Alpha, Treynor's Ratio and Tracking error. The study recommends fund houses to implement proactive strategies to reduce tracking error and make ETF's a better alternative for investment.
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Pézier, Jacques, and Anthony White. "The Relative Merits of Alternative Investments in Passive Portfolios." Journal of Alternative Investments 10, no. 4 (March 31, 2008): 37–49. http://dx.doi.org/10.3905/jai.2008.705531.

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Buser, Stephen A. "On the Optimal Mix of Active and Passive Investments." Journal of Portfolio Management 41, no. 4 (July 31, 2015): 91–96. http://dx.doi.org/10.3905/jpm.2015.41.4.091.

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Elton, Edwin J., Martin J. Gruber, and Andre de Souza. "Are Passive Funds Really Superior Investments? An Investor Perspective." Financial Analysts Journal 75, no. 3 (June 18, 2019): 7–19. http://dx.doi.org/10.1080/0015198x.2019.1618097.

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Cheng, Si, Massimo Massa, and Hong Zhang. "The Unexpected Activeness of Passive Investors: A Worldwide Analysis of ETFs." Review of Asset Pricing Studies 9, no. 2 (December 31, 2018): 296–355. http://dx.doi.org/10.1093/rapstu/ray011.

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Abstract The global ETF industry provides more complicated investment vehicles than low-cost index trackers. Instead, we find that the real investments of ETFs may deviate from their benchmarks to leverage informational advantages (which leads to a surprising stock-selection ability) and to help affiliated OEFs through cross-trading. These effects are more prevalent in ETFs domiciled in Europe. Moreover, ETF flows seem to respond to additional risk. These results have important normative implications for consumer protection and financial stability. Received March 18, 2017; Editorial decision October 14, 2018 by Editor Raman Uppal. Authors have furnished an Internet Appendix, which is available on the Oxford University Press Web site next to the link to the final published paper online.
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Guillén, Montserrat, Søren Fiig Jarner, Jens Perch Nielsen, and Ana M. Pérez-Marín. "Risk-Adjusted Impact of Administrative Costs on the Distribution of Terminal Wealth for Long-Term Investment." Scientific World Journal 2014 (2014): 1–12. http://dx.doi.org/10.1155/2014/521074.

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The impact of administrative costs on the distribution of terminal wealth is approximated using a simple formula applicable to many investment situations. We show that the reduction in median returns attributable to administrative fees is usually at least twice the amount of the administrative costs charged for most investment funds, when considering a risk-adjustment correction over a reasonably long-term time horizon. The example we present covers a number of standard cases and can be applied to passive investments, mutual funds, and hedge funds. Our results show investors the potential losses they face in performance due to administrative costs.
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Dissertations / Theses on the topic "Passive Investments"

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Topudurti, Shruti. "Determinants of Flows Between Active and Passive Equity Investments." Scholarship @ Claremont, 2018. http://scholarship.claremont.edu/cmc_theses/1952.

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Active versus passive investing is a popular topic within the investment community and beyond. In particular, many are concerned with fund flows in and out of active and passive investments. Existing research suggests that recent returns are a reason for the capital flow from active to passive and that fees also impact flows negatively. With U.S. equity mutual funds as a proxy for active investing and U.S. equity ETFs as a proxy for passive investing, I show that prior month flows have a positive and significant relationship with current flows for both ETFs and mutual funds, as well as for flows from ETFs to mutual funds. I also show that mutual fund monthly returns have a positive relationship with flows of mutual funds and flows from ETFs to mutual funds, while ETF monthly returns have a negative relationship with flows from ETFs to mutual funds. This supports prior literature. I also find that the differential in mutual fund and ETF returns (rMF – rETF) is insignificant and negative for net fund flows into ETFs. I find a generally positive relationship between mutual fund expense ratios and flows into mutual funds, as well as with flows from ETFs to mutual funds. Finally, I find a negative relationship between ETF expense ratios and flows into ETFs, as well as with flows from ETFs to mutual funds. The relationships between expense ratios and flows mostly contradict prevailing literature, except for the relationship between ETF expense ratios and ETF flows. This suggests passive investors are potentially more price-conscious than active investors, as passive investors experience negative flows as expense ratios increase, while flows into mutual funds do not have that relationship with expense ratios. Higher fees for mutual funds may also suggest a change in the composition of mutual funds, as funds similar to ETFs exit and new mutual funds become even more active.
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Heger, Levin, and Lisa Åkerman. "Momentum in ESG Indexes : A study on the passive capital flows effect on ESG stock prices." Thesis, Umeå universitet, Företagsekonomi, 2021. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-185265.

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The aim with this thesis is to investigate whether increased capital flows to ESG screened indexes create higher price-to-earnings (P/E) ratios and momentum in the included stocks during the chosen time period of three years, from 2018 to 2020. The thesis will evaluate the capital flows to ESG indexes and compare both performance and P/E ratios between those and their corresponding Mother indexes. The study will also look at the development of capital flows, performance and P/E ratios separately in the four chosen geographical indexes; Global, Europe, US and Emerging Markets. The theoretical framework goes through four relevant subjects for this study; passive investing, ESG, momentum and the P/E ratio. The study has shown that the capital flows in all four ESG indexes increased during the chosen time period. Moreover, it could be proven that three out of four ESG indexes outperformed their Mother indexes, namely, Global, Europe and Emerging Markets. In the U.S. the Mother index outperformed the ESG index. Three out of four geographical indexes also had a higher increase in the average P/E ratio than their mother indexes. Here, the Global market stood out as the one that had a lower increase in P/E ratio than its Mother index. Lastly, regression analyses were made to see the relationship between the variables capital flows, average P/E ratios in the indexes and the performance of the indexes. The study showed significantly that capital flows is the explanatory variable for the increased P/E ratios on the European ESG index. However, for the other indexes no significant correlation could be proved. This led to an interesting discussion and conclusion, and also left us with a question mark. What is the reason behind this result on the European market, and why was it not possible to see any significant correlation on the other markets? Further research in this field is needed and some ideas are discussed in the last chapter of the thesis.
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Babar, Haseeb Zaman, and Johan Norberg. "Performance of passive long term investments : A longitudinal study over the relative performance of emerging- and developed markets." Thesis, Umeå universitet, Företagsekonomi, 2013. http://urn.kb.se/resolve?urn=urn:nbn:se:umu:diva-81143.

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The concept of emerging markets came to surface in early 1980 and constituted of only eight countries from the two continents of South America and Asia. The globalization of financial markets has since raised the importance of emerging capital markets. We take a quantitative approach to investigate the performance of emerging markets compared to developed markets. The aim of the study is to conclude if emerging markets offers investment value and if logic in portfolio theory can be used to improve the chance of creating a relatively better performing investment. Included markets in our study are Brazil, Russia, India, China, Colombia, Indonesia, Vietnam, Egypt, Turkey and South Africa. S&P 500 is our benchmark for developed market performance. Sample period is 2002-01-01 to 2011-12-31 and monthly return data, creating 120 data points on each index.   The weighting schemes used for the portfolios are min variance optimization, geographical location and high and low correlation. All investments are scored on performances in correlation to S&P 500, inflation adjusted growth, currency effect, Sharpe ratio, skewness and kurtosis. Rankings are done on the separate categories, on the individual overall ranking on only countries and one overall ranking on all investments. A brief overview of the overall ranking for all investments suggest that medium performing investments are overrepresented (12/20) and the low and high is underrepresented (3/20 and 5/20). Of note is that the min variance portfolio outperforms its components, the geographical portfolios have a wide range and the high correlated portfolio outperforms the low. The country to portfolio ratio over each grade suggests only a small skew of the results. There is no low scoring portfolio but the other two ratios are close to 50/50, suggesting that on average the portfolios create diversification benefits. Furthermore normality of returns seem to be violated and then the concept of volatility as a risk measure is significantly impaired also currency risk can be of high importance, currency effects ranged from -48% to 28.7%. Assuming non-normality seems more accurate than assuming normality; therefore we need to improve on volatility as a tool to measure risk. So one direction for further research we see a need is in the concept of volatility. The initial reason for this research came from small investors’ seemingly intuitive knowledge that emerging markets are a suitable investment option. We have concluded that they in fact are, therefore we suggest that a qualitative study is conducted to investigate this seemingly natural intuition.
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Nourmohammadi, Derya. "Ska man tro på aktie-Nostradamus? : en studie om aktierekommendationers värde för privata investerare." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2010. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-5317.

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Intro: 80 percent of the Swedish population own shares. This makes Sweden the leading country in private investment in securities. It can be difficult for the private investor to know where, when and which security to invest in. The strategies are as ambivalent as the stock markets fluctuations. If the investor prefers to refrain from investing money himself, there are brokers who carry out these types of services. Brokers use complex calculations and analytical tools to reach the best investment strategies. Their results are based on historic data from public information. According to the theory of the efficient market hypothesis, it is not possible to generate excessive returns on investments which are based on publicly available information. Purpose: The study aims to assess if stock recommendations published in a business newspaper have any value for investors, who hopes to generate high returns. Methodology: Since the data is quantitative, a deductive method is used to comprehend the results. Investments are divided into two fictive portfolios where one portfolio follows a passive investment strategy whilst in the other, active investments based on public information are made. A one-sample t-test is used to obtain the statistics for answering the hypothetical questions. Theoretical: The primary theory for the essay is the theory of efficient market hypothesis, perspectives but also passive investment strategies and the random walk hypothesis are being touched upon. Empirical: A study has been conducted of recommendations with the recomendations foundations found on DI.se between 01.01.2005 and 31.12.2006, as the study objects. Theprimary sources have been DI.se and the NASDAQ OMX. The results from the data are solely products of my own empirical findings. Conclusion: The results signify a large difference between a passive and an active investment strategy, although the statistical results indicates no significancy.
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Karlsson, Johanna, and Persson Didrik Brinkestam. "Active versus Passive Investment : A China and Hong Kong comparison." Thesis, Linnéuniversitetet, Institutionen för ekonomistyrning och logistik (ELO), 2020. http://urn.kb.se/resolve?urn=urn:nbn:se:lnu:diva-97110.

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Investors have been debating whether active or passive management is the better strategy for a very long time where the majority conclude passive investment the most beneficial strategy in terms of after cost. Due to limited research in emerging markets, this study examines whether active or passive management is the most remunerative strategy in mainland China and Hong Kong, considering the difference in attributes between the regions. Historical data for the Hang Seng Index (HSI) and the Shanghai Stock Exchange Composite Index (SSE Composite Index) was used for representing passive funds. To illustrate active management, historical data for 10 active funds for each region were collected. By using two methods including a simple observation of historical returns and a regression analysis, the results of this study conclude that no distinct difference can be confirmed between the two regions when regarding whether the active or passive investment strategy is more beneficial. And in obedience with the majority of previous literature, passive investments outperform active management in both mainland China and Hong Kong.
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Tomášik, Ivan. "Analýza úspešnosti vybraných pasívnych a aktívnych investičných stratégií." Master's thesis, Vysoká škola ekonomická v Praze, 2011. http://www.nusl.cz/ntk/nusl-113643.

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This working paper discusses in its first section differences between active and passive investment strategies. It also deals with convenience of active funds by overcoming returns of indices size of fees and share of assets in active and passive investment forms. It also discusses index investing and exchange traded funds. The second chapter deals with short selling, its history, regulation, fees and criteria for short selling. Last chapter analyzed financial indicators of stock titles from DSW Watchlist. The results of the analysis have been also tested. Results are shown in the third chapter itself and relevant annexes.
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Rundlöf, Niclas, and Jimmy Lovén. "Ska jag placera aktivt eller passivt? : En studie om premiepensionsvalet." Thesis, Södertörns högskola, Institutionen för ekonomi och företagande, 2011. http://urn.kb.se/resolve?urn=urn:nbn:se:sh:diva-15285.

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Intention: The purpose of this thesis is to see if an active investment decision in the Swedish Premium Pension System would result in a higher return than a non-active investment decision. A non-active investment decision is equivalent to leaving the money in AP7 Premium Savings Fund. Method: This thesis is a statistical analysis and has a descriptive character in which the calculations are based on secondary data, thus the thesis has a quantitative character. Furthermore three active portfolios in different risk categories have been chosen. These portfolios are compared with the AP7 Premium Savings Fund’s returns. The thesis is deductive because it is using existing financial theories to do empirical examinations. Conclusion: Generally, higher risk is equal to higher returns. This thesis shows that an active investment of the premium pension should be done in portfolios with higher risk. Therefore the selected low-risk portfolio has lower returns than AP7 Premium Savings Fund. Further Research: The authors would find it interesting to redo this study in the future with the new AP7 Såfa as a benchmark.
Syfte: Studien avser att se om ett aktivt sparande och förvaltande av premiepensionen leder till en högre avkastning i jämförelse mot att låta pengarna ligga kvar i AP7 Premiesparfond Metod: Studien är en statistik analys och har en deskriptiv karaktär där sekundärdata ligger till grund för beräkningarna. Studien kan således ses som en kvantitativ studie. Vidare har tre stycken aktiva portföljval i tre olika riskkategorier tagits fram för att jämföras med AP7 Premiesparfonds avkastning. Studien är deduktiv då den empiriska prövningen sker med hjälp av redan befintliga finansiella teorier. Slutsats: Generellt sett ger högre risk en högre avkastning. Studien visar att om premiepensionen ska förvaltas aktivt bör detta göras i portföljer med högre risk. Då den valda lågriskportföljen gav lägre avkastning än AP7 Premiesparfond. Vidare forskning: Författarna anser det intressant att jämföra om AP7 Såfa skulle gynna icke aktiva sparare i högre grad än den gamla AP7 premiesparfonden. AP7 Såfa är en generationsfond där risken anpassas efter spararens ålder. Studien bör därför omprövas då det finns tioårig historik om AP7 Såfa.
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Moisan-Poisson, Miguel. "Stratégie d'investissement guidé par les passifs et immunisation de portefeuille : une approche dynamique." Mémoire, Université de Sherbrooke, 2013. http://hdl.handle.net/11143/6096.

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In a previous MITACS project in collaboration with Addenda Capital, two basic liability matching strategies have been investigated: cash flow matching and moment matching. These strategies performed well under a wide variety of tests including historical backtesting. A potential shortcoming for both of these methods is that the optimization process is done only once at the beginning of the investment horizon and uses deterministic moment matching constraints to immunize the portfolio against interest rate movements. Though the portfolio subsequently need to be frquently rebalanced, this static optimization does not take into account the relatively high rebalancing costs it involves. The main objective of this present project is to further enhance the moment matching method by implementing and testing a stochastic dynamic optimization and by comparing its efficiency with the static one. Our dynamic optimization problem is to minimize the portfolio cost and its expected rebalancing costs one month ahead over a set of interest rate scenarios by the use of stochastic moment matching constraints. Our backtesting results show some improvements with the 6 moments matching strategy as the dynamic optimization slightly shrinks the difference in asset-liability gap between scenarios compared with the static optimization. However, after analyzing the realized periodic rebalancing costs each month (a constant bid-ask spread has been assigned to each asset's position change in the optimal portfolio), the immunization improvements are mitigated by substantialy higher costs. We also noticed, in the case of the duration/convexity matching strategy, that the dynamic optimization is not that much more efficient than the static method. Thus, these results confirm that the 6 moments matching technique is still more efficient with both the static and stochastic dynamic optimization. Our extensive dynamic analysis of transaction costs through backtesting showed that from an efficiency to cost ratio and an efficiency to simplicity ratio, the static 6 moments matching method seems so far to be a more practical solution for liability matching.
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Leisher, Thomas Kai. "Exchange-Traded Funds: The Unknown Investment Opportunity." Wittenberg University Honors Theses / OhioLINK, 2019. http://rave.ohiolink.edu/etdc/view?acc_num=wuhonors1617280855446967.

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Partlová, Zuzana. "Pasivní domy -- význam certifikace a ekonomická návratnost." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-11036.

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In the present time, when prices of energy go up continually, we can hear more and more about the topic of energy-cutting. Important role in this sphere performs low-energy development. Passive houses, which are specific type of low energy houses, cut heat demand significantly. It means marked improvement with the view of energy saving, protection of the environment, but also quality of living. There is no doubt that these constructions bring numerous advantages, as evidenced by ever-growing number of passive houses abroad. Nevertheless, in the Czech Republic are very little passive houses. Partial intention of the thesis work is to highlight the importance of certification, which is able to contribute toward expansion of passive houses. The outcome of this part is proposal of the criteria for certification of passive houses in the Czech Republic. Principal aim of my diploma work is to compare passive house to common house in light of capital expenditures and operating costs and information about pay-off period of investment in low-energy buildings. Just matter of economic return is the most important criterion in decision making about construction of house or building.
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Books on the topic "Passive Investments"

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Shaviro, Daniel N. Passive loss rules. Washington, D.C: Tax Management, 2000.

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The power of passive investing. Hoboken, NJ: Wiley, 2010.

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Kimmelfield, Neil. Taxation of passive activities. Englewood Cliffs, NJ: Prentice Hall Law & Business, 1989.

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Jennings, Michael N. Federal income taxation of passive activities. Boston: Warren, Gorham & Lamont, 1990.

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Ferri, Richard A. The power of passive investing: More wealth with less work. Hoboken, NJ: Wiley, 2010.

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R, Bolar Daniel, ed. Passive activity loss rules: Analysis, compliance, planning. Boston: Warren, Gorham & Lamont, 1989.

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Treasury, United States Dept of the. Report to the Congress on adjusting the excess passive rules and the passive foreign investment company rules to account for marketing intangibles. Washington, D.C: Dept. of the Treasury, 1994.

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C, Young James. The passive loss rules: Reporting responsibilities. East Lansing, MI (423 Albert Ave., East Lansing 48823): S.C. Dilley's Federal Tax Workshops, 1988.

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Saake, Ronald D. Passive activity rules: Law and tax planning strategies. New York: Wiley, 1991.

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Ringquist, Neil A. PALS: Working with the revised passive activity loss rules. Chicago, IL: CCH Incorporated, 1995.

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Book chapters on the topic "Passive Investments"

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Walker, Stephen Todd. "Devising Portfolios with Alternative Investments (Active vs. Passive)." In Understanding Alternative Investments, 245–63. New York: Palgrave Macmillan US, 2014. http://dx.doi.org/10.1057/9781137370198_13.

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Skougaard, Mikkel. "Perspectives on the Integration of Corporate Governance in Equity Investments: From the Periphery to the Core, from Passive to Active." In CSR, Sustainability, Ethics & Governance, 33–49. Cham: Springer International Publishing, 2017. http://dx.doi.org/10.1007/978-3-319-55206-4_3.

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Cowell, Frances. "Passive Asset Allocation." In Practical Quantitative Investment Management with Derivatives, 128–42. London: Palgrave Macmillan UK, 2002. http://dx.doi.org/10.1057/9780230501874_7.

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Meziani, A. Seddik. "Active versus Passive Investing." In Exchange-Traded Funds as an Investment Option, 1–20. London: Palgrave Macmillan UK, 2006. http://dx.doi.org/10.1057/9780230513372_1.

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Zaremba, Adam. "Passive Investment Strategies in Commodity Markets." In The Financialization of Commodity Markets, 9–46. New York: Palgrave Macmillan US, 2015. http://dx.doi.org/10.1057/9781137476395_2.

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Chinloy, Peter. "Passive Investment: Syndication, Limited Partnerships, and Real Estate Investment Trusts." In Real Estate: Investment and Financial Strategy, 189–210. Dordrecht: Springer Netherlands, 1988. http://dx.doi.org/10.1007/978-94-009-2663-9_9.

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Takahashi, Hiroshi. "Analyzing the Validity of Passive Investment Strategies Under Financial Constraints." In Advances in Computational Social Science, 123–38. Tokyo: Springer Japan, 2014. http://dx.doi.org/10.1007/978-4-431-54847-8_9.

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Vela Barón, Daniel. "Setting the Appropriate Mix Between Active and Passive Management in the Investment Tranche of a Foreign Reserves Portfolio." In Advances in the Practice of Public Investment Management, 27–44. Cham: Springer International Publishing, 2018. http://dx.doi.org/10.1007/978-3-319-90245-6_2.

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Takahashi, Hiroshi, Satoru Takahashi, and Takao Terano. "Analyzing the Validity of Passive Investment Strategies Employing Fundamental Indices through Agent-Based Simulation." In Agent and Multi-Agent Systems: Technologies and Applications, 180–89. Berlin, Heidelberg: Springer Berlin Heidelberg, 2011. http://dx.doi.org/10.1007/978-3-642-22000-5_20.

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Luckman, Susan, and Jane Andrew. "Establishing a Crafty Making Future: What Does a Career in Craft Look Like Today?" In Creative Working Lives, 101–23. Cham: Springer International Publishing, 2020. http://dx.doi.org/10.1007/978-3-030-44979-7_4.

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AbstractThis chapter outlines the diversity of ways that project participants have developed and structured their working lives and enterprises. Within these conversations we will gain an understanding of the range of people, personal acumen, skills, and public and private investments that are garnered by these creative entrepreneurs to develop and sustain their practices. Through the lens of Milanesi’s three forms of ‘passion entrepreneurship’: lifestyle, accidental, and hybrid entrepreneur (Milanesi 2018, p. 425), why makers pursue this work, despite the often relatively low levels of income to be derived from creative self-employment, is explored. The chapter concludes with a reference listing of some of the key practical advice offered by the research participants.
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Conference papers on the topic "Passive Investments"

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GREBLIKAITE, Jolita, Neringa GERULAITIENE, and Wlodzimierz SROKA. "FROM TRADITIONAL BUSINESS TO SOCIAL ONE: NEW POSSIBILITIES FOR ENTREPRENEURS IN RURAL AREAS." In RURAL DEVELOPMENT. Aleksandras Stulginskis University, 2018. http://dx.doi.org/10.15544/rd.2017.139.

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In many EU countries economic and social development stagnates. The reasons are various and depends on the country. Some countries are still leaders (Germany, Great Britain, France), but depending on political events and complicated issues in each of them common EU internal market is kept as rather passive and not expanding in terms of consumption and investments. Especially it is related to countries suffering their internal business problems. The research problem of this paper is related to the issues how to provide some innovative solutions to traditional enterprises in Lithuania and Poland for their prosperous development. The aim of the paper is to analyse the situation and problems of traditional business in rural areas of Lithuania and Poland and propose development possibilities applying social initiatives and becoming social enterprises. The research object of the paper is traditional and social enterprises in rural areas. The research discloses that in Lithuania and Poland the situation in rural areas has a lot of similarities in terms of development and problems. Social entrepreneurship in both countries is kept as possibility but still problems and specificity exist in the countries.
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van Dijk, Radboud, Kees van Zandwijk, and Eelco Harmsen. "Deep Water Installation, Hydrodynamic Aspects and Practical Considerations." In ASME 2014 33rd International Conference on Ocean, Offshore and Arctic Engineering. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/omae2014-23808.

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The past decade has shown a fast growing subsea production market tending to complete factories on the sea floor involving ever more complicated infrastructure and increasing size and weight components to be installed. The water depth of this market typically ranges between 1000 and 3000m. This new subsea market triggers a need for increased deep water lowering capacity to enable safe, fast and efficient installation of this infrastructure. The authors’ company has gained extensive experience in the field of deep water installation over the past 15 years, ranging from complex mooring foundations to the installation of large subsea production units in up to 3000m water depth. This experience is used and further deployed in the specification of new and higher capacity deep water lowering systems for recent and upcoming investments. The paper will share a number of the contractor’s considerations with respect to a state-of-the-art deep water lowering system meeting the needs of today’s subsea production market. The paper will address the challenges associated with the various stages of deep water installation, choices made in type of ropes (steel versus fiber), pros and cons of various floater types that can be used as an installation platform and the need for and effect of passive or active heave compensation.
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Zhao, Qian. "Self-organization in planned Danwei and Dayuan: A case study of the transitional Houzaimen neighborhood of Nanjing in urban China." In 24th ISUF 2017 - City and Territory in the Globalization Age. Valencia: Universitat Politècnica València, 2017. http://dx.doi.org/10.4995/isuf2017.2017.6010.

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In the network of global economy, urban places as the spatial effect of globalization that results from the negotiation between international capitals and local powers play an important role in globalization discourse. The transformation of urban form also responses to the entrepreneurial turn in the municipal governance that affects city planning in particular. The role of municipal governments due to global economic competitions shifts from a passive regulation operator to an active agent to increase attractiveness for local investments and fiscal incomes. Danwei as ‘the space of the socialist work unit’ and its residential compound Dayuan referring ‘a large courtyard’ in Chinese term have shaped the urban landscape and everyday life since Maoist China. The unitary urban space that emerged under a command economy favoring the governmental intervention has varied over time. Many Dayuan neighborhoods have diminished in urban renewal movements. As the study object, Houzaimen neighborhood of Nanjing has the well-reserved Dayuan fabric built before 1990. Most researches emphasize the top-down planning process that results in social and physical space while this article underlines self-organized community. By methods of site surveys and space syntax for site analysis, the identifiable pattern of self-organization including the social buildup and the subculture of residents, residential ownerships and the allocation of commercial activities compared to public institutions and facilities on site reveals the place-shaping mechanism.
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Johnson, Michael D., and Amlan Nanda. "Incorporating the Option Value of Product Family Variants in Material and Process Selection." In ASME 2009 International Design Engineering Technical Conferences and Computers and Information in Engineering Conference. ASMEDC, 2009. http://dx.doi.org/10.1115/detc2009-87493.

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In the modern competitive environment, firms have to offer a variety of products to their customers in a cost effective manner. One way of achieving this goal is through the use of product platforms and product families. The choice of product materials and manufacturing processes has a significant effect on the ability to derive variants from these product platforms and families. Unfortunately, most economic analyses of materials selection rarely include the effect on the product family, and if they do they are viewed as static and passive investments. In reality, the decision to produce an additional variant is a “right, but not an obligation” — it can be viewed as a real option. A methodology to value the option of producing a follow-on variant product for an a posteriori (or bottom up) product family is proposed. This method uses inputs that are readily available for most product development teams. An automotive instrument panel beam case study is used to illustrate the method. Results from the case study show that while the follow-on variant option did not affect the relative economic preference of the materials, the value of the options associated follow-on variants accounted for a significant portion of total development project value. Valuations performed using both the binomial and Black-Scholes methods did not show significant differences between the methods. Material and manufacturing process characteristics are shown to have an effect on follow-on variant option value. The product lifetime and annual production volume of the follow-on variant are shown to have significant effects on option value. Initial variant product lifetime and underlying asset risk are shown to have less of an effect on option value.
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Khosrowjerdi, M., Robert C. Azar, Ali Salehi, and G. H. Nazari. "Computer-Aided Design of Bicycles." In ASME 1991 International Computers in Engineering Conference and Exposition. American Society of Mechanical Engineers, 1991. http://dx.doi.org/10.1115/cie1991-0132.

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Abstract Traditional manual designing of bicycles often relies on prototype building and testing and since structural deficiencies often are not obvious until a prototype fails, several build-and-test iterations are usually required before a satisfactory design is obtained. Also, the final design may be less than optimal because of quick fixes inserted at the last minute. However, by utilizing computer-aided design, better bicycles can be designed at smaller investments of time and money. The development and utilization of a DI-3000 based (graphics subroutines developed by Precision Visual), user-friendly, self contained computer aided design package for the analysis and design of bicycle frames and forks are presented. The software, written in Fortran 77 and executable on most passive and active graphics devices, creates the necessary analysis input files for the ANSYS finite element program (developed and marketed by Swanson Analysis System Inc.). These pre and post processing files in conjunction with the ANSYS program are used to determine deflections and stress components. The graphics user interface module of the software allows users to enter bicycle geometry, loading and other pertinent data quickly and efficiently. Tubing configuration and specifications are selected from a data base through the use of cursor-controlled menus. The loading menu presents users with seven different types of realistic and self-consistent loading conditions from which to choose. Computer graphics is also used extensively wherever appropriate to enhance user-computer interaction. Contrasting color and text size are used to explain pictorially as well as visually unfamiliar terminology and to clarify vague sign or orientation conventions, thus, leading to more accurate input. While this package has been designed for instructional purposes, it can also be used by design engineers involved in the design of bicycles to facilitate the creation of ANSYS pre and post processing files.
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Schulz, Terry L., and Julie Gorgemans. "AP1000® Plant Application of Defense in Depth." In 2014 22nd International Conference on Nuclear Engineering. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/icone22-31058.

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The AP1000 plant is an 1100-MWe pressurized water reactor (PWR) with passive safety features and extensive plant simplifications that enhance construction, operation, maintenance and safety. One of the key design approaches in the AP1000 plant design is to use passive features to mitigate design basis accidents. Active defense-in-depth (DiD) features provide investment protection, reduce the demands on the passive features and support the Probabilistic Risk Assessment (PRA). The passive features are classified as safety-related in the United States. The active DiD features are classified as nonsafety-related (with supplemental requirements) in the United States. The AP1000 plant design has also incorporated a standardization approach, which together with the level of safety achieved by the passive safety features, results in a plant design that can be applied to different geographical regions with varying regulatory standards and utility expectations without major changes. This paper will discuss the approach taken to defining DiD in the AP1000 plant and the effectiveness of that approach. It will also address the capability of the AP1000 plant to meet deterministic DiD guidelines such as the ones in application in the UK or described in the Western European Nuclear Regulators’ Association (WENRA) safety objectives for new plants.
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Boarin, Sara, Giorgio Locatelli, Mauro Mancini, and Marco E. Ricotti. "Are SMR a Reasonable Choice for Switzerland? An Application of the INCAS Model." In ASME 2011 Small Modular Reactors Symposium. ASMEDC, 2011. http://dx.doi.org/10.1115/smr2011-6591.

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Small countries can represent a suitable market for Small Medium Reactors (SMR). Among them Switzerland is one the more interesting since already hosts five commercial nuclear reactors; three of them are SMR (about 370 MWe) and two are large units (985 and 1165 MWe). Since the oldest units are about 40 year-old the Swiss utilities wereplanning to replace them while adding new nuclear power capacity to the portfolio mix.. Most recently, a radical re-thinking of the country energy policy is taking place as a Fukushima accident’s aftermath. Debate is about abandoning nuclear power and replacing it with renewable new capacity and import. “Economiesuisse, the umbrella organisation for Swiss business, considers a premature abandonment of atomic energy <irresponsible>. Without valid alternatives, Economiesuisse warns, abandoning the nuclear option will have serious consequences for Swiss industry”. Also “the environmental organisationsrecognise that the discussion on energy policy — which will really heat up with the parliamentary debate in June — is not solely an ideological one. Financial and economic considerations are likely to make all the difference” (L.Jorio, “What price a future without nuclear energy?”, www.swissinfo.ch, May 17, 2011).An objective and unbiased estimation of the cost of new nuclear power is essential to Policy Makers and a focus on SMR economic potential is a further contribution to the debate. SMR advanced passive safety features may cope with public concerns about safety, which has become a priority. Polimi’s INCAS model has been developed to compare the investment in SMR respect to LR and is able to assess the financial/economic indicators arising from these two alternative investment options. In particular the INCAS model provides the value of IRR (Internal Rate of Return), NPV (Net Present Value), Upfront investment, etc. A stochastic approach to the data elaboration and the implementation of a Montecarlo analysis provide the evaluation of the investment risk profile. Results show that investment returns are comparable for LR and SMR; however SMR require a lower upfront investment, thus representing lower sunk costs and more affordable and scalable investment option than monolithic LR.
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Schulz, Terry L., Thomas A. Kindred, Bryan N. Friedman, John E. Glavin, Adam D. Malinowski, and Phil A. Mathewson. "Post-Fukushima Assessment of the AP1000® Plant." In 2014 22nd International Conference on Nuclear Engineering. American Society of Mechanical Engineers, 2014. http://dx.doi.org/10.1115/icone22-31166.

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The AP1000 plant is an 1100-MWe class pressurized water reactor with passive safety features and extensive plant simplifications that enhance construction, operation, maintenance, and safety with reduced plant costs. The AP1000 passive nuclear power plant is uniquely equipped to withstand an extended station blackout scenario such as the events following the earthquake and tsunami at the Fukushima Daiichi nuclear power station without compromising core and containment integrity. Without AC power, using passive safety technology, the AP1000 plant provides cooling for the core, containment and spent fuel pool for more than 3 days without the need for operator actions. Following this passive coping period, minimal operator actions are needed to extend the operation of the passive features to 7 days using installed equipment. With the re-supply of fuel oil the coping time may be extended for an indefinite time. Connections for a few, small, easily transportable components provide a diverse backup means of extending passive system operation after the first 3 days. As a result, the AP1000 design provides very robust protection of public safety and the utility investment. Following the accident at the Fukushima Dai-ichi nuclear power station in Japan, several initiatives were launched worldwide to assess the lessons learned. These include, but are not limited to, the European Nuclear Safety Regulators Group (ENSREG) stress tests, the Office for Nuclear Regulation (ONR) Final Report, the International Atomic Energy Agency (IAEA) Expert Mission Report, and the U.S. NRC Near-Term Task Force Recommendations. The AP1000 design has been assessed against these initiatives and lessons learned. The purpose of this paper is to describe: • How the accident at the Fukushima Dai-ichi nuclear power station was evaluated and translated into conclusions and recommendations for nuclear power plants worldwide • How the AP1000 plant was evaluated in light of the recommendations resulting from the various post-Fukushima assessments • The key conclusions resulting from the post-Fukushima evaluation of the AP1000 design
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Xing, Mian, Zhaocan Meng, Xiaotao Liao, Canhui Sun, Shuming Zhang, Yaodong Chen, Xiao Hu, Peidong Sun, and Huijing Jiang. "Preliminary LOCA Analysis of Heating-Reactor of Advanced Low-Pressurized and Passive Safety System (HAPPY)." In 2018 26th International Conference on Nuclear Engineering. American Society of Mechanical Engineers, 2018. http://dx.doi.org/10.1115/icone26-81271.

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SPICRI (State Power Investment Central Research Institute) is developing a new conceptual design of heating-reactor, named Heating-reactor of Advanced low-Pressurized and Passive safetY system (HAPPY), which is targeted for the district heating, desalination of seawater, and other heat applications. It is a 200MWth two-loop low-pressurized water reactor with low thermal parameters. The whole reactor vessel is deployed inside a shielding and cooling pool with thermal insulation measure. The conceptual design of HAPPY is described in this paper, including the design criteria, safety features, main parameters and main components. A preliminary safety analysis is carried out to provide a reference for the design and optimization of HAPPY. In this paper, four different LOCA analyses are described and compared. The results show that the current design can deal well with all the selected LOCA scenarios and the effectiveness of the safety systems is proved.
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Wright, Richard F., James R. Schwall, Creed Taylor, Naeem U. Karim, Jivan G. Thakkar, and Terry Schulz. "AP1000 Passive Residual Heat Removal Heat Exchanger Confirmatory Analysis." In 14th International Conference on Nuclear Engineering. ASMEDC, 2006. http://dx.doi.org/10.1115/icone14-89524.

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The AP1000 is an 1100 MWe advanced nuclear power plant that uses passive safety features to enhance plant safety and to provide significant and measurable improvements in plant simplification, reliability, investment protection and plant costs. The AP1000 received final design approval from the US-NRC in 2004. The AP1000 design is based on the AP600 design that received final design approval in 1999. Wherever possible, the AP1000 plant configuration and layout was kept the same as AP600 to take advantage of the maturity of the design and to minimize new design efforts. As a result, the two-loop configuration was maintained for AP1000, and the containment vessel diameter was kept the same. It was determined that this significant power uprate was well within the capability of the passive safety features, and that the safety margins for AP1000 were greater than those of operating PWRs. A key feature of the passive core cooling system is the passive residual heat removal heat exchanger (PRHR HX) that provides decay heat removal for postulated LOCA and non-LOCA events. The PRHR HX is a C-tube heat exchanger located in the in-containment refueling water storage tank (IRWST) above the core promoting natural circulation heat removal between the reactor cooling system and the tank. Component testing was performed for the AP600 PRHR HX to determine the heat transfer characteristics and to develop correlations to be used for the AP1000 safety analysis codes. The data from these tests were confirmed by subsequent integral tests at three separate facilities including the ROSA facility in Japan. Owing to the importance of this component, an independent analysis has been performed using the ATHOS-based computational fluid dynamics computer code PRHRCFD. Two separate models of the PRHR HX and IRWST have been developed representing the ROSA test geometry and the AP1000 plant geometry. Confirmation of the ROSA test results were used to validate PRHRCFD, and the AP1000 plant model was used to confirm the heat removal capacity for the full-sized heat exchanger. The results of these simulations show that the heat removal capacity of the PRHR HX is conservatively represented in the AP1000 safety analyses.
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Reports on the topic "Passive Investments"

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Catalini, Christian, Jorge Guzman, and Scott Stern. Passive Versus Active Growth: Evidence from Founder Choices and Venture Capital Investment. Cambridge, MA: National Bureau of Economic Research, July 2019. http://dx.doi.org/10.3386/w26073.

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