Academic literature on the topic 'Scale of investment'

The research is aimed to analyze different types of portfolios and identify the one with the lowest level of risk. The first portfolio included US and EU securities. The other one studies crypto currency impact on portfolio riskiness.

In most African states, arable land and other natural resources play a pivotal role for economic growth and development. Ethiopia is one of those countries where agriculture is the backbone of the economy. Since the time of Emperor Haile Selassie I, Ethiopia has been attempting to advance the transformation of its agricultural sector by moving away from small-scale subsistence farming to large-scale commercial farming. It thus encouraged Foreign Direct Investment (FDI) in largescale agriculture. However, the military government that took power in 1974 reversed this. The current government of Ethiopia seized power from the military regime in 1991. Today the government once again advocates FDI in large-scale agriculture. This has led to an influx of foreign investors, especially in Gambella and Benshanguel-Gumuz Regional States. Various scholars, however, criticize the manner in which these investments have been taking place, arguing that the investments are neither pro-poor nor sustainable. Against this backdrop this research seeks to examine current policies, the patterns of investment they promote, and how these affect land-based resources and the wellbeing of communities. The study intends to provide information that may help improve the performance of FDI in terms of their sensitivity to poverty alleviation and sustainability. It also aims to boost current knowledge on FDI in agriculture in Ethiopia. The study was conducted using multiple data collection methods, including documentation, interviews, focus group discussions with the affected communities and direct observations in the case study areas. The results are analysed using pro-poor and sustainability frameworks for FDI in large-scale agriculture, along with findings of empirical studies on national FDI policies and practices in various parts of the globe. The analyses reveal that the Ethiopian investment policy's support to FDI in large-scale agriculture is inadequate. It focuses on giving incentives to attract FDI rather than ensuring the availability of quality institutions and sufficient infrastructure, which are vital for facilitating the operation and productivity of FDIs. Furthermore, the absence of community participation in the decision-making process for the agricultural investment projects in the case study areas portends significant negative implications for the wellbeing of local communities and the sustainability of the natural environment. The study recommends further research to investigate the economic viability of alternative land-based investments, such as eco-tourism, which is shown to be environmentally sustainable and can be shaped to be pro-poor. Also recommended is additional research into good practices for large-scale agricultural investments, that can be adapted to Ethiopian conditions, should the government opt to continue promoting FDI.

This paper presents a set of factors to consider when conducting investment evaluations for small scale IT systems. These factors have been derived by combining information from an extensive literature review, a single case study and an external expert. The literature review uses prior research on evaluation of large scale investments to inform and constrain the single case study. The single case study adds depth to the analysis by combining technical and operational perspectives from senior management, middle management and the general workforce. Ultimately an expert was consulted to evaluate the generalizability of the findings from the single case study, before the final list of factors was compiled. These factors should not be applied formulaically, as one of the main findings of this study is the diversity and complexity of small scale IT projects, preventing the application of general models. Instead, decision makers are encouraged to use these factors as a complement to their own experience, and to maintain close communication with potential stakeholders throughout the decision process.

Purpose: there is a substantial history of academic and professional interest in the planning, execution and performance of very large projects, typically focussing on underperformance relative to financial and social expectations. However, a lot of evidence in the professional, academic and public media that suggests these projects often underperform. This underperformance is continued to be reported and believed to be at least partly because of poor management and poor decision making. One of the key issues that has been identified as a cause for their underperformance is poor project. estimation. The focus of this thesis is to answer why they still show a poor performance record and to explore the influence of cognitive biases on decision stakeholders that lead to produce inadequate estimates. Theory and methodology: we combine a psychological perspective, the prospect theory in particular, on the decision making undertaken in managing such megaprojects with an in-depth, qualitative investigation of the knowledge of experienced managers and other key stakeholders, up to ministerial level (n= 29). We take this approach in order to complement previous studies of megaproject decision making which have often been undertaken from either a statistical perspective, or an experimental one, based on psychological laboratory studies. Key contributions: our results identify important and practically relevant insights in relation both to cultural specifics and generic issues of management decision making. A theoretical framework was developed and initially validated that explains megaproject poor estimates and poor performance from a psychological perspective along with identifying some underpinning causes for megaproject poor performance.

Master of Agribusiness<br>Department of Agricultural Economics<br>Allen M. Featherstone<br>Small scale broiler and layer production constitutes a significant part of the poultry industry in Zambia. However, the contribution of small scale enterprises to broiler production is more pronounced than layers with statistics showing 60 and 30 percent for broilers and layers, respectively. This study was carried out for the purpose of determining the economic profitability of both broiler and layer enterprises and also to evaluate their degree of attractiveness for investment. The thesis used the Net Present Value and Internal Rate of Return methods to determine the economic profitability for both broiler and layer enterprises. The data used in the analyses were obtained direct from the market and additional data were extracted from the Cost of Doing Business Manual 2012, a publication of the Zambian Development Agency. Additionally, the study used a capital investment of US $50,000 for each enterprise, 25 percent opportunity cost of capital and an economic life of five years. The data were used in estimating the enterprise budgets for both broiler and layer enterprises from which income statements were generated. The enterprise budget for broiler production estimated revenue from the sale of live broiler chickens at a wholesale price while the layer enterprise budget estimated its revenue from the sale of eggs and culled hens. The sale prices used were US $5 per broiler chicken, US $3.60 per tray of eggs and US $2 per culled hen as obtaining on the market at the time. In addition, production was estimated at 60,000 broilers and 30,000 trays of eggs from 3,000 layers annually. The cost of constructing brooder houses and purchase of production equipment were the major cost components for the two enterprise budget estimates. The estimates indicated that these two cost components amounted to US $27,090 and US $21,095 for boiler and layer enterprises respectively. The other cost component was production cost and it includes the cost of labor, feed, day old chicks, marketing, vaccines, transportation, electricity, debeakers, heaters, stationery, etc. The cost of feed constituted about 65 percent of total production cost for layer enterprises and about 60 percent for broiler enterprises. The total production cost as a percentage of revenue was estimated at 80 percent and 70 percent for broiler and layer enterprises, respectively. The analyses were completed under three alternative scenarios that included optimistic, expected and pessimistic scenarios. The analyses across all scenarios show that both broiler and layer enterprises are economically viable for investment though the broiler enterprise is more economically profitable than the layer enterprise. They both show positive NPVs and IRRs in excess of the 25 percent opportunity cost of capital used in the analysis. The analysis for broiler enterprise showed a NPV of US $178,242 for the optimistic scenario, US $122,742 for the expected scenario and US $30,550 for the pessimistic scenario. Results obtained from layer enterprise analysis showed NPVs of US $72,388, US $49,260 and US $11,186 for the optimistic, expected and pessimistic scenarios, respectively. Consistent with the decision rules of the NPV and IRR methods, both enterprises were found to be economically viable for investment. On a comparative basis though, the small scale broiler enterprise was found to be more attractive for investment than the small scale layer enterprise as indicated by the results of the NPVs and IRRs. The lucrative nature of the broiler enterprise and easy of management could be used as possible explanation to the current investment trends seen in the Zambian poultry industry.

Thesis (Ph. D.)--Massachusetts Institute of Technology, Engineering Systems Division, Technology, Management, and Policy Program, 2003.<br>This electronic version was submitted by the student author. The certified thesis is available in the Institute Archives and Special Collections.<br>Includes bibliographical references (leaves 157-167).<br>We investigate the options for enhancing the welfare of small farmers in Thailand through subsidies of irrigation infrastructure. Enhanced water storage and irrigation can significantly improve yield and the welfare of the farm community by providing a more reliable water supply during growing periods. Generally speaking, such enhancements require subsidies from the government or other organizations since farmers are not able or willing to finance infrastructure development themselves. In order to maximize the effectiveness of such subsidies it is important to understand how farmers will react to alternative policies. We develop a two-tier approach to this problem. First, we use a government-level optimization model to identify the set of subsidies and water pricing policies that maximizes a stated measure of aggregate social welfare. This government-level model relies on a farm-level model that determines how individual small farmers will react to the policy alternatives. The farm-level model combines hydrologic, economic, and agronomic features since it considers how hydrologic variability affects crop yield, which in turn affects the farmer's utility. Policy decision variables considered in the government subsidy/pricing model include 1) water price and the number of farms served by public storage facilities (i. e. a water supply reservoir and enhanced in-stream storage), 2) maximum sizes of on-farm ponds paid for by the government, and 3) amounts of direct cash subsidies paid to the farmer. The objective is to maximize the aggregate welfare of all farmers served subject to a limit on the total subsidy as well as constraints designed to limit inequities and urban migration. The problem is solved with a deterministic nonlinear programming algorithm.<br>(cont.) Decision variables considered in the farm-level model include 1) whether or not to accept a government-subsidized on-farm pond (which reduces land available for cultivation), 2) how much to consume in each year, 3) whether to devote time to agriculture or off-farm employment, 4) type of crop and irrigation technique, and 5) amount of water purchased from communal storage facilities. The problem is solved using a finite-horizon discrete-time stochastic programming algorithm. Our modeling approach is tested on a study site in Saraburi Province, Thailand. This site serves as a suitable prototype because of its existing irrigation infrastructure, relatively developed market institutions, secure land-use rights, and weak endowment of water resources. To achieve an economic optimum in which the farmers' aggregate utility of consumption is maximized, the government must provide some farmers with free reservoir water. The remaining farmers, however, help pay for the subsidy at a relatively high price. Consequently, the latter seek urban employment during the dry seasons. This cross-subsidy solution resulting from the social optimum criteria is economically efficient yet markedly inequitable. In order to assure equity, the government should construct the reservoir and sell the storage water at the same price to all farms. However, this solution cannot prevent urban migration ...<br>by Sutapa Amornvivat.<br>Ph.D.

This Bachelor’s thesis examines if and how the perceptions towards agricultural development differs between small-scale farmers, agricultural advisors and entrepreneurs with various age and level of knowledge. The case study was conducted in Babati District, Tanzania, during three weeks in the spring of 2015. Twelve semi-structured interviews were conducted, and to analyze the empirical results a theoretical framework was created to explain how poverty traps occur and point at possible strategies to dissolve them. The majority of the respondents expressed that the biggest obstacles and needs for small-scale farmers to be able to develop their farming is lack of capital to invest in inputs and knowledge on how to intensify their land use. The perception towards agricultural development seem to differ between generations, in that young farmers are taking part of new technology and methods when cultivating, unlike the older generation. The respondents’ general attitude towards foreign investments was predominantly negative, arguing that local knowledge is of importance if sustainable agricultural development is to be reached. To ease the agricultural development, increased knowledge on how to intensify the agricultural production and how to organize farmers’ associations is suggested.

Real Estate Investment Trusts (REITs) are firms that own and manage income producing commercial real estate for the benefit of their shareholders. The three studies in this dissertation explore topics relating to best practices of REIT management and portfolio composition. Managers and investors can use the findings herein to aide in analyzing a REIT's performance and determining optimal investment policies. Utilizing REIT from SNL Real Estate and CRSP, the first two studies examine the role of international diversification upon performance, technical efficiency, and scale efficiency. The third study utilizes REIT data to examine technical and scale efficiency over a 21 year window and investigates characteristics of the REITs that affect the levels of efficiency. CHAPTER 1 – PROFITABILITY OF REAL ESTATE INVESTMENT TRUST INTERNATIONALIZATION Real Estate Investment Trusts (REITs) in the United States have grown extremely fast in terms of assets and market capitalization since the early 1990's. As with many industries, U.S. REITs began acquiring foreign properties as their size grew and they needed to seek new investment opportunities. This paper investigates the role of holding foreign assets upon the total return of U.S. based REITs from 1995 through 2010. We find that holding foreign properties in associated with negative relative performance when risk, size, and other common market factors are controlled for. Interestingly, the source of the negative performance is not related to the two largest areas for foreign investment, Europe and Canada. Instead, the negative performance is detected when a REIT begins acquiring properties in other global regions such as Latin America and Asia/Pacific. This paper has broad ramifications for REIT investors and managers alike. CHAPTER 2 – EFFECT OF INTERNATIONAL DIVERSIFICATION BY U.S. REAL ESTATE INVESTMENT TRUSTS ON COST EFFICIENCY AND SCALE As U.S. based Real Estate Investment Trusts (REITs) have increased their degree and type of holdings overseas, there has yet to a study that has investigated such activity on the REIT's measures of cost efficiency and scale. Using data from 2010, Data Envelopment Analysis techniques are used to estimate measures of technical and scale efficiency that are then regressed against measures of international diversification and other controls to measure the impact of this global expansion. It is determined that REITs with foreign holdings are significantly larger than domestic REITs and are correspondingly 96% of foreign investing REITs are operating at decreasing returns to scale. Further almost every measure of foreign diversification is negative and significantly impacting scale efficiency. However, simply being a REIT with foreign holdings did positively and significantly associate with higher levels of technical efficiencies. Thus REITs that expand globally may have some advantages in operational efficiency but lose considerably in terms of scale efficiency by increasing their size as they move cross-border. ? CHAPTER 3 – THE EVOLUTION OF TECHNICAL EFFICIENCY AND ECONOMIES OF SCALE OF REAL ESTATE INVESTMENT TRUSTS Data Envelopment Analysis (DEA) is used to measure technical and scale efficiency of 21 years of Real Estate Investment Trust (REIT) data. This is the longest, most complete dataset ever analyzed in the REIT efficiency literature and as such makes a significant contribution as prior efficiency studies' data windows end in the early 2000's at latest. Overall, REITs appear to continue to operate at decreasing returns to scale despite rapid growth in total assets. Further, there is some evidence of improving technical efficiency overtime; however the finding is not strong. In summation, it appears that REITs have not improved on a relative basis despite the rapid growth, a finding that suggests a potential of a high degree of firm competition in the REIT industry. Finally, firm characteristics such as debt utilization, management and advisory structure, and property type specialization are tested for their impact upon technical and scale efficiency.<br>ID: 031001577; System requirements: World Wide Web browser and PDF reader.; Mode of access: World Wide Web.; Adviser: Randy I. Anderson.; Title from PDF title page (viewed August 26, 2013).; Thesis (Ph.D.)--University of Central Florida, 2012.; Includes bibliographical references (p. 128-134).<br>Ph.D.<br>Doctorate<br>Business Administration<br>Business Administration; Finance

Significant savings in CO2 emissions can be won from fabric upgrades, and improved forms of heating. An increase in the number of building retrofits and installations of energy efficient plant such as biomass boilers or CCHPs must be the aim if the UK is serious in meeting its commitment to CO2 reduction at both the domestic and EU level. A way of achieving this increase, which will need to be significant, would be to tap into the vast funds under management by institutional investors who are required to invest those funds to optimise its monetary return, taking into account the level of risk. The aim of the research is to identify the enabling conditions that would need to exist to attract institutional investment in energy efficiency at scale. The UK Green Investment Bank has invested £50m into three energy efficiency funds, requiring each fund manager to match the amount by attracting investment from institutional investors. It is these funds that have been analysed as a single Green Investment Bank case study. Embedded units of analysis are on two levels with the individual funds being the first, and the institutional investors investing in those funds as the second. A hybrid deductive and inductive qualitative approach to the research was taken employing thematic analysis. The findings of the research reported here indicate that the emerging key enabling conditions that would make energy efficiency an attractive proposition are firstly, the way energy efficiency investments are classified in terms of an investment asset class, secondly the contractual structure of the individual transactions made by the funds, and finally, the experience and familiarity of the fund manager.

A Work Project, presented as part of the requirements for the Award of a Masters Degree in Management from the NOVA – School of Business and Economics<br>This study examines whether ‘climate bonds’ are achieving the desired investment scale to tackle climate change and whether those bonds are being issued with features that are attractive to institutional investors. Several cases of climate bond issuances, especially by companies were analyzed. While investor’s interest in climate bonds exists, this market is still small and investors are not being offered with an attractive investment scale. As the results indicate, both credit enhancements and aggregation vehicles to enable scale investments are possible solutions to boost the climate bond market.