Bibliografías temáticas / Cash flows from operations

Literatura académica sobre el tema "Cash flows from operations"

Autor: Grafiati

Publicado: 4 de junio de 2021

Última modificación: 1 de febrero de 2022

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Artículos de revistas sobre el tema "Cash flows from operations"

Lightstone, Karen, Karrilyn Wilcox y Louis Beaubien. "Misclassifying cash flows from operations: intentional or not?" International Journal of Accounting and Information Management 22, n.º 1 (25 de febrero de 2014): 18–32. http://dx.doi.org/10.1108/ijaim-07-2012-0039.

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Purpose – The purpose of this paper is to investigate the accuracy and informational quality of the cash from operations section of the cash flow statement. Design/methodology/approach – This paper empirically tested the accuracy of the cash from operations reported by Canadian non-financial companies. The authors studied 262 companies at three different time periods providing 786 firm observations. For each observation, the balance sheet was used to confirm the figures reported in the statement of cash flows. In addition, the authors investigated management's disclosure of the particular working capital items. Findings – The findings suggest that in recent years, companies are more likely to overstate their cash flow from operations, thereby presenting a better financial picture than is supported by the balance sheet accounts. This would suggest that the investing or financing section would be correspondingly understated. The presence of acquisitions reduces overstatements, which may be the result of more auditor presence. Research limitations/implications – This paper extends previous research from documented single, isolated instances of cash from operations being misstated to include a significant sample with more generalizable findings. The data are Canadian which may limit the generalizability to other countries. Future research should address the extent to which financial analysts rely on the reported cash from operations figure. Practical implications – This preliminary study may have implications for financial analysts and others relying on the free cash flow figure. Originality/value – This study expands on previous research which has taken place only on a case-by-case basis.

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Burke, Qing L. y Matthew M. Wieland. "Value relevance of banks' cash flows from operations". Advances in Accounting 39 (diciembre de 2017): 60–78. http://dx.doi.org/10.1016/j.adiac.2017.08.002.

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Kim, Jeong-Jae. "Changing Relationship Between Accruals and Cash Flows from Operations". Korean Data Analysis Society 19, n.º 5 (31 de octubre de 2017): 2651–62. http://dx.doi.org/10.37727/jkdas.2017.19.5.2651.

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Trent, William A. "Do Core and Non-Core Cash Flows from Operations Persist Differentially in Predicting Future Cash Flows?" CFA Digest 38, n.º 4 (noviembre de 2008): 39–40. http://dx.doi.org/10.2469/dig.v38.n4.2.

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Cheng, C. S. Agnes y Dana Hollie. "Do core and non-core cash flows from operations persist differentially in predicting future cash flows?" Review of Quantitative Finance and Accounting 31, n.º 1 (2 de octubre de 2007): 29–53. http://dx.doi.org/10.1007/s11156-007-0062-7.

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Farshadfar, Shadi y Reza Monem. "Discretionary accruals and the predictive ability of earnings in the forecast of future cash flows: Evidence from Australia". Corporate Ownership and Control 9, n.º 1 (2011): 597–608. http://dx.doi.org/10.22495/cocv9i1c6art3.

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We examine whether discretionary and non-discretionary accruals improve the predictive ability of earnings for forecasting future cash flows in an Australian context. Using both within-sample and out-of-sample forecasting tests; we demonstrate that discretionary accruals improve the predictive ability of earnings in the forecast of future cash flows. Further, discretionary and non-discretionary accruals and direct method cash flow components together are more useful than (i) aggregate earnings, (ii) aggregate cash flow from operations and total accruals, and (iii) aggregate cash flow from operations, discretionary accruals and nondiscretionary accruals.

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Mulenga, Mwila Joseph. "The Relative Ability of Earnings and Cash Flow from Operations in Predicting Future Cash Flows: Evidence from India". International Journal of Accounting and Financial Reporting 5, n.º 2 (23 de octubre de 2015): 178. http://dx.doi.org/10.5296/ijafr.v5i2.8468.

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The current study examines ability of earnings and cash flow from operations in predicting future cash flow from operations of Indian companies listed in Bombay stock exchange from 2002 to 2014. The study used cash flow from operations directly reported in the cash flow statement. For the purpose of estimating regression models, Ordinary least square approach used and in measuring the predictive power of each models in forecasting future cash flow adjusted R-squared used as forecasting measure. The findings of this study reported cash flow from operations to have more power in than earnings in predicting future cash flow, which do not support the assertion given out by Financial Accounting Standards Board. The findings of this study provide additional insights to Indian capital market researchers and also benefit users of accounting information in India by providing them with empirical evidence on the beneficial ability of cash flow data in predicting future cash flow and that would assist them in making their investment decisions, lending and other decisions and also knowing the financial status of company they wish to invest.

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Hales, Jeffrey y Steven F. Orpurt. "A Review of Academic Research on the Reporting of Cash Flows from Operations". Accounting Horizons 27, n.º 3 (1 de abril de 2013): 539–78. http://dx.doi.org/10.2308/acch-50498.

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SYNOPSIS:We provide a comprehensive review of academic research related to direct method cash flow presentation. While many financial statement users have stated a preference for the direct method, few accounting standard setters around the world have required it and, given a choice, most entities present operating cash flows using the indirect method. Our review indicates that academic research has generally found direct method cash flow information to be decision useful. Also, research finds that direct method information is reflected in stock prices indicating that users appear to utilize this information when available. However, there are, as of yet, no studies detailing how this information makes its way into stock prices. Finally, the evidence we review suggests that direct method information is economically significant and that the recurring benefits that many firms derive from providing direct method information likely exceed recurring costs. Our review should be of interest to academics researching cash flow reporting and also to policy makers as they continue debating the merits of the direct method presentation of operating cash flows.

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MD ARIS, NAZARIA, RAZMAN ANUAR, Ivan Trofimov y Nurhidayah Sokat. "The Effect of Cash Flows on Firm’s Profitability of Construction Sector in Malaysia". UNIMAS Review of Accounting and Finance 2, n.º 1 (26 de diciembre de 2019): 31–39. http://dx.doi.org/10.33736/uraf.1984.2019.

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This research investigates the effect of cash flows towards firm’s profitability using the data collected and analysed from listed firms in construction sector on Bursa Malaysia. The sample comprises of 98 firms and the data is for 6 years throughout January 2009 to December 2015. For the purpose of this analysis, a discriminatory panel regression and Pearson correlation are used to test the hypotheses. This research uses cash flow from operations (CFO), cash flow from investments (CFI), and cash flow from financing (CFF) activities as independent variables to measure cash flows. In order to measure the firm’s profitability, this research uses Return on Assets (ROA) as the dependent variable. The result from this research reveals that cash flows from operations (CFO) and cash flow from investments (CFI) has a significant and positive impact on the profitability of the firms. The findings also show there is a negative relationship exists between cash flow from financing (CFF) and firm’s profitability.Thus, taking all into consideration, this research provides insights to the business managers in overseeing the cash for ongoing operations, controlling the investing strategy and tracking the financing activities for survival and growth of the organisation. On the other hand, other stakeholders of the business use historic cash flows in this information set to make projections for future cash flows investment decisions.

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Farshadfar, Shadi. "The usefulness of operating cash flow information: Does format matter?" Corporate Ownership and Control 10, n.º 1 (2012): 44–52. http://dx.doi.org/10.22495/cocv10i1art4.

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This study investigates whether the direct method of presenting cash flows from operations is superior to the indirect method in its ability to forecast future cash flows. It also considers the effect of industry characteristics on the relative usefulness of direct and indirect methods of cash flow presentation. The study, which uses a sample of Australian firms, finds that both the direct and indirect methods improve the forecast of future cash flows. However, the indirect method of reporting cash flows from operations is more relevant than the direct method in predicting future cash flows. Evidence from the industry-level analysis overall reinforces the main results.

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Tesis sobre el tema "Cash flows from operations"

Zhai, Yong Hong. "Asset revaluation and future firm operating performance: evidence from New Zealand". Master's thesis, Lincoln University. Commerce Division, 2007. http://theses.lincoln.ac.nz/public/adt-NZLIU20071015.143314/.

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The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firms operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.

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Hiasat, Shuja'a Ahmad Abdelfattah. "Stock price and cost of debt reaction to changes in cash flow from operations". Master's thesis, Instituto Superior de Economia e Gestão, 2020. http://hdl.handle.net/10400.5/20218.

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Mestrado em Finanças
Investigamos como o fluxo de caixa das operações afeta o retorno do preço das ações e o custo da dívida e comparamos o efeito relativo do fluxo de caixa versus o lucro líquido nos dois custos de financiamento. Este documento também compara a liquidez entre os índices STOXX Europe 600 e Amman 100 (ASE100), usando quatro medidas: Fluxo de Caixa das Operações, Retorno Ajustado ao Mercado, Retorno Anormal Cumulativo e o Custo da Dívida e seu impacto relativo na associação de fluxo de caixa com custo de capital. Os dados trimestrais utilizados para esta pesquisa são de empresas de capital aberto da Jordânia e de países europeus, de 2009 a 2018. Este estudo contribui para a literatura, pois fornece evidências sobre a associação relativa de ganhos e fluxos de caixa com o custo da dívida e retorno das ações. Também somos os primeiros a considerar qualquer efeito de liquidez de mercado nessa associação. Os resultados mostram um efeito positivo do fluxo de caixa das operações no retorno do preço das ações. Também mostra uma associação negativa e uma influência mais significativa do fluxo de caixa das operações do que o lucro líquido no custo da dívida, reduzindo-o. Além disso, o documento também mostra que o fluxo de caixa das operações tende a influenciar o retorno anormal acumulado e o custo da dívida de uma maneira melhor na Jordânia (um mercado menos líquido) do que no mercado europeu mais desenvolvido.
We investigate how the Cash Flow from Operations affects both the Stock Price Return and the Cost of Debt and compare the relative effect of Cash Flow versus Net Income on both costs of financing. This paper also compares the liquidity between STOXX Europe 600 and Amman stock exchange 100 (ASE100) indexes using four measures, Cash Flow from Operations, Market Adjusted Return, Cumulative Abnormal Return, and the Cost of Debt and its relative impact on Cash flow association with cost of capital. The quarterly data used for this research comes from publicly listed firms from Jordan and European countries, from 2009 through 2018. This study contributes to literature since it provides evidence on the relative association of Earnings and cash flows with cost of debt and stock returns. We are also the first to consider any market liquidity effect on this association. The results show a positive effect of Cash Flow from Operations on Stock Price Returns. It also shows a negative association and a more significant influence from Cash Flow from Operations than Net Income on the Cost of Debt, by reducing it. Furthermore, the paper also shows Cash Flow from Operations tend to influence the Cumulative Abnormal Return and the Cost of Debt in a better way in Jordan (a less liquid market) than in the more developed European market.
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January, Carol. "Studies in the effectiveness of cash flows from operating and investing activities as possible early indicators of bankruptcy". Thesis, Stellenbosch : Stellenbosch University, 2001. http://hdl.handle.net/10019.1/52464.

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Thesis (MBA)--Stellenbosch University, 2001.
ENGLISH ABSTRACT: Users of Cash Flow Statements expect the information provided as cash flow from operating and investing activities to serve as a possible indicator that the company is facing bankruptcy. Traditionally, companies disclose depreciation as an operating activity and replacement of fixed assets as an investing activity. Companies that direct cash payments toward dividend and future expansion without addressing replacement of fixed assets are creating an unrealistic picture of their operating and investing activities. Generally accepted accounting practices (GAAP) have limited its disclosure requirements and has not addressed the issue of separating the expansion of fixed assets from replacement. This mini-study project researches the impact of disclosing depreciation as an investing activity and the replacement of fixed assets as an operating activity. Based on the findings, it is recommended that GAAP make it a requirement that the replacement and expansion of fixed assets be disclosed separately. It is further recommended that either depreciation be disclosed as an investing activity, or that replacement of fixed assets be disclosed as an operating activity on the Cash Flow Statement. The methods of disclosure investigated in the study will lead to an improvement in the ability of the two activities to serve as possible early indicators of bankruptcy.
AFRIKAANSE OPSOMMING: Gebruikers van kontantvloeistate verwag dat die inligting wat verskaf word van die bedryfs- en investeringsaktiwiteite as 'n moontlike indikator van die ondergang van die onderneming moet kan dien. Waardevermindering word tradisioneel as 'n bedryfsaktiwiteit openbaar, terwyl die vervanging van vaste bates as 'n investeringsaktiwiteit openbaar word. Ondernemings wat direkte kontantbetalings as dividende en toekomstige uitbreiding openbaar sonder dat die vervanging van vaste bates aangespreek word, skep 'n onrealistiese beeld van hul bedryfs- en investeringsaktiwiteite. Algemeen aanvaarde rekeningkundige beginsels het die openbaarmakingsvereistes beperk en spreek nie die skeiding tussen uitbreiding van bates en die vervanging daarvan aan nie. Hierdie mini-werkstuk ondersoek die impak van die openbaarmaking van waardevermindering as 'n investeringsaktiwiteit en vervanging van vaste bates as 'n bedryfsaktiwiteit. Gebaseer op die bevindinge word daar aanbeveel dat die algemeen aanvaarde rekeningkundige beginsels dit 'n vereiste maak dat die vervanging en uitbreiding van vaste bates apart openbaar word. Verder word aanbeveel dat waardevermindering as 'n investeringsaktiwiteit of vervanging van vaste bates as 'n bedryfsaktiwiteit in die kontantvloeistaat openbaar word.

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Mostafa, Wael. "An empirical investigation of the incremental information content of earnings, working capital from operations, and cash flow from operations affected by their extremity : new evidence for the UK". Thesis, Durham University, 2005. http://etheses.dur.ac.uk/1790/.

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Zhai, Y. H. "Asset revaluation and future firm operating performance : evidence from New Zealand : a thesis submitted in partial fulfilment of the requirements for the degree of Master of Commerce and Management at Lincoln University /". Diss., Lincoln University, 2007. http://hdl.handle.net/10182/219.

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The regulatory framework of many countries allows the upward revaluation of assets. Previous studies on the association of asset revaluation and future performance in Australia (Barth and Clinch, 1998), U.K. (Aboody, Barth and Kasznik, 1999) and Hong Kong (Jaggi and Tsui, 2001) have shown that upward asset revaluations are positively associated with the firm’s operating performance, suggesting that asset revaluations are value relevant. This study extends the previous research by focusing on the New Zealand environment with recent data to examine the association of upward asset revaluation and future operating performance. There is no obvious evidence indicating that upward revaluations are associated with operating performance in New Zealand. Our market assessments show that current year asset revaluations are related to share prices and returns, but are not statistically significant.

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Fernandes, Márcia Pereira. "Quais são as empresas da União Europeia que praticam um maior grau de alisamento de resultados : cotadas ou não cotadas?" Master's thesis, Instituto Superior de Economia e Gestão, 2015. http://hdl.handle.net/10400.5/11140.

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Mestrado em Contabilidade, Fiscalidade e Finanças Empresariais
O presente estudo pretende analisar o grau de alisamento das empresas europeias cotadas e não cotadas. A amostra incide sobre 4511 empresas pertencentes a 9 países europeus, entre o período de 2008 a 2014. As medidas utilizadas para se detetar o nível de alisamento de resultados foram as de Leuz, Nanda, & Wysocki (2003). Os resultados sugerem que as empresas não cotadas apresentam uma maior prática de alisamento de resultados do que as cotadas. Esta conclusão vai de encontro com a revisão de literatura, pois as empresas cotadas são mais monitorizadas e estão sujeitas a uma maior supervisão por parte dos meios de comunicação. Ao retirar-se o país com maior representatividade na amostra (Grã-Bretanha) e agrupando os países em dois grupos (Nórdicos e Anglo Saxónicos vs. Germânicos e Latinos), os resultados obtidos também indicam que, são as empresas não cotadas que alisam mais os seus resultados, confirmando os resultados principais do estudo.
This study aims to analyze the degree of income smoothing of listed and unlisted European firms. The sample covers about 4511 firms from nine European countries, between 2008 and 2014.The measures used to detect income smoothing level are from Leuz, Nanda, & Wysocki (2003). The results suggest that unlisted firms have a higher income smoothing practice, than listed firms. This achievement goes in line with the literature, because listed company are the most monitored and are subject to greater oversight by the media. By removing the country with the highest prevalence in the sample and grouping countries into two groups (Nordic and Anglo vs. Germanic and Latin) the results also indicate that there are the unlisted companies that smooth more their results.

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Foster, Timothy. "From cash flows to water flows : an assessment of financial risks to rural water supply sustainability in sub-Saharan Africa". Thesis, University of Oxford, 2016. https://ora.ox.ac.uk/objects/uuid:bb4e0aeb-c5c4-40a5-bf9b-231c5afdf730.

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This research examines the collective action and financial dimensions of rural waterpoint sustainability in sub-Saharan Africa. Four interlinking papers empirically evaluate the nature and drivers of financial risks, and how they in turn impact the operational performance of community water supplies. The research is grounded in conceptual and theoretical frameworks pertaining to collective action and common-pool resource management, in particular Ostrom's social-ecological systems framework (Ostrom, 2007), Musgrave & Musgrave's economic good framework (Musgrave & Musgrave, 1973), and Marwell & Oliver's critical mass theory (Marwell & Oliver, 1993). The first paper analyses data extracted from national waterpoint inventories in Liberia, Sierra Leone, and Uganda. The remaining three papers draw on primary data from rural Kenya comprising 229 years' worth of water committee financial records, a census of 571 waterpoints, and a survey of 3,361 households. These data were collected during extensive field work campaigns in Kwale, Kenya. Quantitative analyses were carried out by way of advanced statistical techniques, including logistic regression, linear mixed (repeated measure) models, and generalised estimating equations. Results suggest collection of user fees is a significant determinant of waterpoint sustainability, alongside other institutional, technical, geographical and environmental variables. However, monthly payment arrangements are beset by non-payment and late payment, particularly if rainfall levels are high, group size is large, households are far away, and water is aggressive and unpalatable. Although monthly contribution levels remain relatively stable above a collective payment rate of 60%, there is little evidence of self-sustaining growth beyond this point, and revenue collection is prone to collapse below this collective payment threshold. In comparison, pay-as-you-fetch fees are associated with increased revenue and improved operational performance, but result in a higher proportion of households opting for an unimproved water source. If the Sustainable Development Goal of universal access to safe water supplies is to be achieved in rural sub-Saharan Africa, strategies are needed to strengthen revenue collection systems and bolster payment incentives. External support and professionalised service delivery models present potential pathways to advance these goals. Policymakers may also need to introduce carefully designed subsidies, or promote self-supply approaches that realign lifecycle costs with users' willingness-to-pay.

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Park, Duri. "Accrual and Cash Flow Comparability: Evidence from Stock Analysts and Credit Rating Agencies". The Ohio State University, 2013. http://rave.ohiolink.edu/etdc/view?acc_num=osu1385895448.

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WANG, Lin Yuan. "Do firms’ earnings reported under IFRS 3R reveal more about future earnings and cash flows? Evidence from the European Union". Digital Commons @ Lingnan University, 2014. https://commons.ln.edu.hk/acct_etd/18.

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Motivated by recent studies documenting inconsistent results regarding the benefits of adopting International Financial Reporting Standards (IFRS), the objective of this thesis is to examine the information value of firms’ earning reported focusing on IFRS 3 (Business Combination). IFRS 3 aims at providing systematic guidelines for acquirers of a business combination transaction to properly report identifiable assets and liabilities, to fairly measure goodwill and to disclose relevant information for investors’ evaluation. IFRS 3 was revised and became effective in July 2009. Opponents of the revised IFRS 3 (IFRS 3R) criticized the guidelines to have broadened the disconnection between current earnings and future cash flows and they argued against the widened implementation of fair value measurement by IFRS 3. This thesis covers European Union’s mandatory adoption of IFRS in 2005 along with the revision of IFRS 3 in 2009. The examination period is split into two time periods: Period 1 is from the mandatory adoption of IFRS to the eve of policy change, and Period 2 is from the policy change to the end of 2013. Sample in this study comprises of 374 firms involved in merger and acquisition (M&A) transactions in both time periods which results in 13,464 firm-quarterly observations drawn from 20 out of 28 European Union member countries. This study finds the association between current earnings and future earnings as well as future cash flows has been weakened since the adoption of IFRS 3R which implies the information value of current earnings has receded. In addition, quarterly earnings reported under IFRS 3 appear to be more volatile after controlling for factors influencing earnings volatility such as size, economic shocks and managers’ income smoothing behavior. Moreover, this study suggests that earnings volatility has a negative effect on earnings persistence over the whole testing period. In addition, such effect has amplified since the introduction of IFRS 3R. Following Mishkin’s (1983) method of testing market efficiency, this study supports that capital market impounds attenuated degree of earnings volatility effect on earnings predictability since the application of IFRS 3R. These results should draw the attention of both standard setters and public users as the convergence to IFRS from domestic GAAP has been a globally debating topic. Thus, standard setters should balance the benefits such as improved relevance, reliability and comparability of financial reports and costs such as the information loss of earnings when making IFRS adoption decisions. Meanwhile, public users should use the financial statements with caution, especially when M&A transaction involves.

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STRÖM, CHRISTIAN. "Adapting Value Stream Mapping to Circular Product Flows. : From Manufacturing to Equipment Rental". Thesis, KTH, Skolan för industriell teknik och management (ITM), 2019. http://urn.kb.se/resolve?urn=urn:nbn:se:kth:diva-263156.

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The rise of the sharing economy is forcing industries to move from traditional take-make-waste economy towards circular ones (Schuttelaar & Partners, 2019). Along with the increasing influence of e-commerce, supply-chain collaboration and globalization has increased the pressure of warehouse operations and requires more efficient operations with the use of less resources thanever before (Frazelle, 2016). Lean is a concept that has gained attention as a means of doing morewith less, through reducing wastes and continuously improving, which has been successful within the manufacturing sector. The difficulties of translating this concept into non-repetitive environments has contributed to the low level of adoption within industries like construction. Where companies within construction equipment rental have an even greater challenge, dealing with circular product flows. Thus, making their warehousing operations inherently complex along with the large amounts of different products. The thesis has focused on analysing the warehouse operations flow of collective fall protectionproducts in the equipment rental industry, from customer order to customer return. This has been enabled by performing an adapted Value Stream Mapping method in a new setting for equipmentrental industries. Where Value Stream Mapping traditionally is applied in manufacturing to visually represents the actions that are required for a product to move through the production andinformation flows. The purpose of the study is to apply VSM beyond manufacturing and tosummarize the results in order to provide suggestions for improving the handling of non-serialized products within the equipment rental industry. A case company within the equipment rental industry has been used to meet the purpose of the study by testing and evaluating the proposed frame work. The findings have been followed up by performing a return handling study, conducted by equipment rental professionals, which has been subject to a statistical analysis. The findings from the VSM are used as a foundation for the return handling study, which serves as a means of verifying or dismissing them. These are then summarized in suggestions for improvements to the case company and suggestions for future actions. Among the findings are indications of longer return times for products that are not forewarned prior to returns, and increase processing rates for sorted returns. Furthermore three product types were more frequently requiring repairs, cleaning and scrapping compared to other products, suggesting that these requiremore time to process. The company is advised to work with standardizing processes for return handling throughout the organization within invoicing specifications and product storage. Suggestions for future research within the subject area is also presented.
Den ökande utbredningen av delningsekonomi tvingar industrier att gå från traditionella linjära affärsmodeller mot cirkulära (Schuttelaar & Partners, 2019). Utöver denna förändring så ökar även trycket på lagerverksamheter som ett resultat av det ökande inflytandet av e-handel, Supply-Chainsamarbete och globalisering som kräver effektivare verksamheter med användning av mindre resurser än någonsin förut (Frazelle, 2016). Lean är ett koncept som har uppmärksammats som en filosofi för att hantera dessa förändringar, genom att åstadkomma mer med mindre resurser och därmed minska slöseri och att sträva efter ständiga förbättringar, vilket har varit framgångsrikt inom tillverkningssektorn. Svårigheterna med att översätta detta koncept till icke-repetitiva miljöer har bidragit till den begränsade appliceringen av lean inom industrier som byggnadskonstruktion. Där företag inom uthyrning av byggnadsmaskiner och utrustning har en ännu större utmaning, då deras verksamhet bygger på cirkulära produktflöden. Vilket orsakar komplex lagerhantering av många olika produkter i stora mängder. Avhandlingen har fokuserat på att analysera lagerflödet av kollektiva fallskyddsmedel i uthyrningsbranschen, från kundorder till kundreturer. Detta har möjliggjorts genom att utföra en anpassad värdeflödeskartläggning i ett nytt sammanhang, nämligen för företag inom uthyrning av byggnadsmaskiner och utrustning. Där värdeflödeskartläggning vanligtvis används inom tillverkning för att visuellt representera de aktiviteter som krävs för att en produkt ska kunna flytta genom produktions- och informationsflödena. Syftet med studien är att tillämpa värdeflödeskartläggning utanför tillverkningssektorn och att sammanfatta resultaten i form av förslag på förbättringar av hanteringen av icke-serienumrerade produkter inom uthyrningsbranschen. Ett samarbete med ett fallföretag inom uthyrningsindustrin har genomgåtts för att uppfylla syftet med studien. Tillsammans med fallföretaget har det föreslagna ramarbetet testats och utvärderats. Resultaten har följts upp genom att genomföra en returhanteringsstudie, som utförs av verksamma inom lager hanteringen för kollektiva fallskyddsmedel, studiens resultat har sedan varit föremål för en statistisk analys. Upptäckterna från värdeflödeskartläggningen användes som grund för returhanteringsstudien, som agerat medel för att verifiera eller avfärda dem. Dessa har sedan sammanfattas i förslag till förbättringar till fallföretaget och förslag till framtida åtgärder. Bland resultaten finns indikationer på längre hanteringstider för returer som inte är förvarnade innan de blir återlämnade, samt minskade hanteringstider för sorterade returer. Dessutom krävde tre produkttyper ofta reparationer, rengöring och skrotning jämfört med andra produkter, vilket tyder på att dessa produkter är mer tidskrävande vid returer. Företaget rekommenderas att arbeta med standardiseringsprocesser för returhantering i hela organisationen, mer specifikt inom bestämmelser för fakturering och produktlagring. Förslag till framtida forskning inom ämnesområdet presenteras även.

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Libros sobre el tema "Cash flows from operations"

Lütolf-Carroll, Constance. From Innovation to Cash Flows. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2009. http://dx.doi.org/10.1002/9781118273166.

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Board, Financial Accounting Standards. Statement of cash flows: Net reporting of certain cash receipts and cash payments and classifaction of cash flows from hedging transactions : proposed statement of Financial Accounting Standards. Stanford, Conn: FASB, 1989.

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Board, Financial Accounting Standards. Statement of cash flows: Net reporting of certain cash receipts and cash payments and classification of cash flows from hedging transactiosn : an amendment of FASB statement no.95. Norwalk,Cn: Financial Accounting Standards Board, 1989.

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Manson, Stuart. A cash flow analysis of the operational gains from takeovers. London: Certified Accountants Educational Trust, 1994.

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1973-, Pirnes Antti, ed. From innovation to cash flows: Value creation by structuring high technology alliances. Hoboken, N.J: Wiley, 2009.

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Organisation for Economic Co-operation and Development, ed. Pensions, savings and capital flows: From ageing to emerging markets. Cheltenham, UK: Edward Elgar, 2000.

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Board, Financial Accounting Standards. Statement of cash flows: Exemption of certain enterprises and classifaction of cash flows from certain securities held for resale : an amendment of FASB statement no. 95 : proposed statement of Financial Accounting Standards. Stanford, Conn: FASB, 1988.

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Driessen, Joost. A new method to estimate risk and return of non-traded assets from cash flows: The case of private equity funds. Cambridge, MA: National Bureau of Economic Research, 2008.

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Cash from Operations Cons. New York: McGraw-Hill, 2010.

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Board, Financial Accounting Standards, ed. Statement of cash flows: Net reporting of certain cash receipts and cash payments and classification of cash flows from hedging transactions. Norwalk, Conn: Financial Accounting Standards Board, 1989.

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Capítulos de libros sobre el tema "Cash flows from operations"

Brand, Tom. "Appendix 2.2: Guidelines for Setting Up an Invention Disclosure System for Your Company". En From Innovation to Cash Flows, 1–3. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.app1.

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Brand, Tom. "Appendix 2.3: Sample Invention Disclosure Form". En From Innovation to Cash Flows, 1–2. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.app2.

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Hughes, Caroline, John Maycock y Nicole Hirst. "Appendix 11.1: International Intellectual Property Treaties and Conventions". En From Innovation to Cash Flows, 1–3. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.app8.

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Indaimo, Anthony y Nadia Ignatius. "Investment Agreements". En From Innovation to Cash Flows, 229–48. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.ch10.

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Brand, Tom. "The Basics about Patents". En From Innovation to Cash Flows, 273–96. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.ch12.

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Brand, Tom. "General Patenting Strategies in High-Technology Industries". En From Innovation to Cash Flows, 297–313. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.ch13.

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Mullally, Margaret. "How Alliances Complete the Value Chain in Biotechnology and Pharmaceutical Business Models". En From Innovation to Cash Flows, 175–207. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.ch8.

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Indaimo, Anthony, Nadia Ignatius y Gabriel Monzon-Cortarelli. "Contract Law, Key Legal Agreements for Business, and Incorporation Issues". En From Innovation to Cash Flows, 209–27. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.ch9.

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Indaimo, Anthony, Nadia Ignatius y Gabriel Monzon-Cortarelli. "Appendix 9.1: Confidentiality Agreement". En From Innovation to Cash Flows, 1–7. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.app7.

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Hughes, Caroline, John Maycock y Nicole Hirst. "Appendix 11.2: Comparison of Design Right and Registered Design". En From Innovation to Cash Flows, 1–3. Hoboken, NJ, USA: John Wiley & Sons, Inc., 2011. http://dx.doi.org/10.1002/9781118273166.app9.

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Actas de conferencias sobre el tema "Cash flows from operations"

La¨uferts, Ulrike, Charlotte Halbe y Aliki van Heek. "Value-Creating Investment Strategies to Manage Risk From Structural Market Uncertainties: Switching and Compound Options in (V)HTR Technologies". En Fourth International Topical Meeting on High Temperature Reactor Technology. ASMEDC, 2008. http://dx.doi.org/10.1115/htr2008-58157.

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To measure the value of a technology investment under uncertainty with standard techniques like net present value (NPV) or return on investment (ROI) will often uncover the difficulty to present convincing business case. Projected cash flows are inefficient or the discount rate chosen to compensate for the risk is so high, that it is disagreeable to the investor’s requirements. Decision making and feasibility studies have to look beyond traditional analysis to reveal the strategic value of a technology investment. Here, a Real Option Analysis (ROA) offers a powerful alternative to standard discounted cash-flow (DCF) methodology by risk-adjusting the cash flow along the decision path rather than risk adjusting the discount rate. Within the GEN IV initiative attention is brought not only towards better sustainability, but also to broader industrial application and improved financing. Especially the HTR design is full of strategic optionalities: The high temperature output facilitates penetration into other non-electricity energy markets like industrial process heat applications and the hydrogen market. The flexibility to switch output in markets with multi-source uncertainties reduces downside risk and creates an additional value of over 50% with regard to the Net Present Value without flexibility. The supplement value of deploying a modular (V)HTR design adds over 100% to the project value using real option evaluation tools. Focus of this paper was to quantify the strategic value that comes along a) with the modular design; a design that offers managerial flexibility adapting a step-by-step investment strategy to the actual market demand and b) with the option to switch between two modes of operation, namely electricity and hydrogen production. We will demonstrate that the effect of uncertain electricity prices can be dampened down with a modular HTR design. By using a real option approach, we view the project as a series of compound options — each option depending on the exercise of those that preceded it. At each end of the design phase, the viability will be reviewed conditional on the operating spread at each time step. We quantify the value of being able to wait with the investment into a next block until market conditions are favourable and to be able to abandon one block if market conditions are disapproving. To derive the intrinsic value of this multi block HTR design, it will be compared with a reference investment of a full commitment light water reactor without any managerial flexibility. In another case, we raise the question to what extent product output diversification is a suitable strategy to cope with long term market uncertainty in electricity price. What is the value of a multi-potent technology that is able to produce output for energy markets others than the electricity market? To investigate this, we concentrate on The Netherlands, a country with an intense industrial demand in electricity and hydrogen.

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Anuskiewicz, Robert J. y Thomas A. Hickerson. "An Operation and Maintenance Strategy to Maximize Performance of a 70-MW Combined-Cycle Power Plant". En ASME 1994 International Gas Turbine and Aeroengine Congress and Exposition. American Society of Mechanical Engineers, 1994. http://dx.doi.org/10.1115/94-gt-121.

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A 70-MW combined-cycle power plant was constructed in January 1989 at a manufacturing plant located in York, Pennsylvania. The purpose of the power plant was to provide the manufacturing plant with a reliable source of lower-cost process steam and electricity and to produce excess electricity for sale to the local utility company. This paper is an overview of the planning and implementation of the operation and maintenance (O&M) practices which have resulted in superior cash flow from plant operations. A primary element of the power plant project was to include the O&M needs in plant design, construction, commissioning, and start-up.

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Robbins, Suzanne M. "Cash Flows: Leadership PACs in the U. S. Congress from 1992 - 2008". En 2010 43rd Hawaii International Conference on System Sciences. IEEE, 2010. http://dx.doi.org/10.1109/hicss.2010.96.

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Herna´ndez, Franz H., Armando J. Blanco y Luis Rojas-Solo´rzano. "CFD Modeling of Slurry Flows in Horizontal Pipes". En ASME 2008 Fluids Engineering Division Summer Meeting collocated with the Heat Transfer, Energy Sustainability, and 3rd Energy Nanotechnology Conferences. ASMEDC, 2008. http://dx.doi.org/10.1115/fedsm2008-55103.

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Liquid-solid two-phase flows are found in numerous operations in the chemical, petroleum, pharmaceutical and many other industries. In numerous cases, the mixture or slurry that flows is composed by a suspension of solid particles (dispersed phase) transported by a liquid (continuum phase). However, the large number and range of variables encountered in slurry flows, in the case of pipelines, cause the flow behavior of these slurry systems to vary over a wide range of conditions, and consequently, different approaches have been used to describe the behavior of different flow regimes. Therefore, there are numerous studies of particular cases that cover limited ranges of conditions. In consequence, the experimental approach is necessarily limited by geometric and physical scale factors. For these reasons, Computational Fluid Dynamics, CFD, constitutes an ideal technique for predicting the general flow behavior of these systems. CFD models in this area can be divided in two different classes: Eulerian-Eulerian and Lagrangian-Eulerian models. Differences between these models are related to the way the solid phase flow is represented. Lagrangian-Eulerian models calculate the path and motion of each particle, while Eulerian-Eulerian models treat the particle phase as a continuum and average out motion on the scale of individual particles. This work focuses on the Eulerian-Eulerian approach for modeling the flow of a mixture of sand particles and water in a horizontal pipe. Homogeneous and heterogeneous flow regimes are considered. The k-ε model was used for modeling turbulent effects. Additionally, closure of solid-phase momentum equations requires a description for the solid-phase stress. Constitutive relations for the solid-phase stress considering the inelastic nature of particle collisions based on the Gas Kinetic Theory concepts have been used. Governing equations are solved numerically using the control volume-based finite element method. An unstructured non-uniform grid was chosen to discretize the entire computational domain. A second-order scheme in space and time was used. Numerical solutions in fully developed turbulent flow were found. Results show that flow predictions are very sensitive to the restitution coefficient and pseudo-viscosity of the solid phase. The mean pressure gradients from numerical solutions were compared with results obtained using the correlations of Einstein, Thomas and Krieger for homogeneous cases and with experimental data found in the open literature for heterogeneous cases. The solutions were found to be in good agreement with both correlations and experimental data. In addition, these numerical results were closer to experimental data than results obtained using other numerical models.

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Grace, Dale y Thomas Christiansen. "Risk-Based Assessment of Unplanned Outage Events and Costs for Combined-Cycle-Plants". En ASME Turbo Expo 2012: Turbine Technical Conference and Exposition. American Society of Mechanical Engineers, 2012. http://dx.doi.org/10.1115/gt2012-68435.

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Unexpected outages and maintenance costs reduce plant availability and can consume significant resources to restore the unit to service. Although companies may have the means to estimate cash flow requirements for scheduled maintenance and on-going operations, estimates for unplanned maintenance and its impact on revenue are more difficult to quantify, and a large fleet is needed for accurate assessment of its variability. This paper describes a study that surveyed 388 combined-cycle plants based on 164 D/E-class and 224 F-class gas turbines, for the time period of 1995 to 2009. Strategic Power Systems, Inc. (SPS®), manager of the Operational Reliability Analysis Program (ORAP®), identified the causes and durations of forced outages and unscheduled maintenance and established overall reliability and availability profiles for each class of plant in 3 five-year time periods. This study of over 3,000 unit-years of data from 50 Hz and 60 Hz combined-cycle plants provides insight into the types of events having the largest impact on unplanned outage time and cost, as well as the risks of lost revenue and unplanned maintenance costs which affect plant profitability. Outage events were assigned to one of three subsystems: the gas turbine equipment, heat recovery steam generator (HRSG) equipment, or steam turbine equipment, according to the Electric Power Research Institute’s Equipment Breakdown Structure (EBS). Costs to restore the unit to service for each main outage cause were estimated, as were net revenues lost due to unplanned outages. A statistical approach to estimated costs and lost revenues provides a risk-based means to quantify the impact of unplanned events on plant cash flow as a function of class of gas turbine, plant subsystem, and historical timeframe. This statistical estimate of the costs of unplanned outage events provides the risk-based assessment needed to define the range of probable costs of unplanned events. Results presented in this paper demonstrate that non-fuel operation and maintenance costs are increased by roughly 8% in a typical combined-cycle power plant due to unplanned maintenance events, but that a wide range of costs can occur in any single year.

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Bui, Khanh Q. y Lokukaluge P. Perera. "A Decision Support Framework for Cost-Effective and Energy-Efficient Shipping". En ASME 2020 39th International Conference on Ocean, Offshore and Arctic Engineering. American Society of Mechanical Engineers, 2020. http://dx.doi.org/10.1115/omae2020-18368.

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Abstract Stringent regulations regarding environmental protection and energy efficiency (i.e., emission limits regarding NOx, SOx pollutants and the IMO greenhouse gases reduction target) will mark a significant shift to the maritime industry. In the first place, the shipping industry has strived to work towards feasible technologies for regulatory compliance. Nevertheless, life cycle cost appraisal attaches much consideration of decision-makers when it comes to investment decisions on new technologies. Therefore, the life cycle cost analysis (LCCA) is proposed in this study to evaluate the cash flow budgeting and cost performance of the proposed technologies over their life cycles. In the second place, environmental regulations may support innovation especially in the era of digitalization. The industrial digitalization is expected to revolutionize all of the aspects of shipping and enable the achievement of energy-efficient and environmental-friendly maritime operations. The so-called Internet of things (IoT) with the utilization of sensor technologies as well as data acquisition systems can facilitate the respective maritime operations by means of vessel operational performance monitoring. The big data sets obtained from IoT should be properly analyzed with the help of Artificial Intelligence (AI) and Machine Learning (ML) approaches. Our contribution in this paper is to propose a decision support framework, which comprises the LCCA analysis and advanced data analytics for ship performance monitoring, will play a pivotal role for decision-making processes towards cost-effective and energy-efficient shipping.

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Guang Cheng. "Estimating the number of active flows from sampled packets". En 2012 IEEE/IFIP Network Operations and Management Symposium (NOMS 2012). IEEE, 2012. http://dx.doi.org/10.1109/noms.2012.6211984.

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Freire, Emanuel P., Artur Ziviani y Ronaldo M. Salles. "On Metrics to Distinguish Skype flows from HTTP traffic". En 2007 Latin American Network Operations and Management Symposium, LANOMS 2007. IEEE, 2007. http://dx.doi.org/10.1109/lanoms.2007.4362460.

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DARIPA, PRABIR. "A fast approach to designing airfoils from given pressure distribution in compressible flows". En Aircraft Design, Systems and Operations Meeting. Reston, Virigina: American Institute of Aeronautics and Astronautics, 1987. http://dx.doi.org/10.2514/6.1987-2862.

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King, Carey W., Jay Zarnikau y Phil Henshaw. "Defining a Standard Measure for Whole System EROI Combining Economic “Top-Down” and LCA “Bottom-Up” Accounting". En ASME 2010 4th International Conference on Energy Sustainability. ASMEDC, 2010. http://dx.doi.org/10.1115/es2010-90414.

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Business investments rely on creating a whole system of different parts, technologies, field and business operations, management, land, financing and commerce using a network of other services. Using the example of a wind farm development, a typical life cycle assessment (LCA) focuses upon the primary technology inputs and their countable embodied direct impacts. What LCA omits are the direct and indirect impacts of the rest of the business system that operates the primary technology, the labor, commerce and other technology employed. A total environmental assessment (TEA) would include the physical costs to the environment of the labor, commerce and other technology too. Here a simplified “system energy assessment” (SEA) is used to combine a “top-down” method of measuring implied indirect business impacts using econometric methods, with a “bottom-up” method of adding up the identifiable direct impact parts. The top-down technique gives an inclusive but rough measure. The bottom-up technique gives a precise accounting for the directly identifiable individual parts that is highly incomplete. SEA allows these two kinds of measures to be combined for a significantly improved understanding of the whole business system and its impacts, combining the high and low precision measures indentified by each method. The key is exhaustively accounting for energy uses within the natural boundary of a whole business system as a way of calibrating the measure. That allows defining a standardized measure of complex distributed system energy flows and their energy returns on invested energy resources (EROI). The method is demonstrated for a generic business operation. Starting from the easily accountable inputs and outputs, SEA successively uses larger natural system boundaries to discover a way of finding the limiting value of EROI after all parts of the whole are included. Some business choices and a net present value model of cash flow for the 20 year project help illustrate the related financial issues. The business model used shows that the EROI of a generic “Texas Wind Farm” is 31 when accounting for direct and indirect fuels only, but decreases to 4–6 after accounting for the economic energy consumed by all necessary business units and services.

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Informes sobre el tema "Cash flows from operations"

Driessen, Joost, Tse-Chun Lin y Ludovic Phalippou. A New Method to Estimate Risk and Return of Non-Traded Assets from Cash Flows: The Case of Private Equity Funds. Cambridge, MA: National Bureau of Economic Research, junio de 2008. http://dx.doi.org/10.3386/w14144.

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McCullouch, Bob. INDOT Research Program Benefit Cost Analysis—Return on Investment for Projects Completed in FY 2019. Purdue University, 2020. http://dx.doi.org/10.5703/1288284317279.

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To demonstrate the value of research and its implementation, the Governor’s Office requested an annual financial analysis of the INDOT Research Program to determine the return on the research investment (ROI). This report is for the 35 research projects that completed in FY 2019. The ROI analysis will supplement the annual IMPACT report by adding a more rigorous quantitative benefit cost analysis (BCA) to the Research Program. Previous financial analyses used the approach of calculating net present values of cash flows to determine a benefit cost ratio and this report uses the same approach. Additionally, an overall program rate of return (ROI) is reported and will be accumulated over time into a rolling 5-year average. The ROI is expressed as a BCA ratio, which is commonly used by State DOTs and national transportation research agencies when expressing the return on the research investment. By using total program costs in the analysis, rather than just the individual project cost, a very conservative BCA ratio is obtained. Interestingly, the quantified cost savings from a single project frequently underwrites the cost of the entire research program in a fiscal year.

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Melanie, Haupt y Hellweg Stefanie. Synthesis of the NRP 70 joint project “Waste management to support the energy turnaround (wastEturn)”. Swiss National Science Foundation (SNSF), enero de 2020. http://dx.doi.org/10.46446/publication_nrp70_nrp71.2020.2.en.

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A great deal of energy can be sourced both directly and indirectly from waste. For example, municipal waste with an energy content of around 60 petajoules is incinerated in Switzerland every year. The energy recovered directly from this waste covers around 4 % of the Swiss energy demand. However, the greatest potential offered by waste management lies in the recovery of secondary raw materials during the recycling process, thus indirectly avoiding the energy-intensive production of primary raw materials. In order to optimise the contribution to the energy turnaround made by waste management, as a first step, improvements need to be made with respect to the transparent documentation of material and cash flows, in particular. On the basis of this, prioritisation according to the energy efficiency of various recycling and disposal channels is required. Paper and cardboard as well as plastic have been identified as the waste fractions with the greatest potential for improvement. In the case of paper and cardboard, the large quantities involved result in considerable impact. With the exception of PET drinks bottles, plastic waste is often not separately collected and therefore offers substantial improvement potential. Significant optimisation potential has also been identified with regard to the energy efficiency of incineration plants. To allow municipal solid waste incineration (MSWI) plants to use the heat they generate more effectively, however, consumers of the recovered steam and heat need to be located close by. A decisive success factor when transitioning towards an energy-efficient waste management system will be the cooperation between the many stakeholders of the federally organised sector. On the one hand, the sector needs to be increasingly organised along the value chains. On the other hand, however, there is also a need to utilise the freedom that comes with federal diversity in order to test different solutions.

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Payment Systems Report - June of 2020. Banco de la República de Colombia, febrero de 2021. http://dx.doi.org/10.32468/rept-sist-pag.eng.2020.

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With its annual Payment Systems Report, Banco de la República offers a complete overview of the infrastructure of Colombia’s financial market. Each edition of the report has four objectives: 1) to publicize a consolidated account of how the figures for payment infrastructures have evolved with respect to both financial assets and goods and services; 2) to summarize the issues that are being debated internationally and are of interest to the industry that provides payment clearing and settlement services; 3) to offer the public an explanation of the ideas and concepts behind retail-value payment processes and the trends in retail payments within the circuit of individuals and companies; and 4) to familiarize the public, the industry, and all other financial authorities with the methodological progress that has been achieved through applied research to analyze the stability of payment systems. This edition introduces changes that have been made in the structure of the report, which are intended to make it easier and more enjoyable to read. The initial sections in this edition, which is the eleventh, contain an analysis of the statistics on the evolution and performance of financial market infrastructures. These are understood as multilateral systems wherein the participating entities clear, settle and register payments, securities, derivatives and other financial assets. The large-value payment system (CUD) saw less momentum in 2019 than it did the year before, mainly because of a decline in the amount of secondary market operations for government bonds, both in cash and sell/buy-backs, which was offset by an increase in operations with collective investment funds (CIFs) and Banco de la República’s operations to increase the money supply (repos). Consequently, the Central Securities Depository (DCV) registered less activity, due to fewer negotiations on the secondary market for public debt. This trend was also observed in the private debt market, as evidenced by the decline in the average amounts cleared and settled through the Central Securities Depository of Colombia (Deceval) and in the value of operations with financial derivatives cleared and settled through the Central Counterparty of Colombia (CRCC). Section three offers a comprehensive look at the market for retail-value payments; that is, transactions made by individuals and companies. During 2019, electronic transfers increased, and payments made with debit and credit cards continued to trend upward. In contrast, payments by check continued to decline, although the average daily value was almost four times the value of debit and credit card purchases. The same section contains the results of the fourth survey on how the use of retail-value payment instruments (for usual payments) is perceived. Conducted at the end of 2019, the main purpose of the survey was to identify the availability of these payment instruments, the public’s preferences for them, and their acceptance by merchants. It is worth noting that cash continues to be the instrument most used by the population for usual monthly payments (88.1% with respect to the number of payments and 87.4% in value). However, its use in terms of value has declined, having registered 89.6% in the 2017 survey. In turn, the level of acceptance by merchants of payment instruments other than cash is 14.1% for debit cards, 13.4% for credit cards, 8.2% for electronic transfers of funds and 1.8% for checks. The main reason for the use of cash is the absence of point-of-sale terminals at commercial establishments. Considering that the retail-payment market worldwide is influenced by constant innovation in payment services, by the modernization of clearing and settlement systems, and by the efforts of regulators to redefine the payment industry for the future, these trends are addressed in the fourth section of the report. There is an account of how innovations in technology-based financial payment services have developed, and it shows that while this topic is not new, it has evolved, particularly in terms of origin and vocation. One of the boxes that accompanies the fourth section deals with certain payment aspects of open banking and international experience in that regard, which has given the customers of a financial entity sovereignty over their data, allowing them, under transparent and secure conditions, to authorize a third party, other than their financial entity, to request information on their accounts with financial entities, thus enabling the third party to offer various financial services or initiate payments. Innovation also has sparked interest among international organizations, central banks, and research groups concerning the creation of digital currencies. Accordingly, the last box deals with the recent international debate on issuance of central bank digital currencies. In terms of the methodological progress that has been made, it is important to underscore the work that has been done on the role of central counterparties (CCPs) in mitigating liquidity and counterparty risk. The fifth section of the report offers an explanation of a document in which the work of CCPs in financial markets is analyzed and corroborated through an exercise that was built around the Central Counterparty of Colombia (CRCC) in the Colombian market for non-delivery peso-dollar forward exchange transactions, using the methodology of network topology. The results provide empirical support for the different theoretical models developed to study the effect of CCPs on financial markets. Finally, the results of research using artificial intelligence with information from the large-value payment system are presented. Based on the payments made among financial institutions in the large-value payment system, a methodology is used to compare different payment networks, as well as to determine which ones can be considered abnormal. The methodology shows signs that indicate when a network moves away from its historical trend, so it can be studied and monitored. A methodology similar to the one applied to classify images is used to make this comparison, the idea being to extract the main characteristics of the networks and use them as a parameter for comparison. Juan José Echavarría Governor

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