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Добірка наукової літератури з теми "Return on Average Cash Balance"

Автор: Grafiati

Опубліковано: 30 травня 2022

Оновлено: 31 травня 2022

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Статті в журналах з теми "Return on Average Cash Balance"

Sabauri, Levan. "INFLUENCE OF ACCOUNTING BALANCE INDICATORS ON INVESTMENT EVALUTION." Applied Finance and Accounting 2, no. 1 (November 16, 2015): 57. http://dx.doi.org/10.11114/afa.v2i1.1158.

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The work considers essential matters of cash flow return on investments. The basic of CFROI® methodology is the idea of a company as the integrity of projects. Those projects have different moments and terms of development and effect as well as the various rates of payback. Subject to the goals of the analysis, they are represented as a single consolidated project which generates cash flows within the term of useful life of those assets to which the investments are aimed. The CFROI® is based on the main idea – to determine the inflation-adjusted cash flows in favor of every capital owner and to compare them with the inflation-adjusted historical investments which have been put in the business in consideration of the depreciated cost of non-depreciable assets according to the internal rate. The work focuses on the detailed analysis of the CFROI® components. All components are considered separately and in connection with each other that makes the single chain determining the cash rate of return on investments. Within the analysis of cash rate of return on investments it is important to determine the duration of life cycle of strategic investments which is directly related to the establishment of the average age of the fixed depreciated tangible assets. When determining the average asset age noteworthy is by what formula it will be calculated. Based on the practical examples the work presents the cases of “artificial rejuvenation” of depreciated assets and “artificial aging” of assets. The work also determines the values of total investments and total cash flows, their effect on calculation of the cash rate of return on investments. Parallel with investments and cash flows there is also considered the role of IRR and MIRR for calculation of CFROI. Together with the investment model of calculation there has been applied calculation with CFROI coefficient which is based on the use of data of the economical depreciation of total investments. Therefore, the operating cash flows are recurrent and reiterated and they create the necessary idea of the profit to be received from a business in future. CFROI® value is measured on the annual basis. It may be subject to modification. Noteworthy is to determine the internal rate of return (IRR) of a business in the current conditions. CFROI® is of analytical predictable nature. However, it shall be applied with a particular caution. In the final analysis, the purport of the company existence is to return all investments deposited in it and to receive the adequate revenue which will compensate alternative expenses and bring profit to the company.

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Ali, Shahid. "Working Capital Management and the Profitability of the Manufacturing Sector: A Case Study of Pakistan’s Textile Industry." LAHORE JOURNAL OF ECONOMICS 16, no. 2 (July 1, 2011): 141–78. http://dx.doi.org/10.35536/lje.2011.v16.i2.a6.

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This study explores the association between working capital management and the profitability of textile firms in Pakistan. The efficiency of working capital management is reflected by three variables: cash conversion efficiency, days operating cycle, and days of working capital. We use return on assets, economic value added, return on equity, and profit margin on sales as proxies for profitability. A balanced panel dataset covering 160 textile firms for the period 2000–05 is analyzed and we estimate an ordinary least squares model and a fixed effect model. Return on assets is found to be significantly and negatively related to average days receivable, positively related to average days in inventory, and significantly and negatively related to average days payable. Also, return on assets has a significant positive correlation with the cash conversion cycle, which would suggest that a longer cash conversion cycle is more profitable in the textiles business. The findings of the regression analysis show that average days in inventory, average days receivable, and average days payable have a significant economic impact on return on assets. The findings of the fixed effect model reveal that average days in inventory and average days receivable both have a significant impact on return on assets.

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D’Souza, Julia, John Jacob, (Deceased), and Barbara Lougee. "Cash Balance Pension Plan Conversions: An Analysis Of Motivations And Pension Costs." Journal of Applied Business Research (JABR) 29, no. 2 (February 13, 2013): 621. http://dx.doi.org/10.19030/jabr.v29i2.7662.

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In recent years, many corporations have replaced their traditional defined benefit (DB) pension plans with cash balance (CB) plans, which share many of the characteristics of defined contribution plans. This study provides empirical evidence on the characteristics of CB converters and the behavior of pension costs and obligations pre- and post-conversion. We find that CB converters are larger than firms that retain traditional DB plans as well as those that terminate DB plans. They are less profitable than the former, but more profitable than the latter. CB conversions are not associated with proxies for greater labor mobility (e.g., firm-specific employee turnover rate). They are associated with a workforce that is closer to retirement, on average, lending credence to the breach of implicit contract rather than the labor market hypothesis as a motivator of CB conversions. Consistent with this intuition, we document that CB converters recognize a reduction of unrecognized prior service costs in the year of conversion, consistent with a negative plan amendment. Unlike pre-conversion, pension costs and obligations are significantly lower for CB firms post-conversion than for a matched sample of firms retaining traditional DB plans. CB conversions are more popular than DB plan terminations among firms with overfunded pension plans in periods when expected return on plan assets is likely to be high, with a consequent positive effect on reported income.

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Iyer, Subramanian, and Siamak Javadi. "Beyond market timing theory." Studies in Economics and Finance 35, no. 4 (October 1, 2018): 458–80. http://dx.doi.org/10.1108/sef-09-2017-0245.

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PurposeThis study aims to examine the behavior of cash raised through market timing efforts and the success of such efforts in creating value to shareholders.Design/methodology/approachIt is shown that in two quarters, subsequent to raising equity, cash balance of market timers is higher but after that, there is no significant difference between timers and non-timers. Results of speed of adjustment regressions indicate that market timers move faster toward their target cash levels.FindingsMarket timers are small firms that suffer from asymmetric information. They have limited access to capital market, and raising external capital is an opportunity that should be timed. The results suggest that, on average, these firms are managed by more able executives, who are 10 per cent more likely to time the market; however, it is found that timing efforts are unsuccessful in creating value to shareholders even after controlling for the mitigating effect of managerial ability. Subsequent to market timing, on average, market timers earn significantly lower abnormal return over different holding periods relative to their comparable non-timer counterparts.Originality/valueOverall, the results undermine the validity of market timing as a value-maximizing financial policy.

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Bassen, Alexander, Dirk Schiereck, and Christian Thamm. "Activist shareholders and the duration of supervisory board membership: Evidence for the German Aufsichtsra." Corporate Ownership and Control 13, no. 2 (2016): 521–31. http://dx.doi.org/10.22495/cocv13i2c3p3.

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We study the fixed term nature of the German supervisory board appointment hypothesizing that the timing of the upcoming election has an impact on the credibility of effort by activist investors. More credible approaches should consequently be associated with higher wealth effects. An average abnormal return that is up to 6.9 percent higher can be observed when potential activists consider the timing of the next supervisory board election. Capital markets apparently perceive an activist effort within one to two years prior to the election as being most credible. Quite contrary to intuition it seems that high cash positions on targets’ balance sheets have a negative impact on the post-announcement wealth effects.

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Gautam, Kedar Raj. "Structure and Utilization of Receivable of Listed Non- Government Manufacturing Companies in Nepal." Janapriya Journal of Interdisciplinary Studies 2 (August 17, 2017): 65–72. http://dx.doi.org/10.3126/jjis.v2i1.18068.

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When the firm sells goods on credit rather than requiring immediate cash payment such kind of credit sales generate accounts receivable. Especially in small firms, accounts receivable may be factor that decides success or failure. In large firms, efficient accounts receivable management affects the firm’s risk return and share price. The volume of receivable, their composition and management affects the liquidity and profitability. They have, therefore to be managed in such a way that strikes a balance between risk and return. This paper attempts to analyse the structure and utilization of receivable of listed manufacturing companies in Nepal. The emphasis in this study is on manufacturing enterprises because they provide best laboratory for analyzing the structure and utilization of receivable. To analyze the structure and utilization of receivable, ratio analysis is used along with statistical tools such as mean and standard deviation. The analysis shows that there was wide variation in investment in receivable. The average ratio of receivable to current asset ranged between 0.35% to 58%. Similarly, utilization of receivable in terms of average collection period ranged between 1 to 195.8 days representing on average 58.62 days. Janapriya Journal of Interdisciplinary Studies Vol. 2, No.1 (December 2013), Page: 65-72

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Charisma, Bryan, and Encep Amir. "Economic Value-Added Creation by Optimizing Capital Structure in Project Finance." International Journal of Applied Research in Management and Economics 3, no. 2 (December 30, 2020): 46–60. http://dx.doi.org/10.33422/ijarme.v3i2.446.

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Infrastructure Projects are large investment by the public and/or private sector that required enormous financial resource commitment to build physical asset and facilities needed for economic development so that the company need project financing to support with. Project finance is based on debt repayment from project companies’ revenue and not on the sponsors or the developer’s balance sheet, so the project companies should assure the cash flow is sufficient for debt repayment and dividend payment. Beside that investors still have to analyze the value created in that project with highest positive Economic Value Added. Net Operating Profit After Tax (NOPAT) need to cover cost of invested capital to create value so that the ratio of NOPAT to total Project Cost (Return on Invested Capital) is should be more than the weighted average cost of capital (WACC). The capital structure doesn’t have an optimum weight and cost as long as the Return on Invested Capital (ROIC) higher than WACC.

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Liu, Jing, James A. Ohlson, and Weining Zhang. "An Evaluation of Chinese Firms' Profitability: 2005–2013." Accounting Horizons 29, no. 4 (May 1, 2015): 799–828. http://dx.doi.org/10.2308/acch-51154.

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SYNOPSIS We empirically examine the profitability of leading Chinese firms, benchmarked against comparable U.S. firms, for the period 2005–2013. Return on invested capital (ROIC), which excludes leverage effects on performance, provides the primary metric. Averaged over firms and years, the two sets of firms have similar profitability, about 11 percent annually. Decomposing ROIC into free cash flow yield and invested capital growth, we show that the same ROIC has very different compositions: while the Chinese firms have high growth and negative free cash flows, the U.S. firms have low growth and positive free cash flows. Due to balance sheet conservatism, we infer that Chinese (U.S.) firms' free cash flow yields and the resulting ROICs have been biased downward (upward). After correcting for the bias, we show that Chinese firms have much higher profitability than their U.S. counterparts: 15.1 percent versus 8.1 percent. This result is driven by the abundance of growth opportunities in China in our sample period. When we control for the growth rates, we find U.S. firms have been more “efficient” in generating more free cash flows than Chinese firms.

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Custer, A., J. Tatman, and J. Lee. "Concussion Assessment and Return to Sport for a High School, Legally Blind, Female Swimmer." Archives of Clinical Neuropsychology 34, no. 5 (July 2019): 776. http://dx.doi.org/10.1093/arclin/acz026.46.

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Abstract Purpose Limited research exists on treatment of sport concussion in visually impaired individuals. Adaptation to athlete’s needs is vital for individualized sport specific return to play (RTP). Methods Fifteen year-old, visually impaired, female, swimmer presented to an interdisciplinary Sport Concussion Program for protracted recovery with complaints of disequilibrium, headaches, cognitive fatigue, and exacerbation of premorbid resting nystagmus after being kicked in the head during practice. Patient is legally blind due to Peter’s Anomaly and right retinal detachment, with history of migraine, carsickness, and glaucoma. Patient completed two visits with clinical sports neuropsychologist and three vestibular therapy (VT) appointments, assessed via Post-Concussion Symptom Scale (PCSS), Montreal Cognitive Assessment (MoCA-BLIND), Modified Balance Error Scoring System (mBESS), Dizziness Handicap Inventory (DHI), Activities-Specific Balance Confidence scale (ABC), Buffalo Concussion Treadmill Test (BCTT), and Children's Memory Scales (CMS). Differential Diagnosis: Concussion, Post-Concussion Syndrome, Post-Traumatic Headache, Vestibular Dysfunction. Results Initial consult revealed PCSS of 35 and normal MoCA-BLIND (18/22). Patient’s mBESS improved from 7 to 3 errors with VT, DHI mildly elevated (36%), ABC moderately elevated (43%). VT consisted of: neuromuscular re-education, balance training, positional changes, cognitive activity, sport specific RTP progressions (dry land modifications, transitions into water, communication to team athletic trainer). BCTT passed on third VT visit. Patient cleared for RTP with PCSS at 7 and (CMS) Stories, Word Lists, Numbers, and Sequences subtests within expectations (average to high average ranges). Conclusion This case study illustrates an interdisciplinary approach to concussion treatment with modification of established tools and proposal of sport specific RTP guidelines for visually impaired athletes.

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Bellandi, Francesco. "A Brand-New Method of Quantifying Lease Incremental Borrowing Rate under IFRS 16 and Topic 842." International Journal of Business and Management 16, no. 11 (October 20, 2021): 92. http://dx.doi.org/10.5539/ijbm.v16n11p92.

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One of the most contentious issues of lessee’s accounting under IFRS 16 and FASB ASC Topic 842 has been how to compute a lessee’s incremental borrowing rate (hereafter, IBR). A proper quantification of IBR is important because it affects the amount of a lessee’s right-of-use asset and lease liability recognized at lease commencement in the statement of financial position, as well as depreciation and interest expenses ongoing. Such a determination poses theoretical and practical difficulties to companies. This article develops a brand-new method that follows a conceptual approach that converge accounting and finance theory, to strike a balance between rigorous theory and practical application for companies. The proposed approach starts with a lessee’s actual average borrowing rate and compares it with its theoretical average borrowing rate based on synthetic rating. It then flexes the average rate along the interest term curve and derives the monthly rates applicable to each monthly cash flow. It adjusts the rates based on each specific lease features as defined in the standards, periodically updates the specific lease interest rate curves, and computes a lease IBR as the internal rate of return of the cash flows discounted at the monthly specific rates applicable to that specific lease. It finally compares with benchmarks. The proposed model is innovative because it is framed within, and consistent with, the definition of incremental borrowing rate in those accounting pronouncements, uses three starting references cross-checking each other, includes both an internal perspective of a company’s actual interest rates and an external market perspective, and is relatively easy to model in a partially automated spreadsheet application.

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Більше джерел

Дисертації з теми "Return on Average Cash Balance"

Chaika, Tetiana, Nataliia Poberezhna, and Olga Panasenko. "Possibilities of using Ukrainian companies’ open financial statements in the profitability analyzing of cash flows." Thesis, Дике Поле, 2019. http://repository.kpi.kharkov.ua/handle/KhPI-Press/42712.

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Cash flow information is more transparent, easier to control, less affected by accounting policies, and more clearly shows whether a company generates real money. Therefore, it is obvious that when assessing the profitability, along with the other profitability ratios, it is also necessary to take into account return on cash flow ratios. The Ukrainian companies’ financial statements contain information that allows to calculate a number of cash flow profitability metrics. There are various approaches to the design of cash flow profitability metrics: some of them interpret cash flow as a dynamic form of company’s monetary resources, and others – as a result of financial activity. Cash flow profitability metrics are less susceptible to distortion than traditional profitability metrics calculated by profit. Unfortunately, the statistical reports of the Ukraine State Statistics Service do not contain information about the cash flows of the Ukrainian business entities, so there is no possibility to compare the obtained values with industry average indicators. This makes it difficult to carry out comparative analytical work when using metrics of cash flow profitability.
Інформація про рух грошових коштів більш прозора, легше піддається контролю, менше схильна до впливу облікової політики та чіткіше показує, чи генерує компанія реальні грошові кошти. Тому очевидно, що при оцінці прибутковості підприємства, поряд з іншими коефіцієнтами рентабельності, необхідно брати до уваги також і коефіцієнти рентабельності грошових потоків. Фінансова звітність українських підприємств містить інформацію, яка дозволяє розрахувати цілий ряд метрик рентабельності грошового потоку. Існують різні підходи до конструювання метрик рентабельності грошового потоку: одні з них трактують грошовий потік як динамічну форму грошових ресурсів підприємства, а інші – як результат фінансової діяльності. Метрики рентабельності грошового потоку менш схильні до спотворень, ніж традиційні метрики рентабельності, які розраховані за прибутком. На жаль, статистичні звіти Державної служби статистики України не містять інформації про грошові потоки українських суб'єктів господарської діяльності, тому відсутня можливість порівнювати отримані значення з середньогалузевими показниками. Це істотно ускладнює проведення порівняльної аналітичної роботи при використанні метрик рентабельності грошових потоків.

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Hai, David. "Odhad hodnoty firmy MAFRA, a.s." Master's thesis, Vysoká škola ekonomická v Praze, 2009. http://www.nusl.cz/ntk/nusl-11178.

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The diploma thesis focuses on the analysis of a company MAFRA, a.s. The aim of the paper is to assess the ability of MAFRA a.s. company to increase company value and the ability to sustain the growth in the future. MAFRA a.s. company was valuated using free cash flow to the firm metod .Value of the company is estimated as of 31/12/2008. The value estimated is 2 996 851 677 CZK.

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Skučková, Hana. "Účetní výkazy a finanční analýza." Master's thesis, Vysoká škola ekonomická v Praze, 2008. http://www.nusl.cz/ntk/nusl-9139.

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Financial analysis is very important in making decisions and also has some dificulties. The first part is about sources of information for financial analysis (balance sheet, income statement, cash flow, annual reports etc.). The second part describes elementary methods of financial analysis. Mainly methods of calculation, interpretation and usage of ratios for the purpose of firm's financial health evaluation (profitability, liquidity, financial stability etc.). The third part is about history of brewing indurstry, history and present of Pivovar Holba, a. s. There are calculated indicators and are compared with branch average and median.

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Dundáčková, Monika. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2012. http://www.nusl.cz/ntk/nusl-223590.

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This thesis is aimed on evaluation of the financial situation of a concrete company. In the first part, there is a profile of the company, and a basic performance analysis of internal and external factors which influence the company. The second part of thesis is an explanation of financial analysis, the principles of which are applied. In the third part, data gathered about the company is analysed and compared with a competitor. The final part of the work describes proposals to improve the financial situation of the analysed company.

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Braun, Karel. "Využití finanční analýzy v podniku." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2009. http://www.nusl.cz/ntk/nusl-401452.

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The aim of the submitted thesis „Application of financial analysis in a company“ is to perform financial analysis of a enterprise IMOS Brno, a.s. from 2001 to 2007 and to make suggestions for improvement of company financial position. Results of this master´s thesis will give information for a company management and its decision-making process.

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Dvořáková, Martina. "Hodnocení finanční situace podniku a návrhy na její zlepšení." Master's thesis, Vysoké učení technické v Brně. Fakulta podnikatelská, 2008. http://www.nusl.cz/ntk/nusl-221717.

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This diploma work assess the financial health of the company in the years 2002–2006 on the basis of selected methods of the financial analysis. It includes proposals of possible solutions of identified problems which should result in the improvement of financial situation of the firm in the following years.

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Частини книг з теми "Return on Average Cash Balance"

Smithers, Andrew. "Equity, Bond, and Cash Relative Returns." In The Economics of the Stock Market, 45–50. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780192847096.003.0009.

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It is often assumed that the expected returns on equities should rise and fall with changes in the return on bonds. It is one of those ideas that seem inherently reasonable but are shown to be false when tested. The difference between the return on bonds and that on equities is termed the equity risk premium, (ERP), though the term is used imprecisely being sometimes defined using historic data and sometimes using expected future returns. The ERP fluctuates but, as it has not been historically mean reverting, it has no stable average and its level at any one time therefore provides no information about its future level or about the prospective returns for either equities or bonds. Despite this evidence, papers are regularly published on the ERP which assume that its level does provide information on one or other of these variables. It is an example of a common unwillingness among economists to discard an assumption, which seems reasonable, despite the evidence against it.

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Syeda, Rafathunnisa. "Impact of Working Capital Management on Profitability: A Case Study of Trading Companies." In Accounting and Finance Innovations. IntechOpen, 2021. http://dx.doi.org/10.5772/intechopen.99912.

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Анотація:

The success of any business depends on its profitability, liquidity, and solvency. Liquidity plays an important role in the successful running of a business. Many prior studies have been conducted to measure the relationship between working capital and profitability. The results showed that the high investment in inventories and receivables is associated with lower financial performance. They found a negative relationship between Return on Assets and Inventory turnover and Cash conversion cycle the present study is designed to know the direct impact of working capital on profitability by choosing the days of collection, days of payment, days inventory converts to sales and finally the cash conversion cycle. This study examines the association between the profitability and working capital using the data of 15 US trading companies for the period of 2015 to 2019. The key points in this study are firstly there exists a negative relationship between the profitability and the average collection period, the lower the average collection period higher will be the profitability, indicating that a decrease in the number of days a firm receives payment from sales affects the profitability of the firm positively. Secondly there is a highly significant positive relationship between average payment period and profitability. This implies that the longer a firm makes the payment to its creditors, the more profitable it is. Thirdly the cash conversion cycle decreases it will lead to an increase in profitability of the firm, and managers can create a positive value for the shareholders which indicates that it has been maintained. The regression analysis showed the value for the R-squared in the model is 0.584, i.e., 58.4% of the variation in the dependent variable Net Profitability is explained by the independent variables.

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Smithers, Andrew. "The Risk-free Short-term Rate of Interest." In The Economics of the Stock Market, 41–44. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780192847096.003.0008.

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Short-term interest rates have not historically been risk-free as banks defaulted and depositors were not insured. The apparent long-term fall in real short-term interest rates does not therefore necessarily indicate that this has been the trend for risk-free rates. As they are affected independently by exogenous changes in the fiscal balance and demographics, neither short- nor long-term interest rates, nor the yield curve are mean reverting. While volatile over short periods, short- and long-term rates have varied within quite narrow limits over longer time spans, as has the shape of the yield curve and the steepness of its slope. The average risk-free short-term real rate of return has been under 1 per cent and the long-term rate below 2.5 per cent.

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Smithers, Andrew. "The Behaviour of the Firm." In The Economics of the Stock Market, 87–94. Oxford University Press, 2022. http://dx.doi.org/10.1093/oso/9780192847096.003.0018.

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Companies produce more than half of total output, so the economy depends on those who run them. Neoclassical theory assumes that companies aim to maximize the present discounted value of net cash flows (‘profit maximize’) in the interests of shareholders. Critics have long held that this is wrong as mangers act in their own interests, of which the key ones are to keep their jobs and receive large financial rewards. Businesses are of three different types: if incorporated they can be either quoted or unquoted, or they can be unincorporated and the behaviour of their managers varies with the type. Quoted companies dominate the economy and their managers’ job-threatening activities include being underleveraged, raising new equity issues, having poor RoEs and losing market share. These expose them to being taken over using debt, if underleveraged, or other companies’ shares, if their own are rated below average by the stock market. The balance between avoiding underleveraging and the risk of having to raise new equity, results in the ratio of interest payments to profits before tax being stationary. The balance between avoiding the loss of market share and a poor RoE results in investment being at the hurdle rate. The bonus culture has temporarily raised the hurdle rate and thus depressed investment, by increasing the rewards of short-term rises in EPS.

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Goody, R. M., and Y. L. Yung. "Introduction." In Atmospheric Radiation. Oxford University Press, 1989. http://dx.doi.org/10.1093/oso/9780195051346.003.0003.

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Earth, like the other inner planets, receives virtually all of its energy from space in the form of solar electromagnetic radiation. Its total heat content does not vary significantly with time, indicating a close overall balance between absorbed solar radiation and the diffuse stream of low-temperature, thermal radiation emitted by the planet. The transformation of the incident solar radiation into scattered and thermal radiation, and the thermodynamic consequences for the earth’s gaseous envelope, are the subjects of this book. The scope must be narrowed, however, because in its broadest interpretation our title could include atmospheric photochemistry and many other topics usually treated in books dealing with the upper atmosphere. By restricting attention to the thermodynamic aspects, this problem of selection usually resolves itself. For example, the absorption of energy accompanying photodissociation or photoionization will be considered if the energy involved is comparable to that of other sources or sinks, but not otherwise. Similarly, the oxygen airglow has some thermodynamic consequences in the upper atmosphere, but the important topic of the airglow will be mentioned only in this limited context. The irradiance at mean solar distance—the solar constant—is slightly less than 1400 Wm-2, giving an average flux of solar energy per unit area of the earth’s surface equal to 350 W m-2 (the factor 4 is the ratio of surface area to cross section for a sphere). Of this energy, approximately 31% is scattered back into space, 43% is absorbed at the earth's surface, and 26% is absorbed by the atmosphere. The ratio of outward to inward flux of solar radiation is known as the albedo. We may speak of the albedo of the entire earth or of individual surfaces with reference either to monochromatic radiation or to a weighted average whole is about 0.31, and an average of 224 Wm-2 is available for heating, directly and indirectly, the earth and its atmosphere. The redistribution of this absorbed solar energy by dynamic and radiative processes and its ultimate return to space as low-temperature planetary or terrestrial radiation are the most important topics of this book.

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"Financial Analyses." In Agricultural Finance and Opportunities for Investment and Expansion, 116–36. IGI Global, 2018. http://dx.doi.org/10.4018/978-1-5225-3059-6.ch007.

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Financial analyses provide an account of an enterprise's past performance, a picture of its current financial strength/weakness, and a glimpse into the future financial potential. The owner of a farm firm periodically assesses and analyses the performance of the enterprise against predetermined objectives. The analysis is undertaken with the use of some tools. Because the discerning farmer needs to keep objectives of the enterprise in constant view, this chapter focuses on financial analyses with a view to highlighting the tools used in assessing a farm firm performance against predetermined objectives. The discussions are based on a review of relevant literature. The objectives of this chapter include defining the concept of financial analyses, describing the tools for analyses and showing worked examples of financial analysis, and highlighting the concept of rate of return. Financial analyses can be undertaken by management of an enterprise or by parties outside the enterprise. The three commonly used tools of financial analyses, namely the balance sheet, the income statement, and the cash flow statement, tend to be associated with some flaws, especially with regard to the reliability and validity of the accompanying figures. As a result, results from financial analyses should be interpreted with caution. It is further recommended that financial analyses be matched with a more observable measure of the financial health of a farm enterprise in terms of physical growth and expansion, credit worthiness, and how the enterprise meets its maturing obligations.

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"demand for producer goods (that is, implements, fertilisers, etc.) was largely left unsatisfied, a fact which eroded the peasants' productive basis. The exchange with the peasantry became conditioned by the following three interlocking phenomena: (1) the reduction in relative and in absolute terms of official marketing of crops as result of the rapid expansion of parallel markets; (2) the galloping inflation of prices in the parallel markets; and (3) the consequent rapid depreciation of the currency and the increased reluctance to accept the metical in exchange for sale of goods. Although the surface appearances of these phenomena were generally recog-nised, the explanation of the underlying mechanisms was by no means clear. The dominant explanation of the problem came from the ministry of internal commerce which was in its day-to-day operation more directly con-fronted with the problem. According to this view the nature of the problem was the withdrawal from the market by the peasantry since money no longer bought goods. Hence, the payment of rural wages and the buying of cash crops channelled a volume of money into the economy far in excess of available pro-ducer and consumer goods directed to the peasantry. Cash balances therefore accumulated over time and the stimulus to further production was blunted. The fact that the supply of commodities destined to be traded with the peasantry was, in terms of value, far in excess of the official marketing of crops was the often quoted proof that peasants simply ran down cash balances to buy goods and did not produce more for exchange. This view often overlooked the impact of the demand springing from the wage bill and, hence, directly equated the difference between the supply of goods to the peasantry and the goods obtained in return with the running down of cash balances accumulated by the peasantry. The problem therefore was seen as one of an excessive volume of money being held in the rural areas: peasants had too much money relative to the available supply of goods. Therefore, they withdrew from the market and preferred to buy up any supplies forthcoming with the money in hand rather than through production. Implicit in this view was a conception of a single circuit of exchange between the state sector and the peasantry in which the state buys with money either cash crops or labour power, and subsequently the peasantry buys consumer and producer commodities from the state sector (with or without the intermediation of private trade). If both parts do not balance in value, idle balances of money will build up in the hands of the peasantry and over time blunt the incentive of production. The preoccupation was thus with the stock of money in the hands of the peasantry (as a measure of frustrated demand) and little attention was paid to its velocity since it was implicitly assumed that these balances remained idle (stuck in the peasants' pockets). Therefore, concerning economic policy, a solution was sought in the direction of neutralising the interference of accumulated balances by linking sale and purchase together. Hence, commodities would be sold to the peasantry only in exchange for the purchase of cash crops. Similarly, state farms would guarantee a certain part of the wage in kind to assure the flow of labour." In The Agrarian Question in Socialist Transitions, 206–7. Routledge, 2013. http://dx.doi.org/10.4324/9780203043493-30.

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"mosquitoes. What is the impact of such ecological change and what will it look like in the future? 9.6.2 Mosquito or aquatic plant control? The options for control of aquatic plants such as Hydrilla are mechanical, biological, chemical, or a combination of these methods. The objective of aquatic weed control should be to control growth sufficiently to permit the water to be used in the desired way but without a change in the balance of species (Bill 1977). Aquatic plants are only weeds if they pose a major nuisance or hazard. Clearly there is a case as mentioned previously for clearing buffer zones to mitigate against swimmer’s itch or to facilitate boating and safe swimming. Aquatic plant growth generally relies upon nutrient availability, light availability, adequate physicochemical characteristics and habitat stability. Nutrient availability relies upon substrate type and the presence of dissolved organic and inorganic matter. Light intensity decreases with depth to the point where the energy acquired by photosynthesis cannot meet the energy requirement of vegetation and plant growth ceases. The interrelationships of key factors such as depth, wave exposure, littoral slope and sediment characteristics are complex (Duarte and Kalff 1990), although slopes of greater than 15° are regarded as the first limit to plant growth and the second is depth. The Ross River reservior is shallow with an average depth of less than 3 m, which explains why Hydrilla beds sometimes cover up to 37 per cent of the surface area of the lake. Bill (1977) discussed a protocol for deciding the best and most effective control measures to be used and outlined a checklist of questions. • To what extent is plant growth responsible for the particular problem, e.g. reduction of channel capacity, interference with recreational use? • Are chemical methods of control more suitable than mechanical or biological methods, or could more than one method be used? • What is the most economical long-term approach? • What degree of control is required to provide adequate relief from the particular problem? • If chemical methods are most appropriate, which material is likely to be most effective and how should it be used? Are residues of chemicals in the water following a treatment likely to be detrimental to human health or to fish, wildlife or irrigated crops? • Is it desirable to retain some plants for the benefits of fish and waterbirds? Biological control is not the universal solution to all pest problems, but it may be applied to a vast array of problems and when effective it is the most satisfactory and economical form." In Water Resources, 152. CRC Press, 1998. http://dx.doi.org/10.4324/9780203027851-39.

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Тези доповідей конференцій з теми "Return on Average Cash Balance"

de Oliveira, Jose Olavo de Andrada Ignacio, Pedro Lemos Tavares, Victor Costa da Silva, Ivan Noville Rocha Correa Lima, João Francisco Fleck Heck Britto, Thierry Hernalsteens, and Marcio Kahn. "Buzios: The Largest Ultra-Deepwater Oilfield to Date." In Offshore Technology Conference. OTC, 2021. http://dx.doi.org/10.4043/31154-ms.

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Abstract The purpose of this paper is to present a general overview of the Buzios field development plan, projects’ features, and main achievements so far. The development plan adopted a strategy to pursue the balance between acceleration and cash flow optimization, to maximize the return on the huge investment on the block acquisition, and the risk management related to developing several Greenfield Projects simultaneously. To reduce reservoir uncertainties, a comprehensive data acquisition plan was crafted and implemented considering: (a) seismic acquisition, (b) drilling, logging and testing several exploratory and appraisal wells, (c) massive rock and fluid data sampling along the reservoirs, (d) execution of one Extended Well Test and three Early Production Systems. Additionally, the basic design of wells, subsea systems and Floating Production Storage and Offloading ("FPSO") provided flexibility to cover remaining uncertainties yet present in the Transfer of Rights ("ToR") scope, which allows up to 3,150 billion barrels of oil equivalent ("boe") to be produced. This led to technological challenges that needed to be addressed during project planning. We believe that the innovative solutions applied enhanced currently available technologies and delivered an important legacy to the offshore oil and gas industry. Finally, the results obtained so far, with the ramp-up of Buzios projects 1, 2, 3, and 4 provide evidence of the successful adopted strategy and reinforce the decision of deployment of a fifth FPSO under the scope of the ToR contract. The strong results of the asset led to the acquisition of 90% of the Transfer of Rights Surplus ("ToR+"), together with CNOOC Petroleum Brasil Ltda. (5%) and CNODC Brasil Petróleo e Gás Ltda. (5%), which now paves the way for a second wave of development, including the deployment of up to seven additional FPSOs.

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Baratta, Mirko, Stefano d’Ambrosio, Ezio Spessa, and Alberto Vassallo. "Analysis of Cyclic Variability in a Bi-Fuel Engine by Means of a ‘Cycle-Resolved’ Diagnostic Technique." In ASME 2005 Internal Combustion Engine Division Fall Technical Conference. ASMEDC, 2005. http://dx.doi.org/10.1115/icef2005-1214.

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The paper investigates cyclic variability in a fast-burn engine running on both gasoline or CNG by applying a new diagnostic technique based on a quasi-dimensional multizone model. Two different procedures were proposed for the ‘cycle-resolved’ calibration of the heat transfer correlation in the multizone model. The first procedure relates the cycle-resolved unreleased energy of the charge at the end of the flame propagation to the combustion efficiency determined from the average exhaust gas composition. The second procedure evaluates the coefficient in the heat transfer correlation through the application of the overall energy balance to the ensemble-cycle combustion and keeps them unchanged for all cycles. Both methods gave similar results, though the second procedure showed to be more physically consistent and in better agreement with the experimental results reported in the literature. The experimental matrix covered different engine speeds (n = 2000–4600 rpm), loads (bmep = 200–790 kPa), relative air-fuel ratios (RAFR = 0.80–1.60) and spark advances (SA ranging from 8 deg retard to 2 deg advance from MBT), for both CNG and gasoline operations, 100 consecutive in-cylinder pressure cycles were analyzed for each point in the test matrix and the sensitivity to cyclic variability of pressure, burn-rate and flame front position related parameters was analyzed. Main results showed that maximum pressure derivative, delay from SA of detected combustion start, NO exhaust concentration and maximum burning speed were the most sensitive parameters to cyclic variability. Strong correlations were found to hold between PFP and burned-gas temperature peak value, as well as between peak values of HRR and burning speed. On the contrary, some seemingly reasonable correlations were not assessed: for example, delay from SA of detected combustion start is related neither with PFP value nor with combustion duration. Finally, the results from mean cycle and cycle-resolved calculations were compared. Though they were usually in good agreement, in the case of NO emission and combustion interval calculation. cycle-resolved approach results in improved accuracy.

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Звіти організацій з теми "Return on Average Cash Balance"

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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McCulloch, Bob. INDOT Research Program Benefit Cost Analysis—Return on Investment for Projects Completed in FY 2020. Purdue University, 2021. http://dx.doi.org/10.5703/1288284317265.

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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). The current financial analysis is for research projects that completed in FY 2020. Analyses on previous year’s projects is necessary primarily due to the time it takes some project outcomes to be implemented, extending into the following year. Therefore, the FY 2020 analysis is completed in calendar 2021. 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. While the quantitative benefit cost analysis (BCA) was rigorous, results are limited to projects where benefits and costs could be quantified, where data is available to perform a quantitative analysis. Qualitative benefits are highlighted in the companion annual IMPACT report (https://www.in.gov/indot/files/Research-Program-Impact-Report.pdf ). In 2018, INDOT unveiled its new Strategic Plan. The Strategic Plan guides the priority research needs of the Research Program and in turn the research results support accomplishing the INDOT Strategic Plan, Strategic Objectives. A new Strategic Objective has been added to the INDOT Strategic Plan addressing Innovation & Technology. Additionally, INDOT created a new Office of Innovation. While the Research Program supports all of INDOT’s Strategic Objectives, these new initiatives have further highlighted the importance of research and its role in achieving the Strategic Objectives outlined in the new INDOT Strategic Plan. There has been more emphasis of new research needs related to new technology changes and transformational technologies. This will help position INDOT for future growth, adoption of new technologies and partnering opportunities. These new research projects will provide large qualitative ROI, however are difficult to quantify due to their complexity and newness.

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Lederman, Jaimee, Peter Haas, Stephanie Kellogg, Martin Wachs, and Asha Weinstein Agrawal. Do Equity and Accountability Get Lost in LOSTs? An Analysis of Local Return Funding Provisions in California’s Local Option Sales Tax Measures for Transportation. Mineta Transportation Institute, February 2021. http://dx.doi.org/10.31979/mti.2021.1811.

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This study explores how local return provisions of local option sales taxes (LOSTs) for transportation are allocated and spent to meet local and regional transportation needs. Local return refers to the component of county LOST measures that provides funding directly to municipalities in the county to be used to meet local needs. Local return has become a fixture in LOSTs; 58 LOST measures placed on the ballot in California (as of 2019) that have included local return in their expenditure plan have an average of 35% of revenues dedicated to local return. Local return provisions in the ballot measures often contain guidelines on how a portion of the money should be spent. The allocation of local return funds to localities has rarely been discussed in research, and spending decisions have to our knowledge never been analyzed. This paper conducts a mixed-methods analysis of all LOSTs with local return, relying on ordinances and other public documents related to local return expenditures, and supplemented with interviews with officials in six counties. Findings indicate that local return provisions are crafted to balance the needs of the county across different dimensions, including trying to achieve equity between urban and rural residents, investment in different transportation modes, and meeting both local and regional policy needs. Moreover, significant accountability mechanisms provide regulations to ensure that funds are distributed to and spent by jurisdictions as promised by the measures. Overall, this research finds that local return is a vital part of LOST measures in California, allowing cities to meet local needs ranging from maintenance of local streets to funding for special programs, while simultaneously aligning local investment with regional priorities.

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