Adverse effects of Interbank funds on bank efficiency: evidence from Turkish banking sector

This paper investigates the relationship between interbank funds and efficiencies is for the commercial banks operating in Turkey between 2001-2006. Data Envelopment Analysis (DEA) is executed to find the efficiency scores of the banks for each year, and fixed effects panel data regression is carried out, with the efficiency scores being the response variable. It is observed that interbank funds (ratio) has negative effects on bank efficiency, while bank capitalization and loan ratio have positive, and profitability has insignificant effects. Our study serves as an illustrative evidence that interbank funds can have adverse effects in an emerging market

A Longitudinal Study of Identifying and Paying Down Architectural Debt

Architectural debt is a form of technical debt that derives from the gap between the architectural design of the system as it "should be" compared to "as it is". We measured architecture debt in two ways: 1) in terms of system-wide coupling measures, and 2) in terms of the number and severity of architectural flaws. In recent work it was shown that the amount of architectural debt has a huge impact on software maintainability and evolution. Consequently, detecting and reducing the debt is expected to make software more amenable to change. This paper reports on a longitudinal study of a healthcare communications product created by Brightsquid Secure Communications Corp. This start-up company is facing the typical trade-off problem of desiring responsiveness to change requests, but wanting to avoid the ever-increasing effort that the accumulation of quick-and-dirty changes eventually incurs. In the first stage of the study, we analyzed the status of the "before" system, which indicated the impacts of change requests. This initial study motivated a more in-depth analysis of architectural debt. The results of this analysis were used to motivate a comprehensive refactoring of the software system. The third phase of the study was a follow-on architectural debt analysis which quantified the improvements made. Using this quantitative evidence, augmented by qualitative evidence gathered from in-depth interviews with Brightsquid's architects, we present lessons learned about the costs and benefits of paying down architecture debt in practice.Comment: Submitted to ICSE-SEIP 201

REGIONAL KNOWLEDGE MANAGEMENT FOR THE SUSTAINABLE DEVELOPMENT

The article intends to present the achievements of a research Romanian project Knowledge management architecture in environmental, social and economic areas,designed to support the sustainable regional development strategy . The main goal of theproject is to improve the regional knowledge management, using a virtual framework for thedesign of the regional development strategy. The innovation introduced by this approachconsists in the integration of the regional actors’ views, in order to develop a realisticregional development strategy, on a democratic and scientific base. The challenge of thisvision is to create a virtual environment for the regional knowledge management andconsensus building related to the regional strategy development. The scientific base for thedesign of the regional development strategy is represented by an improved set of socio-economic indicators and benchmarking tools.regional sustainable development set of sustainable development indicators, embeddedknowledge, e-democracy, e-Government

Strategic Behaviour under Regulation Benchmarking

Liberalisation of generation and supply activities in the electricity sectors is often followed by regulatory reform of distribution networks. In order to improve the efficiency of distribution utilities, some regulators have adopted incentive regulation schemes that rely on performance benchmarking. Although regulation benchmarking can influence the �regulation game�, the subject has received limited attention. This paper discusses how strategic behaviour can result in inefficient behaviour by firms. We also present a survey of issues encountered by electricity regulators. We then use the Data Envelopment Analysis (DEA) method with US utility data to examine implications of selected cases of strategic behaviour. The results show that gaming can have significant effects on the measured performance and profitability of firms

The financial stress index: identification of systemic risk conditions

This paper develops a financial stress index for the United States, the Cleveland Financial Stress Index (CFSI), which provides a continuous signal of financial stress and broad coverage of the areas that could indicate it. The index is based on daily public-market data collected from four sectors of the fi nancial markets—the credit, foreign exchange, equity, and interbank markets. A dynamic weighting method is employed to capture changes in the relative importance of these four sectors as they occur. In addition, the design of the index allows the origin of the stress to be identified. We compare the CFSI to alternative indexes, using a detailed benchmarking methodology, and show how the CFSI can be applied to systemic stress monitoring and early warning system design. To that end, we investigate alternative stress-signaling thresholds and frequency regimes and then establish optimal frequencies for filtering out market noise and idiosyncratic episodes. Finally, we quantify a powerful CFSI-based rating system that assigns a probability of systemic stress to ranges of CFSI outcomes.Systemic risk ; Risk assessment

COMPARABLE VALUATION METHOD - A NEW APPROACH. CASE STUDY: A ROMANIAN FLEXOGRAPHIC PRINTING FIRM

This study presents the valuation scheme of a flexographic printing industry firm. The industry, the technology used and most importantly the firm being young ones, it is not possible to use the classical comparable valuation methods. The new approach in this matter is to use as benchmark financial ratios not those related to the price of the firm (as P/E, P/S, P/BV, P/CF, P/CAPEX), but those related to the structure of the income statement, financial and operating leverage using 13 Romanian and 6 Hungarian reference firms' data. Our main contribution to this line of research is to solve the problem of lack of reference data regarding the price, the benchmark companies not being listed on any stock exchange.mergers and acquisitions, corporate valuation, free cash flow, comparable valuation method, benchmarking

Learning From the Community: Effective Financial Management Practices in the Arts

Provides financial management practices identified from a survey of directors at leading arts organizations, in order to understand how their practices could be used across the arts sector. Includes a framework for developing self-assessment tools

Different approaches and responsibilities for investment sustainability in EU railway infrastructure: Four case studies

This paper describes the approach to investment in rail infrastructure in four different European countries (Great Britain, France, Germany, and the Netherlands) with a view to understanding whether and how these countries differ in their approach to the sustainability of investment in infrastructure. We compare and contrast different approaches to investment, such as: The direct role of government; The role of the economic regulator, where available; The influence of particular ownership agreements, such as the use of concessions for high-speed lines; Any differential treatment of different assets, and any differential treatment of different items of expenditure, such as maintenance, renewals, and enhancements; The role played by private capital (in infrastructure as separate from passenger and freight train operations); and The existence of a (more or less unlimited), either direct or indirect, state guarantee on debt issued to fund investment in network assets. In analysing the European case studies, the paper asks the following questions, which may differ across infrastructure categories (for instance track/signalling, stations, and high-speed lines): (i) What is the ownership structure of each IM? (ii) Who “sponsors” and specifies investment? (iii) Who is responsible for planning and approving investment? (iv) What are the ultimate funding sources of investment? (v) Who is responsible for delivering investment? (vi) What is the role of the independent economic and technical regulator (where availble) vis-à-vis the government? (vii) Is there any (direct or indirect) market mechanism, for instance as part of incentive regulation, that is mimicked when incentivising the monopoly provider of infrastructure to achieve a sustainable level of investment? The paper concludes with some policy considerations and recommendations based on the four case studies examined.railway; reform; investment in public transport

Massachusetts Offshore Wind Future Cost Study

The Special Initiative on Offshore Wind is an independent project at the University of Delaware's College of Earth, Ocean and Environment that supports the advancement of offshore wind as part of a comprehensive solution to the most pressing energy problems facing the United States.  The Special Initiative on Offshore Wind provides expertise, analysis, information sharing, and strategic partnership with industry, advocacy and government stakeholders to build understanding and drive the deployment of offshore wind

REGIONAL KNOWLEDGE MANAGEMENT FOR THE SUSTAINABLE DEVELOPMENT

The article intends to present the achievements of a research Romanian project Knowledge management architecture in environmental, social and economic areas,designed to support the sustainable regional development strategy . The main goal of theproject is to improve the regional knowledge management, using a virtual framework for thedesign of the regional development strategy. The innovation introduced by this approachconsists in the integration of the regional actors’ views, in order to develop a realisticregional development strategy, on a democratic and scientific base. The challenge of thisvision is to create a virtual environment for the regional knowledge management andconsensus building related to the regional strategy development. The scientific base for thedesign of the regional development strategy is represented by an improved set of socio-economic indicators and benchmarking tools.regional sustainable development set of sustainable development indicators, embeddedknowledge, e-democracy, e-Government