Guide to financial statement analysis : basis for management advice

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EPA Guidelines for Regulatory Impact Analysis

On February 17, 1981, the President issued Executive Order 12291 mandating that regulatory agencies must prepare regulatory impact analyses (RIAs) on all major regulations. Before taking action, the agencies must send all RIAs and proposed regulations to the Office of Management and Budget (OMB) for review. These guidelines discuss the analytical techniques that may be used and the information to be developed by the U.S. Environmental Protection Agency when (l) stating the need for the proposed regulatory action; (2) examining alternative approaches to the problem; (3) quantifying benefits and costs and valuing them in dollar terms (where feasible); and (4) evaluating the findings on benefits, costs, and distributional effects. This document provides guidance for preparing Regulatory Impact Analyses. It includes four appendices and one supplement in addition to the main document.

The collective consciousness of Information Technology research: The significance and value of research projects. B. The views of IT industry professionals

This research seeks to reveal the different perceptual worlds in a research community, with the longterm intent of fostering increased understanding and hence collaboration. In the relatively new field of information technology (IT) research, available evidence suggests that a shared understanding of the research object or territory does not yet exist. This has led to the development of different perceptions amongst IT researchers of what constitutes significant and valuable research. Phenomenological methodology is used to elicit data from a diverse range of IT industry professionals in semi-structured interviews. This data is presented to show (1) the variation in meaning associated with the idea of significance and value and (2) the awareness structures through which participants experience significance and value. An Outcome Space represents the interrelation between those different ways of seeing, revealing a widening awareness. Five categories of ways of seeing the significance and value of research projects were found: The Personal Goals Conception, The Commercial Goals Conception, The Outcomes for the Technology End User Conception, The Solving Real-World Problems Conception and The Design of the Research Project Conception. These are situated within three wider perceptual boundaries: The Individual, The Enterprise and Society. The categories are described in detail, demonstrated with participants’ quotes and illustrated with diagrams. A tentative comparison is made between this project and a similar investigation of IT researchers’ ways of seeing the significance and value of IT research projects. Finally, some recommendations for further research are made

Productivity and Quality-Environmental Changes in Marketing Co-operatives: An Analysis on the Horticultural Sector

The object of the present paper is to analyse productivity incorporating quality-environmental changes in marketing co-operatives. Firstly, it reviews competitiveness factors in the current European agri-food market, especially in relation to the fruit and vegetables sector. Secondly, the productivity trend is studied empirically using nonparametric methods (Malmquist indices) and taking as reference panel data of Andalusian horticultural co-operatives for the period 1994-2001. For this purpose productivity is decomposed into technological change, efficiency and quality-environmental change. Additionally, the correlation of these results with other economic variables is analysed. The indicators obtained show a relevant increase in efficiency for the period under study and a high relationship between the results and product quality-environmental improvement.productivity, quality-environment, efficiency, marketing co-operative, horticultural sector, Agribusiness, Productivity Analysis, D24, Q13, Q21, L15,

Broadbasing and Deepening the Bond Market in India

At the time of its independence in 1947 India had only the traditional commercial banks, all with private sector ownership. Like the typical commercial banks in other parts of the world, all banks in India were also not keen to provide medium and long-term finance to industry and other sectors for their fixed asset formation. The banks were willing to fund basically the working capital requirements of the credit-worthy borrowers on the security of tangible assets. Since the government was keen to stimulate setting up of a wide range of new industrial units as also expansion/diversification of the existing units it decided to encourage setting up of financial intermediaries that provided term finance to projects in industry. Thus emerged a well-knit structure of national and state level development financial institutions (DFIs) for meeting requirements of medium and long-term finance of all range of industrial units, from the smallest to the very large ones. Reserve Bank of India (the central banking institutions of the country) and Government of India nurtured DFIS through various types of financial incentives and other supportive measures. The main objective of all these measures was to provide much needed long-term finance to the industry, which the then existing commercial banks were not keen to provide because of the fear of asset-liability mismatch. Since deposits with the banks were mainly short/medium term, extending term loans was considered by the banks to be relatively risky. The five-year development plans envisaged rapid growth of domestic industry even in the private sector to support the import substitution growth model adopted by the national planners. To encourage investment in industry, a conscious policy decision was taken that the DFIs should provide term-finance mainly to the private sector at interest rates that were lower than those applicable to working capital or any other short-term loans. In the early years of the post-Independence period, shortages of various commodities tended to make trading in commodities a more profitable proposition than investment in industry, which carried higher risk. Partly to correct this imbalance, the conscious policy design was to increase attractiveness of long-term investment in industry and infrastructure through relatively lower interest rates. To enable term-lending institutions to finance industry at concessional rates, Government and RBI gave them access to low cost funds. They were allowed to issue bonds with government guarantee, given funds through the budget and RBI allocated sizeable part of RBI's National Industrial Credit (Long Term Operations) funds to Industrial Development Bank of India, the large DFI of the country. Through an appropriate RBI fiat, the turf of the DFIs was also protected, until recently, by keeping commercial banks away from extending large sized term loans to industrial units. Banks were expected to provide small term loans to small-scale industrial units on a priority basis.

Institutional Changes for Private Sector Development in Vietnam : Experience and Lessons

Vietnam, Centrally Planned Economies, Transition, reform, institutions

ANALYSING THE IMPACT OF ELECTRONIC BANKING ON THE PAYMENT SYSTEMS AND THE INTERMEDIATION FUNCTION IN NIGERIAN BANKS

Electronic Banking has made tremendous improvement on the payment function of the Nigerian Financial system on the one hand and on the intermediation function on the other. While the two functions are complementary in delivering efficient banking services, electronic banking has also aided a great departure from the traditional manual methods of service delivery methods over the last five decades. Apart from the efficiency recorded through the impact of electronic banking, other electronic features of service improvement through new products development that have been dependent on electronic banking, have facilitated a great value added banking service delivery and the level of efficiency within the industry. This additional product delivery includes internet banking, telephone banking, mobile banking, point of sale, ATM sharing through the interswitch company, accelerated local interbank settlement systems, accelerated clearing system (cheque truncation) and accelerated international settlement that hastens payments in international trade. All the above amongst others have been made possible through the impact of electronic banking on the payment systems and intermediation functions of the Nigerian banks. This is the main focus of this study. The study discovered that the Nigerian financial regulators have not done enough in sensitizing the Nigerian populace about the relevance of the impact of electronic banking functionalities and it is evident from the result of the study that the level of illiteracy and ignorance of information technology constitute a great set back to the adoption and usage of electronic banking by over 60% of the Nigerian populace. The study thereby recommend amongst other things that financial regulators should stem up sensitization activities on installation, adoption and usage of electronic banking which can only be possible through improved awareness creation among the public on information technology. Moreover, the study also recommended an increase level of technical education and improved training on information and communication technology amongst banking operators to enhance the application of the usage of electronic banking

Financial reporting and the evaluation of solvency; Accounting research monograph 3

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Beyond capital ideals : restoring banking stability

The authors examine why emerging markets, in particular, are susceptible to and affected by financial difficulties. They show that these difficulties have a richer, more complex structure than they are sometimes believed to have - with marked information asymmetries and substantial volatility. The sources of heightened regulatory failure in emerging markets in recent years include the volatility of real and nominal shocks, the difficulty of operating in uncharted territory after financial liberalization and other changes in regime, and the political pressures that can inhibit the enforcement of prudential regulation. The authors discuss what stronger regulation can and cannot accomplish, as well as options to improve the incentive structure for bankers, regulators, and other market participants. They probe the shortcomings of a regulatory paradigm that relies mainly on supervised capital adequacy and discuss the possible intermittent application of supplementary"blunt instruments"as an interim solution while longer-term reforms are being put in place. Certain well-worn messages remain valid, but are respected more in theory than in practice. There would be fewer problems, the authors say, if there were: 1) more diversification; 2) more balanced financial structures (for example, as between debt and equity); 3) more foreign banks in emerging markets'financial systems; and 4) better enforcement of both contracts and regulations. Participants in the financial sector will constantly try to get around rules that limit their profitability, so regulation must be seen as an evolutionary struggle. Prevention of financial failure is not costless, and a heavy repressive hand is not warranted. But a richer regulatory palette can be used to protect financial systems more successfully against crisis while preserving the systems'growth-enhancing effectiveness.Environmental Economics&Policies,Payment Systems&Infrastructure,Financial Intermediation,Banks&Banking Reform,Financial Crisis Management&Restructuring,Economic Theory&Research,Banks&Banking Reform,Financial Intermediation,Financial Crisis Management&Restructuring,Environmental Economics&Policies