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Inefficiency
Kinds of Inefficiency Selected AbstractsTHE COMBINED EFFECT OF DONATION PRICE AND ADMINISTRATIVE INEFFICIENCY ON DONATIONS TO US NONPROFIT ORGANIZATIONSFINANCIAL ACCOUNTABILITY & MANAGEMENT, Issue 1 2009Fred A. Jacobs We examine the effects that two accounting measures of nonprofit organization (NPO) inefficiency, administrative inefficiency and donation price, have on donations to US NPOs using a better-specified model and industry-specific samples. Although numerous studies examine the effect that donation price has on donations (e.g., Marudas and Jacobs, 2006; Marudas, 2004; Khanna and Sandler, 2000; and Tinkelman, 1999), only three studies examine the effect of administrative inefficiency on donations (Tinkelman and Mankaney, 2007; Frumkin and Kim, 2001; and Greenlee and Brown, 1999). However, none of these studies tests donation price and administrative inefficiency in one model and only two test industry-specific samples of NPOs. We find that misspecifying the model by including only one of these two inefficiency measures creates substantial bias and the effect of administrative inefficiency on donations varies substantially across industries. Administrative inefficiency has a significantly negative effect on donations to NPOs in the full sample and the philanthropy sample, but no significant effect on donations to NPOs in the arts, education, health, or human services samples. Furthermore, donation price has a significantly negative effect on donations to NPOs in the full sample and the education, health and human services samples, but not in the arts or philanthropy samples. Results are also reported for the other variables in the model , government support, program service revenue, fundraising and organizational age, wealth and size. [source] AGGLOMERATION EXTERNALITIES, PRODUCTIVITY, AND TECHNICAL INEFFICIENCY,JOURNAL OF REGIONAL SCIENCE, Issue 4 2006Ragnar Tveteras ABSTRACT Agglomeration externalities can have positive effects on both the production possibility frontier and technical inefficiency of firms. Increased levels of localized knowledge spillovers and substitution of internal inputs with external inputs may lead to fewer errors in decision-making and execution of production tasks, thus causing firms to become technically more efficient relative to the production frontier. When we estimate a stochastic frontier production model on a large panel of salmon aquaculture farms, we find econometric support for positive agglomeration externalities on both the production frontier and technical inefficiency. [source] A modified CRISIS-HSQC for band-selective IMPRESSMAGNETIC RESONANCE IN CHEMISTRY, Issue 2 2005Scott A. Bradley Abstract CRISIS (Compensation of Refocusing Inefficiency with Synchronized Inversion Sweep) is a powerful technique for obtaining multiplicity-edited HSQC spectra without compromising sensitivity. However, the stringent requirement for the duration of the CRISIS waveforms makes them unsuitable for other functions, such as band selection or IMPRESS (IMProved REsolution using Symmetrically Shifted pulses). We report here a modified CRISIS-gHSQC pulse sequence employing time-reversed 13C ,/2 EBURP-2 pulses. This IC-bs-gHSQC (IMPRESS-CRISIS-bs-gHSQC) sequence was found to be equally useful for acquiring multiplicity-edited, band-selective spectra individually or in tandem with IMPRESS. Remarkably, the latter provides multiple spectra in significantly less time and is the preferred approach when several crowded regions need to be assigned unambiguously. The use of adiabatic sweeps and the CRISIS pulses enable IC-bs-gHSQC to give better sensitivity than the original IMPRESS sequence for band-selective spectra. Copyright © 2005 John Wiley & Sons, Ltd. [source] Inequality and Inefficiency in Joint Projects,THE ECONOMIC JOURNAL, Issue 522 2007Debraj Ray A group of agents voluntarily participates in a joint project, in which efforts are not perfectly substitutable. The output is divided according to some given vector of shares. A share vector is unimprovable if no other share vector yields a higher sum of payoffs. When the elasticity of substitution across efforts is two or lower, only the perfectly equal share vector is unimprovable, and all other vectors can be improved via Lorenz domination. For higher elasticities of substitution, perfect equality is no longer unimprovable. Our results throw light on the connections between inequality and collective action. [source] Technical Inefficiency and Production Risk in Rice Farming: Evidence from Central Luzon Philippines,ASIAN ECONOMIC JOURNAL, Issue 1 2006Renato Villano Q12; C13 There have been many previous studies of technical inefficiency in rice production in the Philippines, but none has focused simultaneously on production risk and technical inefficiency at the farm level. Rice production is inherently risky because of the heterogeneous production environment. In this study, we analyze technical inefficiency in a rainfed lowland rice environment in Central Luzon using a stochastic frontier production function with a heteroskedastic error structure. An 8-year panel dataset collected from 46 rainfed rice farmers was used to estimate flexible functional specifications. Over the whole period, the average technical efficiency was found to be 79 percent. Results indicate that there is a high degree of variability in technical efficiency estimates, which can be attributed to the instability of farming conditions in the rainfed lowland environment. Mean output was signifificantly influenced by area planted to rice, labor and the amount of fertilizer used. Consequently, these inputs were found to be risk-increasing, whereas herbicide was found to be a risk-reducing input. [source] Association Between Accounting Conservatism and Analysts' Forecast Inefficiency,ASIA-PACIFIC JOURNAL OF FINANCIAL STUDIES, Issue 2 2010Jinhan Pae M41 Abstract We find that analysts' earnings forecasts do not fully impound the implications of accounting conservatism. Forecast optimism is negatively associated with the magnitude of beginning-of-year balance sheet reserves (BSR), which are associated with conservative accounting in prior years. However, this result vanishes once we allow for the negative association, documented in several prior studies, between BSR and Basu's asymmetric timeliness measure of conservatism [Journal of Accounting and Economics 24 (1997) 3]. After controlling for this association, we find that forecasters' under-reaction to bad versus good news is negatively associated with the magnitude of BSR. We obtain similar results after allowing for the positive association between asymmetric timeliness and Khan and Watts' C_Score [Journal of Accounting and Economics 48 (2009) 132]. Therefore, our results are consistent with a subtle form of inefficiency of forecasts with respect to accounting conservatism; that is, analysts do not fully appreciate that the earnings of companies with lower BSR or higher C_Scores are likely to be both: (i) lower relative to forecast; and (ii) more asymmetrically timely than the earnings of companies exhibiting higher BSR or lower C_Scores. [source] The Financial Impact of Ambulance Diversions and Patient ElopementsACADEMIC EMERGENCY MEDICINE, Issue 1 2007Thomas Falvo DO Abstract Objectives Admission process delays and other throughput inefficiencies are a leading cause of emergency department (ED) overcrowding, ambulance diversion, and patient elopements. Hospital capacity constraints reduce the number of treatment beds available to provide revenue-generating patient services. The objective of this study was to develop a practical method for quantifying the revenues that are potentially lost as a result of patient elopements and ambulance diversion. Methods Historical data from 62,588 patient visits to the ED of a 450-bed nonprofit community teaching hospital in central Pennsylvania between July 2004 and June 2005 were used to estimate the value of potential patient visits foregone as a result of ambulance diversion and patients leaving the ED without treatment. Results The study hospital may have lost $3,881,506 in net revenue as a result of ambulance diversions and patient elopements from the ED during a 12-month period. Conclusions Significant revenue may be foregone as a result of throughput delays that prevent the ED from utilizing its existing bed capacity for additional patient visits. [source] Production Efficiency and the Pricing of Audit Services,CONTEMPORARY ACCOUNTING RESEARCH, Issue 1 2003Nicholas Dopuch Abstract In this paper, we examine the relative efficiency of audit production by one of the then Big 6 public accounting firms for a sample of 247 geographically dispersed audits of U.S. companies performed in 1989. To test the relative efficiency of audit production, we use both stochastic frontier estimation (SFE) and data envelopment analysis (DEA). A feature of our research is that we also test whether any apparent inefficiencies in production, identified using SFE and DEA, are correlated with audit pricing. That is, do apparent inefficiencies cause the public accounting firm to reduce its unit price (billing rate) per hour of labor utilized on an engagement? With respect to results, we do not find any evidence of relative (within-sample) inefficiencies in the use of partner, manager, senior, or staff labor hours using SFE. This suggests that the SFE model may not be sufficiently powerful to detect inefficiencies, even with our reasonably large sample size. However, we do find apparent inefficiencies using the DEA model. Audits range from about 74 percent to 100 percent relative efficiency in production, while the average audit is produced at about an 88 percent efficiency level, relative to the most efficient audits in the sample. Moreover, the inefficiencies identified using DEA are correlated with the firm's realization rate. That is, average billing rates per hour fall as the amount of inefficiency increases. Our results suggest that there are moderate inefficiencies in the production of many of the subject public accounting firm's audits, and that such inefficiencies are economically costly to the firm. [source] DEFINING STANDARD OF CARE IN THE DEVELOPING WORLD: THE INTERSECTION OF INTERNATIONAL RESEARCH ETHICS AND HEALTH SYSTEMS ANALYSISDEVELOPING WORLD BIOETHICS, Issue 2 2005ADNAN A. HYDER ABSTRACT In recent years there has been intense debate regarding the level of medical care provided to ,standard care' control groups in clinical trials in developing countries, particularly when the research sponsors come from wealthier countries. The debate revolves around the issue of how to define a standard of medical care in a country in which many people are not receiving the best methods of medical care available in other settings. In this paper, we argue that additional dimensions of the standard of care have been hitherto neglected, namely, the structure and efficiency of the national health system. The health system affects locally available medical care in two important ways: first, the system may be structured to provide different levels of care at different sites with referral mechanisms to direct patients to the appropriate level of care. Second, inefficiencies in this system may influence what care is available in a particular locale. As a result of these two factors locally available care cannot be equated with a national ,standard'. A reasonable approach is to define the national standard of care as the level of care that ought to be delivered under conditions of appropriate and efficient referral in a national system. This standard is the minimum level of care that ought to be provided to a control group. There may be additional moral arguments for higher levels of care in some circumstances. This health system analysis may be helpful to researchers and ethics committees in designing and reviewing research involving standard care control groups in developing country research. [source] A Dynamic Theory of HoldupECONOMETRICA, Issue 4 2004Yeon-Koo Che The holdup problem arises when parties negotiate to divide the surplus generated by their relationship specific investments. We study this problem in a dynamic model of bargaining and investment which, unlike the stylized static model, allows the parties to continue to invest until they agree on the terms of trade. The investment dynamics overturns the conventional wisdom dramatically. First, the holdup problem need not entail underinvestment when the parties are sufficiently patient. Second, inefficiencies can arise unambiguously in some cases, but they are not caused by the sharing of surplus per se but rather by a failure of an individual rationality constraint. [source] Regional Integration and the Co-ordination of Capital Income TaxationECONOMIC NOTES, Issue 1 2002Valeria De Bonis This paper addresses the question of the need for income tax harmonization in the context of regional integration. It analyses the international distortions and fiscal interdependence arising in the presence of tax rate differentials both under a theoretical and an empirical perspective, and with reference to actual experiences of harmonization attempts. Attention is also paid to the influence of the countries' size on the results, to the strategic behaviour of countries under different international taxations rules, and to the relationships with the countries excluded by the integration process. International tax uniformity does not appear to be the preferable solution, even if some form of concerted agreements might help in reducing inefficiencies deriving from taxation differentials. For instance, in the case of highly mobile factors, like financial capital, if the integrating countries apply the source principle and the interest rate is the same across them, the source-based tax rate on non residents must equal the residence country tax rate on residents. Such a rule would allow the countries to set autonomously their tax rate and, at the same time, eliminate cross-border effects. If there are more than two integrating countries, the tax rates on non residents should discriminate according to the internal tax rate of the residence country. (J.E.L.: H87, F20, H20). [source] Natural killer cells in viral hepatitis: facts and controversiesEUROPEAN JOURNAL OF CLINICAL INVESTIGATION, Issue 9 2010Mario U. Mondelli Eur J Clin Invest 2010; 40 (9): 851,863 Abstract Background, Hepatitis B virus (HBV) and hepatitis C virus (HCV) are major human hepatotropic pathogens responsible for a large number of chronic infections worldwide. Their persistence is thought to result from inefficiencies of innate and adaptive immune responses; however, very little information is available on the former. Natural killer (NK) cells are a major component of innate immunity and their activity is tightly regulated by several inhibitory and activating receptors. Design, In this review, we examine controversial findings regarding the role of NK cells in the pathogenesis of acute and chronic liver disease caused by HCV and HBV. Results, Recent studies built up on technical advances to identify NK receptors and their functional correlates in this setting. While NK cells seem to behave correctly during acute hepatitis, it would appear that the NK cytotoxic potential is generally conserved in chronic hepatitis, if not increased in the case of HCV. In contrast, their ability to secrete antiviral cytokines such as interferon ex vivo or after cytokine stimulation is severely impaired. Conclusions, Current evidence suggests the existence of an NK cell functional dichotomy, which may contribute to virus persistence, while maintaining low-level chronic liver inflammation. The study of liver-infiltrating NK cells is still at the very beginning, but it is likely that it will shed more light on the role of this simple and at the same time complex innate immune cell in liver disease. [source] Algorithmic challenges and current problems in market coupling regimesEUROPEAN TRANSACTIONS ON ELECTRICAL POWER, Issue 4 2009Bernd Tersteegen Abstract Increasing cross-border trade at European borders has lead to the necessity of an efficient allocation of scarce cross-border capacities. Explicit auctions used to be the commonly applied auction method in the past at most borders, but due to the separation of the trade of electrical energy and the allocation of cross-border capacity, market inefficiencies arise. As a consequence, a trend toward a market coupling, which combines the trade of electrical energy with the allocation of cross-border capacity, can be observed across Europe. The most convincing approach to solve the complex optimization task associated with market couplings solves the problem by a maximization of the system-wide welfare based on a closed-form optimization. Practical experience shows that problems remain with such an approach. This paper thoroughly analyzes problems that may occur in market coupling regimes with a closed-form optimization. In this paper an extension of formerly presented formulations of the optimization problem is presented, which avoids the described problems. The extended formulation still assures practically feasible calculation times of far less than 10 minutes even for systems with up to 12 market areas. Further, a fair and transparent approach to determine feasible market clearing prices not neglecting the time and market coupling relationship between prices is shown in this paper and it is demonstrated that this approach does not lead to practically infeasible calculation times. Copyright © 2009 John Wiley & Sons, Ltd. [source] Public Provision for Urban Water: Getting Prices and Governance RightGOVERNANCE, Issue 4 2008EDUARDO ARARAL Public sector monopolies are often associated with inefficiencies and inability to meet rising demand. Scholars attribute this to fundamental problems associated with public provision: (1) a tradition of below-cost pricing due to populist pressures, (2) owner,regulator conflicts of interest, and (3) perverse organizational incentives arising from non-credible threat of bankruptcy, weak competition, rigidities, and agency and performance measurement problems. Many governments worldwide have shifted to private provision, but recent experience in urban water utilities in developing countries has shown their limitations because of weak regulatory regimes compounded by inherent problems of information, incentives, and commitment. This article examines the paradoxical case of the Phnom Penh Water Supply in Cambodia to illustrate how public provision of urban water can be substantially improved by getting prices and governance right. Findings have implications for the search for solutions to provide one billion people worldwide with better access to potable water. [source] Efficiency and TFP Growth in the Spanish Regions: The Role of Human and Public CapitalGROWTH AND CHANGE, Issue 2 2003Maria del Mar Salinas Jiménez Once estimates of efficiency are obtained, the aim of this paper is to analyze the effects of human and public capital on growth in terms of their impact on Total Factor Productivity (TFP). Public capital is believed to increase the productivity of the private factors of production whereas human capital is thought to contribute to the production process as an additional input and to have a dynamic influence on growth through its impact on technological innovation (shifts in the production frontier) and technological diffusion (movements toward the frontier), which are the components of this TFP measure. Considering inefficiencies will then allow the effects of these variables on TFP growth to be estimated via technological progress and efficiency gains. [source] Small,Scale Entrepreneurship and Access to Capital in Peripheral Locations: An Empirical AnalysisGROWTH AND CHANGE, Issue 2 2002Daniel Felsenstein This paper presents an analysis of a public assistance program for small,scale entrepreneurship in peripheral areas. Public assistance compensates for market inefficiencies where the decision rules of financial institutions discriminate against otherwise viable small firms in capital markets. Lending institutions perceive high risk in providing debt capital when little information is present. Using empirical data from Israel, the determinants of this risk are estimated and the role of location in creating this information asymmetry is stressed. These results empirically establish that (1) location matters in determining the risk profile of the firm, (2) locationally targeted programs can reduce the information asymmetries that make peripheral firms unattractive to lenders, and (3) these programs can also generate positive welfare effects. Finally, there is speculation on the potential role of ICT (information and communications technology) in increasing the visibility of small firms in remote locations and creating a more symmetrical flow of information. [source] On the intertemporal value relevance of conventional financial accounting in AustraliaACCOUNTING & FINANCE, Issue 4 2007Mark Brimble G10; G14; M41 Abstract This paper examines whether the relevance of conventional (earnings focused) accounting information for valuation has declined in Australia over a recent period of 28 years. Motivation is provided by the anecdotal concerns of financial analysts, accounting regulators, and a cluster of US centric academic research papers that conclude that the relevance of financial accounting (and earnings in particular) has declined over time. After controlling for nonlinearities and stock price inefficiencies, we find that the value relevance of core accounting earnings has not declined. A possible exception is found for small stocks. We also observe that net book values are relatively less important in Australia when compared to the USA. Our results are informative for investors who require feedback on valuation issues and the International Accounting Standards Board regulators in any further moves towards a balance sheet focus. [source] Whole-system approaches to health and social care partnerships for the frail elderly: an exploration of North American models and lessonsHEALTH & SOCIAL CARE IN THE COMMUNITY, Issue 5 2006Dennis L. Kodner PhD Abstract Irrespective of cross-national differences in long-term care, countries confront broadly similar challenges, including fragmented services, disjointed care, less-than-optimal quality, system inefficiencies and difficult-to-control costs. Integrated or whole-system strategies are becoming increasingly important to address these shortcomings through the seamless provision of health and social care. North America is an especially fertile proving ground for structurally oriented whole-system models. This article summarises the structure, features and outcomes of the Program of All-Inclusive Care for Elderly People (PACE) programme in the United States, and the Système de soins Intégrés pour Personnes Âgées (SIPA) and the Programme of Research to Integrate Services for the Maintenance of Autonomy (PRISMA) in Canada. The review finds a somewhat positive pattern of results in terms of service access, utilisation, costs, care provision, quality, health status and client/carer satisfaction. It concludes with the identification of common characteristics which are thought to be associated with the successful impact of these partnership initiatives, as well as a call for further research to understand the relationships, if any, between whole-system models, services and outcomes in integrated care for elderly people. [source] Older patients and delayed discharge from hospitalHEALTH & SOCIAL CARE IN THE COMMUNITY, Issue 6 2000Christina R. Victor BA M Phil PhD Hon MFPHM Abstract Older people (those aged 65 years and over) are the major users of health care services, especially acute hospital beds. Since the creation of the NHS there has been concern that older people inappropriately occupy acute hospital beds when their needs would be best served by other forms of care. Many factors have been associated with delayed discharge (age, sex, multiple pathology, dependency and administrative inefficiencies). However, many of these factors are interrelated (or confounded) and few studies have taken this into account. Using data from a large study of assessment of older patients upon discharge from hospital in England, this paper examines the extent of delayed discharge, and analyses the factors associated with such delays using a conceptual model of individual and organisational factors. Specifically, this paper evaluates the relative contribution of the following factors to the delayed discharge of older people from hospital: predisposing factors (such as age), enabling factors (availability of a family carer), vulnerability factors (dependency and multiple pathology), and organisational/administrative factors (referral for services, type of team undertaking assessments). The study was a retrospective patient case note review in three hospitals in England and included four hundred and fifty-six patients aged 75 years and over admitted from their own homes, and discharged from specialist elderly care wards. Of the 456 patients in the sample, 27% had a recorded delay in their discharge from hospital of three plus days. Multivariate statistical analysis revealed that three factors independently predicted delay in discharge: absence of a family carer, entry to a nursing/residential home, and discharge assessment team staffing. Delayed discharge was not related to the hypothesised vulnerability factors (multiple dependency and multiple pathology) nor to predisposing factors (such as age or whether the older person lived alone). The delayed discharge of older people from hospital is a topic of considerable policy relevance. Our study indicated that delay was independently related to two organisational issues. First, entry into long-term care entailed lengthy assessment procedures, uncertainty over who pays for this care, and waiting lists. Second, the nature of the team assessing people for discharge was associated with delay (the nurse-coordinated team made the fewest referrals for multidisciplinary assessments and had the longest delays). Additionally, the absence of a family carer was implicated in delay, which underlines the importance of family and friends in providing posthospital care and in maintaining older people in the community. Our study suggests that considerable delay in discharging older people from hospital originates from administrative/organisational issues; these were compounded by social services resource constraints. There is still much to be done therefore to improve coordination of care in order to provide a truly ,seamless service'. [source] Scope and scale inefficiencies in physician practices,HEALTH ECONOMICS, Issue 11 2004Robert Rosenman Abstract Using a national data set, this paper looks at the efficiency of physician practices, focusing on scopes of service by comparing single specialty groups and multispecialty groups. An analysis of efficiency using DEA indicates that there are scope inefficiencies from combining different types of providers into a single practice. Most of the inefficiency is due to technical rather than allocative reasons. In addition, we find that larger practices are able to capture efficiencies of scope, but incur inefficiencies of scale. Copyright © 2004 John Wiley & Sons, Ltd. [source] Disciplinary Observance and Sanctions on German and Danish AuditorsINTERNATIONAL JOURNAL OF AUDITING, Issue 2 2002Reiner Quick This paper presents the results of a comparative study on disciplinary observance systems of the auditing profession within two member states of the European Union: Germany and Denmark. Disciplinary observance is an important factor in reducing the hidden action problem, but could also be used by the profession to signal quality. In Germany, the Wirtschaftsprüferkammer is the supervisory body which oversees compliance with standards and professional duties. It is entitled to sanction the minor violations of duties by auditors. Only more severe types of misbehaviour are dealt with by courts. In Denmark, a special court (Disciplinæernævn) is concerned with disciplinary actions against auditors. The results of this study will demonstrate that audit regulations and in particular disciplinary laws remain basically national, despite efforts to harmonise auditing. This study identifies characteristics of disciplinary systems common to both countries and provides information on the functioning of both systems that may be useful in a number of ways. The results presented might initiate a more systematic comparison of disciplinary systems within member states of the European Union, which would enhance institutional knowledge of the European market for auditing services. This in turn could promote the process of achieving a single European market for auditing services and thus reduce market inefficiencies. [source] Thermoeconomic analysis of a large industrial propane refrigeration cycle used in NGL recovery plantINTERNATIONAL JOURNAL OF ENERGY RESEARCH, Issue 11 2009Mehdi Mehrpooya Abstract In this paper a propane refrigeration cycle has been analyzed by thermoeconomic approach. This cycle is used for obtaining required refrigeration in a natural gas liquids (NGL) recovery plant. Most of the advanced methods in thermoeconomic diagnosis are examined on power plants. In this work thermoeconomic diagnosis is applied to NGL recovery plant. The impact of the component inefficiencies on the fuel plant consumption, and the effect of a component inefficiency (intrinsic malfunction) on the rest of the plant components (induced malfunctions and dysfunctions), are analyzed and quantified. The results show that thermoeconomics is not only a diagnostic tool, but also a useful tool for optimization, which can be applied to complex refrigeration processes in NGL recovery plants. Copyright © 2009 John Wiley & Sons, Ltd. [source] Comparison of low temperature mixed refrigerant cycles for separation systemsINTERNATIONAL JOURNAL OF ENERGY RESEARCH, Issue 4 2009M. Mafi Abstract Numerous mixed refrigerant cycles (MRCs) were developed in the past several decades in different applications. In this paper, two sets of low temperature MRCs are developed and simulated for a typical olefin plant utilizing a mixture of methane, ethane, propane and nitrogen as cycle working fluid to replace the pure ethylene refrigeration cycle that is used in conjunction with propylene refrigeration cycle in conventional plants. The key parameters of the cycles including mixture compositions and operating pressure levels are optimized to meet the objective of minimum shaftwork in compressor. The results show that different cycle configuration has different optimal mixture composition and low and high operating pressures. The results of exergy analysis reveal that the main location of the exergy loss in the cycles is the heat exchanger system. Also, the Carnot factor versus heat flow diagram is provided to identify the distribution of inefficiencies in the heat exchangers for each cycle. The simulation results show that MRCs can improve the thermodynamic performance of refrigeration system using the optimal working fluid mixture composition, optimal high and low operating pressures and optimal arrangement of the cycle components. Copyright © 2008 John Wiley & Sons, Ltd. [source] Energetic, exergetic and thermoeconomic analysis of Bilkent combined cycle cogeneration plantINTERNATIONAL JOURNAL OF ENERGY RESEARCH, Issue 11 2006C. Ozgur Colpan Abstract This paper is a case study of thermodynamics and economics related analyses applied to an existing gas/steam combined cycle cogeneration plant. Basic thermodynamic properties of the plant are determined by energy analysis utilizing main operation conditions. Exergy destructions within the plant and exergy losses to environment are investigated to determine thermodynamic inefficiencies and to assist for guiding future improvements in the plant. Cost balances and auxiliary equations are applied to several subsystems in the plant, hence, cost formation in the plant is observed. Additionally, cost rate of each product of the plant is calculated. Copyright © 2005 John Wiley & Sons, Ltd. [source] Decentralization and health care in the former Yugoslav Republic of MacedoniaINTERNATIONAL JOURNAL OF HEALTH PLANNING AND MANAGEMENT, Issue 1 2006Sonia Menon Abstract Since its independence in 1991, the Republic of Macedonia became a highly centralized state, with most relevant decisions taken at the central level in Skopje, resembling the highly centralized system, which once characterized Former Yugoslavia. As agreed in the Framework Agreement, which ended six months of internal conflict, the Macedonian Government will decentralize public services delivery, including social protection, health, education, and infrastructure over the course of the next few years. Within health care, it is argued that by placing policy-making authority and operating control closer to the client, decentralization will reduce some of the inequities in service provision and inefficiencies present within the current centrally controlled system. In principle, local voters will have more information on the price and quality of services, thereby increasing competition in the sector and strengthening the private sector. The emphasis on market incentives resulting in greater efficiency and better management of health care institutions is viewed as one of the benefits of privatization. Critics of decentralization and the subsequent privatization of public services fear it may result in an erosion of quality and consistency across regions, leaving some regions, cities, villages and potentially vulnerable groups worse off than others. The paper argues that if the institutional weaknesses in Macedonia have not been addressed, decentralisation could result in further excluding the rural population from health care provision. Similarly, the need for a clear delineation of responsibilities and functions among different levels and institutions is outlined. Copyright © 2006 John Wiley & Sons, Ltd. [source] Privatization and the allure of franchising: a Zambian feasibility study,INTERNATIONAL JOURNAL OF HEALTH PLANNING AND MANAGEMENT, Issue 3 2003John L. Fiedler Abstract Efforts to privatize portions of the health sector have proven more difficult to implement than had been anticipated previously. One common bottleneck encountered has been the traditional organizational structure of the private sector, with its plethora of independent, single physician practices. The atomistic nature of the sector has rendered many privatization efforts difficult, slow and costly,in terms of both organizational development and administration. In many parts of Africa, in particular, the shortages of human and social capital, and the fragile nature of legal institutions, undermine the appeal of privatization. The private sector is left with inefficiencies, high prices and costs, and a reduced effective demand. The result is the simultaneous existence of excess capacity and unmet need. One potential method to improve the efficiency of the private sector, and thereby enhance the likelihood of successful privatization, is to transfer managerial technology,via franchising,from models that have proven successful elsewhere. This paper presents a feasibility analysis of franchizing the successful Bolivian PROSALUD system's management package to Zambia. The assessment, based on PROSALUD's financial model, demonstrates that technology transfer requires careful adaptation to local conditions and, in this instance, would still require significant external assistance. Copyright © 2003 John Wiley & Sons, Ltd. [source] Assessing the efficiency of irrigation water users' associations and its determinants: evidence from Tunisia,IRRIGATION AND DRAINAGE, Issue 5 2009Aymen Frija association d'usagers de l'eau; irrigation; efficacité; data envelopment analyies Abstract This article analyses the efficiency of water users' associations (WUAs) in the Cap Bon region of Tunisia and studies its main determinants. The analysis is performed in two stages. First, the efficiency is measured via the non-parametric "data envelopment analysis" (DEA) technique. The DEA models are constructed not only to assess the overall WUA efficiency but also to evaluate the management and engineering sub-vector efficiencies separately through a mathematical modification in the initial DEA model. In a second stage critical technical and organizational determinants of efficiencies are assessed using a Tobit model. Results show that on average, 18.7% of the used inputs could be saved if the WUAs operated on the frontier. The inefficiencies found can furthermore be mainly attributed to the number of years of experience in operating a WUA, in addition to the number of water pipes managed and the irrigation ratio. The average scale efficiency, which can be calculated as the ratio between constant and variable returns to scale efficiencies, was around 71%, indicating that many WUAs are not operating at an efficient scale. The scale inefficiencies result mainly from administrative and organizational variables. Sub-vector efficiencies show that on average, the inefficiency of WUAs is more linked with inefficiency in expenditures related to their internal management and functioning, than to engineering inefficiencies. Copyright © 2008 John Wiley & Sons, Ltd. Ce travail analyse l'efficacité des associations d'usagers de l'eau (AUE) d'irrigation dans la région du Cap Bon (Tunisie) et étudie ses principaux déterminants. L'analyse est effectuée en deux étapes. Dans la première, l'efficacité est mesurée par le biais de la technique non paramétrique «Data Envelopment Analysis» (DEA). Des modèles DEA ont été construits pour calculer l'efficacité globale ainsi que l'efficacité de gestion et l'efficacité de maintenance. Dans la deuxième étape, les déterminants techniques et organisationnels des efficacités calculées sont recensés à l'aide d'un modèle Tobit. Les résultats montrent qu'en moyenne 18,7% des dépenses totales des AUE pourraient être économisés si toutes les associations étaient gérées à l'optimum. Les inefficacités sont liées principalement au nombre d'années d'expérience des AUE, au nombre de bornes gérées et au ratio des superficies irriguées. L'efficacité d'échelle moyenne de l'échantillon étudié est de 71%, indiquant que plusieurs AUE ne sont pas gérées à une échelle pertinente. Les inefficacités d'échelles sont principalement liées à des variables administratives et organisationnelles. Les résultats montrent aussi, qu'en moyenne, l'efficacité des AUE est plus affectée par leurs dépenses de gestion et de fonctionnement interne que par leurs activités de maintenance et d'entretien. Copyright © 2008 John Wiley & Sons, Ltd. [source] The Regulation of Public Company Auditing: Evidence from the Transition to AS5JOURNAL OF ACCOUNTING RESEARCH, Issue 4 2010RAJIB DOOGAR ABSTRACT The replacement of Auditing Standard No. 2 (AS2) by Auditing Standard No. 5 (AS5) creates a natural experiment that sheds light on (1) potential inefficiencies caused by regulatory responses to a political crisis and (2) audit efficiency and effectiveness improvements resulting from the risk-based approach embodied in AS5. We study these effects by examining the impact of AS5 on audit fees. We find that AS5 audit fees are aligned with auditee fraud risk, but not AS2 audit fees. Second, relative to AS2 benchmark levels, AS5 audit fees are, on average, lower for all auditees. Third, relative to AS2 benchmarks, AS5 fees are lower for lower-fraud-risk auditees but greater for higher-fraud-risk auditees. Overall, the evidence is consistent with (1) initial overregulation (via AS2) followed by reform (via AS5) and (2) auditors deploying a risk-based audit approach to obtain both efficiency and potential effectiveness gains in audit production. [source] The Extreme Future Stock Returns Following I/B/E/S Earnings SurprisesJOURNAL OF ACCOUNTING RESEARCH, Issue 5 2006JEFFREY T. DOYLE ABSTRACT We investigate the stock returns subsequent to quarterly earnings surprises, where the benchmark for an earnings surprise is the consensus analyst forecast. By defining the surprise relative to an analyst forecast rather than a time-series model of expected earnings, we document returns subsequent to earnings announcements that are much larger, persist for much longer, and are more heavily concentrated in the long portion of the hedge portfolio than shown in previous studies. We show that our results hold after controlling for risk and previously documented anomalies, and are positive for every quarter between 1988 and 2000. Finally, we explore the financial results and information environment of firms with extreme earnings surprises and find that they tend to be "neglected" stocks with relatively high book-to-market ratios, low analyst coverage, and high analyst forecast dispersion. In the three subsequent years, firms with extreme positive earnings surprises tend to have persistent earnings surprises in the same direction, strong growth in cash flows and earnings, and large increases in analyst coverage, relative to firms with extreme negative earnings surprises. We also show that the returns to the earnings surprise strategy are highest in the quartile of firms where transaction costs are highest and institutional investor interest is lowest, consistent with the idea that market inefficiencies are more prevalent when frictions make it difficult for large, sophisticated investors to exploit the inefficiencies. [source] Market Efficiency, Bounded Rationality, and Supplemental Business Reporting DisclosuresJOURNAL OF ACCOUNTING RESEARCH, Issue 2 2001J. Richard Dietrich The AICPA Special Committee on Financial Reporting has urged disclosure of relevant forward-looking information on risks and opportunities to supplement conventional financial statements. We conduct a laboratory market experiment to assess the effects of such disclosures on capital allocation decisions. We develop two sets of competing hypotheses regarding how capital markets react to supplemental disclosures. One set is based on the assumption of semi-strong market efficiency, while the other posits that the bounded rationality of individual traders leads to inefficient market prices. We find that explicit disclosure of management's best estimate of an uncertain quantity improves market efficiency, even though this disclosure is redundant with information in financial statements. Second, we find disclosure of an upper bound of management's estimate has the potential to bias security prices upward, while informationally equivalent disclosure of both upper and lower bounds removes this bias. These results suggest that experimental market reactions to these supplemental disclosures are inconsistent with market efficiency. Supplemental analyses of individuals' price predictions and trading behavior support our conclusion that inefficiencies are at least partially attributable to individual information processing biases. [source] | ||||||||||||||||||||||||||||||||||||||||||||||