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Financial Implications (financial + implication)
Selected AbstractsIndex tracking with constrained portfoliosINTELLIGENT SYSTEMS IN ACCOUNTING, FINANCE & MANAGEMENT, Issue 1-2 2007Dietmar Maringer Passive portfolio management strategies, such as index tracking, are popular in the industry, but so far little research has been done on the cardinality of such a portfolio, i.e. on how many different assets ought to be included in it. One reason for this is the computational complexity of the associated optimization problems. Traditional optimization techniques cannot deal appropriately with the discontinuities and the many local optima emerging from the introduction of explicit cardinality constraints. More recent approaches, such as heuristic methods, on the other hand, can overcome these hurdles. This paper demonstrates how one of these methods, differential evolution, can be used to solve the constrained index-tracking problem. We analyse the financial implication of cardinality constraints for a tracking portfolio using an empirical study of the Down Jones Industrial Average. We find that the index can be tracked satisfactorily with a subset of its components and, more important, that the deviation between computed actual tracking error and the theoretically achievable tracking error out of sample is negligibly affected by the portfolio's cardinality. Copyright © 2007 John Wiley & Sons, Ltd. [source] Incorrect and incomplete coding and classification of diabetes: a systematic reviewDIABETIC MEDICINE, Issue 5 2010M. A. Stone Diabet. Med. 27, 491,497 (2010) Abstract Aims, To conduct a systematic review to identify types and implications of incorrect or incomplete coding or classification within diabetes or between diabetes and other conditions; also to determine the availability of evidence regarding frequency of occurrence. Methods, Medical Subject Headings (MeSH) and free-text terms were used to search relevant electronic databases for papers published to the end of August 2008. Two researchers independently reviewed titles and abstracts and, subsequently, the full text of potential papers. Reference lists of selected papers were also reviewed and authors consulted. Three reviewers independently extracted data. Results, Seventeen eligible studies were identified, including five concerned with distinguishing between Type 1 and Type 2 diabetes. Evidence was also identified regarding: the distinction between diabetes and no-diabetes, failure to specify type of diabetes, and diagnostic errors or difficulties involving maturity-onset diabetes of the young, latent autoimmune diabetes in adults, pancreatic diabetes, persistence of foetal haemoglobin and acquired immune deficiency syndrome (AIDS). The sample was too heterogeneous to derive accurate information about frequency, but our findings suggested that misclassification occurs most commonly in young people. Implications relating to treatment options and risk management were highlighted, in addition to psychological and financial implications and the potential impact on the validity of quality of care evaluations and research. Conclusions, This review draws attention to the occurrence and implications of incorrect or incomplete coding or classification of diabetes, particularly in young people. A pragmatic and clinically relevant approach to classification is needed to assist those involved in making decisions about types of diabetes. [source] A geomatics data integration technique for coastal change monitoringEARTH SURFACE PROCESSES AND LANDFORMS, Issue 6 2005J. P. Mills Abstract This paper reports research carried out to develop a novel method of monitoring coastal change, using an approach based on digital elevation models (DEMs). In recent years change monitoring has become an increasingly important issue, particularly for landforms and areas that are potentially hazardous to human life and assets. The coastal zone is currently a sensitive policy area for those involved with its management, as phenomena such as erosion and landslides affect the stability of both the natural and the built environment. With legal and financial implications of failing to predict and react to such geomorphological change, the provision of accurate and effective monitoring is essential. Long coastlines and dynamic processes make the application of traditional surveying difficult, but recent advances made in the geomatics discipline allow for more effective methodologies to be investigated. A solution is presented, based on two component technologies , the Global Positioning System (GPS) and digital small format aerial photogrammetry , using data fusion to elim-inate the disadvantages associated with each technique individually. A sparse but highly accurate DEM, created using kinematic GPS, was used as control to orientate surfaces derived from the relative orientation stage of photogrammetric processing. A least squares surface matching algorithm was developed to perform the orientation, reducing the need for costly and inefficient ground control point survey. Change detection was then carried out between temporal data epochs for a rapidly eroding coastline (Filey Bay, North Yorkshire). The surface matching algorithm was employed to register the datasets and determine dif-ferences between the DEM series. Large areas of change were identified during the lifetime of the study. Results of this methodology were encouraging, the flexibility, redundancy and automation potential allowing an efficient approach to landform monitoring. Copyright © 2005 John Wiley & Sons, Ltd. [source] Quantifying the Impact of Corporate Environmental Performance on Shareholder ValueENVIRONMENTAL QUALITY MANAGEMENT, Issue 4 2001Robert Repetto This article demonstrates an approach for analyzing and communicating the financial implications of a company's environmental exposures. In environmentally sensitive industries, this approach can help companies to benchmark themselves against rivals, to identify major sources of environmental risk and opportunity, to assign financial values to risk-mitigating options, and to communicate their environmental strategies to the investment community and other stake-holders. © 2000 World Resources Institute. Used with permission. [source] The Emergency Medical Treatment and Labor Act as a Federal Health Care Safety Net ProgramACADEMIC EMERGENCY MEDICINE, Issue 11 2001W. Wesley Fields MD Abstract Despite the greatest economic expansion in history during the 1990s, the number of uninsured U.S. residents surpassed 44 million in 1998. Although this number declined for the first time in recent years in 1999, to 42.6 million, the current economic slow-down threatens once again to increase the ranks of the uninsured. Many uninsured patients use hospital emergency departments as a vital portal of entry into an access-improverished health care system. In 1986, Congress mandated access to emergency care when it passed the Emergency Medical Treatment and Labor Act (EMTALA). The EMTALA statute has prevented the unethical denial of emergency care based on inability to pay; however, the financial implications of EMTALA have not yet been adequately appreciated or addressed by Congress or the American public. Cuts in payments from public and private payers, as well as increasing demands from a larger uninsured population, have placed unprecedented financial strains on safety net providers. This paper reviews the financial implications of EMTALA, illustrating how the statute has evolved into a federal health care safety net program. Future actions are proposed, including the pressing need for greater public safety net funding and additional actions to preserve health care access for vulnerable populations. [source] SCHIP premiums, enrollment, and expenditures: a two state, competing risk analysisHEALTH ECONOMICS, Issue 7 2010James Marton Abstract Faced with state budget troubles, policymakers may introduce or increase State Children's Health Insurance Program (SCHIP) premiums for children in the highest program income eligibility categories. In this paper we compare the responses of SCHIP recipients in a state (Kentucky) that introduced SCHIP premiums for the first time at the end of 2003 with the responses of recipients in a state (Georgia) that increased existing SCHIP premiums in mid-2004. We start with a theoretical examination of how these different policies create different changes to family budget constraints and produce somewhat different financial incentives for recipients. Next we empirically model the impact of these policies using a competing risk approach to differentiate exits due to transfers to other eligibility categories of public coverage from exiting the public health insurance system. In both states we find a short-run increase in the likelihood that children transfer to lower- income eligibility/lower-premium categories of SCHIP. We also find a short-run increase in the rate at which children transfer from SCHIP to Medicaid in Kentucky, which is consistent with our theoretical model. These findings have important financial implications for state budgets, as the matching rates and premium levels are different for different eligibility categories of public coverage. Copyright © 2009 John Wiley & Sons, Ltd. [source] Governance of Higher Education in Britain: The Significance of the Research Assessment Exercises for the Funding Council ModelHIGHER EDUCATION QUARTERLY, Issue 1 2004Ted Tapper This article uses the political struggles that have enveloped the research assessment exercises (RAEs) to interpret the UK's current funding council model of governance. Ironically, the apparently widespread improvement in the research performance of British universities, as demonstrated by RAE 2001, has made it more difficult to distribute research income selectively, which was supposedly the central objective of the whole evaluative process. Whilst enhanced research ratings may be seen as a cause for celebration in the universities, the failure to anticipate this outcome and, more significantly, to plan for its financial implications is seen in political circles as a failure of higher education management. The article explores the alternative models of governance that are likely to emerge as a consequence of this crisis and, in particular, whether the funding councils can have much freedom of action, given the tighter political control of policy goals and their critical dependence upon the academic profession for the conduct of the evaluative process. [source] The impacts of non-native species on UK biodiversity and the effectiveness of controlJOURNAL OF APPLIED ECOLOGY, Issue 5 2000Sarah J. Manchester 1.,The introduction of non-native species continues to cause ecological concern globally, but there have been no published reviews of their effects in the UK. Impacts in the UK are therefore reviewed, along with current legislation and guidelines relating to the introduction and control of such species. 2.,A large number of non-native species have been introduced to the UK, both deliberately and accidentally, but only a small number of introduced non-native species have established and caused detrimental ecological impacts. However, general declines in UK biodiversity, and the potential effects of future climate change, may increase the susceptibility of ecosystems to invasions. 3.,Detrimental impacts of non-native species on native biota have occurred through competition, predation, herbivory, habitat alteration, disease and genetic effects (i.e. hybridization). There are potential effects on genetic biodiversity as well as species biodiversity. 4.,Several high profile examples highlight the technical difficulties, and financial implications, of removing an introduced species once it is established. Few UK control or eradication programmes have been successful. 5.,Control might be more feasible if ,problem' species could be identified at an earlier stage of establishment. However, the poor success of attempts to characterize invasive species and predict which will have negative impacts highlight the individual and unpredictable nature of invasions. The difficulties of making general predictions suggest that every proposed species introduction should be subject to rigorous ecological characterization and risk assessment prior to introduction. 6.,The plethora of UK legislation and guidelines developed to reduce impacts of non-native species only go part of the way towards ameliorating impact. Many species already established in the wild might cause future problems. Illegal releases and escapes of non-native species may augment feral populations or establish new colonies. While regulation of imports and releases is important, further enforcement of existing legislation and action against unlicensed releases is necessary. [source] How the nanotechnology revolution will affect cost managementJOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 3 2006Saurav Dutta Nanotechnology,the application of research about objects at the molecular level,holds the promise of transforming the processes used to produce goods, revolutionizing whole industries, and transforming society as a whole. This article explores the cost management and corporate financial implications of this coming revolution. © 2006 Wiley Periodicals, Inc. [source] Size Economies of a Pacific Threadfin Polydactylus sexfilis Hatchery in HawaiiJOURNAL OF THE WORLD AQUACULTURE SOCIETY, Issue 4 2002Lotus E. Kam A spreadsheet model has been developed to determine the viable scale for a commercial Pacific threadfin Polydactylus sexfilis hatchery in Hawaii. The production scheme is modeled after current practices performed at the Oceanic Institute in Waimanalo, Hawaii. For a hatchery enterprise producing 1.2 million fry per year, the cost associated with raising one 40-d-old 1.00-g fry is estimated at 22.01ø. The largest variable costs are in labor and supplies, which comprise 49% and 9% of the total production cost. The combined annualized fixed cost for development and equipment is approximately 12% of total production cost. At a sale price of 25ø per fry, the 20-yr internal rate of return (IRR) is 30.63%. In comparison to the 22.01ø unit cost for 1.2 million fry production, analyses of smaller enterprises producing 900,000 and 600,000 fry per year reflected significant size diseconomies with unit costs of 27.41ø and 38.82ø, respectively. Demand to support a large scale Pacific threadfin commercial hatchery is uncertain. Since smaller scale commercial hatcheries may not be economically feasible, facilities may seek to outsource live feed production modules or pursue multiproduct and multiphase approaches to production. An analysis of the production period length, for example, indicates that the cost for producing a day-25 0.05-g fry is 17.25ø before tax and suggests the financial implications of transferring the responsibility of the nursery stage to grow-out farmers. Evaluation of the benefits gained from changes in nursery length, however, must also consider changes in facility requirements, mortality, and shipping costs associated with transit, and the growout performance of and market demand for different size fry. Sensitivity analyses also indicate the potential cost savings associated with the elimination of rotifer, microalgae, and enriched artemia production. Managerial decisions, however, must also consider the quality and associated production efficiencies of substitutes. [source] Money matters: students' perceptions of the costs associated with placementsMEDICAL EDUCATION, Issue 10 2007Natalie Wray Context, Placements are an integral component of the medical, nursing and allied health curricula. However, apart from the relocation costs associated with placements, little research on students' understandings and experiences of the financial implications of placements has been carried out. Objectives, We report on students' financial concerns associated with placements, which emerged as a main theme in a broader study we conducted on the impact of undergraduate student placement experiences on graduate practice. Methods, We conducted a qualitative study which included focus group discussions (n = 17), individual interviews (n = 48) and written responses (n = 2) with undergraduate students (n = 103) and graduates (n = 27) from a tertiary institution in Victoria, Australia. Results, Students identified that income generation and the costs associated with transport and placement location contributed to the financial burden of placements. Students also spoke of the implications of high financial strain impacting on their accumulation of debt as well as on their health and wellbeing. Discussion, Our study advances our understanding of the implications of financial hardship experienced by medical, nursing and allied health students. In our study, students, regardless of their placement location, experienced increased demands and associated stress as a result of managing placements, paid employment and limited financial resources. We recommend that further quantitative research be conducted to measure the variables identified as emerging themes in this study. [source] Functional capacity evaluation reports for clients with personal injury claims: a content analysisOCCUPATIONAL THERAPY INTERNATIONAL, Issue 2 2004Shelley Allen Abstract Functional capacity evaluations (FCEs) for personal injury claimants are rigorously scrutinized by the stakeholders because of their financial implications. This study examined 51 medico-legal FCE reports for clients all of whom suffered with spinal pain attributed to a motor vehicle accident. The FCEs were completed by 14 occupational therapists. Content analysis of the FCE reports identified categories and sub-categories of objective and subjective information on which occupational therapists reported. They included employment, activities of daily living, pain, functional physical capacities and job demands. Recommendations included the suitability of current and future jobs. However, the reasoning behind occupational therapists' recommendations in the FCE reports was frequently not stated. This content analysis demonstrated that these detailed FCE reports had a consistent focus on work capacity; further, the researchers suggest refinements to FCE reporting practices so that findings, recommendations and predictions about work outcomes for clients are interpreted clearly and realistically. Copyright © 2004 Whurr Publishers Ltd. [source] Dynamic study of stacked packaging units by operational modal analysisPACKAGING TECHNOLOGY AND SCIENCE, Issue 3 2010Carlos Bernad Abstract Laboratory simulation of transport vibration has been the object of many studies in recent years due to the financial implications of potential customer claims in respect of damage caused during product distribution and the need for tools for packaging optimization. Most of these works concentrate on the special nature of transport vibrations and how to reproduce them: Power Spectral Density (PSD) profiles related to road and truck characteristics, the non-stationary aspects of the environment, the non-Gaussian characteristics of the recorded vibrations and the best procedures for meaningful laboratory testing. In the present work, a different point of view is applied to the issue. The paper deals with the dynamics of different corrugated stacked packaging units by means of operational modal analysis and a 6 degrees of freedom multi-axis shaker table. The results show the already known non-linear behaviour of the paperboard containers and the natural frequencies and modes likely to appear in the packaging. The relevance of bending-like modes in relation to laboratory testing is discussed. Copyright © 2010 John Wiley & Sons, Ltd. [source] A macroscale analysis of coastal steepening around the coast of England and WalesTHE GEOGRAPHICAL JOURNAL, Issue 3 2004J A Taylor Coastal steepening potentially presents an array of management issues in the form of financial implications of sea defence degradation, increased risk posed to the hinterland as wave attenuation is reduced, ,coastal squeeze' and statutory requirements in the light of the Habitats Directive. The extent to which coastal steepening has occurred throughout England and Wales has been investigated through use of a GIS and dataset based on historical Ordnance Survey map information. Data were collected along 1084 selected profile lines, positioned so as to be geomorphologically representative of the coast. Features recorded from each map year included the positions of mean high water (MHW) and mean low water (MLW), the relative movements of which infer changing intertidal gradients. The results presented in this paper are on a subject and scale not previously published. It is revealed that 61% of the coastline studied has experienced a tendency towards steepening. Of the remainder, 33% has flattened, and 6% has experienced no rotational movement. This tendency towards steepening has been the dominant movement on each of the west, south, and east coasts. [source] INTERNATIONAL TRENDS IN WATER UTILITY REGIMESANNALS OF PUBLIC AND COOPERATIVE ECONOMICS, Issue 1 2007Yeti Nisha Madhoo ABSTRACT,:,This paper provides the taxonomy of country experiences in managing their water utilities. Institutions for water supply for various uses and their financial implications are analysed. Different episodes of governmental intervention in water supply and charging are examined. From the survey of different regimes and the existing literature, cost recovery and affordability emerge as the major building blocks for any reform of water utilities. Privatization of water services in terms of ownership change, public-private arrangements and international involvement seems to be a mixed blessing and donor assistance to water projects raises issues in international inequality and does not increase cost recovery levels. Cost recovery is positively associated with economic development, institutional quality and performance of water utilities. [source] Financial Impact of Emergency Department UltrasoundACADEMIC EMERGENCY MEDICINE, Issue 7 2009Olanrewaju A. Soremekun MD Abstract Objectives:, There is limited information on the financial implications of an emergency department ultrasound (ED US) program. The authors sought to perform a fiscal analysis of an integrated ED US program. Methods:, A retrospective review of billing data was performed for fiscal year (FY) 2007 for an urban academic ED with an ED US program. The ED had an annual census of 80,000 visits and 1,101 ED trauma activations. The ED is a core teaching site for a 4-year emergency medicine (EM) residency, has 35 faculty members, and has 24-hour availability of all radiology services including formal US. ED US is utilized as part of evaluation of all trauma activations and for ED procedures. As actual billing charges and reimbursement rates are institution-specific and proprietary information, relative value units (RVUs) and reimbursement based on the Centers for Medicare & Medicaid Services (CMS) 2007 fee schedule (adjusted for fixed diagnosis-related group [DRG] payments and bad debt) was used to determine revenue generated from ED US. To estimate potential volume, assumptions were made on improvement in documentation rate for diagnostic scans (current documentation rates based on billed volume versus diagnostic studies in diagnostic image database), with no improvements assumed for procedural ED US. Expenses consist of three components,capital costs, training costs, and ongoing operational costs,and were determined by institutional experience. Training costs were considered sunken expenses by this institution and were thus not included in the original return on investment (ROI) calculation, although for this article a second ROI calculation was done with training cost estimates included. For the purposes of analysis, certain key assumptions were made. We utilized a collection rate of 45% and hospitalization rates (used to adjust for fixed DRG payments) of 33% for all diagnostic scans, 100% for vascular access, and 10% for needle placement. An optimal documentation rate of 95% was used to estimate potential revenue. Results:, In FY 2007, 486 limited echo exams of abdomen (current procedural terminology [CPT] 76705) and 480 limited echo cardiac exams were performed (CPT 93308) while there were 78 exams for US-guided vascular access (CPT 76937) and 36 US-guided needle placements when performing paracentesis, thoracentesis, or location of abscess for drainage (CPT 76492). Applying the 2007 CMS fee schedule and above assumptions, the revenue generated was 578 RVUs and $35,541 ($12,934 in professional physician fees and $22,607 in facility fees). Assuming optimal documentation rates for diagnostic ED US scans, ED US could have generated 1,487 RVUs and $94,593 ($33,953 in professional physician fees and $60,640 in facility fees). Program expenses include an initial capital expense (estimated at $120,000 for two US machines) and ongoing operational costs ($68,640 per year to cover image quality assurance review, continuing education, and program maintenance). Based on current revenue, there would be an annual operating loss, and thus an ROI cannot be calculated. However, if potential revenue is achieved, the annual operating income will be $22,846 per year with an ROI of 4.9 years to break even with initial investment. Conclusions:, Determining an ROI is a required procedure for any business plan for establishing an ED US program. Our analysis demonstrates that an ED US program that captures charges for trauma and procedural US and achieves the potential billing volume breaks even in less than 5 years, at which point it would generate a positive margin. [source] The impact of an assisted conception unit on the workload of a general gynaecology unitBJOG : AN INTERNATIONAL JOURNAL OF OBSTETRICS & GYNAECOLOGY, Issue 2 2002Joanne McManus The burden placed on a hospital by the presence of an assisted conception unit has been emphasised only in terms of its impact on neonatal services. This paper examines the previously neglected subject of the gynaecological workload generated by a tertiary fertility centre that provides treatments by assisted conception. As many IVF units operate independently this additional workload may not be appreciated. It has, however, significant practical and financial implications for neighbouring hospitals and trusts. This is of particular relevance in view of the move towards more uniform health service funding of assisted conception throughout the United Kingdom. [source] Bisphosphonate therapy for patients with breast carcinomaCANCER, Issue S3 2003Who to treat, when to stop Abstract Bisphosphonates have become well established in the treatment of patients with metastatic bone disease, although the optimal use of these agents has not been defined clearly. Randomized, controlled trials have demonstrated that treatment with intravenous pamidronate can significantly reduce the rate of skeletal-related events in patients with bone metastases from myeloma or advanced breast carcinoma. To date, there are few data from controlled, randomized studies to support the use of bisphosphonates in patients with bone metastases from malignancies other than breast carcinoma and myeloma. The optimal duration of treatment is unknown. Recent data have demonstrated that prolonged treatment is tolerated well, with no obvious toxicity. Generally, treatment is continued irrespective of the development of skeletal-related events and until there is a substantial decline in performance status. The widespread use of bisphosphonates will have major financial implications. Retrospective studies have suggested that the cost-effectiveness ratio is high for patients with advanced breast carcinoma. These ratios may be improved by targeting therapy to patients at high risk of developing complications from skeletal metastatic disease. Among patients with skeletal metastases from breast carcinoma, a recent retrospective analysis demonstrated that patients with disease confined to the skeleton were at greater risk of pathologic fractures compared with patients who had additional extraosseous disease. It is interesting to note that approximately two-thirds of patients with advanced breast carcinoma in the randomized trials of intravenous pamidronate had disease confined to the skeleton. The use of markers of bone turnover to identify patients who are most likely to benefit from bisphosphonate therapy or to identify patients who will respond to such therapy is the subject of further investigation. There are conflicting data on the use of bisphosphonates as an adjuvant therapy. Currently, such treatment should occur only as part of a clinical trial. Bisphosphonates can be used to prevent bone loss as a result of therapy for malignant disease, e.g., premature menopause in patients with early breast carcinoma. Cancer 2003;97(3 Suppl):854,8. © 2003 American Cancer Society. DOI 10.1002/cncr.11146 [source] | ||||||||||||||||