Future Flows (future + flow)

Distribution by Scientific Domains


Selected Abstracts


IMF Gold and the World Bank's Unfunded HIPC Deficit

DEVELOPMENT POLICY REVIEW, Issue 1 2004
Jonathan E. Sanford
The World Bank is to forgive $12.24 billion in IDA debt payments from HIPC borrowers. It has received $1 billion from the HIPC Trust Fund to help offset these losses, but still has a $11.6 billion unfunded liability. The IMF has gold worth $38 billion on hand for which it has no actual use. This article proposes that a small portion of IMF gold be sold annually, just enough to offset IDA's annual HIPC deficit, over the next twenty years. The new money would be additional and predictable, and would eliminate the prospect that IDA would have to cut back its future flow of aid because the HIPC programme had drained its resources. [source]


Geometric Brownian motion as a model for river flows

HYDROLOGICAL PROCESSES, Issue 7 2002
Mario Lefebvre
Abstract Let X(t) be the flow of a certain river at time t. A geometric Brownian motion process is used as a model for X(t) and is found to give very good forecasts of future flows. The forecasted values generated by this one-dimensional model are compared with those provided by a deterministic model that requires the evaluation of 18 entries. Based on two important criteria, the stochastic model is superior, on average, to the deterministic model for forecasts up to 4 days ahead. Copyright 2002 John Wiley & Sons, Ltd. [source]


Capital budgeting: Problems and new approaches

JOURNAL OF CORPORATE ACCOUNTING & FINANCE, Issue 1 2007
James S. Sagner
Capital budgeting techniques using discounted cash flow calculate the present value of future flows, compared to the cash outflows or the investment required to fund a capital project. But companies are reluctant to commit funds to capital projects these days,probably because of disappointing past returns. The author explains current capital budgeting practices and reviews new approaches that may offer some solutions. He also offers a handy quick checklist for capital budgeting decisions. 2007 Wiley Periodicals, Inc. [source]


Equity Premia as Low as Three Percent?

THE JOURNAL OF FINANCE, Issue 5 2001
Evidence from Analysts' Earnings Forecasts for Domestic, International Stock Markets
The returns earned by U.S. equities since 1926 exceed estimates derived from theory, from other periods and markets, and from surveys of institutional investors. Rather than examine historic experience, we estimate the equity premium from the discount rate that equates market valuations with prevailing expectations of future flows. The accounting flows we project are isomorphic to projected dividends but use more available information and narrow the range of reasonable growth rates. For each year between 1985 and 1998, we find that the equity premium is around three percent (or less) in the United States and five other markets. [source]