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Annual Return (annual + return)

Distribution by Scientific Domains

Business, Economics, Finance and Accounting	75%

Selected Abstracts

THE EFFECTS OF ITQ IMPLEMENTATION: A DYNAMIC APPROACH

NATURAL RESOURCE MODELING, Issue 4 2000
LEE G. ANDERSON
ABSTRACT. This paper investigates the intertemporal effects of introducing Individual Transferable Quota, ITQ, fishery management programs on stock size, fleet size and composition, and returns to quota holders and to vessel operators. Theoretical analysis is conducted using a specific version of a general dynamic model of a regulated fishery. It is demonstrated that the effects will differ depending upon the prevailing regulation program, current stock size, and existing fleet size, composition and mobility and upon how the stock and fleet change over time after the switch to ITQs. The paper expands upon previous works by modeling the dynamics of change in fleet and stock size and by allowing for changes in the TAC as stock size changes, by comparing ITQs to different regulations, and by allowing the status quo before ITQ implementation to be something other than a bioeconomic equilibrium. Specific cases are analyzed using a simulation model. The analysis shows that the annual return per unit harvest to quota owners can increase or decrease over the transition period due to counteracting effects of changes in stock and fleet size. With ITQs denominated as a percentage of the TAC, the current annual value of a quota share depends upon the annual return per unit of harvest and the annual amount of harvest rights. Because the per unit value can increase or decrease over time, it is also possible that the total value can do the same. Distribution effects are also studied and it is shown that while the gains from quota share received are the present value of a potentially infinite stream of returns, potential losses are the present value of a finite stream, the length of which depends upon the remaining life of the vessel and the expected time it will continue to operate. [source]

Validation ROI: An HPT case study from the medical device industry

PERFORMANCE IMPROVEMENT, Issue 2 2010
Sue Czeropski CPT
Validation is both a process and a function within Company ABC. Using the human performance technology (HPT) process, interventions were prescribed to address identified performance gaps. Forecasting an annual return on investment (ROI) based on goals yielded a ROI of 168%. Data collected for the first quarter of 2009 yielded a calculated ROI of 326%. This study discusses the HPT process and what was done to achieve the results. [source]

The economic impact of subsidized industrial R&D in Israel

R & D MANAGEMENT, Issue 3 2002
Moshe Justman
Israel offers contingent subsidies to selected industrial R&D projects, with the purpose of creating high,quality jobs, reducing the trade deficit, increasing productivity and promoting growth. In 1987,94, 1,200 firms received $1,400 million of subsidies in support of $3,500 million of R&D (in constant 1996 dollars). We estimate that this R&D generated more than $31,000 million of sales, increasing industrial employment by about 10% and contributing to the trade balance a sum slightly less than the entire private sector deficit in the current account. It added 0.3% to GDP in increased productivity, each dollar of supported R&D adding an additional $0.45 to GDP and earning the economy a direct annual return of 13.4%. Electronics, broadly defined, received roughly half the subsidies while accounting for nearly two thirds of the gains; small firms that received one sixth of the subsidies contributed over a quarter of the gains. [source]

Presidential Address: The Cost of Active Investing

THE JOURNAL OF FINANCE, Issue 4 2008
KENNETH R. FRENCH
ABSTRACT I compare the fees, expenses, and trading costs society pays to invest in the U.S. stock market with an estimate of what would be paid if everyone invested passively. Averaging over 1980,2006, I find investors spend 0.67% of the aggregate value of the market each year searching for superior returns. Society's capitalized cost of price discovery is at least 10% of the current market cap. Under reasonable assumptions, the typical investor would increase his average annual return by 67 basis points over the 1980,2006 period if he switched to a passive market portfolio. [source]