scholarly journals Revisiting the concept of liquidity in liquidity preference

2019 ◽  
Vol 44 (3) ◽  
pp. 491-505 ◽  
Author(s):  
James Culham
Keyword(s):  
Market Liquidity ◽  
Price Uncertainty ◽  
Short Term ◽  
Demand For Money ◽  
The Public ◽  
Interest Income ◽  
Outside Money ◽  
Repurchase Agreements

Abstract This paper revisits Keynes’s theory of liquidity preference to emphasise its reliance on liquidity. By clarifying the meaning of ‘liquidity’ in the context of the theory, it is argued that liquidity preference is not based on the demand for money, the most tradable asset, or a theory of bearishness. Instead, liquidity preference represents a demand for price-protected (capital-safe) assets, most directly inside and outside money, but also cash-equivalent quasi-money such as self-liquidating assets and security repurchase agreements (repo). The theory of liquidity preference explains that the public is willing to forgo interest income to hold short-term price-protected assets due to the capital and price uncertainty associated with relying on market liquidity, or how easy it is to convert an asset into money. It follows that the rate of interest is a monetary phenomenon and is determined independently of saving and investment.

Evaluating the Financial Performance Through ‘Consumer Centric Decision’ Approach in Pharmaceutical Companies of Bangladesh: a Business Planning Perspective

2017 ◽  
Vol 9 (1) ◽  
pp. 168
Author(s):  
Md Mostafizur Rahman ◽  
Mahmud Uz Zaman
Keyword(s):  
Market Share ◽  
Swot Analysis ◽  
Financial Analysis ◽  
Pharmaceutical Companies ◽  
Short Term ◽  
The Public ◽  
Investment Choice ◽  
Good Investment ◽  
Business Analysis

Pharmaceuticals agglomerations consistently use their brand image and versatile product portfolios to consolidate their position in the financial sector, which is evident in their continuous profit making and expansion in market share. This paper explores the short-term and long-term investment attractiveness through ‘consumer centric decision’ approach in two selected pharmaceutical companies, Renata Limited and Orion Pharma Limited, of Bangladesh over the last three years’ period. This research adopts a systematic approach which primarily addresses the various concerns of investors to illustrate the decision-making process of the existing and future investors. Using primarily domestic transaction data, this study explores how the leading pharmaceuticals companies of Bangladesh effectively use the wide array of drug portfolios mix with appropriate branding techniques to increase their financial profit and market share simultaneously. Both SWOT analysis and Porters Five Forces Model explore the business analysis of Renata Limited in compare to Orion Pharma Limited that provides a conclusion regarding investors’ decision to invest in Renata Limited. Considering the financial analysis, Renata’s financial liquidity is not very satisfactory and could have been improved further if management is prudent on financial strategy settings. Findings of the business analysis indicate that Renata Limited would be a good investment choice for existing and prospective shareholders based on its opportunities for long term and short term growth and further expansion in developing the market. The results suggest that even lower liquidity coupled with higher interest borrowings can be balanced by posing positive picture to the public shareholders by returning the positive dividend to them.

scholarly journals The Budget as a Basis for Ecological Management of Urbanization Projects. Case Study in Seville, Spain

2021 ◽  
Vol 13 (7) ◽  
pp. 4078
Author(s):  
María Rocío Ruiz-Pérez ◽  
María Desirée Alba-Rodríguez ◽  
Cristina Rivero-Camacho ◽  
Jaime Solís-Guzmán ◽  
Madelyn Marrero
Keyword(s):  
Public Procurement ◽  
Embodied Energy ◽  
Short Term ◽  
Sewer System ◽  
Communication Services ◽  
Concrete Aggregates ◽  
The Public ◽  
Basic Services ◽  
Total Impact

Urbanization projects, understood as those supplying basic services for cities, such as drinking water, sewers, communication services, power, and lighting, are normally short-term extremely scattered actions, and it can be difficult to track their environmental impact. The present article’s main contribution is to employ the project budgets of public urbanization work to provide an instrument for environmental improvement, thereby helping public procurement, including sustainability criteria. Two urban projects in Seville, Spain are studied: the first substitutes existing services, and the second also includes gardens and playgrounds in the street margins. The methodology finds the construction elements that must be controlled in each project from the perspective of three indicators: carbon, water footprints, and embodied energy. The main impacts found are due to only four construction units: concrete, aggregates, asphalt, and ceramic pipes for the sewer system, that represent 70% or more of the total impact in all indicators studied. The public developer can focus procurement on those few elements in order to exert a lower impact and to significantly reduce the environmental burden of urbanization projects.

Risks to the Public

2021 ◽  
Vol 46 (2) ◽  
pp. 11-15
Author(s):  
Peter G. Neumann
Keyword(s):  
Computer Systems ◽  
Strong Sense ◽  
Risk Awareness ◽  
Short Term ◽  
The Public ◽  
The Past ◽  
The Media ◽  
Potential Risks ◽  
Security And Reliability

Mini-editorial (PGN) 2020 was a crazy year, with all kinds of risks on display. As usual, many of the lessons noted in past issues of SEN and RISKS have been largely ignored, and failures continue to mirror events from the past that have long been discussed here. Issues such as safety, security, and reliability always seem to need more foresight than they receive. Y2K con- tinues to hit somewhere each New Year's Day, when short- term remediations that demanded periodic upgrading have been forgotten. (I suppose old COBOL code will still ex- ist in year 2100, when there may be ambiguities relating to dates that could be 21xx or 20xx (although 19xx is unlikely), and the narrow windowing xes will fail even more dramati- cally.) Election integrity continues to be a real concern, where we are caught in the crosshairs between computer systems and networks that are not meaningfully trustworthy or au- ditable, and the nontechnological risks are still pervasive from unbalanced redistricting, creative dysinformation, poli- tics, Citzens United, and foreign interference. We need non- partisan scrutiny and defense against would-be subverters to overcome potential attacks and inadvertent mistakes. In pres- ence of potential risks in every part of the process, a strong sense of risk-awareness is required by voters, election officials, and the media (both proactively and remedially, as needed).

scholarly journals Crédito consignado: segmentos e efeitos econômicos

2018 ◽  
Vol 17 (2) ◽  
pp. 783-810
Author(s):  
Angélica Pott de Medeiros ◽  
Giulia Xisto de Oliveira ◽  
Reisoli Bender Filho
Keyword(s):  
Economic Recession ◽  
High Sensitivity ◽  
Variance Decomposition ◽  
Economic Effects ◽  
Short Term ◽  
Macroeconomic Variables ◽  
The Public ◽  
Short And Long Term ◽  
Vector Estimation

Resumo: O cenário de instabilidade política, a recessão econômica e as mudanças nas regras de concessão de crédito pautaram o objetivo de examinar o relacionamento do crédito consignado, por segmento de concessão, com variáveis macroeconômicas, caso do consumo, da produção industrial e do produto agregado, na última década (2007-2017). Os resultados foram obtidos por meio da estimação do vetor de correção de erros, funções de impulso-resposta e decomposição da variância, possibilitando a análise das relações de curto e de longo prazo entre as séries temporais e indicaram que as diferentes modalidades do crédito consignado implicam efeitos distintos sobre as variáveis econômicas em curto prazo. O segmento de aposentados e pensionistas impacta positivamente ambas as variáveis analisadas, com destaque para os bens de consumo das famílias. Já a concessão ao setor privado, embora represente a menor parcela do crédito consignado concedido, mostrou elevada sensibilidade a alterações na oferta dessa modalidade de crédito, enquanto que o crédito ao setor público, de maior participação, apresentou efeitos reduzidos e de curta duração.Palavras-chave: Crédito consignado. Segmentos. Economia brasileira. Payroll loans: segments and economic effects Abstract: The environment of political instability, economic recession and changes in the rules of granting credit were guiders to aim to examine the payroll loans relationship, by concession segment, with macroeconomic variables, case of consumption, industrial production and aggregate product, in the last decade (2007-2017). The results obtained by error correction vector estimation, and functions of impulse-response and variance decomposition, making it possible to analyze the short- and long-term relationships between the time series and indicated that the different modalities of payroll loans imply different effects on economic short-term variables. With retirees and pensioners segment positively impact on both analyzed variables, highlighting the household consumption goods. The concession to the private sector, although it represents the smallest portion of payroll loans granted, it showed high sensitivity to the changes of this modality. About credit to the public sector, which has the biggest portion, it showed reduced and short-term effects.Keywords: Payroll loans. Segments. Brazilian economy.

scholarly journals Honesty Pledges for the Behaviorally-based Regulation of Dishonesty

2020 ◽  
Author(s):  
Eyal Peer ◽  
Yuval Feldman
Keyword(s):  
Term Effect ◽  
Risk Averse ◽  
Behavioral Regulation ◽  
Short Term ◽  
Behavioral Ethics ◽  
The Public ◽  
Ethical Decisions ◽  
Long Run ◽  
Self Reports ◽  
Very High

A common dilemma in regulation is determining how much trust authorities can place in people’s self-reports, especially in regulatory contexts where the incentive to cheat is very high. In such contexts, regulators, who are typically risk averse, do not readily confer trust, resulting worldwide in excessive requirements when applying for permits, licenses, and the like. Studies in behavioral ethics have suggested that asking people to ex-ante pledge to behave ethically can reduce their level of dishonesty and noncompliance. However, pledges might also backfire by allowing more people to cheat with no real sanctions. Additionally, pledges’ effects have only been studied in one-shot decision making, and they may only have a short-term effect that could decay in the long run, leading to an overall erosion of trust. We explored the interaction of pledges with sanctions and the decay of their effects on people’s honesty by manipulating whether pledges were accompanied by sanctions (fines) and testing their impact on sequential, repeated ethical decisions. We found that pledges considerably and consistently reduced dishonesty, and this effect was not crowded out by the presence of fines. Furthermore, pledges seem to exert an effect on most people, including those who are relatively less inclined to follow rules and norms. We conclude that pledges could be an effective tool for the behavioral regulation of dishonesty, reduce the regulatory burden, and build a more trusting relationship between government and the public, even in areas where incentives and opportunities to cheat are high.

POLICY UNCERTAINTY AND THE DEMAND FOR MONEY IN SINGAPORE: AN ASYMMETRIC ANALYSIS

2021 ◽  
pp. 1-16
Author(s):  
MOHSEN BAHMANI-OSKOOEE ◽  
MUHAMMAD AFTAB ◽  
SAHAR BAHMANI
Keyword(s):  
Money Supply ◽  
Policy Uncertainty ◽  
Demand For Money ◽  
The Public ◽  
Uncertainty Measures ◽  
Long Run ◽  
Almost All ◽  
Measure Of Uncertainty

In search of a stable demand for money, almost all previous studies include two uncertainty measures captured by the volatility of the money supply and output. While in some countries, this yielded a stable demand for money, in some others, it did not. The latter was the case for Singapore. In this paper, we use a relatively more new and comprehensive measure of uncertainty known as policy uncertainty that is a news-based measure, and revisit the demand for money in Singapore. Our approach not only yields a stable demand for money in Singapore, but also reveals that the long-run effects of policy uncertainty on the demand for money are asymmetric. While increased uncertainty induces the public in Singapore to hold more money, decreased uncertainty does not affect.

The Market for Corporate Control: Value, Stakeholders, and Governance

2016 ◽  
Author(s):  
David Kershaw
Keyword(s):  
Empirical Evidence ◽  
Corporate Control ◽  
Short Term ◽  
The Public ◽  
Analysis And Evaluation ◽  
Control Value ◽  
Clear Cut ◽  
Market For Corporate Control ◽  
Empirical Context ◽  
The Uk

This Chapter introduces the market for corporate control and provides theoretical and empirical context about the functioning and effects of the market for corporate control. Ideally such context should inform the analysis and evaluation of the Takeover Code’s regulation of the UK market for corporate control. However, as the Chapter shows, neither our understanding of the likely effects of the market for corporate control on companies, boards, shareholders and stakeholders, nor the state of empirical evidence provide clear cut guidance on how to regulate the market for corporate control. The Chapter considers evidence on the value effects of takeovers and shows that evidence from the short term market response to announced takeovers supports claims that takeovers in aggregate generate value, but the longer term evidence is more mixed and inconclusive. It also considers the methodological limitations of both the short term and long term evidence. The Chapter then proceeds to consider the effect of the market for corporate control on stakeholders. It explores the commonly held view that takeovers are detrimental for employees but finds again that the empirical evidence is inconclusive, although the theoretical case that takeover activity may undermine employee investment in the business remains compelling. The Chapter then explores the role of the market for corporate control as a governance device. It is often assumed that the market for corporate control acts as a disciplinary device holding managers to account, but as the Chapter shows the disciplinary effects work differently and less precisely than regulators and the public debate commonly assume. The Chapter also shows that such indirect effects may also mould management and board behaviour in economically suboptimal ways, which the Chapter considers in the context of the debate about the possible short term orientation of UK boards.

Health and transport safety: fitness to drive

2013 ◽  
pp. 564-571 ◽  
Author(s):  
Tim Carter ◽  
Heather G. Major ◽  
Sally A. Evans ◽  
Andrew P. Colvin
Keyword(s):  
At Risk ◽  
Fitness To Drive ◽  
Short Term ◽  
International Regulation ◽  
Performance Deficits ◽  
The Public ◽  
Public Risk ◽  
Transport Workers ◽  
Mode Of Transport ◽  
Fitness To Work

Fitness to work in all modes of transport, where this may put members of the public or other workers at risk, has long been an area of public concern. Because inadequate performance may endanger fellow workers or the public and put expensive assets at risk, frameworks for statutory regulation have been developed. This chapter uses fitness to drive, the area of widest interest, as an example, but each mode of transport has its own pattern of performance requirements and hence fitness standards, although they have much in common. Separate appendices cover fitness to work in the rail industry, as a seafarer, and in aviation. The risks to the safety of others posed by performance deficits or incapacitation has meant that decisions on fitness are frequently taken not for the benefit of the person examined but to safeguard those at risk as a consequence of their actions. Hence hard decisions often have to be taken and for this reason standards for medical aspects of fitness are usually formal and often published. They are usually applied by physicians acting on behalf of regulatory authorities and have associated review or appeal mechanisms available to those who have been failed or restricted. Standards are necessarily based on the balance between public risk and potential loss of employment, with the former predominating. The evidence base for current standards is of variable quality and this is often a cause of contention. Patient groups and equal opportunities organizations may find it difficult to accept the concept of standards based on epidemiological evidence of risk. They may cite equality legislation to encourage applicants to demand individual assessment of risk and job adaptations to allow employment, often in situations where this is impossible. In addition to long-term health problems that are handled by reference to such formal standards, transport workers may also have short-term decrements in performance from injury, minor illness, or medication. In some areas, e.g. aviation, even short-term decreases in medical fitness are subject to national or international regulation.

scholarly journals Deficit, Decay and Deprioritization of Transport Infrastructure in Nigeria: Policy Options for Sustainability

2016 ◽  
Vol 8 (3) ◽  
pp. 55 ◽  
Author(s):  
Lionel Effiom ◽  
Peter Ubi
Keyword(s):  
Local Governments ◽  
Common Knowledge ◽  
Current Data ◽  
Transport Infrastructure ◽  
Sub Saharan Africa ◽  
Short Term ◽  
Road Infrastructure ◽  
The Public ◽  
Sub Saharan

<p>It is common knowledge that Nigeria’s road infrastructure, and indeed the general infrastructure of sub-Saharan Africa, is in a most despicable condition. This paper formalises this observation by providing current data to support the hypothesis. By deploying descriptive and theoretical methodological approaches, it demonstrates that road infrastructure is not only deteriorating but also suffers from a twin evil of deficit and deprioritisation in the public sector’s preferential scale–a state of indifference of sorts. Long and short term policy choices have to be made to urgently address the issue. In the short term, infrastructure concessions, public private partnerships (PPP), pension funds, sovereign wealth fund, savings from reduction in fuel subsidies, leveraging on the Africa Growth and Opportunity Act (AGOA) mechanism–are part of the portfolio of choices that government can readily choose from. In the long term however, the paper recommends increase in the statutory allocation to the states and local governments which would ensure that component units of the federation control more resources to deploy and develop infrastructure in their immediate domain.</p>

An “adhocracy” of stakeholders, the case of ADSA in France (Essonne)

2016 ◽  
Vol 12 (1) ◽  
pp. 8-23 ◽  
Author(s):  
Phillipe Naszalyi ◽  
Arnaud Slama-Royer
Keyword(s):  
Free Market ◽  
Public Funding ◽  
Short Term ◽  
Content Type ◽  
Non Profit ◽  
The Public ◽  
Structural Problems ◽  
Decision Making Processes ◽  
Hybrid Management ◽  
French Association

Purpose – The purpose of this paper is to analyze the structural problems emerging in the course of managing and safeguarding a French association for home care to a thousand elderly or disabled people between 2007 and 2012, employing 150 - 190 people and on the verge of bankruptcy. In France, small local businesses not only compete with major capital outlets in this sector but also with associations of varying size and origin. Free market rules apply, under the legislation of 2003, to what is, in part, “competition free”, being “in the public interest” and within the framework of local and national public funding. Design/methodology/approach – This paper analyses those pragmatic solutions put in place to meet the aim of shared governance and in the context of a generalized financial crisis. Findings – Borrowing from cooperatives and associations, the non-profit-based management structure the authors arrived at, including worker participation in the decision-making processes, raises questions for researchers as to the advisability of any short-term models and the validity of present social and supportive economic models. Originality/value – The hybrid management of this paper is offered as a working model in what the authors have termed an “adhocracy of stakeholders”.

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