scholarly journals Efficiency Analysis of Government Subsidy and Performance Guarantee Policies in Relation to PPP Infrastructure Projects

2018 ◽  
Vol 2018 ◽  
pp. 1-11 ◽  
Author(s):  
Lei Shi ◽  
Yujia He ◽  
Masamitsu Onishi ◽  
Kiyoshi Kobayashi
Keyword(s):  
Government Subsidy ◽  
Performance Guarantee ◽  
Infrastructure Projects ◽  
Special Purpose Vehicle ◽  
Performance Guarantees ◽  
Sustainable Operation ◽  
Integrated Policy ◽  
The Government ◽  
And Performance ◽  
Liquidity Shock

Sustainable operation of public-private partnership (PPP) infrastructure projects that are characterized by considerable external benefits is of vital importance. However, a liquidity shock might trigger an inefficient liquidation of a project by the special purpose vehicle (SPV) and the bank, whose objectives are to maximize the profits generated by the project. This study argues that performance guarantee and subsidy policies implemented by the government play a role in encouraging socially efficient decision-making by the SPV and the bank to ensure the continuation of socially valuable projects. The results show that both government subsidy and performance guarantee policies are effective in avoiding the inefficient liquidation of PPP infrastructure projects when the external benefits are large and certain. However, a performance guarantee policy might lead to inefficient continuation when the external benefits of a project are uncertain. Finally, we discuss the possibility that an integrated policy combining performance guarantees and government subsidies improves the efficiency of a PPP infrastructure project.

scholarly journals STRICT CONFORMITY OF DOCUMENTS UNDER A PERFORMANCE GUARANTEE. DOES A SIGNED COPY OF A DOCUMENT QUALIFY AS AN ORIGINAL? Stefanutti & Bressan (Pty) Ltd v Nedbank Ltd (unreported judgment delivered on 30 July 2008) (case no 5311/2008) (D&CLD)

Obiter ◽  
2021 ◽  
Vol 30 (2) ◽  
Author(s):  
WG Schulze
Keyword(s):  
South African ◽  
Case Law ◽  
Performance Guarantee ◽  
High Court ◽  
Bond Performance ◽  
Performance Guarantees ◽  
Kwazulu Natal ◽  
Letters Of Credit ◽  
And Performance

Unlike in many overseas jurisdictions, there is a paucity of South African reported case law dealing with certain instruments of payment and guarantees for payment such as documentary letters of credit and performance guarantees, to mention but two examples of instruments prevalent in the field of payment and financing. For this reason any new case law dealing with either letters of credit or performance guarantees is to be welcomed as it would hopefully not only contribute to our understanding of this area of the law, but also provide an opportunity for comment and reflection. This holds especially true since the International Chamber of Commerce has recently (in July 2007) accepted and introduced a new version of the Uniform Customs and Practices for Documentary Credits (hereinafter “the UCP”): UCP 600. In passing: Apart from the main distinction between direct (three-party) and indirect (four-party) demand guarantees, they (ie, demand guarantees) may also be classified by reference to the phase or part of performance theyare designed to secure, hence the following classification of the different types of demand guarantees: tender guarantee (tender bond); performance guarantee (performance bond); advance payment guarantee (repayment guarantee); retention guarantee; and maintenance guarantee (warranty guarantee). In what follows below the author will use the concept of “guarantee”, being a genericterm, when referring to demand and/or performance guarantees in general. The recent decision in Stefanutti & Bressan (Pty) Ltd v Nedbank Ltd (unreported judgment delivered on 30 July 2008 (case no 5311/2008) by the Durban & Coast Local Division of the High Court (now: KwaZulu-Natal High Court, Durban) is a rare and welcome addition to the rather modest collection of South African decisions dealing with performance guarantees.

scholarly journals Understanding the Performance Guarantee of Physical Topology Design for Optical Circuit Switched Data Centers

2021 ◽  
Vol 5 (3) ◽  
pp. 1-24
Author(s):  
Shizhen Zhao ◽  
Peirui Cao ◽  
Xinbing Wang
Keyword(s):  
Data Centers ◽  
Topology Design ◽  
Performance Guarantee ◽  
Performance Limit ◽  
Coupling Technique ◽  
Performance Guarantees ◽  
Performance Metric ◽  
Optical Circuit ◽  
And Performance ◽  
The Ideal

As a first step of designing O ptical-circuit-switched D ata C enters (ODC), physical topology design is critical as it determines the scalability and the performance limit of the entire ODC. However, prior works on ODC have not yet paid much attention to physical topology design, and the adopted physical topologies either scale poorly, or lack performance guarantee. We offer a mathematical foundation for the design and performance analysis of ODC physical topologies in this paper. We introduce a new performance metric β(G ) to evaluate the gap between a physical topology G and the ideal physical topology. We develop a coupling technique that bypasses a significant amount of computational complexity of calculating β(G). Using β(G ) and the coupling technique, we study four physical topologies that are representative of those in literature, analyze their scalabilities and prove their performance guarantees. Our analysis may provide new guidance for network operators to design better physical topologies for their ODCs.

Analysis of Financial Performance of Public Sector Banks in India: CAMEL

2020 ◽  
pp. 097674792096686
Author(s):  
Yudhvir Singh ◽  
Ram Milan
Keyword(s):  
Public Sector ◽  
Banking Sector ◽  
Positive Impact ◽  
Secondary Data ◽  
Capital Adequacy ◽  
Factors Affecting ◽  
Public Sector Banks ◽  
The Government ◽  
And Performance ◽  
Asset Quality

Public sector banks have been merged by the government in the last few years. This is the rationale behind conducting this study. The purpose of this article is to determine the factors affecting the performance of public sector banks in India and the interrelationship between bank-specific determinants and performance of public sector banks. In this article, we shall analyse the financial data of all the public sector commercial banks for a period spread across 11 years (2009–2019); Capital adequacy, Assets quality, Management efficiency, Earning, and Liquidity (CAMEL) has been used as a performance determinant; system generalised method of moments (GMM) analysis has been used to find the effect of determinants on the performance measurement of public sector banks; and CCA (canonical correlation analysis) has been used to find the interrelationship between the bank-specific determinants and the performance of public sector banks. The finding has important implications in terms of performance in the banking sector. Certain limitations of this study are: It is based on secondary data. The study only covers the financial aspects and not the non-financial aspects. It is found that the asset quality is negatively related with performance of public sector banks. Liquidity and inflation are inversely related to performance of public sector banks in India. Capital adequacy is positively related with banks’ performance, but inversely related with banks’ interest margin. GDP growth has a significant positive impact on banks’ performance, but inversely related with banks’ interest income. Inflation rate is inversely related with banks’ performance. Banking sector reforms are insignificantly related with banks’ performance.

scholarly journals Association between participation in the government subsidy programme for domestic travel and symptoms indicative of COVID-19 infection in Japan: cross-sectional study

BMJ Open ◽  
2021 ◽  
Vol 11 (4) ◽  
pp. e049069
Author(s):  
Atsushi Miyawaki ◽  
Takahiro Tabuchi ◽  
Yasutake Tomata ◽  
Yusuke Tsugawa
Keyword(s):  
Sore Throat ◽  
Fixed Effects ◽  
Cross Sectional Study ◽  
High Fever ◽  
Internet Survey ◽  
Government Subsidy ◽  
Sampling Weights ◽  
Cross Sectional ◽  
Taste Disorder ◽  
The Government

ObjectiveTo investigate the association between participation in government subsidies for domestic travel (subsidise up to 50% of all travel expenses) introduced nationally in Japan on 22 July 2020 and the incidence of symptoms indicative of COVID-19 infections.DesignCross-sectional analysis of nationally representative survey data.SettingInternet survey conducted between 25 August and 30 September 2020 in Japan. Sampling weights were used to calculate national estimates.Participants25 482 survey respondents (50.3% (12 809) women; mean (SD) age, 48.8 (17.4) years).Main outcome measuresIncidence rate of five symptoms indicative of the COVID-19 infection (high fever, sore throat, cough, headache, and smell and taste disorder) within the past month of the survey, after adjustment for characteristics of individuals and prefecture fixed effects (effectively comparing individuals living in the same prefecture).ResultsAt the time of the survey, 3289 (12.9%) participated in the subsidy programme. After adjusting for potential confounders, we found that participants in the subsidy programme exhibited higher incidence of high fever (adjusted rate, 4.7% for participants vs 3.7% for non-participants; adjusted OR (aOR) 1.83; 95% CI 1.34 to 2.48; p<0.001), sore throat (19.8% vs 11.3%; aOR 2.09; 95% CI 1.37 to 3.19; p=0.002), cough (19.0% vs 11.3%; aOR 1.96; 95% CI 1.26 to 3.01; p=0.008), headache (29.2% vs 25.5%; aOR 1.24; 95% CI 1.08 to 1.44; p=0.006) and smell and taste disorder (2.6% vs 1.8%; aOR 1.98; 95% CI 1.15 to 3.40; p=0.01) compared with non-participants. These findings remained qualitatively unaffected by additional adjustment for the use of 17 preventative measures (eg, social distancing, wearing masks and handwashing) and fear against the COVID-19 infection.ConclusionsThe participation of the government subsidy programme for domestic travel was associated with a higher probability of exhibiting symptoms indicative of the COVID-19 infection.

Fish Price Determination Around Lake Victoria, Tanzania: Analysis of Factors Affecting Fish Landing Price

2021 ◽  
Vol 22 (2) ◽  
pp. 348-363
Author(s):  
Damian Boniface Sambuo ◽  
Stephen Kirama ◽  
Kitala Malamsha
Keyword(s):  
Lake Victoria ◽  
Regulatory Body ◽  
Price Determination ◽  
Cross Sectional ◽  
Factors Affecting ◽  
Fish Market ◽  
Fishery Policy ◽  
The Government ◽  
And Performance

Determination of fish landing price is important, as the same contributes to the structure, conduct and performance of the fish market in Lake Victoria. Determination of relevant landing price is a gap to console between fishermen, agents (middlemen), processors and the government. The main objective of this study was therefore to examine fish price determination. Specifically, to examine the methods for fish price determination and analyse factors that affect fish landing price in Lake Victoria, a cross-sectional design was employed, and 300 respondents were randomly selected from two district councils, namely, Sengerema and Buchosa. Both qualitative and quantitative data were analysed using descriptive statistics and inferential analysis. Findings show that landing price is determined through formal negotiation with processors, consultation with other traders, informal negotiation with buyers and Beach Management Unit (BMU). The study concluded that these are the common methods used to determine landing prices. Also, distance from fishing to onshore landing centres, market information channels, age and experiences of the fishermen are the factors significantly found affecting landing price. It is recommended that the mechanism for setting up fishery price, fish market structure, fishery information and the formation of fishery regulatory body needs fishery policy and sector reforms that mark the determination of fish landing price.

scholarly journals Micro-Hydropower in Nepal: Analysing the Project Process to Understand Drivers that Strengthen and Weaken Sustainability

2021 ◽  
Vol 13 (3) ◽  
pp. 1582
Author(s):  
Joe Butchers ◽  
Sam Williamson ◽  
Julian Booker
Keyword(s):  
Poor Quality ◽  
Hydropower Plant ◽  
Complex Nature ◽  
Sustainable Operation ◽  
Energy Projects ◽  
Project Cycle ◽  
The Government ◽  
Hydropower Industry ◽  
Key Events

Evaluating the sustainable operation of community-owned and community-operated renewable energy projects is complex. The development of a project often depends on the actions of diverse stakeholders, including the government, industry and communities. Throughout the project cycle, these interrelated actions impact the sustainability of the project. In this paper, the typical project cycle of a micro-hydropower plant in Nepal is used to demonstrate that key events throughout the project cycle affect a plant’s ability to operate sustainably. Through a critical analysis of the available literature, policy and project documentation and interviews with manufacturers, drivers that affect the sustainability of plants are found. Examples include weak specification of civil components during tendering, quality control issues during manufacture, poor quality of construction and trained operators leaving their position. Opportunities to minimise both the occurrence and the severity of threats to sustainability are identified. For the micro-hydropower industry in Nepal, recommendations are made for specific actions by the relevant stakeholders at appropriate moments in the project cycle. More broadly, the findings demonstrate that the complex nature of developing community energy projects requires a holistic consideration of the complete project process.

scholarly journals Use of forest land for national-priority infrastructures in Nepal

2017 ◽  
Vol 27 (1) ◽  
pp. 60-64
Author(s):  
U. R. Sharma
Keyword(s):  
Forest Area ◽  
Forest Conversion ◽  
Infrastructure Development ◽  
Infrastructure Projects ◽  
Forest Land ◽  
National Priority ◽  
Equivalent Area ◽  
Strict Enforcement ◽  
The Government ◽  
Forest Lands

 Forest conversion has been identified as one of the several bottlenecks affecting upon the major infrastructure projects in Nepal, especially in the energy and transport sectors. Nepal’s policy requires at least 40% of its land cover under forest. This means if any forest land is converted to non-forest land, it must be compensated with an equivalent area, preferably in the similar ecotype in the nation. In addition, a specified number of trees must be planted for the number of trees felled in the project site, and the site must be managed and protected for five years by the developers. These provisions have led to growing resentment between the developers and the Ministry of Forests and Soil Conservation (MFSC), leading to delay in providing forest lands for infrastructure projects. With a view to develop mechanisms for the government to rapidly provide forest land for nationally important infrastructure projects, the Government databases were examined to analyze the forests handed over to the developers for non-forestry uses. The data showed that a total of 14,028.4 ha of forest area were handed over to the developers for non-forestry uses until the end of 2015. On an average, 263.8 ha forest area was found to be handed over to the developers between the period of 2010–2013. However, there is a declining trend of forest handed over for non-forestry purposes in the recent years. The decline could be due to the strict enforcement of the legal provision which limits the conversion of forest areas to non-forest areas except in the case of the “national priority projects”. It has been recommended that the conversion of forest for infrastructure development should be examined with a holistic perspective by taking all the related components of forest conversion into consideration, from providing forest land for replacement planting. It is recommended that the Forest Product Development Board (FPDB), a parastatal organization under the MFSC, should be entrusted with the work of plantation related to forest conversion. The fund for this work should flow directly from the developers to the FPDB. The possibility of forming a land bank to facilitate the work of the FPDB is also recommended.Banko Janakari, Vol. 27, No. 1, Page: 60-64

Politics and the Reception of Andrew Lloyd Webber’sThe Phantom of the Opera

2014 ◽  
Vol 26 (3) ◽  
pp. 271-287
Author(s):  
Amanda Eubanks Winkler
Keyword(s):  
Cultural Context ◽  
The Political ◽  
Government Subsidy ◽  
Critical Response ◽  
Elite Culture ◽  
Art Form ◽  
The Government ◽  
Reagan Era ◽  
Political Economic ◽  
The Relationship

AbstractThis article analyses the complicated and conflicted critical response to Andrew Lloyd Webber’sThe Phantom of the Operawithin the political, economic and cultural context of the Thatcher/Reagan era. British critics writing for Conservative-leaning broadsheets and tabloids took nationalist pride in Lloyd Webber’s commercial success, while others on both sides of the Atlantic claimed thatPhantomwas tasteless and crassly commercial, a musical manifestation of a new Gilded Age. Broader issues regarding the relationship between the government and ‘elite’ culture also affected the critical response. For some,Phantomforged a path for a new kind of populist opera that could survive and thrive without government subsidy, while less sympathetic critics heardPhantom’s ‘puerile’ operatics as sophomoric jibes against an art form they esteemed.

A fault-tolerant control scheme within adaptive disturbance observer for hypersonic vehicle

2017 ◽  
Vol 233 (3) ◽  
pp. 1071-1088 ◽  
Author(s):  
Jun Zhou ◽  
Jing Chang ◽  
Zongyi Guo
Keyword(s):  
Disturbance Observer ◽  
Fault Tolerant ◽  
Sliding Mode ◽  
Fault Tolerant Control ◽  
Lyapunov Theory ◽  
Sliding Mode Controller ◽  
Performance Guarantees ◽  
Uncertain Model ◽  
Control Scheme ◽  
And Performance

The paper describes the design of a fault-tolerant control scheme for an uncertain model of a hypersonic reentry vehicle subject to actuator faults. In order to improve superior transient performances for state tracking, the proposed method relies on a back-stepping sliding mode controller combined with an adaptive disturbance observer and a reference vector generator. This structure allows for a faster response and reduces the overshoots compared to linear conventional disturbance observers based sliding mode controller. Robust stability and performance guarantees of the overall closed-loop system are obtained using Lyapunov theory. Finally, numerical simulations results illustrate the effectiveness of the proposed technique.

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