Based on the valid patent data and stock price data of China A-shares,the patent effects of four patent species including the invention publication,the invention grant,the utility model grant,and the design grant,on t...Based on the valid patent data and stock price data of China A-shares,the patent effects of four patent species including the invention publication,the invention grant,the utility model grant,and the design grant,on the stock price and the stock return rate were analyzed via analysis of variance(ANOVA).It was proved that the A-shares having new patents of any patent species shown the higher stock price mean and the higher stock return rate mean than those A-shares having no new patents did.The A-shares having new design grants were found to show the highest stock price mean among the A-shares having new patents of any patent species.The A-shares in the group of top 25%patent count of either the invention publication or the invention grant shown the highest stock return rates mean than those A-shares in other groups of less patent count did.The invention grant,following the general concept,showed its excellent patent effect.The design grant,beyond the expectation,also showed patent effects on the higher stock price and the higher stock return rate.The finding would improve the state of the art in the patent valuation and the listing company evaluation.展开更多
In recent times,financial globalization has drastically increased in different ways to improve the quality of services with advanced resources.The successful applications of bitcoin Blockchain(BC)techniques enable the...In recent times,financial globalization has drastically increased in different ways to improve the quality of services with advanced resources.The successful applications of bitcoin Blockchain(BC)techniques enable the stockholders to worry about the return and risk of financial products.The stockholders focused on the prediction of return rate and risk rate of financial products.Therefore,an automatic return rate bitcoin prediction model becomes essential for BC financial products.The newly designed machine learning(ML)and deep learning(DL)approaches pave the way for return rate predictive method.This study introduces a novel Jellyfish search optimization based extreme learning machine with autoencoder(JSO-ELMAE)for return rate prediction of BC financial products.The presented JSO-ELMAE model designs a new ELMAE model for predicting the return rate of financial products.Besides,the JSO algorithm is exploited to tune the parameters related to the ELMAE model which in turn boosts the classification results.The application of JSO technique assists in optimal parameter adjustment of the ELMAE model to predict the bitcoin return rates.The experimental validation of the JSO-ELMAE model was executed and the outcomes are inspected in many aspects.The experimental values demonstrated the enhanced performance of the JSO-ELMAE model over recent state of art approaches with minimal RMSE of 0.1562.展开更多
This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some ne...This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some new regulations on Nigeria’s Contributory Pension Scheme” (CPS) from amended legislation of 2014, some of which are yet to be implemented when their regulations are approved. A mathematical model involving 5 variables, 5 inequality constraints covering regulatory limitations and limitation on scarce resource known as Asset Under Management (AUM), suggested and mathematically shown to be possible through “maximization of return irrespective of risk” while obeying all regulatory controls as our constraints optimized. Optimized portfolio using MatLab shows that the portfolio representing AES 2013 portfolio with a deficit growth of 15.75 m representing 3.27% less than the portfolio’s full growth potential within defined assumptions would have been averted if contributors actually set their targets and investment managers optimize from forecasts of future prices using trend analysis.展开更多
Shanghai-Hong Kong Stock Connect Program,which is a new starting point for the opening up of the mainland capital market,still has many uncertainties.Research on the benefits and market volatility of such policies can...Shanghai-Hong Kong Stock Connect Program,which is a new starting point for the opening up of the mainland capital market,still has many uncertainties.Research on the benefits and market volatility of such policies can provide investors with time to invest in such policies,fluctuations in the underlying stocks of the Chinese stock market,and decision support for the formulation and revision of relevant policies.This paper studies whether there is significant abnormal rate of return in the selected stocks which are in the Shanghai Stock Connect Program within the specified period,the excess return gap between the stocks which are in the program and which are not in the program,and the impact of the Shanghai Stock Connect Program on the volatility of the relevant stocks.Based on the CAPM model and the Fama-French 3-factor model,this paper uses t test to study the significance of the abnormal rate of return.By establishing a difference-in-difference(DID)model,the regression of the abnormal rate of return is tested,and the sample volatility is analyzed according to the influence of the fund transaction.The study found that the stocks in the program have significant abnormal rate of returns during the window period.The Shanghai Stock Connect has brought about a huge change in transaction amount,and policy makers need to improve related and similar policies.展开更多
There is a need for more focus in understanding the economic benefits of Climate-Smart Agriculture(CSA)interventions,particularly in sub-Saharan Africa,where extreme climate events are significantly affecting agricult...There is a need for more focus in understanding the economic benefits of Climate-Smart Agriculture(CSA)interventions,particularly in sub-Saharan Africa,where extreme climate events are significantly affecting agriculture and rural livelihoods.This study used the Net Present Value(NPV),Internal Rate of Return(IRR),Benefit-Cost Ratio(BCR),and payback period to evaluate the economic viability of the adopted CSA interventions in the three villages(Doggoh,Jeffiri,and Wulling)of the dryland farming systems of northern Ghana,where CSA interventions were mostly practiced.Data were collected from 161 farm households by the questionnaire survey.The results showed that CSA interventions including livestock-crop integration,mixed cropping,crop rotation,nutrient integration,and tie ridging enhanced crop yield and the household income of smallholder farmers.The five CSA interventions selected by smallholders were in the following order of priority:livestock-crop integration(BCR=2.87),mixed cropping(BCR=2.54),crop rotation(BCR=2.24),nutrient integration(BCR=1.98),and tie ridging(BCR=1.42).Results further showed that livestock-crop integration was the most profitable CSA intervention even under a pessimistic assumption with a long payback period of 5.00 a.Moreover,this study indicated that the implementation of CSA interventions,on average,was relatively profitable and had a nominal financial risk for smallholder farmers.Understanding the economic viability of CSA interventions will help in decision-making process toward selecting the right CSA interventions for resilience development.展开更多
Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate int...Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate international oil company investment in their oil and gas fields,has presented a new type of risk service contract:the Iranian Petroleum Contract(IPC).This paper summarizes the features of the IPC and presents mathematical models of its fiscal regime for the benefit and guidance of both the National Iranian Oil Company(NIOC)and the contractors.Next,adopting bargaining game theory provides a mathematical model for reaching a win-win situation between the NIOC and the contractor.Finally,a numerical example is given and a sensitivity analysis performed to illustrate the implementation of the proposed models.The contractor and the NIOC may use these models when preparing their proposal and in the course of actual negotiations to calculate their internal rate of return,remuneration fee,and net present value for developing the fields at different conditions of their bargaining power,and derive a logical bargain to protect their best possible interests.展开更多
Black soil is one of the most precious soil resources on earth because it has abundant carbon stocks and a relatively high production capacity. However, decreasing organic matter after land reclamation, and the effect...Black soil is one of the most precious soil resources on earth because it has abundant carbon stocks and a relatively high production capacity. However, decreasing organic matter after land reclamation, and the effects of long-term inputs of organic carbon have made it less fertile black soil in Northeast China. Straw return could be an effective method for improving soil organic carbon（SOC） sequestration in black soils. The objective of this study was to evaluate whether straw return effectively increases SOC sequestration. Long-term field experiments were conducted at three sites in Northeast China with varying latitudes and SOC densities. Study plots were subjected to three treatments： no fertilization（CK）; inorganic fertilization（NPK）; and NPK plus straw return（NPKS）. The results showed that the SOC stocks resulting from NPKS treatment were 4.0 and 5.7% higher than those from NPK treatment at two sites, but straw return did not significantly affect the SOC stocks at the third site. Furthermore, at higher SOC densities, the NPKS treatment resulted in significantly higher soil carbon sequestration rates（CSR） than the NPK treatment. The equilibrium value of the CSR for the NPKS treatment equated to cultivation times of 17, 11, and 8 years at the different sites. Straw return did not significantly increase the SOC stocks in regions with low SOC densities, but did enhance the C pool in regions with high SOC densities. These results show that there is strong regional variation in the effects of straw return on the SOC stocks in black soil in Northeast China. Additional cultivations and fertilization practices should be used when straw return is considered as an approach for the long-term improvement of the soil organic carbon pool.展开更多
As a result of advances in horizontal comple- tions and multi-stage hydraulic fracturing, the U.S. has been able to economically develop several decades of worth of natural gas. However, a considerable concern has ris...As a result of advances in horizontal comple- tions and multi-stage hydraulic fracturing, the U.S. has been able to economically develop several decades of worth of natural gas. However, a considerable concern has risen on the economic viability of shale gas development for reasons associated with the fast production declines as well as recent down-turns of natural gas prices besides rises in the costs of new technologies. Therefore, an economic analysis is required to investigate the profitability of the re- fracturing treatment of unconventional gas resources. Net present value of cash flows and internal rate of return are calculated for a range of gas prices considering 20 years of natural gas production from a typical unconventional shale gas reservoir. A systematic comparison is then accom- plished for three scenarios： （1） re-fracturing versus no re- fracturing, （2） combination of re-fracturing and drilling new wells, and （3） time-dependent re-fracturing treatment. Further, this paper incorporates the cost of re-fracturing treatment, the cost of drilling a new horizontal well, the water treatment cost, as well as the current and future price of natural gas in the model. The findings of this work would help the future re-stimulation development plans of the emerging unconventional shale gas plays.展开更多
We think we should use basic return rate of industry to measure the opportunity cost of capital and use the rule of Maximum NPV （Net Present Value） to modify the wrong solution in the book.
The risk and performance of ST stocks are studied.The SVM method is applied on 100 general stocks and 100 ST stocks selected from the website,and a criterion is gotten to select stocks,then the risk of these sample st...The risk and performance of ST stocks are studied.The SVM method is applied on 100 general stocks and 100 ST stocks selected from the website,and a criterion is gotten to select stocks,then the risk of these sample stocks is analysed.In the performance evaluation,the SVM method is also applied on the 100 general stocks and 100 ST stocks according to the return per share,and 57 stocks which are all +1 are selected.Their equally weighted return rate is only-0.02%,but equally weighted return rate of 31 general stocks is 13.23%,that of 26 ST stocks is-96.15%.Naturally,we conclude that ST stocks are unsteady and do not deserve long-term investment.From the Chinese fund website,we know that equally weighted return rate of stock fund in 2004 was-3.3%,so the equally weighted return rate of the selected stocks(except ST stocks)is much higher than that of average return rate.展开更多
Fish supplies 25% of the total protein source in developing countries. A techno-economic analysis was performed for developing a good business proposal for aquaculture loans to enhance aquaculture development in Niger...Fish supplies 25% of the total protein source in developing countries. A techno-economic analysis was performed for developing a good business proposal for aquaculture loans to enhance aquaculture development in Nigeria. A case study of catfish Clarias gariepinus framing was conducted in Abeokuta North Local Government of Ogun State, Nigeria. The results show that the fixed cost is N18 338 per year, and the variable cost is N459 700 per year, accounting for the largest amount of the total; therefore, a profit of N43 289 per month can be made. Sensitivity analysis was performed to assess any risk(s) that associated with unfavorable changes in government policy with particular reference to monetary policy. Positive net present value shows that the investment in fish farm is economically feasible and the net investment ratio is 3.52. Also, the benefit-cost ratio is 2.17. The internal rate of return (IRR) is 21% showing that the enterprise is able to offset the interest being charged on the loan. It is therefore worthwhile to invest into fish farm business in the study area. The study suggests that to better sustain the local aquaculture business, the government should create a good conducive environment to foster development of the fish farming. Government intervention is urgently needed to solve problems such as in traditional land tenure, grant credit facilities and subsidies, to enhance the aquacultural development in the country.展开更多
On-farm experiments were conducted in farmers' fields at 6 different sites in Western Usambara Mountains(WUM)in northern Tanzania during the 2000-2001 cropping season.The objectives were to study the effects of Tu...On-farm experiments were conducted in farmers' fields at 6 different sites in Western Usambara Mountains(WUM)in northern Tanzania during the 2000-2001 cropping season.The objectives were to study the effects of Tughutu(Vernonia subligera O.Hoffn)pruning in combination with Minjingu phosphate rock(MPR)or triple super phosphate(TSP)supply on the concentration of P in the tissues and seed yields of common bean,and to assess the economic returns of these different technologies to farmers.The experimental design was a randomized complete block with each of the 6 farmers' fields used as a replicate.The treatments included:control,MPR or TSP each at 26 kg P ha^(-1),Tughutu at 2.5 t ha^(-1), and Tughutu at 2.5 t ha^(-1)combined with MPR or TSP at 26 kg P ha^(-1). Addition of MPR or TSP alone significantly raised P concentration in bean shoots from 1.27 mg g^(-1)to 1.70 and 1.95 mg g^(-1)respectively.Combining MPR or TSP with Tughutu increased P concentration above the proposed deficiency level of 2 mg g^(-1).The relative agronomic effectiveness(RAE)of MPR ranged from 12.5% to 45.0%.Seed yields of common bean was markedly increased by 28%-104% from MPR or TSP supply alone,and 148%-219% from Tughutu application combined with 26 kg P ha^(-1)of MPR or TSP relative to the control.With Tughutu alone,seed yield increased by 53%. From economic analysis,the increase in seed yield with the supply of MPR or TSP combined with Tughutu translated into a significantly(P≤0.001)higher marginal rate of return and dollar profit for common bean farmers in WUM in northern Tanzania.It is concluded that Tughutu and its combined application with MPR or TSP is an appropriate integrated nutrient management strategy that may increase bean yields and dollar profit to the rural poor communities in Tanzania.展开更多
The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression ana...The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.展开更多
The emphasis of this study is on the practice of the Pooled Mean Group （PMG） estimators to investigate the magnitude of macroeconomic performances： Real Gross Domestic Product （RGDP）, Foreign Exchange Rate （EX）...The emphasis of this study is on the practice of the Pooled Mean Group （PMG） estimators to investigate the magnitude of macroeconomic performances： Real Gross Domestic Product （RGDP）, Foreign Exchange Rate （EX）, and Deposit Interest Rate （DINT） affecting on the rate of financial sector returns in Southeast Asian Stock Markets including Stock Exchange Of Thailand （SET） index （Thailand）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI） （Singapore）, Philippine Stock Exchange （PSE）, and the Jakarta Composite Index （JKSE） （Indonesia）. The Panel Autoregressive Distributed Lag （Panel ARDL） is applied to model the relations. The study applies the Levin, Lin, and Chu （LLC） test （2002） and Im, Pesaran, and Shin （IPS） test （2003） to investigates a set of time series data to examine whether the determinants and the rate of financial sector returns contain a unit root, the next step is investigated the cointegration and causality relationship of the determinants of financial sector influencing on long-run rate of returns of financial sector in Southeast Asian Stock Markets.展开更多
Under the“dual carbon”goals,transitioning effectively in the traditional energy industry requires investment in photovoltaic(PV)power projects as a major development direction.Accurately assessing the investment eff...Under the“dual carbon”goals,transitioning effectively in the traditional energy industry requires investment in photovoltaic(PV)power projects as a major development direction.Accurately assessing the investment efficiency of PV projects is a crucial reference for project decision-making.This study analyzed PV power generation evaluation methods and project efficiency models,integrating national and industry reports to select an appropriate model for calculating PV project efficiency.Using facilities suitable for rooftop PV projects in certain traditional energy enterprises in Chongqing as examples,the study calculated that the internal rates of return(IRR)for all test sites exceeded the enterprises’capital costs,confirming their investment value.Recommendations include:(1)Prioritizing projects with higher efficiency;(2)Simultaneous implementation of projects with similar efficiency in the same administrative area;(3)Maximizing surplus electricity revenue in cases of excess generation.This research aims to support traditional energy enterprises in transitioning to new energy projects and offers a reference for calculating investment efficiency in various PV power projects,including ground-mounted and wall-mounted PV systems.展开更多
This study examines the trends in the Mincerian rates of return(MRRs)to education in urban China between 1989 and 2009 using two sources of data:the China Urban Household Survey and the China Health and Nutrition Surv...This study examines the trends in the Mincerian rates of return(MRRs)to education in urban China between 1989 and 2009 using two sources of data:the China Urban Household Survey and the China Health and Nutrition Survey,and attempts to explain the underlying causes of the trends.The authors find that while the rates of return to education had been rising steadily since 1992 in urban China,a trend consistent with earlier studies,they have stagnated and even shown a statistically insignificant and very small decline between 2004 and 2009.Using the conceptual framework of supply,demand and institution in labor economics,the authors show evidence that the rapid rise in MRRs since 1992 has been driven by the strong relative demand for skills and productivity unleashed by the market-oriented economic reforms of the late 1980s and 1990s when relative supply of skilled labor was by and large stable.However,the“great leap forward”in senior secondary and tertiary education since the late 1990s produced huge numbers of graduates by the mid-2000s,outpacing the growth of relative demand for skilled labor due to the economy’s overdependence on low value-added industries such as manufacturing and construction.The apparent slowdown in the deepening of marketization since the mid-2000s may have also contributed to the stagnation or slight decline in the returns to education in urban China.展开更多
The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calc...The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.展开更多
文摘Based on the valid patent data and stock price data of China A-shares,the patent effects of four patent species including the invention publication,the invention grant,the utility model grant,and the design grant,on the stock price and the stock return rate were analyzed via analysis of variance(ANOVA).It was proved that the A-shares having new patents of any patent species shown the higher stock price mean and the higher stock return rate mean than those A-shares having no new patents did.The A-shares having new design grants were found to show the highest stock price mean among the A-shares having new patents of any patent species.The A-shares in the group of top 25%patent count of either the invention publication or the invention grant shown the highest stock return rates mean than those A-shares in other groups of less patent count did.The invention grant,following the general concept,showed its excellent patent effect.The design grant,beyond the expectation,also showed patent effects on the higher stock price and the higher stock return rate.The finding would improve the state of the art in the patent valuation and the listing company evaluation.
基金supported in part by Basic Science Research Program through the National Research Foundation of Korea(NRF)funded by the Ministry of Education(NRF-2021R1A6A1A03039493)by the NRF grant funded by the Korea government(MSIT)(NRF-2022R1A2C1004401).
文摘In recent times,financial globalization has drastically increased in different ways to improve the quality of services with advanced resources.The successful applications of bitcoin Blockchain(BC)techniques enable the stockholders to worry about the return and risk of financial products.The stockholders focused on the prediction of return rate and risk rate of financial products.Therefore,an automatic return rate bitcoin prediction model becomes essential for BC financial products.The newly designed machine learning(ML)and deep learning(DL)approaches pave the way for return rate predictive method.This study introduces a novel Jellyfish search optimization based extreme learning machine with autoencoder(JSO-ELMAE)for return rate prediction of BC financial products.The presented JSO-ELMAE model designs a new ELMAE model for predicting the return rate of financial products.Besides,the JSO algorithm is exploited to tune the parameters related to the ELMAE model which in turn boosts the classification results.The application of JSO technique assists in optimal parameter adjustment of the ELMAE model to predict the bitcoin return rates.The experimental validation of the JSO-ELMAE model was executed and the outcomes are inspected in many aspects.The experimental values demonstrated the enhanced performance of the JSO-ELMAE model over recent state of art approaches with minimal RMSE of 0.1562.
文摘This work focuses on the optimization of investment contributions of pension asset with a view to improving contributors’ participation in achieving better return on investment (RoI) of their funds. We viewed some new regulations on Nigeria’s Contributory Pension Scheme” (CPS) from amended legislation of 2014, some of which are yet to be implemented when their regulations are approved. A mathematical model involving 5 variables, 5 inequality constraints covering regulatory limitations and limitation on scarce resource known as Asset Under Management (AUM), suggested and mathematically shown to be possible through “maximization of return irrespective of risk” while obeying all regulatory controls as our constraints optimized. Optimized portfolio using MatLab shows that the portfolio representing AES 2013 portfolio with a deficit growth of 15.75 m representing 3.27% less than the portfolio’s full growth potential within defined assumptions would have been averted if contributors actually set their targets and investment managers optimize from forecasts of future prices using trend analysis.
文摘Shanghai-Hong Kong Stock Connect Program,which is a new starting point for the opening up of the mainland capital market,still has many uncertainties.Research on the benefits and market volatility of such policies can provide investors with time to invest in such policies,fluctuations in the underlying stocks of the Chinese stock market,and decision support for the formulation and revision of relevant policies.This paper studies whether there is significant abnormal rate of return in the selected stocks which are in the Shanghai Stock Connect Program within the specified period,the excess return gap between the stocks which are in the program and which are not in the program,and the impact of the Shanghai Stock Connect Program on the volatility of the relevant stocks.Based on the CAPM model and the Fama-French 3-factor model,this paper uses t test to study the significance of the abnormal rate of return.By establishing a difference-in-difference(DID)model,the regression of the abnormal rate of return is tested,and the sample volatility is analyzed according to the influence of the fund transaction.The study found that the stocks in the program have significant abnormal rate of returns during the window period.The Shanghai Stock Connect has brought about a huge change in transaction amount,and policy makers need to improve related and similar policies.
文摘There is a need for more focus in understanding the economic benefits of Climate-Smart Agriculture(CSA)interventions,particularly in sub-Saharan Africa,where extreme climate events are significantly affecting agriculture and rural livelihoods.This study used the Net Present Value(NPV),Internal Rate of Return(IRR),Benefit-Cost Ratio(BCR),and payback period to evaluate the economic viability of the adopted CSA interventions in the three villages(Doggoh,Jeffiri,and Wulling)of the dryland farming systems of northern Ghana,where CSA interventions were mostly practiced.Data were collected from 161 farm households by the questionnaire survey.The results showed that CSA interventions including livestock-crop integration,mixed cropping,crop rotation,nutrient integration,and tie ridging enhanced crop yield and the household income of smallholder farmers.The five CSA interventions selected by smallholders were in the following order of priority:livestock-crop integration(BCR=2.87),mixed cropping(BCR=2.54),crop rotation(BCR=2.24),nutrient integration(BCR=1.98),and tie ridging(BCR=1.42).Results further showed that livestock-crop integration was the most profitable CSA intervention even under a pessimistic assumption with a long payback period of 5.00 a.Moreover,this study indicated that the implementation of CSA interventions,on average,was relatively profitable and had a nominal financial risk for smallholder farmers.Understanding the economic viability of CSA interventions will help in decision-making process toward selecting the right CSA interventions for resilience development.
文摘Based on Iran's sixth development plan,the country's oil and gas industry requires an investment of about$200 bn in the next five years to increase production.The Iranian government,to attract and motivate international oil company investment in their oil and gas fields,has presented a new type of risk service contract:the Iranian Petroleum Contract(IPC).This paper summarizes the features of the IPC and presents mathematical models of its fiscal regime for the benefit and guidance of both the National Iranian Oil Company(NIOC)and the contractors.Next,adopting bargaining game theory provides a mathematical model for reaching a win-win situation between the NIOC and the contractor.Finally,a numerical example is given and a sensitivity analysis performed to illustrate the implementation of the proposed models.The contractor and the NIOC may use these models when preparing their proposal and in the course of actual negotiations to calculate their internal rate of return,remuneration fee,and net present value for developing the fields at different conditions of their bargaining power,and derive a logical bargain to protect their best possible interests.
基金financially supported by the National Basic Research Program of China (973 Program, 2013CB127404)the Collaborative Innovation Action of Scientific and Technological Innovation Project of the Chinese Academy of Agricultural
文摘Black soil is one of the most precious soil resources on earth because it has abundant carbon stocks and a relatively high production capacity. However, decreasing organic matter after land reclamation, and the effects of long-term inputs of organic carbon have made it less fertile black soil in Northeast China. Straw return could be an effective method for improving soil organic carbon（SOC） sequestration in black soils. The objective of this study was to evaluate whether straw return effectively increases SOC sequestration. Long-term field experiments were conducted at three sites in Northeast China with varying latitudes and SOC densities. Study plots were subjected to three treatments： no fertilization（CK）; inorganic fertilization（NPK）; and NPK plus straw return（NPKS）. The results showed that the SOC stocks resulting from NPKS treatment were 4.0 and 5.7% higher than those from NPK treatment at two sites, but straw return did not significantly affect the SOC stocks at the third site. Furthermore, at higher SOC densities, the NPKS treatment resulted in significantly higher soil carbon sequestration rates（CSR） than the NPK treatment. The equilibrium value of the CSR for the NPKS treatment equated to cultivation times of 17, 11, and 8 years at the different sites. Straw return did not significantly increase the SOC stocks in regions with low SOC densities, but did enhance the C pool in regions with high SOC densities. These results show that there is strong regional variation in the effects of straw return on the SOC stocks in black soil in Northeast China. Additional cultivations and fertilization practices should be used when straw return is considered as an approach for the long-term improvement of the soil organic carbon pool.
文摘As a result of advances in horizontal comple- tions and multi-stage hydraulic fracturing, the U.S. has been able to economically develop several decades of worth of natural gas. However, a considerable concern has risen on the economic viability of shale gas development for reasons associated with the fast production declines as well as recent down-turns of natural gas prices besides rises in the costs of new technologies. Therefore, an economic analysis is required to investigate the profitability of the re- fracturing treatment of unconventional gas resources. Net present value of cash flows and internal rate of return are calculated for a range of gas prices considering 20 years of natural gas production from a typical unconventional shale gas reservoir. A systematic comparison is then accom- plished for three scenarios： （1） re-fracturing versus no re- fracturing, （2） combination of re-fracturing and drilling new wells, and （3） time-dependent re-fracturing treatment. Further, this paper incorporates the cost of re-fracturing treatment, the cost of drilling a new horizontal well, the water treatment cost, as well as the current and future price of natural gas in the model. The findings of this work would help the future re-stimulation development plans of the emerging unconventional shale gas plays.
文摘We think we should use basic return rate of industry to measure the opportunity cost of capital and use the rule of Maximum NPV （Net Present Value） to modify the wrong solution in the book.
文摘The risk and performance of ST stocks are studied.The SVM method is applied on 100 general stocks and 100 ST stocks selected from the website,and a criterion is gotten to select stocks,then the risk of these sample stocks is analysed.In the performance evaluation,the SVM method is also applied on the 100 general stocks and 100 ST stocks according to the return per share,and 57 stocks which are all +1 are selected.Their equally weighted return rate is only-0.02%,but equally weighted return rate of 31 general stocks is 13.23%,that of 26 ST stocks is-96.15%.Naturally,we conclude that ST stocks are unsteady and do not deserve long-term investment.From the Chinese fund website,we know that equally weighted return rate of stock fund in 2004 was-3.3%,so the equally weighted return rate of the selected stocks(except ST stocks)is much higher than that of average return rate.
文摘Fish supplies 25% of the total protein source in developing countries. A techno-economic analysis was performed for developing a good business proposal for aquaculture loans to enhance aquaculture development in Nigeria. A case study of catfish Clarias gariepinus framing was conducted in Abeokuta North Local Government of Ogun State, Nigeria. The results show that the fixed cost is N18 338 per year, and the variable cost is N459 700 per year, accounting for the largest amount of the total; therefore, a profit of N43 289 per month can be made. Sensitivity analysis was performed to assess any risk(s) that associated with unfavorable changes in government policy with particular reference to monetary policy. Positive net present value shows that the investment in fish farm is economically feasible and the net investment ratio is 3.52. Also, the benefit-cost ratio is 2.17. The internal rate of return (IRR) is 21% showing that the enterprise is able to offset the interest being charged on the loan. It is therefore worthwhile to invest into fish farm business in the study area. The study suggests that to better sustain the local aquaculture business, the government should create a good conducive environment to foster development of the fish farming. Government intervention is urgently needed to solve problems such as in traditional land tenure, grant credit facilities and subsidies, to enhance the aquacultural development in the country.
基金Project supported by the Directorate of Research and Development in the Ministry of Agriculture and Food Security of Tanzania,through Tanzania Agricultural Research Project No.Ⅱ World Bank project.
文摘On-farm experiments were conducted in farmers' fields at 6 different sites in Western Usambara Mountains(WUM)in northern Tanzania during the 2000-2001 cropping season.The objectives were to study the effects of Tughutu(Vernonia subligera O.Hoffn)pruning in combination with Minjingu phosphate rock(MPR)or triple super phosphate(TSP)supply on the concentration of P in the tissues and seed yields of common bean,and to assess the economic returns of these different technologies to farmers.The experimental design was a randomized complete block with each of the 6 farmers' fields used as a replicate.The treatments included:control,MPR or TSP each at 26 kg P ha^(-1),Tughutu at 2.5 t ha^(-1), and Tughutu at 2.5 t ha^(-1)combined with MPR or TSP at 26 kg P ha^(-1). Addition of MPR or TSP alone significantly raised P concentration in bean shoots from 1.27 mg g^(-1)to 1.70 and 1.95 mg g^(-1)respectively.Combining MPR or TSP with Tughutu increased P concentration above the proposed deficiency level of 2 mg g^(-1).The relative agronomic effectiveness(RAE)of MPR ranged from 12.5% to 45.0%.Seed yields of common bean was markedly increased by 28%-104% from MPR or TSP supply alone,and 148%-219% from Tughutu application combined with 26 kg P ha^(-1)of MPR or TSP relative to the control.With Tughutu alone,seed yield increased by 53%. From economic analysis,the increase in seed yield with the supply of MPR or TSP combined with Tughutu translated into a significantly(P≤0.001)higher marginal rate of return and dollar profit for common bean farmers in WUM in northern Tanzania.It is concluded that Tughutu and its combined application with MPR or TSP is an appropriate integrated nutrient management strategy that may increase bean yields and dollar profit to the rural poor communities in Tanzania.
文摘The Growth Value Model(GVM)proposed theoretical closed form formulas consist-ing of Return on Equity(ROE)and the Price-to-Book value ratio(P/B)for fair stock prices and expected rates of return.Although regression analysis can be employed to verify these theoretical closed form formulas,they cannot be explored by classical quintile or decile sorting approaches with intuition due to the essence of multi-factors and dynamical processes.This article uses visualization techniques to help intuitively explore GVM.The discerning findings and contributions of this paper is that we put forward the concept of the smart frontier,which can be regarded as the reasonable lower limit of P/B at a specific ROE by exploring fair P/B with ROE-P/B 2D dynamical process visualization.The coefficients in the formula can be determined by the quantile regression analysis with market data.The moving paths of the ROE and P/B in the cur-rent quarter and the subsequent quarters show that the portfolios at the lower right of the curve approaches this curve and stagnates here after the portfolios are formed.Furthermore,exploring expected rates of return with ROE-P/B-Return 3D dynamical process visualization,the results show that the data outside of the lower right edge of the“smart frontier”has positive quarterly return rates not only in the t+1 quarter but also in the t+2 quarter.The farther away the data in the t quarter is from the“smart frontier”,the larger the return rates in the t+1 and t+2 quarter.
文摘The emphasis of this study is on the practice of the Pooled Mean Group （PMG） estimators to investigate the magnitude of macroeconomic performances： Real Gross Domestic Product （RGDP）, Foreign Exchange Rate （EX）, and Deposit Interest Rate （DINT） affecting on the rate of financial sector returns in Southeast Asian Stock Markets including Stock Exchange Of Thailand （SET） index （Thailand）, the Kuala Lumpur Composite Index （KLSE） index （Malaysia）, Financial Times Share Index （FTSI） （Singapore）, Philippine Stock Exchange （PSE）, and the Jakarta Composite Index （JKSE） （Indonesia）. The Panel Autoregressive Distributed Lag （Panel ARDL） is applied to model the relations. The study applies the Levin, Lin, and Chu （LLC） test （2002） and Im, Pesaran, and Shin （IPS） test （2003） to investigates a set of time series data to examine whether the determinants and the rate of financial sector returns contain a unit root, the next step is investigated the cointegration and causality relationship of the determinants of financial sector influencing on long-run rate of returns of financial sector in Southeast Asian Stock Markets.
文摘Under the“dual carbon”goals,transitioning effectively in the traditional energy industry requires investment in photovoltaic(PV)power projects as a major development direction.Accurately assessing the investment efficiency of PV projects is a crucial reference for project decision-making.This study analyzed PV power generation evaluation methods and project efficiency models,integrating national and industry reports to select an appropriate model for calculating PV project efficiency.Using facilities suitable for rooftop PV projects in certain traditional energy enterprises in Chongqing as examples,the study calculated that the internal rates of return(IRR)for all test sites exceeded the enterprises’capital costs,confirming their investment value.Recommendations include:(1)Prioritizing projects with higher efficiency;(2)Simultaneous implementation of projects with similar efficiency in the same administrative area;(3)Maximizing surplus electricity revenue in cases of excess generation.This research aims to support traditional energy enterprises in transitioning to new energy projects and offers a reference for calculating investment efficiency in various PV power projects,including ground-mounted and wall-mounted PV systems.
文摘This study examines the trends in the Mincerian rates of return(MRRs)to education in urban China between 1989 and 2009 using two sources of data:the China Urban Household Survey and the China Health and Nutrition Survey,and attempts to explain the underlying causes of the trends.The authors find that while the rates of return to education had been rising steadily since 1992 in urban China,a trend consistent with earlier studies,they have stagnated and even shown a statistically insignificant and very small decline between 2004 and 2009.Using the conceptual framework of supply,demand and institution in labor economics,the authors show evidence that the rapid rise in MRRs since 1992 has been driven by the strong relative demand for skills and productivity unleashed by the market-oriented economic reforms of the late 1980s and 1990s when relative supply of skilled labor was by and large stable.However,the“great leap forward”in senior secondary and tertiary education since the late 1990s produced huge numbers of graduates by the mid-2000s,outpacing the growth of relative demand for skilled labor due to the economy’s overdependence on low value-added industries such as manufacturing and construction.The apparent slowdown in the deepening of marketization since the mid-2000s may have also contributed to the stagnation or slight decline in the returns to education in urban China.
基金This work was supported in part by National Nature Science Foundation of China key project under Grant No. 70531010.
文摘The rate of return on capital is a key parameter in pension reform policy making. While evaluating pension reform, the method Feldstein proposed to measure the rate of return on capital is widely adopted. Here we calculate the rate of return on capital in China by this method. The calculation demonstrates that the rate of retum on all the industrial enterprises is around 6.5 percent from 1996 to 2000, and the average rate of return on state-owned industrial enterprises is lower than the above figure by 1.5 percent during the same period. Finally, we draw a conclusion that the rate of return ranging from 5 to 7 percent is appropriate for the pension reform in China.
