The fact that the shortfall figures have been rising over the past twenty years indicates that the
mutual fund industry's market impact problems are becoming increasingly severe. This is not
surprising, given the rapid growth in the size of mutual funds and an increase in the rates of their
In any event, it appears that the combination of reported expenses and market impact costs, on
average, now consumes the mutual fund investor's capital at a...
Independent, non-partisan agency which assists Congress in
investigating and reporting on government’s effectiveness in using
Uniform minimum standards of and guidelines to financial accounting
and reporting. Currently, the Financial Accounting Standards Board
(FASB), the Governmental Accounting Standards Board (GASB) and
the Federal Accounting Standards Advisory are authorized to establish
Standards governing the conduct of external audits by CPAs, as
determined by the Auditing Standards Board (ASB) of the AICPA.
Second, when central and sub-national governments share a common tax base,
there are vertical tax externalities between levels of government that are taxing the same
common pool. An increase in a province’s tax rate causes its tax base to fall, which in
turn causes tax revenues to fall both for the regional and for the central government. The
province, in choosing its tax policies, will neglect the adverse effect of its actions on
federal revenues. Thus, it will consider its marginal cost of public funds to be lower than
the true value, leading it to set too...
The Investment Company Institute (“ICI”) and ICI Global appreciate the opportunity to
comment on the consultative document published by the Financial Stability Board (“FSB”) entitled
“Strengthening Oversight and Regulation of Shadow Banking: A Policy Framework for Oversight and
Regulation of Shadow Banking Entities.”1
ICI is the national association of U.S.
Consequently, as the scope and design of the WTC have evolved, particularly in response to the
national symbolic objectives and security concerns that have permeated the development, the
required costs of rebuilding have correspondingly expanded. The objective of completing the
Memorial by the ten‐year anniversary of September 11 became a public mandate to reflect the
profound national symbolism of the WTC’s timely resurrection.
The second argument is related to proprietary information and specific human
capital. By concentrating ownership, decision rights can be given to individuals who
possess specific knowledge (Jensen and Meckling, 1992; Christie, Joye, and Watts, 1993).
One benefit of co-locating decision rights with specific knowledge is that the leakage of
the specific knowledge to competitors is prevented and the transferring cost of the
specific knowledge is avoided. This benefit is great in East Asia where political lobbying
activities are common and lucrative.
. Expenses for entertainment must be directly related to, or associated with,
the active conduct of official university business. When a university
employee acts as an official host, the occasion must, in the best judgment
of the approving authority, serve a clear university business purpose, with
no personal benefit derived by the official host or other university
employees. In addition, the expenditure of funds for entertainment should
be cost effective and in accordance with the best use of public funds....
To increase school diversity, geographic boundaries for St. Paul's neighborhood
schools are not always contiguous; magnet schools include socioeconomic status
(specifically, whether a student qualifies for reduced-cost or free lunch programs)
among their selection criteria (Schellenberg and Porter, 2003). In 1974 almost all
students in the St. Paul school district attended a school located in or near their
neighborhood. Today, any public school student [in the US, `public schools' refers to
schools receiving most of their funding from public government (tax-based) monies] in
Absent an exemption, all offers and sales of securities must be registered with the Securities and
Exchange Commission (SEC) under the Securities Act. Because venture capital funds and
private equity funds are offering and selling securities when they seek and accept investors into
their funds, such offers and sales must be registered with the SEC, unless an exemption is
available. Generally, fund managers do not want to register the offers and sales of interests in
Activities of the group so far include 5 Summits (held in Europe and the USA), as well as organising
a P80 Asia Summit in Korea in 2010 (in partnership with the Asian Development Bank and the UNEP FI),
for funds across Asia to share knowledge and experience and engage in the „green growth‟ agenda.
A financial institution determines the interest rates it charges on its
loans by evaluating its cost of funding (the interest it has to pay to
borrow money from various sources), its operating expenses and a
profit margin. Financial institutions fund their loans from a variety
of sources, including consumer and corporate deposits and
interbank borrowings. Since interest rates can vary significantly
between financial institutions, consumers should compare the
interest rates offered by lenders.
The expected cost of failure to the economy at large should still be the key criterion for determining which financial firms are regulated and which are not, since this is what drives de facto eligibility for the official safety net, be it deposit insurance, access to the central bank’s liquidity assistance, or use of public funds for recapitalization or nationalization. Size, leverage, and the degree of “entanglement” in financial markets should all be important in making the eligibility decision—more so than how firms classify themselves (as banks, nonbanks, etc).
A more specialised health care insurance market – private long-term care (LTC) insurance – is
absent or very limited in countries with comprehensive public long-term care benefits, such as in
Scandinavia, the Netherlands, Japan and Luxembourg. In Germany, LTC cover is statutory for every
A body of research has determined that, by expanding the availability of low cost family
planning services to a broader set of low-income women, the savings associated with averted
unplanned pregnancies and other health improvements substantially exceed the cost of additional
family planning services.
Research has demonstrated that publicly funded family planning
services are effective in promoting contraceptive use among low-income women and in averting
The present publication has been prepared for the Third World Climate Conference (Geneva,
September 2009) and the 15th
Conference of the Parties to the United Framework
Convention on Climate Change (COP-15, Copenhagen, December 2009). It provides an
overview of recently completed and ongoing climate research projects undertaken under the
Research Framework Programmes of the European Community.
Will your project lead to materials production or a
publication? If so, you need to get an estimate from the
printers or the organisation producing the materials.
Don’t forget the costs of distributing the materials if
this is part of your aims. CD-ROMs are often
cheaper than print nowadays. Do you have access to the computers and other hardware
you need for the project? Some publicly funded project
sources will contribute to buying what you need.
Investments are deemed to be held for trading.
Investments are recorded at their fair value with the
change between this amount and average cost being
recorded as unrealized appreciation (depreciation) in
value of investments in the Statement of Operations.
Securities listed on a recognized public securities
exchange in North America are valued for financial
statement purposes at their bid prices for long
positions and ask prices for short positions.
The new Foundation for Social Housing (FHS) intends to enable the development of new
housing built on land acquired at low cost, to be managed by non-profit organisations oper-
ating in accordance with pre-defined rules. The accommodation will be provided at below-
market rents and will be allocated to specific target groups (e.g. older people, students,
immigrants, single income households etc.). The project involves close collaboration with
the public administration, with both the Region of Lombardy and the Local Government
Association being represented on the board of FHS.
Reform of development processes is especially
important to niche developers and investors within the
cultural community because they are often least able
to incur the high transaction costs of idiosyncratic
public processes. Small arts entrepreneurs also lack
the financial and political clout to maneuver through
entrenched real estate development systems. The
greatest efficiency is created if there is clarity and
predictability at points of public entry and adequate
assistance at the civic level to maximize access.