Forest assets

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  • The last quarter-century has seen increasing awareness of the interactions between human societies and the natural environment in which they thrive and upon which they depend. This awareness has been heightened by concerns about resource scarcity, environmental degradation, and global environmental issues. The combination of increased awareness of the environment and recognition of the primitive state of much of the nation’s environmental data has led to a widespread desire to supplement U.S. national economic accounts to include natural resources and environmental assets.

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  • Sectoral differences in core business activities and risk exposures are well reflected in the balance sheets typical of firms within each sector. In order to illustrate such differences, stylised balance sheets for institutions from each sector are presented in Annex 2 of the report for explanatory purposes. These stylised balance sheets suggest the following broad patterns. The majority of a bank’s assets typically consist of loans and other credit exposures, while the majority of liabilities consist of deposits payable on demand and other short-term liabilities.

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  • The cash flows diagram for the mexican CAT bond is described in Figure 4. CAT-MEX Ltd. issues the bond that is placed among investors and invests the proceeds in high quality assets within a collateral account. Simultaneous to the issuance of the bond, CAT-MEX Ltd. enters into a reinsurance contract with SRC. The proceeds of the bond will also serve to provide SRC coverage for earth- quakes in Mexico in connection with an insurance agreement that FONDEN has entered with the European Finance Reinsurance Co. Ltd., an indirect wholly- owned subsidiary of SRC.

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  • The issuer sells bonds to capital market investors and the proceeds are deposited in a collateral account, in which earnings from assets are collected and from which a floating rate is payed to the SPV. The sponsor enters into a reinsurance or derivative contract with the issuer and pays him a premium. The SPV usually gives quarterly coupon payments to the investors. The premium and the investment bond proceeds that the SPV received from the collateral are a source of interest or coupons paid to investors.

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  • Pressures on European banks to deleverage increased towards the end of 2011 as funding strains intensified and regulators imposed new capitalisation targets. Many of these banks shed assets, both through sales and by cutting lending. However, this did not appear to weigh heavily on asset prices, nor did overall financing fall for most types of credit. This was because other banks, asset managers and bond market investors took over the business of European banks.

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  • While the growth in ETF markets is at an early stage in a number of countries, the speed and breadth of financial innovation in the ETF market has been remarkable in some large financial systems over the past five years, and has brought new elements of complexity and opacity into this standardised market. There are a number of disquieting developments in some market segments which call for closer scrutiny. ETFs have branched out to other asset classes (fixed-income, credit, emerging markets, commodities) where liquidity is typically thinner and transparency lower.

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  • The second problem with accounting profits is that, unlike cash flow, they exclude investments. A growing business will invariably have to invest more in working and fixed capital, so that it could easily have positive earnings, but cash could be draining away. On the other hand, depreciation is deducted in the calculation of earnings even though it does not involve any cash outlay. So for a mature business with assets still being depreciated, earnings could well understate cash flows. Third, earnings ignore the time value of money.

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  • This section develops an econometric framework that allows an investor to combine in- formation in the data with prior beliefs about both pricing and skill. Nonbenchmark assets allow us to distinguish between pricing and skill, and they supply additional information about funds' expected returns. In addition, nonbenchmark assets help account for common variation in funds' returns, making the investment problem feasible using a large universe of funds.

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  • Prior beliefs about pricing models can be useful to someone investing in mutual funds. A pricing model implies that a combination of the model's benchmark assets provides the highest Sharpe ratio within a passive universe. That implication is useful to an investor seeking a high Sharpe ratio, even if the investor has less than complete con¯dence in the model's pricing accuracy and cannot invest directly in the benchmarks. Prior beliefs about managerial skill are also important in the investment decision.

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  • Hence, the value of a European call option is determined by the difference between the current price of the underlying asset and the strike price. If this distance is positive, i.e. if the option is in the money, then the current payoff of the position is positive. In case the strike price is higher than the current stock price, i.e. if the contract is OTM, the value of the call option is still larger than zero, because until maturity, the price difference can become positive.

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  • The idea of using CSAs explicitly to spur the social and eco- nomic development of children emerged from the conceptual framework of “asset building.” This perspective was initially described by Center for Social Development founder Michael Sherraden in his 1991 book, Assets and the Poor. 1 Since then, the paradigm of asset building has taken shape and become a widespread theme in social and economic development in the United States and a number of other countries.

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  • The nation’s top scientists and spies are collaborating on an effort to use the federal government’s intelligence assets — including spy satellites and other classified sensors — to assess the hidden complexities of environmental change. They seek insights from natural phenomena like clouds and glaciers, deserts and tropical forests.

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  • · Valuation of environmental assets, goods, or services. "Valuation" refers to the process of deriving a monetary value for things which are not sold in a market; for example, fuelwood gathered in the forest, water filtration provided by a wetland, or biodiversity resources which could provide new medicines in the future. Valuation is an essential input into both social cost-benefit analysis and some approaches to environmental accounting. However valuation is only one element in the construction of environmental accounts; it is not the same as the construction of the accounts.

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  • The extension of national accounts to cover economic natural assets and their services (incorporated into commodities) is important but cannot deliver a sufficiently complete vision of the interaction of people and nature. For example, an enterprise holding and managing a forest will know and care about trees and timber, but much less about 'non-timber forest values', or forest water regulating functions and micro-climate effects which may be highly important for other sectors of society and for biodiversity.

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  • Hamilton and Clemens (1999) have provided estimates of genuine saving in a number of countries. Among the resources that make up natural capital, only forests, oil and minerals, and pollution were included (not included were such vital resources as water). So there is an undercount. Moreover, the accounting prices used to value natural capital were crudely estimated. Nevertheless, one has to start somewhere.

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