101 research outputs found
ANALYSIS OF THE IMPACT OF PROFITABILITY, COMPANY GROWTH, COMPANY SIZE ON COMPANY VALUE
No full textThis research was conducted to see the influence of profitability, company growth and company size on the value of consumption sector companies from 2019 to 2022. This research will be carried out using panel data regression, using the eviews application. The measurements used for the profitability variable are ROA, company growth with the percentage change in asset value and company size with the natural logarithm of total assets and company value with PBV. From the results of the Chow Prob Cross Section Chi-square test is 0.000 and the results of the Hausman test, the random Prob Cross Section value is 0.0001, the panel data regression model that will be used is the fixed effect model. The fixed effect model result shows that the positive value is not significant on firm value, otherwise company growth and firm size have an insignificant negative effect on firm value
Psychological experiment
No full textFor Kierkegaard the ‘psychological experiment’ is a literary strategy. It enables him to dramatize an existential conflict in an experimental mode. Kierkegaard’s aim is to study the source of movement that animates the existing individual (this is the psychological part). However, he is not interested in the representation of historical individuals in actual situations, but in the construction of fictional characters that are placed in hypothetical situations; this allows him to set the categories in motion “in order to observe completely undisturbed what these require” without caring to what extent someone has met this requirement or is able to meet it (this is the experimental part). The ‘psychological experiment’ is a category of indirect communication that is developed most extensively by Frater Taciturnus, the pseudonymous author of the third part of Stages on Life’s Way. (I) Taciturnus introduces the psychological experiment as a new trajectory in modern literature that offers an alternative to poetry and speculative drama. He develops this new trajectory in praxis (in the novella ‘“Guilty?”/“Not Guilty?” A Story of Suffering: A Psychological Experiment by Frater Taciturnus’) as well as in theory (in the ‘Letter to the Reader’ that accompanies his novella). (II) Two other pseudonymous authors further enrich the conceptual field of the psychological experiment. Constantin Constantius develops the notion ‘experimenting psychology’; Johannes Climacus reflects on the reader’s contemporaneity with the character
Psychological experiment
No full textFor Kierkegaard the ‘psychological experiment’ is a literary strategy. It enables him to dramatize an existential conflict in an experimental mode. Kierkegaard’s aim is to study the source of movement that animates the existing individual (this is the psychological part). However, he is not interested in the representation of historical individuals in actual situations, but in the construction of fictional characters that are placed in hypothetical situations; this allows him to set the categories in motion “in order to observe completely undisturbed what these require” without caring to what extent someone has met this requirement or is able to meet it (this is the experimental part). The ‘psychological experiment’ is a category of indirect communication that is developed most extensively by Frater Taciturnus, the pseudonymous author of the third part of Stages on Life’s Way. (I) Taciturnus introduces the psychological experiment as a new trajectory in modern literature that offers an alternative to poetry and speculative drama. He develops this new trajectory in praxis (in the novella ‘“Guilty?”/“Not Guilty?” A Story of Suffering: A Psychological Experiment by Frater Taciturnus’) as well as in theory (in the ‘Letter to the Reader’ that accompanies his novella). (II) Two other pseudonymous authors further enrich the conceptual field of the psychological experiment. Constantin Constantius develops the notion ‘experimenting psychology’; Johannes Climacus reflects on the reader’s contemporaneity with the character
Matthew’s Emmanuel Messiah: a paradigm of presence for god's people
Get PDFThe motif of divine presence is a clear phenomenon within the Gospel of Matthew. The modern critical means for assessing the ancient biblical text have multiplied to the point, some claim, of disparity. This study employs both narrative and redaction criticism in an attempt to respond authentically to the structural, historical and theological dimensions of Matthew's Gospel. This study begins with the presumption of the wholeness and integrity of Matthew's narrative, and assumes the gospel story to have an inherently dramatic structure which invites readers to inhabit imaginatively its narrative world and respond to its call. But since we are concerned with the role of both reader and author, this study also assumes a text with an historical author and context. The introduction focuses on the meta-critical dilemma facing New Testament students - what is the text and how do we read it? - and seeks some balance in terms of Krieger's analogy of the text as both window and mirror. Proposed is a narrative reading of Matthew's presence motif alongside a redaction critical assessment of it. In Chapter 2 the elements of narrative theory are introduced and relevant terms defined: the structure of narrative, the function of the narrator, points of view. Chapter 3 becomes an exercise in narrative reading, with Matthew's presence motif providing the focus, and the implied reader’s interaction with the story being predominant in interpretation. Characters, rhetorical devices, and points of view are discussed, to understand the motif's development throughout the story's progress. The thrust of Chapter 4 is thereafter to examine divine presence as a dominant motif within Matthew's most important literary context: the Jewish scriptures. Here the primary paradigms of divine presence provided by the Patriarchs, the Sinai experience, and the Davidic-Zion traditions are assessed. Chapter 5 follows with a more detailed examination of the OT "I am with you/God is with us" formula and its µeo' vµwv/ηuwv language, so strongly connected to Matthew's presence motif. Chapters 6-8 build on these investigations with a closer analysis of the three critical "presence passages" of Mt 1:23. 18:20 and 28:20. The passages and their contexts are probed from a redaction critical perspective, guided by the narrative investigation of Chapter 3, and the background from Chapters 4 and 5.The three major "presence passages" examined in Chapters 6-8 are also complimented by a number of secondary issues: worship, wisdom, the Spirit and the poor in Matthew, and their relation to Jesus' divine presence. These are discussed in Chapter 9. Chapter 10 summarizes and looks briefly at some implications. Matthew' presence motif proves to be an important element of the Gospel’s rhetorical design, redactional strategy and Christology. The presence of Jesus, the Emmanuel Messiah, exhibited in his risen authority, becomes the focus of his people's hopes and experiences in the post-Easter world. What the presence of Yahweh was to his people. Jesus now provides in a new paradigm for his people - his followers, the little ones, the poor and the marginalized, from all nations
Human and physical infrastructure : public investment and pricing policies in developing countries
Get PDFAlmost by definition, the basis for development is infrastructure - whether services for human infrastructure (health, education, nutrition) or physical infrastructure (transport, energy, water). Although the infrastructure sectors are diverse, what they have in common is that public policy has had a great deal to do with how these services are provided and financed in almost all countries. The author reviews the recent literature on two key aspects of that involvement: investment and pricing. While the quality of the econometric evidence varies, recent literature reinforces the view that human and physical infrastructure are critical for economic growth and the reduction of poverty. And the state is recognized as playing a key role in ensuring the efficient, equitable allocation of resources for infrastructure. Despite many sound theoretical reasons for such public involvement, however, recent studies have shown that it leaves much to be desired in efficiency and equity. One symptom is underinvestment in key subsectors that have high economic returns and that help the poor the most, such as primary education and rural health clinics, in relation to more expensive interventions, such as tertiary education and urban hospitals. Another common malaise is the poor use of scarce resources, leading to low quality (students learning little) and reliability (irregular power and water flows), poor maintenance (dilapilated roads), and inappropriate input use (too many school adminstrators or health workers and not enough books or drugs in producing education health outcomes). Just as market failures necessitate government intervention in the infrastructure sectors, so government failures should be considered in deciding the depth and extent of that intervention. The literature has made some advances in diagnosing these problems in poor countries and proposing solutions. But information gaps remain, particularly in developing robust methodologies for: 1) making intersectoral comparisons across the wide range of infrastructure services; 2) crafting more diverse policies about the public-private balance in infrastructure investment, depending on the nature of"public goods"characteristics for various types of infrastructure services, or even across activities for the same service (for example, power transmission versus distribution); and 3) taking issues of political economy into account, such as the vested interests of those with large financial interests in infrastructure. The author also highlights public pricing as a policy initiative that has recently gotten much attention.After briefly reviewing the basic concepts of pricing, he focuses on the literature about pricing reform. Most commonly, the public sector is the main provider of infrastructure services, usually free or at subsidized prices. But the recent literature has aired a rethinking of the balance between public and private financing of infrastructure. The debate in this area is often heated. Health and education are traditionally provided free and some recent literature argues for positive prices, at least for higher tiers of service. The principle of public pricing has been more widely accepted in transport, energy, and to a lesser extent water, but often the levels are too low and do not provide the appropriate incentives for efficient and equitable use.Environmental Economics&Policies,Banks&Banking Reform,Health Monitoring&Evaluation,Public Sector Economics&Finance,Economic Theory&Research
Soteriology Before Epistemology: Kierkegaard's Theology of Divine Revelation
No full textIn this study I examine the role of divine revelation within the thought of Søren Kierkegaard. For Kierkegaard, I contend, divine revelation is first and foremost a soteriological matter. Although his writings address many interesting and important epistemological issues, when it comes to the matter of divine revelation, these issues play more of a supporting role. This study builds upon the work of Steven M. Emmanuel. To my knowledge, Emmanuel’s book Kierkegaard and the Concept of Revelation is the only published monograph devoted specifically to addressing Kierkegaard’s account of divine revelation. While Emmanuel’s book has brought greater attention to the theme of revelation within Kierkegaard’s thought, the subject deserves further consideration. For example, Emmanuel’s book only examines three of Kierkegaard’s writings: Philosophical Fragments, Concluding Unscientific Postscript to “Philosophical Fragments,” and The Book of Adler. While these three works are certainly essential to understanding Kierkegaard’s account of divine revelation, this study intends to show that the inclusion of several other works (especially Anti-Climacus’s writings) offers a more comprehensive description of Kierkegaard’s views. Along with addressing other key works, I also attempt to situate my discussion of divine revelation within the larger purpose of Kierkegaard’s authorship. Kierkegaard saw himself primarily as a religious author, from beginning to end. As a religious author, Kierkegaard set himself the task of reintroducing Christianity into Christendom. In this study I contend that soteriological concerns (the question of becoming and being a Christian) are really at the heart of Kierkegaard’s discussion of divine revelation
Uncertainty and the Disappearance of International Credit
Get PDFWe show that increased uncertainty about the size of an emerging market's external debt has a nonlinear and potentially large adverse effect on the supply of international credit offered to them. We also show that if international creditors are first- order risk averse, attaching greater weight to utility derived from bad outcomes than from good ones, a moderate increase in uncertainty about debt overhang or about other relevant factors affecting repayment prospects-- can cause the supply of credit to dry up completely. We therefore offer one possible explanation for why emerging markets may find themselves suddenly cut off from international capital markets.
A fiscal needs approach to equalization transfers in a decentralized federation
Get PDFThe author reviews the conceptual basis for fiscal equalization transfers, analyzes the theoretical implications for optimal design of equalization transfers, and suggests quantitative approaches for assessing the fiscal needs of subnational governments and determining their entitlement to transfers. The author illustrates proposed methods using data for local and provincial Canadian governments. The proposed methods could be useful tools, he says, for undertaking systematic objective reviews of aggregate and sectoral public spending in developing countries. The author argues that in a decentralized federation, fiscal inefficiencies and inequities arise because of subnational governments'differing levels of ability to provide comparable public services at comparable tax rates. Fiscal equalization transfers that reduce or eliminate differentials in net fiscal benefits create a rare instance in economics when considerations of equity and efficiency coincide. These transfers must allow for differences in the spending needs and revenues-raising abilities of the various subnational governments. The author argues for a two-tiered approach to equalization. The first tier would be a federal responsibility to equalize the burden of federal taxes. The second tier would be an interprovincial equalization fund to be administered by the Council of Provincial Finance Ministers. It would entail a comprehensive equalization system that takes into account provincial spending needs. The standard of equalization would be negotiated.Public Sector Economics&Finance,Banks&Banking Reform,Municipal Financial Management,National Governance,Environmental Economics&Policies
Oil price instability, hedging, and an oil stabilization fund : the case of Venezuela
Get PDFThe Venezuelan government and PDVSA (Venezuela's state oil companies) are both exposed to oil price instability. Given the existing tax structure, PDVSA has a higher exposure than the government, especially when prices drop below $18-20 a barrel. The authors show that the volatility of prices for crude oil is higher (but not significant) than the volatility of prices for refined oil products. And both prices are highly correlated. So, there is not much strength to the argument that Venezuela, being now mainly an exporter of refined products, faces less volatility than when it was exporting mainly crude oil. The basis risk for hedging Venezuelan crude oil was founded to be higher than for other crudes of comparable quality in the region. One explanation could be the pricing policies Venezuela follows, which leads Venezuelan crude oil prices to deviate for long periods from international prices. The basis risk in Venezuelan refined products is much lower and at acceptable levels for risk management. The issue of liquidity is concentrated in contracts for periods of less than a year. For products, the liquidity is concentrated in the nearest 4-5 months. So, for short-term hedges (6-9 months ahead), there is sufficient liquidity for Venezuela to hedge a substantial part of its exports. For longer-term hedges, the over-the-counter market is the more appropriate vehicle. In either case, it will not usually be the case that all production or exports should be hedged. The authors also examined the issue of an oil stabilization fund. For an oil stabilization fund to be effective several preconditions must be met. Most notably: oil prices should not follow a random walk; financial markets are incomplete; and there are large adjustment costs. These conditions do likely apply in Venezuela. Venezuela's best strategy would be to remove as much short-term oil price risk as possible by using short-dated hedging instruments (such as futures, options, or short-dated swaps) and to also do some longer term hedging (using mainly over-the-counter options and long-dated swaps). They also find that an oil stabilization fund should be complemented by using market-based risk management tools. The oil stabilization fund could then be used to manage any remaining interperiod oil price risk to the extent considered necessary.Markets and Market Access,Environmental Economics&Policies,Oil Refining&Gas Industry,Energy and Environment,Energy Demand
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