150 research outputs found
Treasury Financial Management company in the current economic crisis
No full textAbstract. Any management decision has a direct monetary impact on the structure uses and sources of cash. Cash Management aims to permanently maintain a balance between inflows and outflows of cash and cash to predict the impact of any operational decisions that could affect these flows. The success of any business requires good management of all these flows.
The principle of this approach is relatively simple: using a minimum of ores to obtain maximum performance in a given period. Cash management is an extremely complex issue, and balancing receipts and payments flow is a constant struggle for survival of firms.
In It work we will focus on how they are oriented in a going concern basis, cash inflows and financing needs of current operations. Managers should understand and know the specific movements of cash within the business system, driven daily decisions on operating, investing or financing, and a variety of external circumstances which affect the company. Such decisions and events can affect the company's ability to pay its obligations to obtain credit from suppliers, banks or credit institutions and to maintain an operational level in line with the company's products and services through investments
The evolutionary approach to entropy: Reconciling Georgescu-Roegen's natural philosophy with the maximum entropy framework
Get PDFIn Georgescu-Roegen's classical, though controversial discussion of entropy in relation to economics, the dualism of mechanical and subjective time plays a pivotal role. I argue that this fundamental distinction also inheres modern approaches to maximum entropy. Following Searle, I introduce the ontological dualism of observer independent and observer relative facts, and show that the notion of entropy also manifests this dualism, in the sense of the contextuality of measurements in experimental settings. Extending on the notion of observer relativity, I argue that the MaxEnt principle can be generalized into a framework of analyzing the evolution of (biological, technological etc.) functions under natural selection, if functions are equated with inference devices. Then, observer relativity is function relativity. In hierarchical evolutionary systems, this corresponds to the Maximum Entropy Production Principle, in the sense that functional evolution approximates gradients of maximum dissipation of energy. Against this background, the Georgescu-Roegen dualism of time translates into the dualism of observer independent entropy, which is the object of MEPP, and observer relative entropy, which is the object of MaxEnt. Both are two aspects under which evolution in general and economic evolution in particular can be analyzed. --Georgescu-Roegen,maximum entropy,observer relativity,time,hierarchical evolutionary systems,natural selection,physical concepts of information
Seasonal hydroclimatic impacts of Sun Corridor expansion
No full textabstract: Conversion of natural to urban land forms imparts influence on local and regional hydroclimate via modification of the surface energy and water balance, and consideration of such effects due to rapidly expanding megapolitan areas is necessary in light of the growing global share of urban inhabitants. Based on a suite of ensemble-based, multi-year simulations using the Weather Research and Forecasting (WRF) model, we quantify seasonally varying hydroclimatic impacts of the most rapidly expanding megapolitan area in the US: Arizona's Sun Corridor, centered upon the Greater Phoenix metropolitan area. Using a scenario-based urban expansion approach that accounts for the full range of Sun Corridor growth uncertainty through 2050, we show that built environment induced warming for the maximum development scenario is greatest during the summer season (regionally averaged warming over AZ exceeds 1 °C). Warming remains significant during the spring and fall seasons (regionally averaged warming over AZ approaches 0.9 °C during both seasons), and is least during the winter season (regionally averaged warming over AZ of 0.5 °C). Impacts from a minimum expansion scenario are reduced, with regionally averaged warming ranging between 0.1 and 0.3 °C for all seasons except winter, when no warming impacts are diagnosed. Integration of highly reflective cool roofs within the built environment, increasingly recognized as a cost-effective option intended to offset the warming influence of urban complexes, reduces urban-induced warming considerably. However, impacts on the hydrologic cycle are aggravated via enhanced evapotranspiration reduction, leading to a 4% total accumulated precipitation decrease relative to the non-adaptive maximum expansion scenario. Our results highlight potentially unintended consequences of this adaptation approach within rapidly expanding megapolitan areas, and emphasize the need for undeniably sustainable development paths that account for hydrologic impacts in addition to continued focus on mean temperature effects.Corresponding Author:
Matei Georgescu
Arizona State University
[email protected]
Working Paper No. 54, Nicholas Georgescu-Roegen and Ecological Economics
Get PDFThis inquiry seeks to establish that in his book The Entropy Law and the Economic Process [1971] (2013), author Nicholas Georgescu-Roegen provides a foundation for Ecological Economics. The Entropy Law implies that the economic process is limited because it is reliant on finite natural resources, e.g., fossil fuels and minerals, as the economic process involves relying upon low-entropy natural resources in the production of consumer goods, and then results in the discarding of high-entropy waste, e.g., heat in the form of CO2 and other greenhouse gasses, into the environment, eventually resulting in noticeable degradation. Notably, these ideas from Georgescu-Roegen’s work on the Entropy Law prove to be foundational for the field of Ecological Economics. Based upon the idea that the economy exists within a social system, which in turn is a subsystem of the biosphere, ecological economics views humans as being connected to the large environment, rather than separate from it. These views originate from and are closely aligned with Georgescu-Roegen’s writings on entropy and economics
An alternative explanation of the semiarid urban area “oasis effect”
No full textabstract: This research evaluates the climatic summertime representation of the diurnal cycle of near-surface temperature using the Weather Research and Forecasting System (WRF) over the rapidly urbanizing and water-vulnerable Phoenix metropolitan area. A suite of monthly, high-resolution (2 km grid spacing) simulations are conducted during the month of July with both a contemporary landscape and a hypothetical presettlement scenario. WRF demonstrates excellent agreement in the representation of the daily to monthly diurnal cycle of near-surface temperatures, including the accurate simulation of maximum daytime temperature timing. Thermal sensitivity to anthropogenic land use and land cover change (LULCC), assessed via replacement of the modern-day landscape with natural shrubland, is small on the regional scale. The WRF-simulated characterization of the diurnal cycle, supported by previous observational analyses, illustrates two distinct and opposing impacts on the urbanized diurnal cycle of the Phoenix metro area, with evening and nighttime warming partially offset by daytime cooling. The simulated nighttime urban heat island (UHI) over this semiarid urban complex is explained by well-known mechanisms (slow release of heat from within the urban fabric stored during daytime and increased emission of longwave radiation from the urban canopy toward the surface). During daylight hours, the limited vegetation and dry semidesert region surrounding metro Phoenix warms at greater rates than the urban complex. Although prior work has suggested that daytime temperatures are lower within the urban complex owing to the addition of residential and agricultural irrigation (i.e., “oasis effect”) we show that modification of Phoenix's surrounding environment to a biome more representative of temperate regions eliminates the daytime urban cooling. Our results indicate that surrounding environmental conditions, including land cover and availability of soil moisture, play a principal role in establishing the nature and evolution of the diurnal cycle of near-surface temperature for the greater Phoenix, Arizona, metropolitan area relative to its rural and undeveloped counterpart.Corresponding Author:
Matei Georgescu
Arizona State University
[email protected]
THE FORECASTING AND DIAGNOSIS ANALYSIS OF CASH FLOWS. THE CALCULATION AND COVERING OF THE TREASURY BALANCES
Get PDFThe treasury is the essential element through which the way of achieving results is materialized and the requirements of financial stability are respected. A firm which obtains profit not always has a positive treasury because of the gap between the expenses and revenues recorded in accounting; the statistical records show that most bankruptcies are due to the weaknesses from treasury’s management. Based on these cash flows the entire value of the enterprise, the equity capital or the debts can be evaluated. The investors are interested in comparing the profit obtained by placing money in various investment opportunities. In this way, taking as reference the size of the opportunity cost (value of yield losses compared with other investment opportunities) they can assess whether, after a year of operation of the enterprise, the value of the invested capital decreases or on the contrary, increases.treasury, cash flow, treasury forecast, forecast of financial statements
La teoria bioeconomica di Nicholas Georgescu-Roegen e il «godimento della vita»
No full textLa tesi ripercorre e analizza l’opera scientifica di Nicholas Georgescu-Roegen, dalla critica al concetto di utilità e alla teoria del comportamento del consumatore, all’identificazione del «godimento della vita» come fine ultimo del processo economico.
Si indagano le connessioni di questa opera con l’approccio sistemico nelle scienze e si ricercano, inoltre, gli influssi dell’autore sull’attuale impostazione dell’Ecological Economics.The thesis traces and analyzes the scientific work of Nicholas Georgescu-Roegen, from the criticism directed at the concept of utility and at the theory of the behaviour of the consumer, to the identification of «enjoyment of life» as the ultimate goal of the economic process.
The work investigates the connections of bioeconomics with the systemic approach in the sciences and seek also the influence of the author on the current setting of Ecological Economics
The treasury analysis based on the financial rates, a method of assessing the profitability and efficiency of the economic agents
Get PDFThe main objective of each firm is to achieve an increased profitability, by determining the quantity of the profit. This indicator is not sufficient to assess the degree of efficiency, profitability or business profitability. It becomes useful, therefore, through the determination of the financial rates, as these companies provide information about the direction towards the business moves.
The financial rates are tools through which firms can make a series of tests and may also determine which strategies to pursue in order to achieve certain objectives.
Based on these considerations, the purpose of this study is to determine a number of financial rates specific to the company treasury, having as a reference point the cash flow statements, and to perform an analysis on the obtained results
Estimation and valuation in accounting
Get PDFThe relationships of the enterprise with the external environment give rise to a range of informational needs. Satisfying those needs requires the production of coherent, comparable, relevant and reliable information included into the individual or consolidated financial statements. International Financial Reporting Standards IAS / IFRS aim to ensure the comparability and relevance of the accounting information, providing, among other things, details about the issue of accounting estimates and changes in accounting estimates. Valuation is a process continually used, in order to assign values to the elements that are to be recognised in the financial statements. Most of the times, the values reflected in the books are clear, they are recorded in the contracts with third parties, in the supporting documents, etc.
However, the uncertainties in which a reporting entity operates determines that, sometimes, the assigned or values attributable to some items composing the financial statements be determined by use estimates
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