LABOR PRODUCTIVITY AS A FACTOR FOR BANKRUPTCY PREDICTION
|
|
- Willa Alexander
- 8 years ago
- Views:
Transcription
1 Daniel BRÎNDESCU OLARIU West University f Timisara LABOR PRODUCTIVITY AS A FACTOR FOR BANKRUPTCY PREDICTION Empirical study Keywrds Crprate finance Risk Failure Financial rati Financial analysis Classificatin accuracy JEL Classificatin G32, G33, M21 Abstract The current study evaluates the ptential f the labr prductivity in predicting crprate bankruptcy. The ppulatin subjected t the analysis included all cmpanies frm Timis Cunty with yearly sales f ver 2200 Eurs. The interest fr the labr prductivity was based n the recmmendatins f the scientific literature, as well as n the availability f infrmatin cncerning its values t all stakehlders. The event n which the research was fcused was represented by the manifestatin f bankruptcy 2 years after the date f the financial statements f reference. All tests were perfrmed ver a paired sample f 1424 cmpanies. The methdlgy emplyed in evaluating the ptential f the labr prductivity was based n the general accuracy ensured by the rati (63.2%) and the Area Under the ROC Curve (0.665). The results cnfirm the practical utility f the labr prductivity in the predictin f bankruptcy. 27
2 1. Intrductin In the cntext f the ecnmic crisis, as well as that f the changes generated by the entrance f Rmania in the Eurpean Unin, the annual frequency f bankruptcy cases has increased at natinal level, reaching almst 3% by the end f 2013 (Brîndescu-Olariu, 2014a). The increased frequency f the annual bankruptcy cases was accmpanied by an increase in the lan default rati, Rmania tpping in this regard at the end f 2012 the 4 th place within the Eurpean Unin. Befre 2007, the imprtance f the bankruptcy phenmenn frm a macrecnmic perspective was limited in Rmania, as there was little culture fr bankruptcy filing at micrecnmic level. With the bankruptcy nt representing a cncerning phenmenn in the past, limited effrts were made at natinal level fr the develpment f specific bankruptcy risk assessment tls. Instead, the scientific interest fr the assessment f the bankruptcy risk was purely theretical, with mst researchers settling fr testing freign mdels fr bankruptcy predictin ver small islated samples f Rmanian cmpanies. Several natinal mdels were elabrated ver time, but mst f the develpment methdlgies were relatively superficial, as the public interest fr the subject was lw. The general gals f cmpanies are usually related t maximizing prfits and sharehlders wealth ( Ștefea and Circa, 2006). In rder t reach such gals, capital must be invested. The investment decisins must be fundamented nt nly n predicted return ratis, but als n risk analyses. The increase f the annual bankruptcy frequency has made the public significantly mre aware f the phenmenn. As the state f bankruptcy affects all the stakehlders f the cmpany, the existence f instruments fr bankruptcy predictin becmes imprtant. Under these circumstances, there is a need fr the develpment f methdlgies specific t the current characteristics f the Rmanian cmpanies. Recent studies ( Brîndescu Olariu, 2014b, Dima et al., 2011) have recnfirmed the ptential f financial ratis in the predictin f the bankruptcy risk, financial risk, financial perfrmance r stck prices. The present paper is fcused n testing the ptential f labr prductivity indicatrs fr crprate bankruptcy predictin, 2 years prir t the pssible event. Previus studies (Mldvan, Lbnț și Niclescu, 2013) have shwn that the managers frm Rmanian cmpanies see the human capital as having nly a lw t average influence n the crprate cmpetitiveness. The hypthesis f the research is that labr prductivity indicatrs are negatively crrelated t the bankruptcy risk and thus can represent useful tls fr the assessment f the bankruptcy risk. Only publically available data was used. If the research wuld prve the usefulness f the prductivity indicatrs in the predictin f bankruptcy, it culd be cntinued with the develpment f a methdlgy f analysis fr the assessment f the bankruptcy risk based n public data and thus accessible t all stakehlders. 2. Ppulatin and methdlgy The ppulatin initially subjected t the analysis included all the cmpanies frm the Timis Cunty that submitted financial statements t the fiscal authrities in the perid (247,037 yearly financial statements). Financial rati analysis was nt cnsidered applicable fr cmpanies with n yearly incme, as the cntinuity f the perating activity represents a fundamental hypthesis f the financial rati analysis. Three phenmenns with natinal impact were als cnsidered fr their ptential f changing the prfile f the cmpanies that declare bankruptcy: The changes brught t the laws cncerning bankruptcy thrugh the adptin f law 85/2006; The entrance within the Eurpean Unin in 2007; The manifestatin f the ecnmic crisis starting with the last quarter f Under these circumstances, it was cncluded that the initial ppulatin shws imprtant prblems f hmgeneity, which d nt recmmend a unitary treatment: The cmpanies with n activity cannt be evaluated based n the same methdlgy as the cmpanies with a financial histry; The cmpanies that became bankrupt after the issue f law 2006/2006 shw different characteristics cmpared t the cmpanies that went bankrupt befre 2007, under different laws; The cases f bankruptcy registered after 2009 have different causes cmpared t the cases appeared befre the beginning f the ecnmic crisis. Taking all the afrementined differences int accunt, the initial ppulatin was adjusted: all the yearly financial statements that reprted sales under lei were excluded; nly financial statements frm the perid were retained. The research targeted the risk f bankruptcy after 2 years frm the date f the financial statements taken as reference in the analysis. As the interest was fcused n the phenmenn f bankruptcy during the crisis perid, the first financial statements included in the study were frm
3 The last year fr which data cncerning the status f the cmpanies was available was Under these circumstances, the last financial statements included in the study were thse frm Hlding all the abve int accunt, the target ppulatin included all cmpanies frm Timis Cunty that submitted yearly financial statements t the fiscal authrities during the perid and that registered yearly sales f at least lei (aprx Eurs). In accrdance, 53,252 financial statements frm the perid were included in the analysis. The cmpanies f which financial statements were included fr ne year were nt necessarily included fr the fllwing perids. As the study did nt target a dynamics analysis, the yearly financial statements can be regarded as individual subjects. The surce f the data was represented by the nline publicatins f the Ministry f Public Finances f Rmania. The current study emplyed methds fr calculating the financial ratis that wuld make the prpsed methdlgy f analysis accessible t all stakehlders. Of the entire target ppulatin, 712 cmpanies went bankrupt in the perid , tw years frm the date f the financial statements f reference: f the 12,570 cmpanies included with financial statements fr 2007 in the research, 30 went bankrupt in 2009 (0.24%); the rest f the cmpanies f the 13,037 cmpanies included with financial statements fr 2008 in the research, 94 went bankrupt in 2010 (0.72%); the rest f the cmpanies f the 12,574 cmpanies included with financial statements fr 2009 in the research, 159 went bankrupt in 2011 (1.26%); the rest f the cmpanies f the 15,071 cmpanies included with financial statements fr 2010 in the research, 429 went bankrupt in 2012 (2.85%); the rest f the cmpanies Tw prductivity ratis were tested fr their ptential in the assessment f the bankruptcy risk. Cmmnly, prductivity ratis are based n a vlume measure f utput and a measure f input (number f hurs wrked r ttal emplyment). As public data des nt include infrmatin cncerning the prductin vlume f cmpanies, yearly turnver (as an expressin f the gds and services sld) was used as an utput indicatr instead. Thus, the first rati had the fllwing frm: Labr prductivity 1 = Sales Ttal emplyment Anther ppular apprach in labr prductivity analysis uses the grss added value as an utput indicatr. The nly cmpnent f the yearly value added that is publically available is the grss prfit. Althugh the grss prfit des nt generally remunerate the emplyees (it ges t the state, stakehlders r remains as part f the equity), it is directly cnnected t the grss added value and thus, indirectly cnnected t the ttal emplyment. Grss Labr prductivity 2 = Ttal emplyment In accrdance with many f the appraches frm the internatinal literature, the ratis were tested ver a paired sample. In rder t build a paired-sample, each f the 712 cmpanies that went bankrupt in the perid was assciated with a cmpany frm the same ecnmic field that had the clsest turnver in the year f reference fr the financial statements included in the analysis. The data was prcessed by using the SPSS sftware. The state f the cmpany tw years frm the date f the financial statements f reference was defined as the dependent variable, a binary variable that can take the fllwing values: 1, fr the cmpanies that went bankrupt 2 years after the date f the financial statements f reference; 0, fr the cmpanies that cntinued their activity under nrmal cnditins at least until the end f In rder t simplify the explanatins, the cmpanies that went bankrupt 2 years after the date f the financial statements f reference will simply be referred t as bankrupt, while the cmpanies that cnditins at least until the end f 2012 will be referred t as nn-bankrupt. When defining the target ppulatin, the cmpanies that clse their activity fr ther reasns than bankruptcy during the perid f analysis were excluded. As an example, the value f the variable State was 1 fr all the cmpanies that went bankrupt in 2011 and it was assciated with the financial ratis f the respective cmpanies frm These cmpanies were nt included in the analysis fr the fllwing years (fr 2010 with the financial statements and fr 2012 with the state variable), even if they still existed. Initially, the perfrmance f each rati as predictr f bankruptcy was tested thrugh the Area Under the ROC Curve ver the entire paired sample f 1424 cmpanies. 29
4 The ROC Curve reflects graphically the relatinship between the sensitivity and the specificity fr all pssible cut-ff values (van Erkel, Pattynama, 1998). The area under the ROC Curve thus islates the classificatin perfrmance f a classifier with n cnnectin t a specific cutff value, which makes it ne f the mst viable slutins fr measuring the classificatin perfrmance and fr cmparing classifiers (Hanely, McNeil, 1982, Faragi și Reiser, 2002). The area under the ROC Curve (AUC), can take values between 0 and 1 (Skalska și Freylich, 2006). An AUC f 0.5 crrespnds t a by chance classificatin accuracy, while an AUC f 1 crrespnds t a perfect accuracy. The evaluatin f predictrs by their AUCs is usually based n the fllwing grid (Tazhibi, Bashardst și Ahmadi, 2011): : fail; : pr; : fair; : gd; 0.9 1: excellent. In a secnd step, fr the ratis cnfirmed as pssible predictrs by their AUCs (ver 0.6), the general classificatin accuracy was determined. The general accuracy f the classificatin represents the percentage f cmpanies crrectly classified, a weighted average f the sensitivity and the specificity. The sensitivity represents the accuracy f the classificatin f bankrupt cmpanies. The specificity represents the accuracy f the classificatin f nn-bankrupt cmpanies. The ptimal cut-ff value fr the 2010 sample was used fr ut-f sample tests (ver the samples). The ptimal cut-ff value fr the 2010 sample was determined thrugh the inspectin f the crdinating pints f the ROC Curve. As the samples used were paired, the weight f the bankrupt cmpanies was equal t the weight f the nn-bankrupt cmpanies (50%). Fr such a sample, the by chance accuracy is 50% (by classifying all 1424 cmpanies as bankrupt, the analyst wuld be crrect in 50% f the cases). A rati is cnsidered a useful classifier if it allws fr a general accuracy at least 25% higher than the by chance accuracy (Chung, K., Tan, S., Hldswrth, D., 2008). Based n this benchmark, the ratis wuld be cnsidered as ptentially useful if they wuld ffer an accuracy f at least 62.5% (a = 50% x 125%). 4. Results The Area Under the ROC Curve ver the paired sample specific t the labr prductivity 1 (based n sales) was f 0.539, which excludes the rati as a pssible bankruptcy predictr. The area under the ROC Curve ver the paired sample specific t the labr prductivity 2 (based n grss prfits) was f 0.665, which can be evaluated as relatively pr, but valid classificatin accuracy (Tazhibi, Bashardst and Ahmadi, 2011). Under these circumstances, the rati based n grss prfits was submitted t additinal tests. The AUC was determined fr each f the 4 yearly paired samples. The AUC remains ver 0.6 fr each yearly sample (figure 1), which cnfirms the classificatin capability f the rati. Based n the crdinating pints f the ROC Curve fr 2010, an ptimal cut-ff value was determined (labr prductivity = lei). By classifying all the cmpanies frm the 2010 paired sample that registered labr prductivities lwer than as bankrupt and all the cmpanies frm the 2010 paired sample that registered labr prductivities higher than as nn-bankrupt, the general classificatin accuracy wuld be f 64.1%. Thus, the in-sample general accuracy verlaps the 62.5% benchmark. Out f sample accuracy tests were perfrmed ver the paired samples. The ptimal cut-value fr 2010 was used. The general accuracy maintained its level fr the 2009 sample (64.2%), but decreased t 59.0% fr 2008 and t 58.3% fr The ut-f-sample general accuracy fr the entire sample was f 61.8%. The variatins f the general accuracy registered in 2008 and 2007 are mstly generated by variatins f the cut-ff value (and less by the reductin f intrinsic classificatin capabilities f the labr prductivity). The general accuracy levels crrespndent t the ptimal cutff values fr the 4 yearly paired samples are reflected in figure 2. The general accuracy fr the entire sample f 1424 cmpanies was f 63.2%. 5. Cnclusins The Area Under the ROC Curve fr the entire paired sample shws that the labr prductivity based n sales is nt a useful classifier. Instead, the value f the AUC suggests that the labr prductivity based n grss prfits can be used a tl fr the assessment f the bankruptcy risk. This cnclusin is sustained by a general classificatin accuracy f 63.2% ver the entire paired sample f 1424 cmpanies. Cmmnly used in this field, the paired sample was useful in evaluating the ptential f the ratis. Nevertheless, as the structure f bth the basesample and the test-sample are significantly different frm the structure f the target ppulatin, an ptimal cut-ff value fr the entire ppulatin cannt be determined. The research prves the ptential f the labr prductivity rati in the predictin f bankruptcy and underlines the need fr determining an ptimal cut-ff value thrugh research ver the entire ppulatin (r a sample with the same structure). 30
5 6. References [1] Brîndescu Olariu, D. (2014a). The ptential f the equity wrking capital in the predictin f bankruptcy, Management Intercultural, XVI (31), 2014, pp [2] Brîndescu Olariu, D. (2014b). The crrelatin between the autnmy rati and the return n equity. Management Intercultural, XVI (31), 2014, pp [3] Chung, K., Tan, S., Hldswrth, D. (2008). Inslvency predictin mdel using multivariate discriminant analysis and artificila neural netwrk fr the finance industry in New Zealand. Internatinal jurnal f business and management, 39 (1), pp [4] Dima, B., Mldvan, N., Lbnţ, O., Niclescu, C. (2011). Financial assets valuatin and issuers financial ratis. Prceedings f the Internatinal Cnference EBES, pp [5] van Erkel, A., Pattynama, P. (1998). Receiver perating characteristic (ROC) ana lysis: Basic principles and applicatins in radilgy, Eurpean Jurnal f Radilgy, 27 (2), pp [6] Faragei, D, Reiser, B (2002). Estimatin f the area under the ROC curve. Statistics in medicine, 21, pp [7] Hanley, J.A., McNeil, B.J. (1982). The meaning and use f the area under a receiver perating characteristic (ROC) curve. Radilgy, 143 (1), pp [8] Mldvan, N., Lbnț, O., Niclescu, C., (2013) Empirical Study Regarding the Determining Factrs f the Rmanian Cmpanies Cmpetitiveness. Analele Universităţii din Oradea, Seria Ştiinţe Ecnmice, 1 (1), pp [9] Skalska, H., Freylich, V. (2006). Web - Btstrap Estimate f Area Under ROC Curve. Australian Jurnal f Statistics, 35 (2&3), pp [10] Ștefea, P., Circa, C., Reflecting Perfrmance Cmprehensive Incme. Accunting and Management Infrmatin Systems - Supplement/2006, Editura ASE, Bucuresti, pp [11] Tazhibi, M, Bashardst N, Ahmadi, M (2011). Kernel Smthing Fr ROC Curve And Estimatin Fr Thyrid Stimulating Hrmne. Internatinal Jurnal f Public Health Research, Special Issue 2011, pp
6 Figures and tables: Area Under the ROC Curve - labr prductivity Figure 1. Area Under the ROC Curve ver a paired sample - labr prductivity % 65.0% 64.5% 64.0% 63.5% 63.0% 62.5% 62.0% 61.5% 61.0% 60.5% 60.0% General accuracy with ptimal cut-ff values fr each year 64.8% 64.1% 63.3% 61.7% Figure 2. General accuracy with ptimal cut-ff values fr each year 32
NHPCO Guidelines for Using CAHPS Hospice Survey Results
Intrductin NHPCO Guidelines fr Using CAHPS Hspice Survey Results The Centers fr Medicare and Medicaid Services (CMS) has develped the Cnsumer Assessment f Healthcare Prviders and Systems (CAHPS ) Hspice
More informationCompetitive Intelligence Report - Market Snapshot Explanations of Numbers Suggestions and Tips
Cmpetitive Intelligence Reprt - Market Snapsht Explanatins f Numbers Suggestins and Tips The infrmatin cntained in the tw sectins f the Cmpetitive Intelligence Reprt fr each gegraphic regin is f the highest
More informationImportance and Contribution of Software Engineering to the Education of Informatics Professionals
Imprtance and Cntributin f Sftware Engineering t the Educatin f Infrmatics Prfessinals Dr. Tick, József Budapest Plytechnic, Hungary, tick@bmf.hu Abstract: As a result f the Blgna prcess a new frm f higher
More informationMarch 2016 Group A Payment Issues: Missing Information-Loss Calculation letters ( MILC ) - deficiency resolutions: Outstanding appeals:
The fllwing tpics were discussed in the March 24, 2016 meeting with law firms representing VCF claimants. Grup A Payment Issues: We cntinue t fcus n paying Grup A claims in full and are meeting the schedule
More informationThis report provides Members with an update on of the financial performance of the Corporation s managed IS service contract with Agilisys Ltd.
Cmmittee: Date(s): Infrmatin Systems Sub Cmmittee 11 th March 2015 Subject: Agilisys Managed Service Financial Reprt Reprt f: Chamberlain Summary Public Fr Infrmatin This reprt prvides Members with an
More informationCCPRF. Request for Proposals. Monitoring Services. November 25, 2009
CCPRF Request fr Prpsals Mnitring Services Nvember 25, 2009 Table f Cntents SECTION I... 1 1.1 INTRODUCTION AND OPPORTUNITY... 1 1.2 OBJECTIVES OF RFP... 1 1.3 STATEMENT OF WORK... 1 SECTION II... 2 2.1
More informationCaptive outsourcing models
Captive utsurcing mdels India TP hygiene wrkshp Presenter: Vishnu Bagri Octber 23, 2013 2013 Transfer Pricing Assciates Hlding B.V. BACKDROP + India has evlved as a premier utsurcing hub fr IT, ITES, engineering
More informationDampier Bunbury Pipeline (DBP)
Limited ABN 59 001 777 591 AFSL 232497 April 2011 (Update) Cst f Debt Summary Paper Dampier Bunbury Pipeline (DBP) IMPORTANT NOTE Nte 1 This dcument has been prepared by AMP Capital Investrs Limited (AMP
More informationStudent Academic Learning Services Page 1 of 7. Statistics: The Null and Alternate Hypotheses. A Student Academic Learning Services Guide
Student Academic Learning Services Page 1 f 7 Statistics: The Null and Alternate Hyptheses A Student Academic Learning Services Guide www.durhamcllege.ca/sals Student Services Building (SSB), Rm 204 This
More informationMarketing Consultancy Division (MCD) Export Consultancy Unit (ECU) Export in Focus. Export Market Expansion Strategies. Rabi-I, 1427 (April, 2006)
Marketing Cnsultancy Divisin (MCD) Exprt Cnsultancy Unit (ECU) Exprt in Fcus Exprt Market Expansin Strategies Rabi-I, 1427 (April, 2006) 1 Exprt Market Expansin Strategies Intrductin It is clear that glbalizatin
More informationPOLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES
POLISH STANDARDS ON HEALTH AND SAFETY AS A TOOL FOR IMPLEMENTING REQUIREMENTS OF THE EUROPEAN DIRECTIVES INTO THE PRACTICE OF ENTERPRISES M. PĘCIŁŁO Central Institute fr Labur Prtectin ul. Czerniakwska
More informationHOW TO SELECT A LIFE INSURANCE COMPANY
HOW TO SELECT A LIFE INSURANCE COMPANY There will prbably be hundreds f life insurance cmpanies t chse frm when yu decide t purchase a life insurance plicy. Hw d yu decide which ne? Mst cmpanies are quite
More informationA Quick Read on the State of Small Business and the Small Business Success Index 2009 Baseline Study of Small Business Success
A Quick Read n the State f Small Business and the Small Business Success Index 2009 Baseline Study f Small Business Success March 12, 2009 Spnsred by: Netwrk Slutins, LLC and Rbert H. Smith Schl f Business,
More informationA Model for Automatic Preventive Maintenance Scheduling and Application Database Software
Prceedings f the 2010 Internatinal Cnference n Industrial Engineering and Operatins Management Dhaka, Bangladesh, January 9 10, 2010 A Mdel fr Autmatic Preventive Maintenance Scheduling and Applicatin
More informationFixed vs. Variable Interest Rates
Fixed vs. Variable Interest Rates Understanding the Advantages and Disadvantages f Each Rate Type When shpping fr financial prducts, there are a lt f factrs t cnsider. Much has changed in the financial
More informationWelcome to CNIPS Training: CACFP Claim Entry
Welcme t CNIPS Training: CACFP Claim Entry General Cmments frm SCN CACFP claiming begins with submissin f the Octber claim due by Nvember 15, 2012. Timelines/Due Dates With CNIPS, SCN will cntinue t enfrce
More informationUNIVERSITY OF CALIFORNIA MERCED PERFORMANCE MANAGEMENT GUIDELINES
UNIVERSITY OF CALIFORNIA MERCED PERFORMANCE MANAGEMENT GUIDELINES REFERENCES AND RELATED POLICIES A. UC PPSM 2 -Definitin f Terms B. UC PPSM 12 -Nndiscriminatin in Emplyment C. UC PPSM 14 -Affirmative
More informationLicensing Windows Server 2012 R2 for use with virtualization technologies
Vlume Licensing brief Licensing Windws Server 2012 R2 fr use with virtualizatin technlgies (VMware ESX/ESXi, Micrsft System Center 2012 R2 Virtual Machine Manager, and Parallels Virtuzz) Table f Cntents
More informationFundingEdge. Guide to Business Cash Advance & Bank Statement Loan Programs
Guide t Business Cash Advance & Bank Statement Lan Prgrams Cash Advances: $2,500 - $1,000,000 Business Bank Statement Lans: $5,000 - $500,000 Canada Cash Advances: $5,000 - $500,000 (must have 9 mnths
More informationIFRS Discussion Group
IFRS Discussin Grup Reprt n the Public Meeting February 26, 2014 The IFRS Discussin Grup is a discussin frum nly. The Grup s purpse is t assist the Accunting Standards Bard (AcSB) regarding issues arising
More informationWatlington and Chalgrove GP Practice - Patient Satisfaction Survey 2011
Watlingtn and Chalgrve GP - Patient Satisfactin Survey 2011 Backgrund During ne week in Nvember last year patients attending either the Chalgrve r the Watlingtn surgeries were asked t cmplete a survey
More informationThe Importance Advanced Data Collection System Maintenance. Berry Drijsen Global Service Business Manager. knowledge to shape your future
The Imprtance Advanced Data Cllectin System Maintenance Berry Drijsen Glbal Service Business Manager WHITE PAPER knwledge t shape yur future The Imprtance Advanced Data Cllectin System Maintenance Cntents
More informationLicensing Windows Server 2012 for use with virtualization technologies
Vlume Licensing brief Licensing Windws Server 2012 fr use with virtualizatin technlgies (VMware ESX/ESXi, Micrsft System Center 2012 Virtual Machine Manager, and Parallels Virtuzz) Table f Cntents This
More informationPhi Kappa Sigma International Fraternity Insurance Billing Methodology
Phi Kappa Sigma Internatinal Fraternity Insurance Billing Methdlgy The Phi Kappa Sigma Internatinal Fraternity Executive Bard implres each chapter t thrughly review the attached methdlgy and plan nw t
More informationSoftware and Hardware Change Management Policy for CDes Computer Labs
Sftware and Hardware Change Management Plicy fr CDes Cmputer Labs Overview The cmputer labs in the Cllege f Design are clsely integrated with the academic needs f faculty and students. Cmputer lab resurces
More informationFTE is defined as an employee who is employed on average at least 30 hours of service per week.
On March 23, 2010, President Barack Obama signed int law cmprehensive health care refrm legislatin, the Patient Prtectin and Affrdable Care Act (H.R. 3590) passed in the Senate. The Health Care and Educatin
More informationWINDOW REPLACEMENT Survey
WINDOW REPLACEMENT Prperty wners and develpers undertaking rehabilitatin prjects fr bth Tax Act Certificatin and Sectin 106 Cmpliance are encuraged t repair and retain existing histric windws. Hwever,
More informationAccident Investigation
Accident Investigatin APPLICABLE STANDARD: 1960.29 EMPLOYEES AFFECTED: All emplyees WHAT IS IT? Accident investigatin is the prcess f determining the rt causes f accidents, n-the-jb injuries, prperty damage,
More informationLoan Repayment Planning Worksheet
Lan Repayment Planning Wrksheet Date: Think f yur federal student lans as yur EDUCATION MORTGAGE. It is the financing yu ve brrwed t make this imprtant investment in yurself. The gd news is that this mrtgage
More informationSymantec User Authentication Service Level Agreement
Symantec User Authenticatin Service Level Agreement Overview and Scpe This Symantec User Authenticatin service level agreement ( SLA ) applies t Symantec User Authenticatin prducts/services, such as Managed
More informationApril 2011. In addition, we encounter valuation practices that present concerns in certain contexts, including:
April 2011 We wanted t take the pprtunity prvided by the AICPA s recent release f the expsure draft Practice Aid t share with ur clients and friends sme bservatins and best practice suggestins n this tpic.
More informationSmall Business, Enterprise and Employment Bill: Insolvency fact sheets Contents
1 Small Business, Enterprise and Emplyment Bill: Inslvency fact sheets Cntents Directr Disqualificatin and Inslvency General Aims... 2 Administratin: sales t cnnected persns (prepack administratins)...
More informationWhat is Software Risk Management? (And why should I care?)
What is Sftware Risk Management? (And why shuld I care?) Peter Kulik, KLCI, Inc. 1 st Editin, Octber 1996 Risks are schedule delays and cst verruns waiting t happen. As industry practices have imprved,
More informationOUR DISCIPLINARY POLICY
OUR DISCIPLINARY POLICY WHO is this plicy fr? Channel 4 emplyees wh ve passed their prbatinary perid Channel 4 managers This plicy des nt frm part f any emplyee s cntract f emplyment and we may amend it
More informationAnnuities and Senior Citizens
Illinis Insurance Facts Illinis Department f Insurance January 2010 Annuities and Senir Citizens Nte: This infrmatin was develped t prvide cnsumers with general infrmatin and guidance abut insurance cverages
More informationCorporate Standards for data quality and the collation of data for external presentation
The University f Kent Crprate Standards fr data quality and the cllatin f data fr external presentatin This paper intrduces a set f standards with the aim f safeguarding the University s psitin in published
More informationMaintain a balanced budget primarily the General & Park Funds
EXHIBIT B City f Chic Budget Cntingency Plan P The purpse f the Budget Cntingency Plan is t establish a guideline and general apprach t respnd t adverse financial and ecnmic cnditins that culd negatively
More informationQAD Operations BI Metrics Demonstration Guide. May 2015 BI 3.11
QAD Operatins BI Metrics Demnstratin Guide May 2015 BI 3.11 Overview This demnstratin fcuses n ne aspect f QAD Operatins Business Intelligence Metrics and shws hw this functinality supprts the visin f
More informationDisk Redundancy (RAID)
A Primer fr Business Dvana s Primers fr Business series are a set f shrt papers r guides intended fr business decisin makers, wh feel they are being bmbarded with terms and want t understand a cmplex tpic.
More informationArmy DCIPS Employee Self-Report of Accomplishments Overview Revised July 2012
Army DCIPS Emplyee Self-Reprt f Accmplishments Overview Revised July 2012 Table f Cntents Self-Reprt f Accmplishments Overview... 3 Understanding the Emplyee Self-Reprt f Accmplishments... 3 Thinking Abut
More informationASSISTANCE TO ENERGY SECTOR TO STRENGTHEN ENERGY SECURITY AND REGIONAL INTEGRATION CONTRACT NUMBER EPP-I-08-03-00008-00
Methdlgy fr Evaluating the Ecnmics, Financial Viability, and Envirnmental Cnsequences f Prpsed Gergian Intercnnectin and Transmissin Line Optins ASSISTANCE TO ENERGY SECTOR TO STRENGTHEN ENERGY SECURITY
More informationStandardization or Harmonization? You need Both
Standardizatin r? Yu need Bth Albrecht Richen and Ansgar Steinhrst Recently the CFO f a majr cnsumer electrnics cmpany stated, We dn t need standardizatin f ur wrldwide prcesses, we need harmnizatin. Is
More informationHow To Understand The Financial Structure Of A Hedge Fund
Glbal Prime Finance Hedge Fund Cnsulting Grup Hedge Fund Cmpensatin Trends and Deferred Cmpensatin Plans fr US Funds Ntes frm DB Glbal Prime Finance Cnsulting Dinners Chicag / Dallas July 2011 General
More informationInformation Guide Booklet. Home Loans
Infrmatin Guide Bklet Hme Lans This Infrmatin Guide bklet prvides yu with general infrmatin nly. It will als help yu t better understand any recmmendatins we have made fr yu. Infrmatin Guide Hme Lans January
More informationSecond Quarter 2015 Earnings Conference Call. August 05, 2015
Secnd Quarter 2015 Earnings Cnference Call August 05, 2015 Nn-GAAP Financial Measures and Frward-Lking Statements Frward-Lking Statements This webcast and presentatin cntains statements that are frward-lking
More informationDesign for securability Applying engineering principles to the design of security architectures
Design fr securability Applying engineering principles t the design f security architectures Amund Hunstad Phne number: + 46 13 37 81 18 Fax: + 46 13 37 85 50 Email: amund@fi.se Jnas Hallberg Phne number:
More informationEnterprise Investment Scheme. Tax efficiency for investors
Enterprise Investment Scheme Tax efficiency fr investrs Intrductin Welcme t Keyntes. Keyntes is a mnthly event and publicatin t help early stage businesses get t grips with key legal issues. A bit abut
More informationChicago Department of Finance. Tax Audit Process
Chicag Department f Finance Tax Audit Prcess Audit Overview There are varius ways a business gets selected fr audit. The mst cmmn are referrals frm anther divisin f the Department f Finance, referral frm
More informationNHVAS Mass Management Spot Check Checklist
Legal Entity Name f NHVAS Operatr: DTMR Representative: Lcatin: NHVAS Mass Management Spt Check Checklist Spt Check Date: Spt Check Number: DMS Number: 540/ The fllwing surces f evidence have been identified
More informationAllocation to Investment Grade Corporate Bonds is it time to reconsider? KPMG Investment Advisory August 2013
Allcatin t Investment Grade Crprate Bnds is it time t recnsider? KPMG Investment Advisry August 2013 Intrductin In this paper we take a fresh lk at the investment case fr UK Investment Grade Crprate Bnds,
More informationVersion: Modified By: Date: Approved By: Date: 1.0 Michael Hawkins October 29, 2013 Dan Bowden November 2013
Versin: Mdified By: Date: Apprved By: Date: 1.0 Michael Hawkins Octber 29, 2013 Dan Bwden Nvember 2013 Rule 4-004J Payment Card Industry (PCI) Patch Management (prpsed) 01.1 Purpse The purpse f the Patch
More informationImproved ADP and ACP Safe Harbor Plan Designs
Imprtant Infrmatin Plan Administratin and Operatin April 2000* Imprved ADP and ACP Safe Harbr Plan Designs WHO'S AFFECTED This infrmatin applies t defined cntributin plans with a 401(k) feature r emplyer
More informationRef. RFP 2015/104. Invitation to tender. International Retirement Plan. Project Green Climate Fund. 11 May 2015
Ref. RFP 2015/104 Invitatin t tender Internatinal Retirement Plan Prject Green Climate Fund 11 May 2015 Ref. RFP 2015/104 Table f cntents Sectin Page A. Intrductin... 1 B. Cmpletin f this dcument and timescale...
More informationWHITE PAPER. Vendor Managed Inventory (VMI) is Not Just for A Items
WHITE PAPER Vendr Managed Inventry (VMI) is Nt Just fr A Items Why it s Critical fr Plumbing Manufacturers t als Manage Whlesalers B & C Items Executive Summary Prven Results fr VMI-managed SKUs*: Stck-uts
More informationHeythrop College Disciplinary Procedure for Support Staff
Heythrp Cllege Disciplinary Prcedure fr Supprt Staff Intrductin 1. This prcedural dcument des nt apply t thse academic-related staff wh are mentined in the Cllege s Ordinance, namely the Librarian and
More informationChris Chiron, Interim Senior Director, Employee & Management Relations Jessica Moore, Senior Director, Classification & Compensation
TO: FROM: HR Officers & Human Resurces Representatives Chris Chirn, Interim Senir Directr, Emplyee & Management Relatins Jessica Mre, Senir Directr, Classificatin & Cmpensatin DATE: May 26, 2015 RE: Annual
More informationCrnwall Partners in Care
Crnwall Partners in Care Mving Frward Versin 2.0 8 th January 2014 By Richard Mnk Crnwall Partners in Care August 2013 Page 1 f 6 CPIC mving frward This dcument has been created t help prvide a little
More informationMANITOBA SECURITIES COMMISSION STRATEGIC PLAN 2013-2016
MANITOBA SECURITIES COMMISSION STRATEGIC PLAN 2013-2016 The Manitba Securities Cmmissin (the Cmmissin) is a divisin f the Manitba Financial Services Agency (MFSA). The ther divisin is the Financial Institutins
More informationIEMA Practitioner Volume 14 Supporting Information www.iema.net/practitioner/14
IEMA Practitiner Vlume 14 Supprting Infrmatin www.iema.net/practitiner/14 Title: Engaging and Re-engineering the Supply Chain Authr: Sam Balch Organisatin: Glbal Actin Plan There are a number f reasns
More informationThe Importance of Market Research
The Imprtance f Market Research 1. What is market research? Successful businesses have extensive knwledge f their custmers and their cmpetitrs. Market research is the prcess f gathering infrmatin which
More informationFinancial advisr & Consultant Surveys - A Review
INVESTOR PREFERENCES IN SELECTING A FINANCIAL ADVISOR December 1, 2014 1 Table f Cntents Page Objectives & Methdlgy. 3 Executive Summary 4 Detailed Findings... 6 Questinnaire. 14 2 Objectives & Methdlgy
More informationAnalytical Techniques created for the offline world can they yield benefits online?
Analytical Techniques created fr the ffline wrld can they yield benefits nline? Dr. Barry Leventhal BarryAnalytics Limited Transfrming Data Abut BarryAnalytics Advanced Analytics Cnsultancy funded in 2009
More informationHow to put together a Workforce Development Fund (WDF) claim 2015/16
Index Page 2 Hw t put tgether a Wrkfrce Develpment Fund (WDF) claim 2015/16 Intrductin What eligibility criteria d my establishment/s need t meet? Natinal Minimum Data Set fr Scial Care (NMDS-SC) and WDF
More informationTabcorp Wagering Manager (Vic) Pty Ltd & TAB Limited Applications for Authorisation A91419 A91424
Restrictin f Publicatin f Part Claimed 16 July 2014 Dr Richard Chadwick General Manager, Adjudicatin Branch Australian Cmpetitin & Cnsumer Cmmissin 23 Marcus Clarke Street CANBERRA ACT 2601 By email: richard.chadwick@accc.gv.au
More informationSpread Bet Terms: Deposit Accounts
Spread Bet Terms: Depsit Accunts 1. Structure 1.1 When we engage in Spread Betting with yu, we d s n the basis f: - ur General Terms; these terms, i.e. ur Spread Terms. 1.2 The Spread Terms deal with matters
More informationCity of Gold Coast. Debt Management. Public Statement
City f Gld Cast Debt Management Public Statement Octber 2015 This statement explains the City f Gld Cast s debt management apprach and psitin. It includes the fllwing: Overall Financial Psitin Prfit and
More informationUnderstand Business Continuity
Understand Business Cntinuity Lessn Overview In this lessn, yu will learn abut: Business cntinuity Data redundancy Data availability Disaster recvery Anticipatry Set What methds can be emplyed by a system
More information6101 - DEPARTMENT OF ADMINISTRATION 14-BANKING AND FINANCIAL DIVISION
Prgram Budget Cmparisn The fllwing table summarizes the ttal executive budget fr the prgram by year, type f expenditure, and surce f funding. Prgram Budget Cmparisn Budget Item Base Fiscal 2012 Apprp.
More informationVirginia State Taxes
Crprate Incme Tax Rate: 6% The crprate incme tax rate in Virginia has nt been mdified since 1972. As it is applied t federal taxable incme, it functins as a deductin frm federal taxes. If a crpratin is
More informationFACT SHEET BORROWING THROUGH SUPER. Prepared by Brett Griffiths, Director Superannuation Consulting e bgriffiths@vincents.com.au
FACT SHEET BORROWING THROUGH SUPER Prepared by Brett Griffiths, Directr Superannuatin Cnsulting e bgriffiths@vincents.cm.au FACT SHEET Since September 2007 Self Managed Superannuatin Funds (SMSF s) can
More informationPHYSICIAN COMPENSATION PLAN DESIGN STRATEGY
April 17, 2014 PHYSICIAN COMPENSATION PLAN DESIGN STRATEGY Mark Blessing, CPA, FHFMA Partner mblessing@bkd.cm Randy Biernat, CPA, ABV Directr rbiernat@bkd.cm TO RECEIVE CPE CREDIT Individual Attendee Participate
More informationCOUNTY OF SONOMA AGENDA ITEM SUMMARY REPORT
COUNTY OF SONOMA AGENDA ITEM SUMMARY REPORT Department: General Services Cntact: Phne: Dave Head (707) 565-2809 Bard Date: May 12, 2009 Clerk f the Bard Use Only Meeting Date Held Until / / / / Agenda
More informationBusiness Plan Overview
Business Plan Overview Organizatin and Cntent Summary A business plan is a descriptin f yur business, including yur prduct yur market, yur peple and yur financing needs. Yu shuld cnsider that a well prepared
More informationSuccession Planning & Leadership Development: Your Utility s Bridge to the Future
Successin Planning & Leadership Develpment: Yur Utility s Bridge t the Future Richard L. Gerstberger, P.E. TAP Resurce Develpment Grup, Inc. 4625 West 32 nd Ave Denver, CO 80212 ABSTRACT A few years ag,
More informationCMS Eligibility Requirements Checklist for MSSP ACO Participation
ATTACHMENT 1 CMS Eligibility Requirements Checklist fr MSSP ACO Participatin 1. General Eligibility Requirements ACO participants wrk tgether t manage and crdinate care fr Medicare fee-fr-service beneficiaries.
More informationTO: Chief Executive Officers of all National Banks, Department and Division Heads, and all Examining Personnel
AL 96-7 Subject: Credit Card Preapprved Slicitatins TO: Chief Executive Officers f all Natinal Banks, Department and Divisin Heads, and all Examining Persnnel PURPOSE The purpse f this advisry letter is
More informationCHECKING ACCOUNTS AND ATM TRANSACTIONS
1 Grades 6-8 Lessn 1 CHECKING ACCOUNTS AND ATM TRANSACTIONS Tpic t Teach: This lessn is intended fr middle schl students in sixth thrugh eighth grades during a frty minute time perid. The lessn teaches
More informationEconomic Justification: Measuring Return on Investment (ROI) and Cost Benefit Analysis (CBA)
Advancing Statewide Spatial Data Infrastructures in Supprt f the Natinal Spatial Data Infrastructure (NSDI) Ecnmic Justificatin: Measuring Return n Investment (ROI) and Cst Benefit Analysis (CBA) Intrductin
More informationPerformance Test Modeling with ANALYTICS
Perfrmance Test Mdeling with ANALYTICS Jeevakarthik Kandhasamy Perfrmance test Lead Cnsultant Capgemini Financial Services USA jeevakarthik@gmail.cm Abstract Websites and web/mbile applicatins have becme
More informationTOWARDS OF AN INFORMATION SERVICE TO EDUCATIONAL LEADERSHIPS: BUSINESS INTELLIGENCE AS ANALYTICAL ENGINE OF SERVICE
TOWARDS OF AN INFORMATION SERVICE TO EDUCATIONAL LEADERSHIPS: BUSINESS INTELLIGENCE AS ANALYTICAL ENGINE OF SERVICE A N D R E I A F E R R E I R A, A N T Ó N I O C A S T R O, D E L F I N A S Á S O A R E
More informationGOLDBLUM & HESS Attorneys at Law
GOLDBLUM & HESS Attrneys at Law PRACTICE LIMITED TO IMMIGRATION, NATIONALITY, AND CONSULAR LAW Jane W. Gldblum* Wendy Castr Hess** 101 GREENWOOD AVENUE PHONE: (215) 885-3600 JENKINTOWN PLAZA, SUITE 380
More informationThere are a number of themed areas for which the Council has responsibility, and each of these is likely to generate debts of a specific type:
Wiltshire Cuncil Crprate Debt Recvery Plicy: 29102010 WILTSHIRE COUNCIL CORPORATE DEBT RECOVERY POLICY 1. Intrductin The Cuncil raises a significant prprtin f its ttal incmes thrugh lcal taxes and charges,
More informationSpread Bet Terms: Deposit Accounts
Spread Bet Terms: Depsit Accunts 1. Structure 1.1 When we engage in Spread Betting with yu, we d s n the basis f: - ur General Terms; these terms, i.e. ur Spread Terms. 1.2 The Spread Terms deal with matters
More informationNASDAQ BookViewer 2.0 User Guide
NASDAQ BkViewer 2.0 User Guide NASDAQ BkViewer 2.0 ffers a real-time view f the rder depth using the NASDAQ Ttalview prduct fr NASDAQ and ther exchange-listed securities including: The tp buy and sell
More informationIT Help Desk Service Level Expectations Revised: 01/09/2012
IT Help Desk Service Level Expectatins Revised: 01/09/2012 Overview The IT Help Desk team cnsists f six (6) full time emplyees and fifteen (15) part time student emplyees. This team prvides supprt fr 25,000+
More informationRecent IRS Developments and Avoiding Form 990 Red Flags Brian Todd, CPA, Partner
Recent IRS Develpments and Aviding Frm 990 Red Flags Brian Tdd, CPA, Partner Agenda Recent IRS Activity Cllege and University Cmpliance Reprt IRS Annual Reprt and Wrkplan Observed IRS Examinatin Activity
More informationInvestments and Fair Value Accounting
C H A P T E R 15 Investments and Fair Value Accunting Financial Accunting 14e Warren Reeve Duchac human/istck/360/getty Images Investing Cash in Current Operatins Cash may be used t replace wrn-ut equipment
More informationTime is Money Profiting from Reduced Cycle Time
Time is Mney Prfiting frm Reduced Cycle Time Yur retail custmers are demanding smaller, mre frequent shipments, which increases yur cst-t-serve them. While this makes their inventry mre predictable and
More informationDepartment of Economic Development. Vocational Training Financial Support Scheme Guidance Document. Updated December 2014
Department f Ecnmic Develpment Vcatinal Training Financial Supprt Scheme Guidance Dcument Updated December 2014 Cntents: 1. Purpse f the Dcument 2 2. Intrductin 2 3. Eligibility 3 4. Financial Assistance
More informationCalibration of Oxygen Bomb Calorimeters
Calibratin f Oxygen Bmb Calrimeters Bulletin N.101 Prcedures fr standardizatin f Parr xygen bmb calrimeters. Energy Equivalent The calibratin f an xygen bmb calrimeter has traditinally been called the
More informationBroadband Task Force Team C: Permitting Process
Bradband Task Frce Team C: Permitting Prcess 1/24/2014 Cunty Office Building, Chris Greene Cnference Rm Attendees: Sarah Baldwin, Michael Culp, Baylr Fks, Philip Freeman, Bill Fritz, Pat Grt, Valerie Lng,
More informationChange Management Process
Change Management Prcess B1.10 Change Management Prcess 1. Intrductin This plicy utlines [Yur Cmpany] s apprach t managing change within the rganisatin. All changes in strategy, activities and prcesses
More informationHow to Reduce Project Lead Times Through Improved Scheduling
Hw t Reduce Prject Lead Times Thrugh Imprved Scheduling PROBABILISTIC SCHEDULING & BUFFER MANAGEMENT Cnventinal Prject Scheduling ften results in plans that cannt be executed and t many surprises. In many
More informationRe- Defining Physician Credentialing Software A New Approach
Sftware A New Apprach The upcming reimbursement shift frm fee fr service t fee fr quality has generated an increased fcus n ppulatin health management. In rder t ensure a sufficient clinical delivery base,
More informationProject Startup Report Presented to the IT Committee June 26, 2012
Prject Name: SOS File 2.0 Agency: Secretary f State Business Unit/Prgram Area: Secretary f State Prject Spnsr: Al Jaeger Prject Manager: Beverly Maitland Prject Startup Reprt Presented t the IT Cmmittee
More informationBusiness Intelligence Services RELEASE NOTES [ Release 7 ] February 12, 2016
Enrllment Management Dashbard Prduct Visin Fr: Wh: The: Is an: That: Unlike: This Prduct: Enrllment Decisin Makers Wuld like t understand an access Enrllment infrmatin easily Enrllment Management Dashbard
More informationARE YOU INTERESTED IN THE PRIOR LEARNING ASSESSMENT (PLA) PROGRAM?
ARE YOU INTERESTED IN THE PRIOR LEARNING ASSESSMENT (PLA) PROGRAM? City University f Seattle recgnizes that learning ccurs in many different ways and under varied circumstances. As a result, the University
More informationIN-HOUSE OR OUTSOURCED BILLING
IN-HOUSE OR OUTSOURCED BILLING Medical billing is ne f the mst cmplicated aspects f running a medical practice. With thusands f pssible cdes fr diagnses and prcedures, and multiple payers, the ability
More informationAccess EEC s Web Applications... 2 View Messages from EEC... 3 Sign In as a Returning User... 3
EEC Single Sign In (SSI) Applicatin The EEC Single Sign In (SSI) Single Sign In (SSI) is the secure, nline applicatin that cntrls access t all f the Department f Early Educatin and Care (EEC) web applicatins.
More information