The importance of the Hotelling Valuation Principle (HVP) in economic study lies in its ability to examine and drive the decision of how much of a non-renewable natural resource to produce now versus how much to conserve for future generations - the root of natural resource policy, conservation, regulation, and taxation. Hotelling (1931) assumes that net price (selling price less cost per unit of production) will grow at the discount rate, which in a deterministic setting implies that reserve value is equal to current net price. However, the application of this ideal theory to the oil and gas industry may be difficult.<p>The oil and gas industry is influenced by government regulation, potential monopolistic forces, and well production characteristics - each of which violate the assumptions of Hotellings (1931) basic theory. How these violations affect the HVP is an open question. Most have the effect of limiting current supply, and thus driving prices higher than they would be in a perfectly competitive market. On the other hand, at least in the Canadian context, government regulation tends to increase costs, whereas technological advancement tends to reduce costs. The net result of these effects on future net prices and their discounted value, and therefore the effect on the HVP, is not clear a priori.<p>Another problem relating Hotellings (1931) basic theory to the oil and gas industry lies in the stochastic nature of a firms future net prices and extraction quantities, the product of which gives the firms future cash flows. Correlation between quantity and net price may result from expanding production when prices are high and reducing production when prices are low. Of course such correlation will affect the expected cash flows, and therefore firm value. Or, in other words, the ability to adjust production quantity provides real options for oil and gas firms which may add value.<p>Previous tests of the HVP on oil and gas reserves have utilized data that may contain confounding information that results in unreliable conclusions. The two major deficiencies include using (1) acquisition values, which utilize basin-average rather than firm specific net price data, and (2) conventional oil and gas company market valuations, which incorporate additional management exploration expertise value beyond the reserves value.<p>This study contributes to the literature by providing a more definitive test of the HVP through the use of Canadian oil and gas royalty trusts. These pure play publicly traded entities are focused on production rather than exploration and essentially remediate the deficiencies found in previous literature. Additionally, I include an ancillary variable to proxy real option value and control variables for firm characteristics such as oil weighting (proportion of oil relative to natural gas reserves), reserve quality (proportion of proven producing reserves relative to proven non-producing reserves), and firm size (based on enterprise value). This gives the reader a better understanding of value drivers in the Canadian oil and gas royalty trust sector and how they relate to the HVP.<p>My study generally fails to find support for the HVP. In particular, the results indicate that the HVP overestimates reserve value. This suggests that market participants expect net prices to grow at a rate significantly lower than the fair cost of capital, and production constraints limiting the extraction rate are binding. I do find that the real option proxy explains a significant amount of the difference between the value observed and the value predicted by the HVP. This differs markedly from what previous literature on the HVP applied to market data for the oil and gas industry documents. Each of these papers fails to reject the HVP. The fact that I generally find the value to be lower than that predicted by the HVP is not surprising given the previous literature using market data to test it. Since these studies use conventional oil and gas companies, which likely overvalue reserves because of an exploration premium, finding support for the HVP likely means that royalty trusts will likely correspond to a value lower than that predicted. The difference could account for the exploration premium. On the other hand, when I use the log-linear specification over the second, more volatile sub-sample, I also fail to reject Hotellings theoretical value, which is consistent with previous literature using market data.

A series of experiments were conducted during 2005 and 2006 to evaluate five perennial grass species for forage yield and quality, steer performance and grazing capacity, animal intake, plant energy reserves and economic return under grazed conditions. In 1999, two 0.8 ha replicates each of Paddock meadow bromegrass (<i>Bromus riparius</i>Rehm.), Carlton smooth bromegrass (<i>Bromus inermis</i>Leyss.) and AC Knowles hybrid bromegrass (<i>B. riparius</i> x <i>B. inermis</i>) were seeded. In 2003, two 0.8 ha replicates each of AC Goliath crested wheatgrass (<i>Agropyron cristatum </i> (L.) Gaertn.), hybrid bromegrass, and Courtenay tall fescue (<i>Festuca arundinacea </i> Schreb.) were seeded. A long established stand of crested wheatgrass acted as the control pasture. For 2003 established pastures, AC Goliath crested wheatgrass (7515 kg ha-1) had greater (P<0.05) cumulative dry matter yield than hybrid bromegrass (3136 kg ha-1) during the 2005 grazing season. Average (2005-2006) crude protein (CP) was greatest (P<0.05) for hybrid and smooth bromegrass for 1999 established pastures at start and middle of period one. Control pastures had the greatest (P<0.05) neutral detergent fiber (NDF) mid-grazing period. Over 2 years, smooth bromegrass had greater acid detergent fiber (ADF) (P<0.05) than control pastures at the end of the grazing period one. Average (2005-2006) in vitro organic matter digestibility (IVOMD) was greatest for hybrid and meadow bromegrass (P<0.05) at the start of grazing period one. Control pastures (129 g kg-1) had lower CP levels at the start of the 2005-2006 (average) grazing period 1 (P<0.05) compared to species seeded in 2003. Control and hybrid bromegrass pastures had the greatest NDF and ADF levels at the start of grazing period 1 (2005-2006 average) while tall fescue pastures had the lowest (P<0.05) NDF and ADF levels. Over 2 years, control pastures had the lowest IVOMD at start of grazing (P<0.05). In 2006, hybrid and smooth bromegrass had greater etiolated re-growth than control pastures (P<0.05). In 2006, grazed plants seeded in 1999 had greater (P<0.05) etiolated re-growth than ungrazed plants. For 2003 seeded grasses, crested wheatgrass produced greater (P<0.05) etiolated re-growth than tall fescue and control pastures. Average daily gain was similar (P>0.05) for all 1999 and 2003 seeded grasses. Overall, bromegrasses seeded in 1999 produced greater animal grazing days (AGD) than control pastures (P<0.05). Total beef production (TBP) was greater (P<0.05) for hybrid and meadow bromegrass compared to the control. All species seeded in 2003 produced greater AGD (P<0.05) compared to the control. Crested wheatgrass produced greater (P<0.05) TBP than the control over both years of the study. The C33:C32 alkane ratio estimated greater DMI (P<0.05) for hybrid bromegrass (9.9 kg d-1) and control pastures (9.6 kg d-1) compared to crested wheatgrass (6.8 kg d-1) or tall fescue (6.8 kg d-1) during period 1 in 2006. Over 2 years, net return to labor, equity and personal draw was greater (P<0.05) for hybrid bromegrass ($91.24 ha-1) compared to the control (-$54.32 ha-1). For 2003 seeded pastures, all pastures generated positive returns over 2 years. Crested wheatgrass ($92.49 ha-1) had greater net return than control pastures (-$54.32 ha-1) (P<0.05). Finally, the results of this grazing study indicate beef producers can manage these grasses during the summer grazing season and maintain high levels of animal performance and pasture production. This study has demonstrated that bromegrasses, crested wheatgrass and tall fescue could work well in a complementary grazing system.

The main purpose of this study is to investigate relationship between foreign exchange reserves and RMB exchange rate. In order to obtain a precise result, foreign trade situation and GDP are also considered. The monthly data is collected over period 1994 to 2011, and processed through ADF test, Johansen test, and Granger causality test. Final results indicate that there is a long-term equilibrium relationship existing between foreign exchange reserves and RMB exchange rate. Moreover, any changes of foreign exchange reserves would lead to the fluctuation of RMB exchange rate but not vice versa. At last, the dummy variables are added into regression model to test influence from the reform of RMB exchange rate regime. Results suggest that regime reform not only increase flexibility of RMB exchange rate, but also slow down the accumulation of foreign exchange reserves.

This thesis illustrates a process by which small organizations in the National Park Service can implement minor changes in current management and contracting practices to achieve measurable improvements in economy and efficiency by applying the principles and procedures outlined for competitive sourcing studies in Office of Management and Budget Circular A-76 (May 2003).

In 2007, Chinese Government has established the first sovereign wealth fund in formal and funded with $2,000 billion dollars which called as China Investment Corporation(CIC).It is purposed to settle the bad debts of State-owned Bank and process the restrcuting of financial management system. At the same time, CIC invest overseas investment actively. The Chinese Government treats the sovereign wealth funds as a vehicle, positively to establish the strategic reserve system for energy and raw materials. Except to hedge the volatility of international market price,in the other hand, to optimize the Chinese industrial structures to be more efficiency. But, in beginning stage of China's sovereign wealth funds, they faced the problems with other state-owned enterprises in overseas investments.It happens the group-overlapping effect and huge losses when deals with multinational enterprises,and it caused the dosmestic critisms . However, China's sovereign wealth fund set up by the time is not long, mostly of the chinese scholars have proposed a strategy as ¡§Fund Exchange for Technology¡¨ .It is through the usages of China's foreign investment to acquire the resources and technology. On the national development strategic, the China's sovereign wealth funds which controlled by the Chinese Central Financial leading group, are responsible to execute the national missions.In addition to the country's political security,economic security,it also to ensure the food security,energy security,water resources, and other important resources. Clearly, political motivations and core technology is the Chinese Government's core interests, which is China's national security and sustainable development. This article is researching into the core interests for the Triangular Strategy of China`s Sovereign Wealth Funds. In the raising of the "Strong Power" of China , national security issues are priority to be settled .Acquisition for the "Power Composition" ,which included the key technolgy and resources , and Chinese government is facing the main challenges.Would the China's sovereign wealth fund still keep investing although it occurred huge losses in overseas energy procurement,acquisition of dosmestic and abroad enterprises, financial assets, investment activities of configuration? Comparatively, would the CIC continuing to expand and investing with "trianglular strategy" to achieve the core interests.In general, keep the subsequent to focus on the economical discourse power and the core technology.

The RMB exchange rate started to be a widely international issue discussed with Sino-U.S. relations of Economic since 2002.The main Objective of this study is finding the causes of undervaluing and pressures of facing. However, China¡¦s Financial Security is closely related to the process participating in the international system of finance, so this article is concentrated in the scope of correlate research of RMB exchange rate, and analyzed to find what pressures China facing and what policies China choosing. The causes which nominal exchange rate was biased against the real exchange rate are discriminated between labor factor and interest factor, with observing the change of balance of payment and foreign exchange reserves, so the foreign market unequilibrium can be explained further by analyzing the flow and capital. Finally, the strategic consider of U.S. is also the one of factors that influences RMB exchange rate despite of the economic risks in China. perspectives of international politics in Pressuring RMB exchange rate or opening markets are considered on the coordination of interest groups¡Bcongress and government of United States. The conclusion revealed the main reason that China is now facing major secure threats, there are looseness in capital controls, and rigidity in foreign exchange regimes. This threats result in failing to diversify its investment risk of foreign exchange and causing its monetary policy much pressure. The other hand, The purposes of putting pressure on RMB exchange rate by U.S. reflected that they not only transferred the responsibility of unemployment and deficit but also showed the need of domestic politics and the consideration of international politics, so the strength of pressure was not the same in the time series. Therefore, the study argues that the dispute of Sino-U.S. exchange rate was not only the outcome of interaction between two countries¡¦ trade but also this regime of China and purpose of U.S. should be discussed and observed continually.

Diorhabda elongata elongata leaf beetles were released at two field locations in the upper Colorado River watershed of Texas in 2003 and 2004 for the biological control of invasive Tamarix, exotic trees deteriorating riparian ecosystems of western North America. Establishment and biological success were monitored using trees on transects from the release points. D. elongata elongata released at the Lake Thomas site in August 2003 successfully overwintered and were recovered in the spring 2004; however, beetles were not present after June 2004. The April 2004 release at Beals Creek led to establishment and survival during 2005 and 2006. Mean abundance increased from less than five insects per tree per 2 minute count in August 2004 to more than 40 insects per tree per 2 minute count in August 2006. By then the population was dispersed throughout an area of approximately 12 hectares and beetles were present on 100% of the 47 trees surveyed, 57% of which were at least 90% defoliated. To measure the impact of beetle defoliation on Tamarix, nonstructural carbohydrates (NCHOs) were measured in manipulative field cage experiments in Texas and natural experiments in Nevada. There was no significant difference in NCHOs between trees with versus trees without beetle herbivory in the cage experiment, although spring foliage regrowth was reduced by 35% in trees defoliated the previous fall. In Nevada, root crown tissue was sampled in 2005 and 2006 from trees that had experienced 0-4 years of defoliation. In 2005, NCHO concentrations differed between tree stands and ranged from 9.0 ± 0.8% (Mean ± SE) in non-defoliated trees to 3.2 ± 0.4%, 2.1 ± 0.4% and 2.3 ± 0.4% in trees defoliated for 1, 2 and 3 successive years, respectively. NCHO concentrations in 2006 were similar, ranging from 13.6 ± 0.9% in non-defoliated trees to 7.6 ± 0.8%, 2.3 ± 0.4%, 1.5 ± 0.3% and 1.7 ± 0.4% in trees defoliated for 1, 2, 3 and 4 years, respectively. The establishment, biological success and host impact of D. elongata leaf beetles suggest there is potential for biological control of Tamarix in the United States.

This thesis aims to investigate both the causes and effects of migration in the Middle East and North Africa with a view to identifying the patterns and trends that characterize migration phenomena in the region. It is argued that migration is a significant variable to understand the economic, social and political dynamics of the development that the MENA countries have experienced since imperial and/or colonial times. In its different variants, migration has been conditioned primarily by economic vicissitudes. With the exception of the Gulf states, all of the MENA countries have experienced significant levels of immigration as well as emigration especially since the 1980s when the structural effects of the oil crisis (1973) surfaced. The Iraq-Iran War of the 1980s and the Gulf War of the 1990s enhanced the existing trends of migration. In the absence of political reform and economic restructuring, the economies of the region have rejuvenated the conditions of migration. Having drawn upon sociological theories, political histories and economic analyses to identify and discuss the patterns and trends of migration, the present study argues in complete contrast to a policy-oriented Western scholarship that migration is far from being a stimulus for economic growth across the MENA countries.

The purpose of this thesis is to identify the factors playing a key role in the determination of the Turkish stock market liquidity in aggregate terms in a time series context and discuss the joint dynamics of the market-wide liquidity with its selected determinants and the trade volume. The main determinants tested are the level of return, the return volatility and the monetary stance of the Central Bank of the Republic of Turkey. The expected positive relationship between the liquidity and the return is confirmed, while the negative effect of the volatility on liquidity appears one-week later. The behavior of various liquidity variables are also examined around the macroeconomic data announcement dates, during the 2008 financial crisis, and after the tick size change in the Istanbul Stock Exchange (ISE). The time series dynamics between the trade volume, return, volatility and the liquidity are put forward within the Vector Autoregression analysis framework. The GARCH modeling of the return series, which is an input to the liquidity model estimations, is a byproduct of this thesis. It is observed that the return series exhibits volatility clustering, persistence, leverage effects and mean reversion. In addition, while the level of the ISE market return decreased, the volatility of the return increased during the 2008 crisis. Accordingly, EGARCH model assuming normally distributed error terms and allowing a shift in the variance during the crisis period is chosen as the best model.

Thesis (Ph. D.)--University of Missouri-Columbia, 2001. / Typescript. Vita. Includes bibliographical references (leaves 206-217). Also available on the Internet.