Standard asset pricing theories suggest that only systematic risk is priced. Empirical studies report a relationship between idiosyncratic volatility or risk (IVOL) and asset price. The most common explanation for this anomaly is that households under-diversify creating a Bad Model problem. This paper uses an Intermediary Asset Pricing Model (IAPM) as a way to control for under-diversification in evaluating the relationship between IVOL and asset price. We find that IVOL premia is lower in an IAPM. Our findings indicate that under-diversification can explain the anomaly partially.

The single biggest challenge facing municipalities today is a shortage of funds and labor for upgrading and expanding aging infrastructure. This continued lack of funding impairs the municipalities ability to maintain desired levels of service. Over the last decade, many Canadian municipalities have faced pressures of increasing complexity in infrastructure asset management decision-making which can be partly attributed to cost escalation, increasing service demand and interdependencies between networks. The goal of this research is to develop the framework for Asset Levels of Service (ALOS)-based decision support systems for municipal infrastructure network investment. The proposed framework is based on the fact that ALOS should be one of the main criteria for municipal infrastructure maintenance, repair and rehabilitation (MR&R). Since ALOS is based on qualitative and quantitative parameters, the use of ALOS in municipal infrastructure MR&R decisions will result in improved funding allocation. Secondary parameters used for municipal infrastructure investment decision making in the proposed framework are the physical deterioration of assets, future growth and the impact on the dependent infrastructure network. The proposed framework focuses on funding allocation for the MR&R of municipal networks. The framework is applicable to municipal infrastructure networks, excluding the other assets such as buildings, parks, etc. Application of the proposed framework is demonstrated by its implementation in the case of urban roads. Implementation is carried out in four phases. Phase I involves the quantification of ALOS for urban roads. Quantification of ALOS for urban roads has various challenges such as multiple users and interdependencies of levels of services between various users. An Analytical Hierarchy Process (AHP) has been used to quantify ALOS. Phase II involves the determination of a multiattribute utility function for investment decision. Calculated multiattribute utility of investment decision is used in the multiobjective optimization model in Phase III. In Phase IV, the proposed methodology is incorporated into a computer application called OPTIsys (OPTImum Infrastructure SYStems). OPTIsys will facilitate MR&R decision making based on fully integrated considerations of ALOS, future demand and network interdependencies. Stakeholders benefiting from OPTIsys include the general public, asset-managers, infrastructure departments and municipal councils. OPTIsys will enable infrastructure departments to maintain the operational capability of the network in compliance with the targeted levels of service. Overall, municipalities will be able to reduce the infrastructure deficit while maximizing economic returns. / Construction Engineering and Management

<p>The aim of this research paper is to examine the legal framework for the recovery of corruptly-acquired assets, with particular emphasis on the Nigerian situation. Its primary focus is a detailed examination of the legal mechanisms for the recovery of such assets in the context of international asset recovery. Despite the success of the Nigerian government in recovering the Abacha loot,8 siphoning off of public funds by public office holders continues, and charges of fraud persist against top bank executives alleged to have converted depositors&rsquo / funds fraudulently. The prevailing criminal or conviction-based forfeiture mechanism in Nigeria appears inadequate to deal effectively with these situations. The need to enhance capacity through the adoption of civil or non-conviction based forfeiture laws therefore becomes imperative.</p>

University of Macau / Faculty of Law

In this thesis, an automatic control performance monitoring tool is analyzed and evaluated. The tool is called Control Loop Asset Monitor (CLAM) and is a part of the Asset Optimization extension to the ABB platform System 800xA. CLAM calculates and combines a number of performance indices into diagnoses. The functionality, choice of configuration parameters and the quality of the result from CLAM have been analyzed using data from the pulp mill Södra Cell Mörrum. In order to get reliable diagnoses from CLAM, it is important that it is correctly configured. It was found that some of the default parameters should be modified and the recommendations in the user guidelines should be updated. Using the current default parameters, there are some combinations of indices that never can exceed defined alarm severity thresholds. The conclusions in this thesis have been documented in an online help that also includes simple user instructions for how the results from CLAM should be interpreted. The results have been analyzed together with the staff at Södra Cell Mörrum in order to validate that they are correct and relevant from a user perspective. It was found that the results are correct, but there are some things that can be improved in order to make CLAM more user friendly.

Performance-based asset management provides a strategic framework for managing transportation infrastructure to improve existing procedures for resource allocation. The importance of comprehensive management of pavement marking assets not only results in monetary benefits to the agencies but also complements other management systems in providing safer driving conditions. A majority of research concerned with pavement markings addresses installation, performance, maintenance, and economic evaluation. Although agencies have developed guides and manuals on these subjects, they had difficulties in practical implementation. The purpose of this study was to address the issues that were identified in the practical implementation of analytical and information tools of asset management practice in the field of pavement markings. Problems of limited variable data, censored data and uncertainty in field evaluation and retroreflectivity based prediction were addressed by adopting statistical techniques. Sectional assessment and management methods were proposed as a part of a practical restriping methodology. An information tool was developed in a geographic information system (GIS) environment as an application. Retroreflectivity was the only performance measure on which the analysis and application was carried out. Two case studies were conducted, one for statistical techniques with retroreflectivity data collected by the National Transportation Product Evaluation Program (NTPEP) on U.S. Highway 78 westbound, Lee County, Mississippi. The other for application with retroreflectivity data collected using mobile retroreflectivity unit (MRU) on FM 57, Fisher County, Texas. This research effort provides a framework for an agency in developing a pavement marking management program to maintain good visibility of markings. It also provides a basis for further research in building an integrated asset management system based on other transportation assets.

No description available.

<p>The aim of this research paper is to examine the legal framework for the recovery of corruptly-acquired assets, with particular emphasis on the Nigerian situation. Its primary focus is a detailed examination of the legal mechanisms for the recovery of such assets in the context of international asset recovery. Despite the success of the Nigerian government in recovering the Abacha loot,8 siphoning off of public funds by public office holders continues, and charges of fraud persist against top bank executives alleged to have converted depositors&rsquo / funds fraudulently. The prevailing criminal or conviction-based forfeiture mechanism in Nigeria appears inadequate to deal effectively with these situations. The need to enhance capacity through the adoption of civil or non-conviction based forfeiture laws therefore becomes imperative.</p>

There has been an increasing interest in the finance literature regarding the impact of transactions costs on US equity markets. The US empirical evidence indicates that transactions costs influence both trading volume (Atkins and Dyl (1997)) and asset returns (Amihud and Mendelson (1986)). Additionally, the theoretical finance literature also indicates that transactions costs affect equilibrium asset returns (Fisher (1994)). In this thesis we assess the impact of transactions costs on the UK equity markets, from four aspects. Firstly, we provide empirical support to the hypothesis that transactions costs affect the "holding period" of an asset in the portfolio of an investor. Secondly, we provide robust results showing that transactions costs affect equilibrium asset returns. Thirdly, we explain the variability of transactions costs with the use of information asymmetry, proxied by the variance of analysts' forecasts, in the spirit of Kim and Verrecchia (1994, 2001). Finally, we find that stock price and trading volume reaction to changes in the FTSE 100 list can be explained by liquidity effects, as proxied by the bid-ask spread. We provide overwhelming evidence, suggesting that transactions costs are important in UK equity markets.

Zugl.: Bayreuth, Universiẗat, Diss., 2008.