Stock Assessment of Pacific bluefin tuna (PBF) International Scientific Committee for Tuna and Tuna-like Species in the North Pacific Ocean

Size: px
Start display at page:

Download "Stock Assessment of Pacific bluefin tuna (PBF) International Scientific Committee for Tuna and Tuna-like Species in the North Pacific Ocean"

Transcription

1 Stock Assessment of Pacific blefin tna (PBF) International Scientific Committee for Tna and Tna-like Species in the North Pacific Ocean

2 Otline Back gronds Catch information Fishery data pdates Specification of model Stock assessment reslts Stock stats Ftre projection Conservation advise

3 Back gronds ISC PBF working grop is in charge of the stock assessment of Pacific blefin tna Crrent (Jly 2013~) WG chair Ziro Szki (Japan) Scientists from IATTC, Mexico, Taiwan, USA, Korea and Japan are active members of the WG

4 ISC s stock assessment working model ISC does not have its own scientific staff to condct stock assessments ISC employs a working model to condct stock assessment by the team of scientists from members inclding IATTC staff Usally model development and data preparation inclding data selection for stock assessment will be done throgh intercessional species grop meeting between stock assessments. Active participations from members are essential for sccess of the stock assessment.

5 Distribtion of PBF PBF starts spawning in Sothern portion of Sea of Japan in Jne- Ag. 80% of age 3(abot 30kg) is matre in SOJ(Tanaka 2006) Above 60 kg (over 150 cm FL, age 5+ ) PBF spawn in waters adjacent to the Ryky Islands in Japan to the east of Taiwan, exploited by JLL and TWLL A part of yong blefin make trans-pacific migration to EPO

6 The 2014 stock assessment pdate The latest fll stock assessment was done in Nov 2012 with data throgh Jne The 2013 ISC Plenary decided to condct a stock assessment pdate throgh pdates of fishery data with additional two years (Jly 2011-Jne 2013) The ISC Plenary proposed work plans for the assessment. The latest stock assessment were completed in Febrary 2014 at the SWSFC in La Jolla, USA.

7 Work plans for stock assessment pdate in Feb by ISC(ISC13 Plenary Report) 1. Condct model rn with an additional two years (2011 and 2012) of data sing the same SS model (ver. 3.23b from the 2012 stock assessment) for the stock assessment platform and sing the same model strctre and parameters as the representative rn (base-case rn) from the 2012 stock assessment. 2. The stock assessment time period will be from Jly 1952 to Jne The WG will not change the fishery data (qarterly catch, size composition) from (Jly 1952-Jne 2011) that was sed in 2012 stock assessment. 4. In the case of CPUE time series, de to the natre of the CPUE standardizations method, the whole time series will need to be restandardized with the additional 2 years data.

8 Expected merits of pdating stock assessment pdate (ISC13 Plenary Report) 1. With the additional 2 years (or optionally 3 years) of recritment estimates, the WG can provide more accrate estimates of the immediate risk of declining SSB below the historically lowest observed SSB. 2. The 2012 stock assessment only evalated the stock stats before management measres were introdced (2011 by WCPFC, 2012 by IATTC) and this pdate will evalate stock stats since CMMs were introdced. 3. These additional 2 years of stock size and recritment strength estimates enables the WG to address actal fishing mortalities nder management (Fs in 2011 and 2012), recognizing that ncertainties still remain.

9 Catch information

10 PBF catch by year and by contry ( ) PBF were caght by fleets from Japan, Korea, Chinese Taipei, United States and Mexico. Total catch in 2012 was 15,270 t (18,146 t in 2011). In EPO, US caght a lot PBF ntil 1980s, Mexico increased catch after 2000s. US SPO catches certain amont(93~617t, in recent 5 years) of PBF

11 PBF catch by year and by gear ( ) Prse seine fleets (inclding USA, Mexico, Korea and Japan) contined dominant fisheries in the total catch throghot the stock assessment period( ). Jpn PS in SOJ (age 3+), Jpn LL in waters off Nansei Islands (age 5+) and TW LL in waters soth of JPN LL fishing grond (older than PBF caght by JLL) are the fisheries caght spawners

12 PBF catch at age ( ) Predominately composed of jvenile PBF Since the early 1990s, the catch of age 0 PBF has increased significantly

13 Fishery data pdates

14 Smmary table of fishery data pdates Fleet Region Fishery Catch Size CPUE F1 Jpn LL Updated Updated Updated F2 SPelPS Updated Updated - F3 TnaPSJS Updated Updated - F4 TnaPSPO Updated Updated - F5 JpnTroll Updated Updated Updated F6 WCPO JpnPL Updated Not sed - F7 Updated Updated - F8 Updated Updated - JpnSetNet F9 Updated Updated - F10 Updated Updated - F11 TWLL Updated Updated Updated F12 EPOPS Updated Updated - EPO F13 EPOSports Updated Not sed - F14 WCPO Others Updated Updated -

15 Temporal coverage of catch, abndance indices and size composition data F1 JLL F2 SPelPS F3 TnaPSJS F4 TnaPSPO F5 JpnTroll F6 JpnPL F7 JpnSetNetNOJWeight F8 JpnSetNetNOJLength F9 JpnSetNetOALength Q1-3 F10 JpnSetNetOAJLength Q4 F11 TWLL F12 EPOPS F13EPOSP F14 Others S1 JpCLL S2 JpnDWLLFjiokaRevto74 S3 JpnDWLLYokawaRevfrom75 S4 TPSJO S5 JpnTrollChinaSea S6 JpnTrollPacific S7 JpnTRKochi S8 JpnTRWakayama S9 TWLL S10 USPSto82 S11 MexPSto06 F1 JLL F2 SPelPS F3 TnaPSJS F4 TnaPSPO F5 JpnTroll F6 JpnPL F7 JpnSetNetNOJWeight F8 JpnSetNetNOJLength F9 JpnSetNetOALength Q1-3 F10 JpnSetNetOAJLength Q4 F11 TWLL F12 EPOPS F13EPOSP F14 Others In EPO, USA(~1950s) and IATTC contined effort on size sampling In WPO size sampling of JLL (F1) was rich ~1960s ntil when Jpn DWLL change their fishing grond to tropical, EPO, Atlantic oceans In Japan, extensive size sampling started from 1990s

16 Specification of model

17 Data and model Inpt data Fishing year applied, starting from Jly and ending to Jne. Qarterly catch Qarterly size composition Standardized CPUE Japanese longline (JpnLL) for adlt Taiwanese longline(twll) for adlt Japanese troll (JpnTroll) for age-0 Period: (Jly 1952-Jne 2013) No. of fleets: 14 Stock assessment model Stock Synthesis v3.23b

18 Model settings Almost all model settings were same as the model sed in the 2012 fll assessment. Single stock and single spatial area inclding WCPO and EPO. Essentially stock is expected to be mixed very well even between WPO and EPO Implicit assmption that selex =gear selex and availability Maximm age is 20. Steepness is fixed to Smaller h is contradict to be the recent catch amont. Monte Carlo simlation from life history parameters (Mangel s method, Iwata 2012) spported.

19 Growth crve Used externally determined VBGF parameters determined from otolith data with adjstment of observed length at age 0 from length comps L1=21.5cm at age=0 (Jly 1 st ) L2= at age=3 k=0.157 Linf=254.4 CV_yong (CV@L1): estimated CV_old=0.05:fixed(CV@L2)

20 Natral mortality Externally inpt age specific natral mortality Age-0 M=1.6 Determined from tag recaptre data Age-1 M=0.38 mimics SBT s M (determined from tagging) of same size Age-2 and older M =0.25 from life history consideration

21 Matrity Schedle Age specific inpt matrity at age. Age 0-2: 0 Age 3: 0.2 Age 4: 0.5 Age 5+: 1 Rational : 80% of age 3 caght by JPN PS in SOJ was matre (Tanaka 2006) In EPO, age 3 is also exploited by PS bt no spawning in EPO was recorded Yong spawners (age 3,4) are not exploited by longline

22 Stock assessment reslts

23 Spawning stock biomass The crrent (2012) spawning stock biomass was 26,324 mt, near historically low levels. Depletion ratio (SSB 2012 /Unfished SSB) was

24 Recritment Recritment level in 2012 was relatively low (the 8 th lowest in 61 years) Mean recritment for the last five years was likely to be below the historical average level.

25 Fishing mortality by age Fs in relative to (the base period for the crrent WCPFC Conservation and Management Measre ) show 19%, 4%, 12%, 31%, 60%, 51% and 21% increases for ages 0-6, respectively, and 35% decrease for age 7+. There were apparent decreases of Fs in relative to at ages of 1,2 and 3

26 F at age by gear Age 0 Age 1 Age Age 3 Age 4 Age F Age 6 Age Year Others (F14) EPO_Sports (F13) EPO_COMM (F12) TW_LL (F11) Set_net (F7-10) Troll_PL (F5-6) Jpn_TnaPS (F3-4) Kor_SPelPS (F2) Jpn_SPelPS (F2) Jpn_LL (F1)

27 Biological Reference Points No target or limit reference points have been established for the PBF stock nder the aspices of the WCPFC and IATTC. Crrent F (F ) was above all BRPs except for F loss. Therefore, overfishing is occrring and the stock is overfished. F Max F 0.1 F Med F loss F 10% F 20% F 30% F 40% F F F Note: Vales above 1.0 mean overfishing.

28 Stock stats

29 Impact on SSB by fisheries Catching a high nmber of smaller fish can have an greater impact on ftre spawning stock biomass than catching the same weight of larger matre fish.

30 Two examples of Kobe plot F/Fmed SSB med and F med SSB 20% and SPR 20% (1-SPR)/(1-SPR_20%) SSB/SSBmed SSB/SSB_20% For illstrative prposes, two examples of Kobe plots were presented. Becase no reference points for PBF have yet been agreed to, these versions of the Kobe plot represent alternative interpretations of stock stats in an effort to prompt frther discssion.

31 Smmary of stock stats The crrent (2012) spawning stock biomass was 26,324 mt, near historically low levels. Mean recritment for the last five years may have been below the historical average level. Overfishing is occrring and the stock is overfished.

32 Model fitting problem Poor fit to CPUEs and length compositions from longline fisheries of Japan and Chinese Taipei targeting adlt PBF Inconsistent year trends of CPUE between JpnLL and TWLL inevitable becase of different target age class or model is too simple Or One of two is wrong? Availability difference hypothesis is not enogh? Sensitivity rns were condcted to examine effects of pdates of CPUE and length comp. data for JpnLL and TWLL

33 Specification of 4 sensitivity rns JpnLL TWLL Rn # 1 (Base case) Latest 2 yrs CPUE Latest 2 yrs length comp. Latest 2 yrs CPUE Latest 2 yrs length comp. Updated Updated Updated Updated 2 Updated Updated Not sed Not sed 3 Not sed Not sed Updated Updated 4 Not sed Not sed Not sed Not sed

34 Reslts of sensitivity rns - 1 For rns has similar declining SSB trends. After 2005, there were slight divergences among Rns 1-4. Recritment estimates were robst across the rns.

35 Reslts of sensitivity rns - 2 F Max F 0.1 F Med F loss F 10% F 20% F 30% F 40% Depletion ratio F Rn Rn Rn Rn F Rn Rn Rn Rn F Rn Rn Rn Rn

36 Smmary of sensitivity rns All rns indicated that SSB in recent years were close to historical lowest level, althogh there were slight divergences among 4 rns. All rns indicated that stock is overfished and overfishing is occrring. Reslts of sensitivity analysis are consistent to the conclsion of stock stats from base case rn.

37 Ftre projection

38 Crrent(2014) management measres in EPO and WCPO WCPFC: Redce all catches of jveniles (age 0 to 3-(less than 30 kg)) by at least 15% below the annal average levels, maintain the total fishing effort below the annal average levels. IATTC: Catch limit of 5000 t with an additional 500 t for commercial fisheries for contries with catch history.

39 Reqests from WCPFC NC9 1. Provide range of historical variation in recritment or other appropriate measres, specifically, information for the low recritment period dring the 1980s, and for the last 10 years. 2. Condct ftre projection based on 7 harvesting scenarios proposed by NC9.

40 # 7 harvesting scenarios proposed by WCPFC NC9 WCPO EPO COMM Fishing effort Jvenile catches* Adlt catches Catches avg avg avg avg avg avg. 7 15% redction from avg. 15% redction from avg. 15% redction from avg. 15% redction from avg. 15% redction from avg. 25% redction from avg. 50% redction from avg. 25% redction from avg. 15% redction from avg. 15% redction from avg. 5,500 mt/yr 5,500 mt/yr 4,675 mt/yr 4,675 mt/yr 4,125 mt/yr 2,750 mt/yr 4,125 mt/yr *Jvenile corresponds to fish of ages 0 throgh 3 (less than 30 kg)

41 Specifications of ftre projection Each simlation starts from F at age and N at age in 2012 is taken from 300 parametric bootstrap SS rns. For each bootstrap replicate, 20 simlations condcted with resampled recritment in Ftre recritment were set based on the historical variation stochastic simlations by 2028 with 7 harvesting scenarios proposed by WCPFC NC9. EPO : annal qota for commercial fleet, average F

42 Harvest scenario condition i. Fishing effort is interpreted as fishing mortality, i.e., e.g. fishing effort of level is translated into average F in ii. iii. iv. 14 fisheries in the stock assessment model reorganized into 6 fleets, approximately each fishery represent a contry s fishery. If redction of jvenile catch is reqired to certain level, F of ages 0-2 (<30kg) is assmed to be redced to meet necessary jvenile catch redction reqirement. If, in addition, redction of adlt catch is reqired, F of ages 3 and older is assmed to be redced.

43 Definition of jvenile (Poplation dynamics vs management simlation) The ISC-PFBWG has noted differences in the definition of jveniles by NC9 and stock assessment (if it is recognized as non matre individals) those specified in the stock assessment model. NC9 Jvenile : fish of ages 0 throgh 3 ( (and) less than 30 kg) Poplation dynamics in stock assessment (inclding ftre projections) Jvenile : non-matre individals (age 0 age 2 :100%, age 3 : 80%, age 4 50%) Therefore, the PBFWG recognized that jvenile catch redction, inclding all non-matre individals, shold be considered in management decisions. However, how we can actally redce jvenile catch of age 3 by 50% withot changing catch of matred individals of age 3, which are indistingishable virtally from jveniles? Need more direction if it is the what we want to do.

44 Historical variation in recritment (Ishida et al. 2014, ISC/14/PBFWG-1/06) Recritment from 1980 to 2012 There were two break points between 1993 and 1994, and between 2008 and Recritments in and were significantly lower than the historically average recritments. Dration of different prodctivity phase may be on the order of 14 or 15 years.

45 Ftre recritment For recritments in 2012 and 2013 which has already occrred, re-sampling was condcted from the recritment in Years of were the lowest 3 years of recritment in Two definitions of ftre recritment Average recritment scenario Re-sampled from the whole stock assessment period ( ). Low recritment scenario Re-sampled from the period of Recritment scenario # From Low Low 2 Low Average 3 Average Average

46 SSBrecent,F=0 A dynamic SSB F=0 was calclated by projecting setting F=0 with randomly drawing from recent 10 years ( ) recritments Average recritment ( ) is abot same as average of whole stock assessment period =630KT

47 Recritment, SSB and total catch nder recritment scenario 1 (Low for initial 10 yrs and low for sbseqent 5 yrs Recritment SSB If the low recritment in recent years contines, the risk of SSB below its historical lowest wold increase. Only the harvest scenario 6 achieved increase of SSB above at least historical median more than 80% within 10 yrs from Total catch

48 Recritment, SSB and total catch nder recritment scenario 2 (Low for initial 10 yrs and average for sbseqent 5 yrs Only the harvest scenario 6 achieved increase of SSB above historical median more than 50% within 10 yrs from Recritment SSB Total catch

49 Performance table of 7 harvesting scenarios proposed by NC9 Scenario # No.1 No.2 No.3 No.4 No.5 No.6 No.7 Ftre recrit level (10years) From 2024 Within 10 years from 2014 Within 15 years from 2014 Probability achieving reference level at least one year Probability achieving reference level at least one year 62KT (10%SSB 0 ) 93KT (15%SSB 0 ) 124KT (20%SSB 0 ) 155KT (25%SSB 0 ) Historical Median(43KT) 62KT (10%SSB 0 ) 93KT (15%SSB 0 ) 124KT (20%SSB 0 ) 155KT (25%SSB 0 ) Historical Median(43KT) Mean yield in Low Low 0% 0% 0% 0% 4% 1% 0% 0% 0% 7% 13,665 Low Average 0% 0% 0% 0% 4% 3% 0% 0% 0% 14% 16,321 Average Average 48% 24% 10% 4% 69% 76% 50% 29% 15% 90% 22,932 Low Low 1% 0% 0% 0% 5% 2% 0% 0% 0% 9% 13,456 Low Average 1% 0% 0% 0% 5% 4% 0% 0% 0% 17% 15,818 Middle Average 53% 30% 16% 8% 72% 80% 59% 40% 26% 92% 17,572 Low Low 1% 0% 0% 0% 9% 4% 0% 0% 0% 18% 13,380 Low Average 1% 0% 0% 0% 9% 8% 1% 0% 0% 29% 15,447 Average Average 60% 36% 20% 10% 79% 87% 67% 48% 31% 96% 17,019 Low Low 1% 0% 0% 0% 2% 1% 0% 0% 0% 5% 13,186 Low Average 1% 0% 0% 0% 2% 2% 0% 0% 0% 9% 15,834 Average Average 48% 27% 13% 5% 64% 77% 57% 37% 20% 87% 23,565 Low Low 3% 0% 0% 0% 16% 8% 1% 0% 0% 32% 14,196 Low Average 3% 0% 0% 0% 16% 16% 2% 0% 0% 46% 16,225 Average Average 70% 43% 22% 10% 87% 92% 75% 52% 32% 98% 24,219 Low Low 51% 12% 2% 0% 85% 84% 39% 9% 2% 98% 17,056 Low Average 51% 12% 2% 0% 85% 90% 51% 17% 4% 99% 18,768 Average Average 96% 83% 61% 38% 99% 100% 98% 91% 77% 100% 27,454 Low Low 6% 1% 0% 0% 31% 18% 2% 0% 0% 59% 14,454 Low Average 6% 1% 0% 0% 31% 30% 4% 0% 0% 73% 16,502 Average Average 77% 49% 26% 13% 92% 96% 81% 59% 38% 99% 23,317 Note: SSB 0 was calclated sing the most recent 10 years recritment. Scenario 6 performs best across the three recritment scenarios.

50 Smmary of ftre projections Stats qo (contination of measres in 2014 in the following years, Scenario 1) is not expected to increase SSB, if recent low recritment contines. No scenario except for Scenario 6, the strictest one, demonstrates increase of SSB assming the crrent low recritment contines. Probability in the table above is calclated as nmber of simlation which reach a target SSB at least once dring specific years (10 years or 15 years)

51

52 Conservation Advise from ISC The crrent (2012) PBF biomass level is near historically low levels and experiencing high exploitation rates above all biological reference points except for F loss. Based on projection reslts, the recently adopted WCPFC CMM ( ) and IATTC resoltion for 2014 (C-13-02) if contined in to the ftre, are not expected to increase SSB if recent low recritment contines.

53 Conservation Advise from ISC In relation to the projections reqested by NC9, only Scenario 6, the strictest one, reslts in an increase in SSB even if the crrent low recritment contines (Figre 11). Given the reslt of Scenario 6, frther sbstantial redctions in fishing mortality and jvenile catch over the whole range of jvenile ages shold be considered to redce the risk of SSB falling below its historically lowest level. If the low recritment of recent years contines, the risk of SSB falling below its historically lowest level observed wold increase. This risk can be redced with implementation of more conservative management measres.

54 Conservation Advise from ISC Based on the reslts of ftre projections reqested at NC9, nless the historical average level ( ) of recritment is realized, an increase of SSB cannot be expected nder the crrent WCPFC and IATTC conservation and management measres, even nder fll implementation (Scenario 1) If the specifications of the harvest control rles sed in the projections were modified to inclde a definition of jveniles that is more consistent with the matrity ogive sed in the stock assessment, projection reslts cold be different; for example, rebilding may be faster. While no projection with a consistent definition of jvenile in any harvest scenario was condcted, any proposed redctions in jvenile catch shold consider all non-matre individals. Given the low level of SSB, ncertainty in ftre recritment, and importance of recritment in inflencing stock biomass, monitoring of recritment shold be strengthened to allow the trend of recritment to be nderstood in a timely manner.

55 Next stock assessment The next fll stock assessment of PBF by ISC is planed to condct early in 2016.

Master the opportunities

Master the opportunities TM MasterDex 5 Annity Master the opportnities A fixed index annity with point-to-point monthly crediting and a premim bons Allianz Life Insrance Company of North America CB50626-CT Page 1 of 16 Discover

More information

REVENUE FROM CONTRACTS WITH CUSTOMERS MANUFACTURING INDUSTRY

REVENUE FROM CONTRACTS WITH CUSTOMERS MANUFACTURING INDUSTRY INSIGHTS FROM THE BDO MANUFACTURING PRACTICE REVENUE FROM CONTRACTS WITH CUSTOMERS MANUFACTURING INDUSTRY OVERVIEW Companies have started gearing p to implement Acconting Standards Codification (ASC) Topic

More information

Good Mining (International) Limited

Good Mining (International) Limited Good Mining (International) Limited International GAAP Illstrative financial statements for the year ended 31 December 2014 Based on International Financial Reporting Standards in isse at 31 Agst 2014

More information

Approximate Confidence Intervals for a Parameter of the Negative Hypergeometric Distribution

Approximate Confidence Intervals for a Parameter of the Negative Hypergeometric Distribution Approximate Confidence Intervals for a Parameter of the Negative Hypergeometric Distribtion Lei Zhang 1, William D. Johnson 2 1. Office of Health Data and Research, Mississippi State Department of Health,

More information

Application of US GAAP training programme

Application of US GAAP training programme Application of US GAAP training programme 8-day comprehensive programme to prepare yo for applying acconting rles and procedres that comprise US GAAP Client Relations Officer Małgorzata Tryc tel. +48 22

More information

LINK. A PUBLICATION OF THE SALISBURY TOWNSHIP SCHOOL DISTRICT Vol. 17 No.2 Winter 2007

LINK. A PUBLICATION OF THE SALISBURY TOWNSHIP SCHOOL DISTRICT Vol. 17 No.2 Winter 2007 LINK A PUBLICATION OF THE SALISBURY TOWNSHIP SCHOOL DISTRICT Vol. 7 No.2 Winter 2007 Spring-Ford Area School District SPECIAL EDITION Act, also known as the Pennsylvania Taxpayer Relief Act, was passed

More information

HSBC GH Diversified Strategy Fund. Product Disclosure Statement

HSBC GH Diversified Strategy Fund. Product Disclosure Statement HSBC GH Diversified Strategy Fnd Prodct Disclosre Statement ARSN 140 788 950 Responsible Entity: Perpetal Trst Services Limited ABN 48 000 142 049, AFSL 236648 Investment Manager: HSBC Alternative Investments

More information

BASEL II OVERVIEW FEBRUARY 2017

BASEL II OVERVIEW FEBRUARY 2017 BASEL II OVERVIEW FEBRUARY 2017 BASEL II INTRODUCTION BASEL BACKGROUND 3 BASEL I Issed 1988 BASEL II Issed 2006 BASEL III Issed 2010 Post Basel III (BASEL IV ) After 2012 In the early 1980s, the onset

More information

cotton crop insurance policy

cotton crop insurance policy cotton crop insrance policy Tailor-Made Cotton Crop Insrance Policy Introdction Where yo have paid or agreed to pay the premim to s, then, sbject to the terms and conditions contained in or endorsed on

More information

Investment Trusts, the Power to Vary, and Holding Partnership Interests

Investment Trusts, the Power to Vary, and Holding Partnership Interests EDITED BY PETER J. CONNORS, LL.M., ROBERT R. CASEY, LL.M., AND LORENCE L. BRAVENC, CPA, LL.M. SPECIAL INDUSTRIES Investment Trsts, the Power to Vary, and Holding Partnership Interests THOMAS GRAY A trst

More information

Accounting update. New income recognition proposals for Not-for-Profits. At a glance. Background reasons for issuing the ED

Accounting update. New income recognition proposals for Not-for-Profits. At a glance. Background reasons for issuing the ED May 2015 Acconting pdate At a glance The release of a two part ED will impact income recognition in the NFP sector The proposal will delay the recognition of some types of income by NFP entities may reslt

More information

NET PROFIT OR LOSS FOR THE PERIOD, PRIOR PERIOD ITEMS AND CHANGE IN ACCOUNTING POLICIES (AS-5)

NET PROFIT OR LOSS FOR THE PERIOD, PRIOR PERIOD ITEMS AND CHANGE IN ACCOUNTING POLICIES (AS-5) C H A P T E R 7 NET PROFIT OR LOSS FOR THE PERIOD, PRIOR PERIOD ITEMS AND CHANGE IN ACCOUNTING POLICIES (AS-5) Objective 7.1 The objective of this acconting standard is to prescribe the criteria for certain

More information

Policy instruments for environmental protection

Policy instruments for environmental protection Policy instrments for environmental protection dr Magdalena Klimczk-Kochańska Market approach refers to incentive-based policy that encorages conservative practices or polltion redction strategies Difference

More information

FBT 2016 Supplement FBT Update. General FBT update. GST and taxable value of fringe benefits. Two FBT gross-up rates. FBT Supplement 2015/16

FBT 2016 Supplement FBT Update. General FBT update. GST and taxable value of fringe benefits. Two FBT gross-up rates. FBT Supplement 2015/16 FBT 2016 Spplement April 2016 FBT Spplement 2015/16 2016 FBT Update The following is an pdate on rates, declarations and other precedent forms that may assist in the preparation of clients 2016 FBT retrns.

More information

EXIT GUIDE. Borrowers. For Direct Loan SM COUNSELING

EXIT GUIDE. Borrowers. For Direct Loan SM COUNSELING EXIT For Direct Loan SM COUNSELING GUIDE Borrowers EXIT COUNSELING GUIDE For Direct Loan SM Borrowers CONTENTS CONTACTS FOR YOUR DIRECT LOANS SM... 1 Money management 2 Repaying yor loan 4 Repayment plans

More information

WCPFC HARVEST STRATEGY WORKSHOP Stones Hotel, Kuta, Bali, INDONESIA 30 November - 1 December 2015

WCPFC HARVEST STRATEGY WORKSHOP Stones Hotel, Kuta, Bali, INDONESIA 30 November - 1 December 2015 WCPFC HARVEST STRATEGY WORKSHOP Stones Hotel, Kuta, Bali, INDONESIA 30 November - 1 December 2015 POTENTIAL TARGET REFERENCE POINTS FOR SOUTH PACIFIC ALBACORE FISHERIES HSW-WP-05 14 November 2015 SPC-OFP

More information

Topic 4 Everyday banking

Topic 4 Everyday banking Topic 4 Everyday banking Learning otcomes After stdying this topic, stdents will be able to: identify the key featres of different types of crrent accont; and begin to evalate lifelong financial planning,

More information

HSP 2016 MANUAL. of the Homeownership Set-aside Program

HSP 2016 MANUAL. of the Homeownership Set-aside Program HSP 2016 MANUAL of the Homeownership Set-aside Program FHLBank Topeka One Secrity Benefit Place, Site 100 Topeka, KS 66601 www.fhlbtopeka.com/hsp 866.571.8155 Table of Contents HSP Program Description...

More information

Suppose a cereal manufacturer puts pictures of famous athletes on cards in boxes of

Suppose a cereal manufacturer puts pictures of famous athletes on cards in boxes of CHAPTER 17 Probability Models Sppose a cereal manfactrer pts pictres of famos athletes on cards in boxes of cereal, in the hope of increasing sales. The manfactrer annonces that 20% of the boxes contain

More information

Opening the Door to Your New Home. A Guide to Buying and Financing

Opening the Door to Your New Home. A Guide to Buying and Financing Opening the Door to Yor New Home A Gide to Bying and Financing Contents Navigating Yor Way to Home Ownership...1 Getting Started...2 Finding Yor Home...9 Finalizing Yor Financing...13 Final Closing...14

More information

Levedahl s explanation for the cashout puzzle in the U.S. Food Stamp Program: A Comment *

Levedahl s explanation for the cashout puzzle in the U.S. Food Stamp Program: A Comment * Levedahl s explanation for the cashot pzzle in the U.S. Food Stamp Program: A Comment * Robert V. Brenig and Indraneel Dasgpta Address for Correspondence: Robert V. Brenig Centre for Economic Policy Research,

More information

Unlock Your Profitability KLEVE KEE, OMEP MANAGING CONSULTANT JEFFERSON PETERS, KEY BANK EQUIPMENT FINANCE OFFICER

Unlock Your Profitability KLEVE KEE, OMEP MANAGING CONSULTANT JEFFERSON PETERS, KEY BANK EQUIPMENT FINANCE OFFICER Unlock Yor Profitability KLEVE KEE, OMEP MANAGING CONSULTANT JEFFERSON PETERS, KEY BANK EQUIPMENT FINANCE OFFICER Qick Table Introdctions In 30 seconds Introdce yorself & yor company Where yo re located

More information

The Dynamic Power Law Model

The Dynamic Power Law Model The Dynamic Power Law Model Bryan Kelly Extremely Preliminary and Incomplete Abstract I propose a new measre of common, time varying tail risk in large cross sections. It is motivated by asset pricing

More information

A catch-only update of the status of the Chilipepper Rockfish, Sebastes goodei, in the California Current for 2017

A catch-only update of the status of the Chilipepper Rockfish, Sebastes goodei, in the California Current for 2017 Agenda Item E.9 Attachment 3 September 2017 Review Draft August 15, 2017 A catch-only update of the status of the Chilipepper Rockfish, Sebastes goodei, in the California Current for 2017 John C. Field

More information

Collateral and Debt Capacity in the Optimal Capital Structure

Collateral and Debt Capacity in the Optimal Capital Structure IRES2011-010 IRES Working Paper Series Collateral and Debt Capacity in the Optimal Capital Strctre Erasmo Giambona Antonio Mello Timothy Riddiogh May 2011 Collateral and Debt Capacity in the Optimal Capital

More information

Do you have to comply?

Do you have to comply? isolved ACA The reporting reqirements that the Affordable Care Act (ACA) imposed were difficlt for many employers to meet. If yor ACA process last year didn t go as smoothly as it cold have, now is the

More information

Specialization, Matching Intensity and Income Inequality of Sellers

Specialization, Matching Intensity and Income Inequality of Sellers MPRA Mnich Personal RePEc Archive Specialization, Matching Intensity and Income Ineqality of Sellers Konstantinos Eleftherio and Michael Polemis University of Piraes 1 October 016 Online at https://mpra.b.ni-menchen.de/74579/

More information

Freedom Plus Application Terms and Conditions and Nominee Service Agreement

Freedom Plus Application Terms and Conditions and Nominee Service Agreement Freedom Pls Application Terms and Conditions and Nominee Service Agreement Terms and Conditions In this Section, we, s and or refer to HSBC Bank Nominee (Jersey) Limited. HSBC Bank Nominee (Jersey) Limited

More information

Bank has been meeting targets set

Bank has been meeting targets set TM 15 April 2013 Achieving scale with profitability Bank has been meeting targets set for itself at the time of change of management in 2008, in terms of prodctivity, profitability and efficiency. While

More information

MiFID. The harmonization of the financial markets

MiFID. The harmonization of the financial markets The harmonization of the financial markets MiFID or Markets in Financial Instrments Directive, aims as its core goal at the harmonization of the financial markets by introdcing a common reglatory regime

More information

Is a common currency area feasible for East Asia? A multivariate structural VAR approach. July 15, Hsiufen Hsu

Is a common currency area feasible for East Asia? A multivariate structural VAR approach. July 15, Hsiufen Hsu OSIPP Discssion Paper : DP-9-E-6 Is a common crrency area feasible for East Asia? A mltivariate strctral VAR approach Jly 15, 9 Hsifen Hs Ph.D. stdent, Osaka School of International Pblic Policy (OSIPP)

More information

Dear Clients and Friends

Dear Clients and Friends T C LAIR Soltions Professionally Speaking Welcome! St. Clair CPA Soltions is expanding its staff in both offices to meet the demands of tax season and beyond. Please join s in welcoming new Senior Accontants

More information

Branch operations and accounting. Increasing agility in a global market place

Branch operations and accounting. Increasing agility in a global market place and acconting Increasing agility in a global market place Contents 1 2 3 4 5 6 7 8 Introdction Are branch operations relevant to yo? How FAAS can add vale Contacts Notes of OECD BEPS Glossary Team Appendices

More information

Participating in Electricity Markets: The Generator s Perspective. D. Kirschen

Participating in Electricity Markets: The Generator s Perspective. D. Kirschen Participating in Electricity Markets: The Generator s Perspective D. Kirschen 2006 1 Market Strctre Monopoly Oligopoly Perfect Competition Monopoly: Monopolist sets the price at will Mst be reglated Perfect

More information

BASEL ROADMAP BLACKICE INC. REFERENCE PRESENTATION FEBRUARY 2017

BASEL ROADMAP BLACKICE INC. REFERENCE PRESENTATION FEBRUARY 2017 BASEL ROADMAP BLACKICE INC. REFERENCE PRESENTATION FEBRUARY 2017 BASEL ROADMAP BASICS BASEL IMPLEMENTATION VS. BASEL COMPLIANCE 3 In order for an instittion to sccessflly meet BCBS and regional SBV Basel

More information

Boise Cascade Company

Boise Cascade Company Boise Cascade Company Second Qarter 2018 Earnings Webcast Agst 6, 2018 Forward-Looking Statements This presentation incldes statements abot or expectations of ftre operational and financial performance

More information

Should a monopolist sell before or after buyers know their demands?

Should a monopolist sell before or after buyers know their demands? Shold a monopolist sell before or after byers know their demands? Marc Möller Makoto Watanabe Abstract This paper explains why some goods (e.g. airline tickets) are sold cheap to early byers, while others

More information

The Puzzling No-E ect of The Minimum Wage: Rational Expectations and Employment Protection Legislation

The Puzzling No-E ect of The Minimum Wage: Rational Expectations and Employment Protection Legislation The Pzzling No-E ect of The Minimm Wage: Rational Expectations and Employment Protection Legislation Sara Pinoli 1 Introdction Minimm wages were rst introdced in Astralia and New ealand in the late 19th

More information

FUNGIBILITY, PRIOR ACTIONS AND ELIGIBILITY FOR BUDGET SUPPORT

FUNGIBILITY, PRIOR ACTIONS AND ELIGIBILITY FOR BUDGET SUPPORT FUNGIBILITY, PRIOR ACTIONS AND ELIGIBILITY FOR BUDGET SUPPORT Abstract by Oliver Morrissey CREDIT and School of Economics, University of Nottingham Draft Jly 2005 A nmber of donors advocate providing general

More information

Opportunity in Latin America

Opportunity in Latin America www.acqisition-intl.com Opportnity in Latin America EY takes a detailed look at the opportnities and challenges presented by Soth America s diverse and complex tax landscape. Web: www.ey.com Brazil, Brasilia,

More information

Topic 6 Borrowing products

Topic 6 Borrowing products Topic 6 Borrowing prodcts Learning otcomes After stdying this topic, stdents will be able to: otline the key featres of the financial services prodcts for borrowing; identify the key featres of the costs

More information

Organisation of Electricity Markets. Daniel Kirschen

Organisation of Electricity Markets. Daniel Kirschen Organisation of Electricity Markets Daniel Kirschen Differences between electricity and other commodities Electricity is inextricably linked with a physical delivery system Physical delivery system operates

More information

Power System Economics: Introduction. Daniel Kirschen

Power System Economics: Introduction. Daniel Kirschen Power System Economics: Introdction Daniel Kirschen D. Kirschen 2006 Why stdy power system economics? Generation Transmission Distribtion Cstomer D. Kirschen 2006 Why stdy power system economics? IPP IPP

More information

Price Postponement in a Newsvendor Model with Wholesale Price-Only Contracts

Price Postponement in a Newsvendor Model with Wholesale Price-Only Contracts Prde University Prde e-pbs Prde CIER Working Papers Krannert Gradate School of anagement 1-1-011 Price Postponement in a Newsvendor odel with Wholesale Price-Only Contracts Yanyi X Shanghai University

More information

Research on Risk Pre-warning Evaluation System of Enterprise Financing Based on Big Data Processing Siyun Xu, Qingshan Tong

Research on Risk Pre-warning Evaluation System of Enterprise Financing Based on Big Data Processing Siyun Xu, Qingshan Tong International Conference on Atomation, Mechanical Control and Comptational Engineering (AMCCE 05) Research on Risk Pre-warning Evalation System of Enterprise Financing Based on Big Data Processing Siyn

More information

Consistent Staffing for Long-Term Care Through On-Call Pools

Consistent Staffing for Long-Term Care Through On-Call Pools Consistent Staffing for Long-Term Care Throgh On-Call Pools Athors names blinded for peer review Nrsing homes managers are increasingly striving to ensre consistency of care, defined as minimizing the

More information

Melissa Ostrower, Esq. Jackson Lewis P.C. New York City (212) Jackson Lewis P.C.

Melissa Ostrower, Esq. Jackson Lewis P.C. New York City (212) Jackson Lewis P.C. Overview of Selected Tax and Benefits Law Changes nder the Tax Cts and Jobs Act ( Act ) Legal Qick Hits for ACC s Employment and Labor Law Committee March 2018 Melissa Ostrower, Esq Jackson Lewis P.C.

More information

Global Medical Insurance

Global Medical Insurance Global Peace of Mind Global Medical Insrance The flexible, long-term, worldwide medical insrance program for individals and families. Secrity rated A (excellent) A.M. Best Version 0114 Plan Options: Silver

More information

Taxation of Artistes and Sportsmen Available Options to change Article 17 (Artistes and Sportsmen) Dick Molenaar* 1. Introdction The International Tax

Taxation of Artistes and Sportsmen Available Options to change Article 17 (Artistes and Sportsmen) Dick Molenaar* 1. Introdction The International Tax Taxation of Artistes and Sportsmen Available Options to change Article 17 (Artistes and Sportsmen) Dick Molenaar* 1. Introdction The International Tax Conference in Mmbai devoted one of its panels to the

More information

Bocaccio Rebuilding Analysis for Alec D. MacCall NMFS Santa Cruz Laboratory 110 Shaffer Rd. Santa Cruz, CA

Bocaccio Rebuilding Analysis for Alec D. MacCall NMFS Santa Cruz Laboratory 110 Shaffer Rd. Santa Cruz, CA Bocaccio Rebuilding Analysis for 3 Alec D. MacCall NMFS Santa Cruz Laboratory Shaffer Rd. Santa Cruz, CA 956 email: Alec.MacCall@noaa.gov Introduction In 998, the PFMC adopted Amendment of the Groundfish

More information

Exhibits Prospectus. April 11 14, 2019 Anaheim, CA. Top Diseases Treated by Attendees. Primary Work Setting of Attendees

Exhibits Prospectus. April 11 14, 2019 Anaheim, CA. Top Diseases Treated by Attendees. Primary Work Setting of Attendees Exhibits Prospects April 11 14, 2019 Anaheim, CA We expect more than 4,000 oncology nrses to attend the ONS 44th Annal Congress. Make yor plans now to meet with these leaders on the frontline of cancer

More information

Malthusian Dynamics and the Rise of Poor Megacities

Malthusian Dynamics and the Rise of Poor Megacities Malthsian Dynamics and the Rise of Poor Megacities Remi Jedwab and Dietrich Vollrath September 2014 Abstract: The largest cities in the world today lie mainly in relatively poor contries, which is a departre

More information

DATA GOVERNANCE BLACKICE INC. REFERENCE PRESENTATION FEBRUARY 2017

DATA GOVERNANCE BLACKICE INC. REFERENCE PRESENTATION FEBRUARY 2017 DATA GOVERNANCE BLACKICE INC. REFERENCE PRESENTATION FEBRUARY 2017 DATA GOVERNANCE RISKS AND CHALLENGES FACED BY INSTITUTIONS 3 Financial instittions are nder increasing pressre and obligation to nderstand

More information

The ABCs of FORM 1095

The ABCs of FORM 1095 The ABCs of FORM 1095 For Brokers March 10, 2016 2015 Tax Season: 3 Kinds of 1095s Know the ABCs of 1095 Forms Type of Health Coverage Individal/Family coverage prchased throgh HSRI (or other exchange/marketplace)

More information

Welcome The Webinar Will Begin Momentarily

Welcome The Webinar Will Begin Momentarily Welcome The Webinar Will Begin Momentarily While yo won t be able to talk dring the webinar, we encorage yo to sbmit qestions for the presenters sing the chat fnction. We have more than 1,000 attendees

More information

THE EFFECTIVENESS OF BANK CAPITAL ADEQUACY REQUIREMENTS: A THEORETICAL AND EMPIRICAL APPROACH

THE EFFECTIVENESS OF BANK CAPITAL ADEQUACY REQUIREMENTS: A THEORETICAL AND EMPIRICAL APPROACH THE EFFECTIVENESS OF BANK CAPITAL ADEQUACY REQUIREMENTS: A THEORETICAL AND EMPIRICAL APPROACH Víctor E. BARRIOS (*) Jan M. BLANCO University of Valencia December 000 We grateflly acknowledge the comments

More information

Raising Financially Aware Kids

Raising Financially Aware Kids T C LAIR Soltions Smmer 2015 Dear Clients and Friends Professionally Speaking Congratlations to Stephanie S. Sommers, CPA, 2015 PICPA Yong Leader Award recipient! This award recognizes Stephanie s excellent

More information

Investment Property Sales Metropolitan Phoenix 2017 Mid Year Report

Investment Property Sales Metropolitan Phoenix 2017 Mid Year Report Investment Property Sales Metropolitan Phoenix 2017 Mid Year Report Presented by Mindy Korth Exective Smmary Investment property sales activity and cap rates are STEADY in the first half of 2017 Compared

More information

Estates. Car Parking and Permit Allocation Policy

Estates. Car Parking and Permit Allocation Policy Estates Car Parking and Permit Allocation Policy Facilities Car Parking and Permit Allocation Policy Contents Page 1 Introdction....................................................2 2.0 Application Process..............................................6

More information

The Roots of Chinese Oil Investment Abroad

The Roots of Chinese Oil Investment Abroad asia policy, nmber 5 (janary 2008), 141 66 http://asiapolicy.nbr.org research note The Roots of Chinese Oil Investment Abroad Trevor Hoser trevor hoser is a visiting fellow at the Peterson Institte for

More information

Hospitality and Liquor Liability Product

Hospitality and Liquor Liability Product Hospitality and Liqor Liability Prodct Depending on the laws in yor state, yo may be held liable for the actions of intoxicated or nderage persons yo serve The negligent service to an intoxicated or nderage

More information

SPC Oceanic Fisheries Programme

SPC Oceanic Fisheries Programme SCIENTIFIC COMMITTEE THIRTEENTH REGULAR SESSION Rarotonga, Cook Islands 9 17 August 2017 EVALUATION OF CMM 2015-01 FOR BIGEYE TUNA SC13-WCPFC13-05 (WCPFC13-2016-15) SPC Oceanic Fisheries Programme COMMISSION

More information

TAXATION AND THE VALUE OF EMPLOYEE STOCK OPTIONS. Meni Abudy Simon Benninga. Working Paper No 3/2008 February Research No.

TAXATION AND THE VALUE OF EMPLOYEE STOCK OPTIONS. Meni Abudy Simon Benninga. Working Paper No 3/2008 February Research No. TAXATION AND THE VALUE OF EMPLOYEE STOCK OPTIONS by Meni Abdy Simon Benninga Working Paper No 3/28 Febrary 28 Research No. 1771 This paper was partially financed by the Henry Crown Institte of Bsiness

More information

v2.1 v4.1 v2.1 v2.1 Model Equations 2017 Regional Economic Models, Inc.

v2.1 v4.1 v2.1 v2.1 Model Equations 2017 Regional Economic Models, Inc. v2.1 v4.1 v2.1 v2.1 Model Eqations 2017 Regional Economic Models, Inc. i Table of Contents I. Introdction... 1 II. Overview of the Model... 3 Bloc 1. Otpt and Demand... 5 Bloc 2. Labor and Capital Demand...

More information

Preserving Privacy in Collaborative Filtering through Distributed Aggregation of Offline Profiles

Preserving Privacy in Collaborative Filtering through Distributed Aggregation of Offline Profiles Preserving Privacy in Collaborative Filtering throgh Distribted Aggregation of Offline Profiles Reza Shokri, Pedram Pedarsani, George Theodorakopolos, and Jean-Pierre Hbax Laboratory for Compter Commnications

More information

I. General Information

I. General Information RPA INSURANCE SERVICES, LLC. 8 Wood Hollow Rd., Site 301, Parsippany, NJ 07054 Phone: (973)884-4400 xext 100 United States Liability Insrance Company Commercial Package Application MCP017M25B8 Version

More information

Working Paper Series. Government guarantees and financial stability. No 2032 / February 2017

Working Paper Series. Government guarantees and financial stability. No 2032 / February 2017 Working Paper Series Franklin Allen, Elena Carletti, Itay Goldstein, Agnese Leonello Government garantees and financial stability No 2032 / Febrary 2017 Disclaimer: This paper shold not be reported as

More information

Investor Sentiment and Stock Return: Evidence from Chinese Stock Market

Investor Sentiment and Stock Return: Evidence from Chinese Stock Market Investor Sentiment and Stock Retrn: Evidence from Chinese Stock Market Feng Jnwen and Li Xinxin School of Economics and Management, Nanjing University of Science and Technology, Nanjing Jiangs, China *

More information

Ill Effects of Broadband Internet under Flat Rate Pricing

Ill Effects of Broadband Internet under Flat Rate Pricing Ill Effects of Broadband Internet nder Flat Rate Pricing Jee-Hyng Lee 1 and Jeong-Seok Park 2 1 Electronics and Telecommnications Research Institte (ETRI) 161 Kajong-Dong, Ysong-G, Taejon, 35-35, Korea

More information

Operational Planning of Thermal Generators with Factored Markov Decision Process Models

Operational Planning of Thermal Generators with Factored Markov Decision Process Models MITSUBISHI ELECTRIC RESEARCH LABORATORIES http://www.merl.com Operational Planning of Thermal Generators with Factored Markov Decision Process Models Nikovski, D. TR03-048 Jne 03 Abstract We describe a

More information

Crash Modelling, Value at Risk and Optimal Hedging

Crash Modelling, Value at Risk and Optimal Hedging Crash Modelling, Vale at Risk and Optimal Hedging y Philip Ha (Bankers Trst and Imperial College, London) Pal Wilmott (Oxford University and Imperial College, London) First draft: Jly 1996 ddresses for

More information

Georgia Transportation Update: H.B. 170/106 The Transportation Funding Act of State Senator Steve Gooch (SD 51)

Georgia Transportation Update: H.B. 170/106 The Transportation Funding Act of State Senator Steve Gooch (SD 51) Georgia Transportation Update: H.B. 170/106 The Transportation Fnding Act of 2015 70 th Sothern Legislative Conference Jly 9, 2016 State Senator Steve Gooch (SD 51) Key Conditions for Transportation Fnding

More information

Strategic Leverage and Employees Rights in Bankruptcy

Strategic Leverage and Employees Rights in Bankruptcy Strategic Leverage and Employees Rights in Bankrptcy Andrew Elll Kelley School of Bsiness, Indiana University, CSEF, ECGI and CEPR Marco Pagano University of Naples Federico II, CSEF, EIEF, ECGI and CEPR

More information

AOG / 7 1 May The Financial Markets Are Beginning to Recognize the Value of the EITI Label,

AOG / 7 1 May The Financial Markets Are Beginning to Recognize the Value of the EITI Label, AO / 7 1 May 2013 INTERVIEW The Financial Markets Are Beginning to Recognize the Vale of the EITI Label, David Diamond, lobal Co-Head of ES at Allianz lobal Investors, tells AO It is far easier to generate

More information

Safeguarding your reputation

Safeguarding your reputation Safegarding yor reptation At a glance Global Board Perspective A crisis of confidence* Three qarters of board members felt their companies were crisis ready. Bt less than half cold describe crisis preparation

More information

Winter 2015/16. Insurance Economics. Prof. Dr. Jörg Schiller.

Winter 2015/16. Insurance Economics. Prof. Dr. Jörg Schiller. Winter 15/16 Insrance Economics Prof. Dr. Jörg Schiller j.schiller@ni-hohenheim.de Yo ill find frther information on or ebpage: http://.insrance.ni-hohenheim.de and on https://ilias.ni-hohenheim.de Agenda

More information

IN THIS paper, we address the problem of spectrum sharing

IN THIS paper, we address the problem of spectrum sharing 622 IEEE JOURNAL ON SELECTED AREAS IN COMMUNICATIONS, VOL. 25, NO. 3, APRIL 2007 Pblic Safety and Commercial Spectrm Sharing via Network Pricing and Admission Control Qi Wang and Timothy X Brown Abstract

More information

Generation Expansion. Daniel Kirschen. Daniel Kirschen

Generation Expansion. Daniel Kirschen. Daniel Kirschen Generation Expansion Daniel Kirschen Daniel Kirschen 2005 1 Perspectives The investor s perspective Will a new plant generate enogh profit from the sale of energy to jstify the investment? The consmer

More information

Medication Take Back Programs and the DEA Regulations

Medication Take Back Programs and the DEA Regulations Medication Take Back Programs and the DEA Reglations Jeanie Jaramillo-Stametz, PharmD Director, Medication Cleanot Managing Director, Texas Panhandle Poison Center Assistant Professor, Texas Tech University

More information

A Note on Correlated Uncertainty and Hybrid Environmental Policies

A Note on Correlated Uncertainty and Hybrid Environmental Policies This version: April 2014 A Note on Correlated Uncertainty and Hybrid Environmental Policies John K. Stranlnd* Department of Resorce Economics University of Massachsetts, Amherst Abstract: This note examines

More information

AVOIDANCE POLICIES A NEW CONCEPTUAL FRAMEWORK

AVOIDANCE POLICIES A NEW CONCEPTUAL FRAMEWORK AVOIDANCE POICIES A NEW CONCEPTUA FRAMEWORK David Ulph OXFORD UNIVERSITY CENTRE FOR BUSINESS TAXATION SAÏD BUSINESS SCOO, PARK END STREET OXFORD OX1 1P WP 09/22 Avoidance Policies A New Conceptal Framework

More information

The Influence of Extreme Claims on the Risk of Insolvency

The Influence of Extreme Claims on the Risk of Insolvency VŠB-TU Ostrava, Ekonomická faklta, katedra Financí 8-9 září 2 The Inflence of Extreme Claims on the Risk of Insolvency Valéria Skřivánková Abstract In this paper, the classical risk process with light-tailed

More information

Advice June 2014

Advice June 2014 9.3.10 Advice June 2014 ECOREGION STOCK Widely distributed and migratory stocks Hake in Division IIIa, Subareas IV, VI, and VII, and Divisions VIIIa,b,d (Northern stock) Advice for 2015 ICES advises on

More information

NBER WORKING PAPER SERIES HORSES AND RABBITS? OPTIMAL DYNAMIC CAPITAL STRUCTURE FROM SHAREHOLDER AND MANAGER PERSPECTIVES

NBER WORKING PAPER SERIES HORSES AND RABBITS? OPTIMAL DYNAMIC CAPITAL STRUCTURE FROM SHAREHOLDER AND MANAGER PERSPECTIVES NBER WORKING PAPER ERIE HORE AND RABBI? OPIMAL DYNAMIC CAPIAL RUCURE FROM HAREHOLDER AND MANAGER PERPECIVE Nengji J Robert Parrino Allen M. Poteshman Michael. Weisbach Working Paper 937 http://www.nber.org/papers/w937

More information

Exact Simulation of Stochastic Volatility and. other Affine Jump Diffusion Processes

Exact Simulation of Stochastic Volatility and. other Affine Jump Diffusion Processes Exact Simlation of Stochastic Volatility and other Affine Jmp Diffsion Processes Mark Broadie Colmbia University, Gradate School of Bsiness, 415 Uris Hall, 322 Broadway, New York, NY, 127-692, mnb2@colmbia.ed

More information

A Capacity Game in Transportation Management. Guillaume Amand and Yasemin Arda

A Capacity Game in Transportation Management. Guillaume Amand and Yasemin Arda A Capacity Game in Transportation Management Gillame Amand and asemin Arda Abstract Emerging concerns abot competitiveness indce a growing nmber of firms to otsorce their otbond transportation operations

More information

Advanced Financial Analysis Series

Advanced Financial Analysis Series Advanced Financial Analysis Series CFA Netherlands is prod to present or Advanced Financial Analysis Series held in conjnction with Wall St. Training. The Advanced Financial Analysis Series will provide

More information

Fitness Center Product

Fitness Center Product UNITED STATES LIABILITY INSURANCE GROUP A BERKSHIRE HATHAWAY COMPANY Fitness Center Prodct Why Do Fitness Centers Need To Prchase Insrance? One of yor patrons places a weight back into its holder and it

More information

Alternative Risk Analysis Methods 1

Alternative Risk Analysis Methods 1 Alternative Risk Analysis Methods Speaker/Athor: Howard Castrp, Ph.D. Integrated Sciences Grop 4608 Casitas Canyon Rd. Bakersfield, CA 93306-66-87-683 -66-87-3669 (fax) hcastrp@isgmax.com Abstract Clase

More information

Financial Statement Analysis Nathan Carlesimo Pierre-Louis Terry Alexis Ladasic

Financial Statement Analysis Nathan Carlesimo Pierre-Louis Terry Alexis Ladasic Financial Statement Analysis Nathan Carlesimo Pierre-Lois Terry Alexis Ladasic 1 Table of content Strategic and Economic Assessment 3-6 Growth Analysis 7-10 Profitability Analysis 11-16 Risk Analysis 17-22

More information

Exempt Organization Business Income Tax Return. (and proxy tax under section 6033(e))

Exempt Organization Business Income Tax Return. (and proxy tax under section 6033(e)) REAL761 09/05/018 Pg 38 Form A B C 990-T Department of the Treasry Internal Revene Service Check box if address changed Exempt nder section Exempt Organization Bsiness Income Tax Retrn (and proxy tax nder

More information

Comparing allocations under asymmetric information: Coase Theorem revisited

Comparing allocations under asymmetric information: Coase Theorem revisited Economics Letters 80 (2003) 67 71 www.elsevier.com/ locate/ econbase Comparing allocations nder asymmetric information: Coase Theorem revisited Shingo Ishigro* Gradate School of Economics, Osaka University,

More information

COMMITTEE ON ADMINISTRATION AND FINANCE 2 ND MEETING DOCUMENT CAF PROGRAM AND BUDGET FOR FISCAL YEARS 2015 AND 2016 (1 JANUARY-31 DECEMBER)

COMMITTEE ON ADMINISTRATION AND FINANCE 2 ND MEETING DOCUMENT CAF PROGRAM AND BUDGET FOR FISCAL YEARS 2015 AND 2016 (1 JANUARY-31 DECEMBER) INTER-AMERICAN TROPICAL TUNA COMMISSION COMMITTEE ON ADMINISTRATION AND FINANCE 2 ND MEETING Lima, Peru 11 July 2014 DOCUMENT CAF-02-04 PROGRAM AND BUDGET FOR FISCAL YEARS 2015 AND 2016 (1 JANUARY-31 DECEMBER)

More information

Intro to Financial Acumen. Round Table Guide August 22, 2018

Intro to Financial Acumen. Round Table Guide August 22, 2018 Intro to Financial Acmen Rond Table Gide Agst 22, 2018 Table of Contents Bdget 3 Key Components Bdget Drivers Gross Profit 5 Calclation & Definition Why its measred Profit Levers 6 Variable vs. Fixed Expenses

More information

St. Andrew Greek Orthodox Church Catering Requirements

St. Andrew Greek Orthodox Church Catering Requirements St. Andrew Greek Orthodox Chrch Catering Reqirements 5649 North Sheridan Road Chicago, IL 60660 Tel. 773-334-4515 Fax 773-334-3468 Email: info@standreworthodox.org TABLE OF CONTENTS TABLE OF CONTENTS 1

More information

Ownership structure and rm performance: evidence from the UK nancial services industry

Ownership structure and rm performance: evidence from the UK nancial services industry Applied Financial Economics, 1998, 8, 175Ð 180 Ownership strctre and rm performance: evidence from the UK nancial services indstry RAM MUD AMB I* and C ARMELA NI COS IA *ISMA Centre, University of Reading,

More information

Semantic Path based Personalized Recommendation on Weighted Heterogeneous Information Networks

Semantic Path based Personalized Recommendation on Weighted Heterogeneous Information Networks Semantic Path based Personalized Recommendation on Weighted Heterogeneos Information Networks Chan Shi Beijing University of Posts and Telecommnications Beijing, China shichan@bpt.ed.cn Philip S. Y University

More information

Ineluctable Background Checking on Social Networks: Linking Job Seeker s Résumé and Posts

Ineluctable Background Checking on Social Networks: Linking Job Seeker s Résumé and Posts Fifth International Workshop on SECrity and SOCial Netorking 203, San Diego (8 March 203) Inelctable Backgrond Checking on Social Netorks: Linking Job Seeker s Résmé and Posts Tomotaka Okno Commnications

More information

Corporate Governance Disclosure

Corporate Governance Disclosure Corporate Governance Disclosre Dring the year ended 31/03/2016, in compliance with Clase 49 of the Listing Agreement with Stock Exchanges, the Company sbmits the report on the matters mentioned in the

More information