An institutional investor's perspective on oil and gas investment

2011 ◽  
Vol 51 (2) ◽  
pp. 712
Author(s):  
Andy Zhmurovsky
Keyword(s):  
Oil And Gas ◽  
Investment Horizon ◽  
Short Term ◽  
Investment Environment ◽  
Quarterly Earnings ◽  
Long Run ◽  
Surface Performance

From the perspective of an institutional oil and gas investor, investing is like creating a partnership. Given the long-term investment horizon, the focus is on creating value in the long run and on setting up the stage to withstand short-term volatility and uncertainty. A producer/developer is able to better focus on protecting its assets instead of managing the market’s expectations and quarterly earnings or KPIs. Also, projecting sub-surface performance is highly interpretive and adds another layer of risk to the already complex investment environment.

scholarly journals Shades between Black and Green Investment: Balance or Imbalance?

2021 ◽  
Vol 13 (9) ◽  
pp. 5024
Author(s):  
 Vítor Manuel de Sousa Gabriel ◽  
María Mar Miralles-Quirós ◽  
José Luis Miralles-Quirós
Keyword(s):  
Risk Factor ◽  
Oil Prices ◽  
Oil Price ◽  
Short Term ◽  
Environmental Indices ◽  
Long Run ◽  
Green Investment ◽  
Bounds Test

This paper analyses the links established between environmental indices and the oil price adopting a double perspective, long-term and short-term relationships. For that purpose, we employ the Bounds Test and bivariate conditional heteroscedasticity models. In the long run, the pattern of behaviour of environmental indices clearly differed from that of the oil prices, and it was not possible to identify cointegrating vectors. In the short-term, it was possible to conclude that, in contemporaneous terms, the variables studied tended to follow similar paths. When the lag of the oil price variable was considered, the impacts produced on the stock market sectors were partially of a negative nature, which allows us to suppose that this variable plays the role of a risk factor for environmental investment.

ON THE CONSUMPTION/DISTRIBUTION THEOREM UNDER THE LONG-RUN GROWTH CRITERION SUBJECT TO A DRAWDOWN CONSTRAINT

2010 ◽  
Vol 13 (06) ◽  
pp. 931-957 ◽  
Author(s):  
MICHAEL J. KLASS ◽  
KRZYSZTOF NOWICKI
Keyword(s):  
Growth Rate ◽  
Short Term ◽  
Long Run ◽  
Time Period ◽  
Total Capital ◽  
Growth Criterion ◽  
Drawdown Constraint ◽  
Riskless Asset ◽  
Distribution Theorem

Consider any discrete time sequence of investment fortunes Fn which has a finite long-run growth rate [Formula: see text] when subject to the present value capital drawdown constraint Fne-rn ≥ λ* max 0≤k≤nFke-rk, where 0 ≤ λ* < 1, in the presence of a riskless asset affording a return of er dollars per time period per dollar invested. We show that money can be withdrawn for consumption from the invested capital without either reducing the long-run growth rate of such capital or violating the drawdown constraint for our capital sequence, while simultaneously increasing the amount of capital withdrawn for consumption at the identical long-term rate of V(r, λ*). We extend this result to an exponentially increasing number of consumption categories and discuss how additional yearly contributions can temporarily augment the total capital under management. In addition, we assess the short-term practicality of creating such an endowment/consumption/distribution program.

scholarly journals POLLUTION ABATEMENT AS A SOURCE OF STABILIZATION AND LONG-RUN GROWTH

2016 ◽  
Vol 21 (3) ◽  
pp. 644-676 ◽  
Author(s):  
Theodore Palivos ◽  
Dimitrios Varvarigos
Keyword(s):  
Overlapping Generations ◽  
Pollution Abatement ◽  
Short Term ◽  
Overlapping Generations Model ◽  
Environmental Preservation ◽  
Powerful Source ◽  
Long Run ◽  
Stationary Level ◽  
Active Policy

In a two-period overlapping-generations model with production, we consider the damaging impact of environmental degradation on health and consequently life expectancy. Despite the presence of social constant returns to capital, which would otherwise generate unbounded growth, when pollution is left unabated, the economy cannot achieve such a path. Instead, it converges either to a stationary level of capital per worker or to a cycle in which capital per worker oscillates permanently. The government's involvement in environmental preservation proves crucial for both short-term dynamics and long-term prospects of the economy. Particularly, an active policy of pollution abatement emerges as an important engine of long-run economic growth. Furthermore, by eliminating the occurrence of limit cycles, pollution abatement is also a powerful source of stabilization.

scholarly journals Exploring the Road to Agricultural Sustainability by Assessing the EU Debt Influencing Factors

2018 ◽  
Vol 10 (7) ◽  
pp. 2465
Author(s):  
Laura Brad ◽  
Gabriel Popescu ◽  
Alina Zaharia ◽  
Maria Claudia Diaconeasa ◽  
Daniela Mihai
Keyword(s):  
Poverty Reduction ◽  
Fixed Costs ◽  
The European Union ◽  
Labor Costs ◽  
Short Term ◽  
Total Debt ◽  
Long Run ◽  
Periodic Analysis ◽  
The Impact

The importance of agricultural financing in ensuring food security and safety, jobs, poverty reduction, economic growth and more recently, climate change mitigation, natural resource conservation and sustainable development imposes periodic analysis of the factors which might influence the farmers’ financial situation, in order to improve it. One way of assessing this is to analyze the agricultural debt. In this context, based on previous models, the paper aims to assess the impact of specific factors on the agricultural debt level in the European Union during 2008–2015, as these should be considered in future common agriculture policies as well as in achieving sustainable agriculture. The research was conducted based on econometric techniques, by applying panel models in the Eviews 7.0 software-64 bit version. More than 20 variables were considered in the analysis. Some of the findings suggest that an increase in subsidies as well as the share of cash flow in the total existing capital would determine considerable reductions of the total debt. Decoupled subsidies seem to have a higher impact than coupled subsidies on short term debt, while its value is between the one found for coupled subsidies in the case of long term debt. Large farms/companies, to which decoupled payments are granted, have higher debts on long run and on total debt. The same units, to which coupled subsidies were granted, have smaller short-term debt. In contrast, the increases of labor costs, fixed costs, and crop/livestock costs lead to an increase in the total debt, since the farms require additional financial resources to cover the expanded costs. Also, the results suggest that short-term debts are mainly formed of long-term loans that reached maturity. In this case, the authors support the idea of differentiated financing programs for the agricultural activities because of their peculiarities and reinforced by the need to turn the intensive agriculture into a sustainable and plentiful one.

scholarly journals Exploring the Livelihoods of Internally Displaced Persons in Kachin State, Myanmar

2021 ◽  
Author(s):  
◽  
Htu Tawng Lazum
Keyword(s):  
Urban Areas ◽  
Partial Solution ◽  
Livelihood Strategies ◽  
Internally Displaced Persons ◽  
Displaced Persons ◽  
Short Term ◽  
Internally Displaced ◽  
Long Run ◽  
Emergency Assistance

<p>The issue of Internally Displaced Persons (IDPs) is a global crisis yet little research has been focused on the issue of the livelihoods of IDPs. Providing short-term emergency assistance is not enough when the period of displacement becomes permanent or longer than expected. IDPs need long-term solutions in order to resume a normal life. Pursuing appropriate livelihoods in urban areas is a big challenge yet constructing potential livelihoods is fundamental to achieving decent living not only for short-term situations but also for the long run. The lack of access to livelihoods is one of the most serious obstacles to durable solutions for IDPs, and long-term livelihood strategies are needed to lay the foundation for future development.  This study explores Kachin IDPs in Myanmar and their livelihood strategies and activities in urban camps by applying qualitative methods, the study focuses on how IDPs have been building their livelihoods during their displacement and who has been involved in supporting their livelihoods. This research also seeks insight into the effectiveness and sustainability of those livelihood activities and other potential strategies.   Results show that most livelihood activities are supported by both local and international humanitarian and development agencies and are mainly undertaken through local organisations. Agriculture and livestock rearing are preferred livelihoods of IDPs although getting appropriate land is challenging in urban areas. Income-generating programmes such as food processing, carpentry and bamboo handicrafts are also popular and successful activities. Moreover, tailoring, brick making, and pig rearing are also effective and helpful livelihoods for individuals. Those who are involved in livelihood support activities receive benefits and advantages for their family and daily needs while the majority of IDPs are working in day labouring. Respondents believe current livelihood activities can become sustainable as long as they maintain the quality of the products. Some IDPs have adapted to the city environment quite well by applying their capacity and the skills they learnt from humanitarian organisations. Supporting livelihood strategies may not resolve the problems of IDPs, however, it is an effective partial solution.</p>

scholarly journals Short-term and long-term international scientific mobility of Italian PhDs: An analysis by gender

2021 ◽  
pp. 35-40
Author(s):  
Valentina Tocchioni ◽  
Alessandra Petrucci ◽  
Alessandra Minello
Keyword(s):  
Multinomial Logistic Regression ◽  
Early Career ◽  
International Mobility ◽  
Short Term ◽  
Host Countries ◽  
Academic Mobility ◽  
Positive Effects ◽  
Long Run ◽  
The Brain

In the last years, there has been a large increase in high-educated and high-skilled people’s mobility as a consequence of the internationalization and globalization, the weakening of research and university systems of sending countries (the “brain drain” process), the increase in skilled demand and improvements in higher education of host countries (the “brain gain” process). At the micro-level, academic mobility has positive consequences on occupational prospects and careers of researchers, both in the short- and long- run. Nevertheless, numerous research studies have demonstrated the challenges of engaging in international academic mobility for people with caring responsibilities, particularly women. Using Italian data on occupational conditions of PhDs collected in 2018 by Istat and modelling multinomial logistic regression analyses, we intend to verify if female researchers are associated with a lower international mobility irrespective their field of study, and the extent to which gender interacts differently in the various fields of study in affecting the probability of moving abroad after PhD qualification. Also, the distinction between long-term and short-term mobility, which has been mainly neglected in the literature concentrating on longer stays, has taken into account. In this respect, short-term mobility is a potentially high-value investment that may be pursued also by those researchers and scientists who cannot move for longer periods, such as women with caring responsibilities. In the literature, it is acknowledged that an experience abroad during early career may have positive effects on future occupational prospects. With our work, we intend to shed light on potential disparities on moving abroad that may exist among researchers in their early career by gender, and which could contribute to leave behind women in academia.

scholarly journals Integration of Indonesian Coffee Markets with World Coffee Markets

2021 ◽  
Vol 2 (1) ◽  
pp. 33
Author(s):  
Haposan Orlando Napitupulu ◽  
Ana Arifatus Sa'diyah ◽  
Farah Mutiara
Keyword(s):  
Time Series Data ◽  
Dynamic Equilibrium ◽  
Secondary Data ◽  
Series Data ◽  
Short Term ◽  
Robusta Coffee ◽  
Long Run ◽  
Relationship Of ◽  
Coffee Markets

This study aims to analyze the integration of the Arabica and Robusta coffee markets in Indonesia with world coffee prices. The study uses secondary data in the form of annual time series data during the period 1985 - 2015. The study uses the VECM analysis method. This method explains the relationship of long-term dynamic equilibrium and short-term equilibrium in a system of equations. The analysis shows that Indonesian and world Arabica coffee is not integrated in the long term or the short term. In Robusta coffee VECM estimation analysis shows that there is a significant value at the 10% level in a long-term relationship with a value of 0.08579, which means that there is a short-term relationship between world Robusta coffee prices and domestic Robusta coffee prices in the previous year, but no relationship in the long run.

scholarly journals Short-Term and Long-Term Effects of Off-Job Activities on Recovery and Sleep: A Two-Wave Panel Study among Health Care Employees

2018 ◽  
Vol 15 (9) ◽  
pp. 2044 ◽  
Author(s):  
Jan de Jonge ◽  
Akihito Shimazu ◽  
Maureen Dollard
Keyword(s):  
Health Care ◽  
Sleep Quality ◽  
Panel Study ◽  
Long Term Effects ◽  
Short Term ◽  
Negatively Associated ◽  
Health Care Employees ◽  
Long Run ◽  
Job Activities

This study examined whether particular recovery activities after work have a positive or negative effect on employee recovery from work (i.e., cognitive, emotional, and physical detachment) and sleep quality. We used a two-wave panel study of 230 health care employees which enabled looking at both short-term and long-term effects (i.e., two-year time interval). Gender, age, marital status, children at home, education level, management position, and working hours were used as control variables. Hierarchical multiple regression analyses showed that work-related off-job activities were negatively associated with cognitive and emotional detachment in both the short and long run, whereas low-effort off-job activities were positively related to cognitive detachment in the short run. Moreover, household/care off-job activities were positively related to sleep quality in the long run, whereas physical off-job activities were negatively associated with sleep quality in the long run. The long-term findings existed beyond the strong effects of baseline detachment and sleep quality. This study highlights the importance of off-job recovery activities for health care employees’ detachment from work and sleep quality. Practical implications and avenues for further research are discussed.

Changes in global and relationship-specific attachment working models

2022 ◽  
pp. 026540752110514
Author(s):  
Keely A. Dugan ◽  
R. Chris Fraley ◽  
Omri Gillath ◽  
Pascal R. Deboeck
Keyword(s):  
Online Survey ◽  
Romantic Partners ◽  
Latent Growth ◽  
Short Term ◽  
Working Models ◽  
Long Run ◽  
Curve Modeling ◽  
Median Test ◽  
As Relationship

Attachment theorists suggest that people construct a number of distinct working models throughout life. People develop global working models, which reflect their expectations and beliefs concerning relationships in general, as well as relationship-specific working models of close others—their mothers, fathers, romantic partners, and friends. The present research investigated the interplay of these different working models over time. We analyzed longitudinal data collected from 4,904 adults (mean age = 35.24 years; SD = 11.63) who completed between 3 and 24 online survey assessments (median test–retest interval = 35 days). Using latent growth curve modeling, we examined the associations among both long-term changes and short-term fluctuations in participants’ working models. Our findings suggest that different working models not only change together over the long run, but also exhibit co-occurring, short-term fluctuations. This was true concerning the associations between global and relationship-specific models as well as among different relationship-specific models.

Are Biopharmaceutical Budget Caps Good Public Policy?

2016 ◽  
Vol 13 (1) ◽  
Author(s):  
Dana P. Goldman ◽  
Darius N. Lakdawalla ◽  
James R. Baumgardner ◽  
Mark T. Linthicum
Keyword(s):  
Cost Savings ◽  
Healthcare Spending ◽  
Short Term ◽  
The Past ◽  
Long Run ◽  
The Status ◽  
Pharmaceutical Spending ◽  
Health Returns ◽  
New Research

AbstractMedical innovation has generated significant gains in health over the past decades, but these advances have been accompanied by rapid growth in healthcare spending. Faced with a growing number of high-cost but high-impact innovations, some have argued to constrain prices for new therapies – especially through global caps on pharmaceutical spending and limits on prices for individual drugs. We show that applying this threshold to past innovations would have limited access to many highly valuable drugs such as statins and anti-retrovirals. We also argue that budget caps violate several important principles of health policy. First, budget caps treat healthcare spending as a consumption good, like going to a movie or buying a meal. However, healthcare spending should be viewed as an investment, whose benefits accrue over many years – much like spending on education. Second, budgetary cost is a poor indicator of value, thereby distorting coverage decisions. Third, affordability arguments often use a short-term horizon, thereby missing that long-term health is society’s ultimate goal. Fourth, assessments of benefit should incorporate not just the immediate clinical benefit to patients, but also long-term health improvements, cost savings, and increased productivity. Fifth, global budget caps arbitrarily anchor spending on the status quo, thereby setting too stringent a threshold for socially-desirable innovation. In sum, a solitary focus on short-term costs can be detrimental to population health in the long-run. When medical treatment decisions are properly viewed as investments, budget caps are not the answer; rather, we need to find mechanisms to encourage spending decisions based on long-term value. Only then can we generate health returns to societal investments, while also encouraging the new research and development necessary to extend the gains of recent decades.

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