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Age Ageing ; 51(12)2022 12 05.
Artigo em Inglês | MEDLINE | ID: mdl-36571782


BACKGROUND: the structure of care homes markets in England is changing with the emergence of for-profit homes organised in chains and financed by private equity. Previous literature shows for-profit homes were rated lower quality than not-for-profit homes when inspected by the national regulator, but has not considered new forms of financing. OBJECTIVES: to examine whether financing and organisation of care homes is associated with regulator assessments of quality. METHODS: retrospective observational study of the Care Quality Commission's ratings of 10,803 care homes providing services to older people as of January 2020. We used generalised ordered logistic models to assess whether ratings differed between not-for-profit and for-profit homes categorised into three groups: (i) chained ownership, financed by private equity; (ii) chained ownership, not financed by private equity and (iii) independent ownership. We compared Overall and domain (caring, effective, responsive, safe, well-led) ratings adjusted for care home size, age and location. RESULTS: all three for-profit ownership types had lower average overall ratings than not-for-profit homes, especially independent (6.8% points (p.p.) more likely rated as 'Requires Improvement/Inadequate', 95% CI: 4.7-8.9) and private equity chains (6.6 p.p. more likely rated as 'Requires Improvement/Inadequate', 95% CI: 2.9-10.2). Independent homes scored better than private equity chains in the safe, effective and responsive domains but worst in the well-led domain. DISCUSSION: private equity financing and independent for-profit ownership are associated with lower quality. The consequences of the changing care homes market structure for quality of services should be monitored.

Casas de Saúde , Propriedade , Humanos , Idoso , Financiamento de Capital , Instituições Privadas de Saúde , Qualidade da Assistência à Saúde
PLoS One ; 17(11): e0277509, 2022.
Artigo em Inglês | MEDLINE | ID: mdl-36409710


The valuation adjustment mechanism ('VAM') agreement has recently been widely adopted in venture capital investment in emerging markets. The VAM agreement endows venture capital institutions a contractual right to reevaluate invested startup contingent on preset performance targets, which is crucial for the effectiveness of the VAM agreement by deeply affecting the strategy and fate of the startup. Motivated by exploring a rational performance target setting, this paper: 1)Firstly, extracts a general structure of the VAM agreement by cases analysis;2) Secondly, adopts a real options methodology to derive the option value held by venture capital institutions and how the pre-determined performance target affect the payoff of venture capital institutions;3)Thirdly, derives the expected time to achieve the given performance target and the behavior choice of entrepreneurs of startups; 4)Finally, by maximizing the contractual value of venture capital institutions with the participation constraints of the entrepreneur, derives the optimal performance target setting. The result finds that the option value of the VAM agreement is positively related to the performance target. It may partially explain why venture capital institutions tend to dominate overly high targets from a real options perspective. We also confirm the incentive effect of the VAM agreement that entrepreneurs tend to exert their best effort. Furthermore, the derivation of the optimal performance target shows that it is an increased function of the agreement period and a subtractive function of project risk. This paper contributes to the literature on contingent payment mechanisms and provides practical implications for the VAM agreement design.

Financiamento de Capital , Investimentos em Saúde
Front Public Health ; 10: 811876, 2022.
Artigo em Inglês | MEDLINE | ID: mdl-36330104


The elderly population in China is expected to exceed 300 million and enter the stage of moderate aging during the 14th Five-Year plan period from 2021 to 2025. From the sustainable development perspective of elderly care enterprises, the supply of elderly care services would be unsustainable if enterprises suffer long-term losses. In the latter pursuit of high profits, the burden on consumers will increase. Equity financing of these enterprises is the key to achieving high-quality transformation and development by considering economic and social benefits. This study considers 20 well-known China-based elderly care enterprises as the research object. It uses a fuzzy set to explore system logic, operation mode, management performance, and attitude of elderly care enterprises toward investment through the qualitative comparative analysis method. The causal relationship between them is clarified-because, before the endowment enterprise equity financing intention of China, it is important to explore the effective path of equity financing of endowment enterprises. In the past, this helped Chinese elderly care enterprises actively cope with the trend of population aging, meet the needs of diversified and multi-level elderly care services, establish a sustainable development mode, and achieve high-quality transformation and development. The results show that (1) the operating performance of elderly care enterprises under the mode of public construction and private operation is poor; (2) elderly care enterprises driven by public welfare logic are more likely to achieve higher business performance, and (3) elderly care enterprises driven by business logic are more willing to introduce investment when they have made profits.

Financiamento de Capital , Intenção , Humanos , Idoso , China , Envelhecimento , Lógica
Rev. esp. nutr. comunitaria ; 28(4): 1-7, Octubre - diciembre, 2022.
Artigo em Espanhol | IBECS | ID: ibc-214964


Fundamentos: El hambre es una situación de infraconsumo de alimentos y la especulación financiera puedeagravar este problema. El objetivo es mostrar la relación existente entre la especulación financiera con elproblema del hambre. Se busca con esto mostrar la necesidad de que las políticas que se aplican ante lascrisis financieras no sean solamente económicas, sino también alimentarias.Métodos: se ha hecho uso de la revisión bibliográfica, se buscó causantes del hambre en el mundo,encontrando así 82 fuentes, de los cuales se seleccionaron 23 debido a que los autores mostraban elproblema del hambre y la subida de los precios de los alimentos durante el periodo 2007-2008.Resultados: Entre los años 2007 y 2008 los precios de los productos agrícolas aumentaron vertiginosamenteen el mundo. Gran parte de ese aumento del precio se debió a la especulación financiera. La cantidad depersonas que padecían hambre también creció y los beneficios del rubro especulativo también aumentaron.Conclusiones: La principal relación entre la especulación financiera con el hambre se debe a la subida de losprecios en los alimentos que genera la primera, agravando así el problema de la subalimentación. Los paísesque más los sufren son los dependientes de la importación de alimentos básicos, esto se puede ver con el caso de Perú. (AU)

Background: Hunger is a situation of underconsumption of food and financial speculation can aggravate thisproblem. The objective was to show the relationship between financial speculation and the problem ofhunger. This is intended to show the need for the policies applied in the face of financial crises not only to beeconomic, but also related to food.Methods: Bibliographic review has been used, the causes of hunger in the world were searched, thus finding82 sources, of which 23 were selected because the authors showed the problem of hunger and the rise infood prices during the period 2007-2008.Results: Between the years 2007 and 2008 the prices of agricultural products increased vertiginously in theworld. Much of that price increase was due to financial speculation. The number of people suffering fromhunger also grew and the profits from the speculative sector also increased.Conclusions: The main relationship between financial speculation and hunger is due to the rise in food pricesgenerated by the first, thus aggravating the problem of undernourishment. The countries that suffer the mostare those dependent on the import of basic foods, this can be seen with the case of Peru. (AU)

Humanos , Fome , 16949 , Financiamento de Capital , Refeições , Fome Endêmica , Peru
Rev. adm. pública (Online) ; 56(2): 248-274, mar.-abr. 2022. tab, graf
Artigo em Português | LILACS | ID: biblio-1376362


Resumo Este artigo traz como objeto de análise os projetos e programas do setor público no Brasil que receberam financiamentos externos de organismos multilaterais e bilaterais em âmbito federal, estadual e municipal entre 2000 e 2020. Os dados analisados foram coletados no Painel da Comissão de Financiamentos Externos (Painel COFIEX) do Ministério da Economia do Brasil, categorizados e apresentados neste artigo de forma conjuntural, com o objetivo de representar um panorama sobre este objeto para os estudos da Administração Pública no país. Importante instrumento do Sistema de Cooperação Internacional para o Desenvolvimento (SCID), o financiamento internacional para o desenvolvimento obedece às agendas e diretrizes das organizações internacionais, as quais se modificaram ao longo dos anos. Dessa forma, além de explorar as principais fontes credoras, setores e unidades da federação de destino dos financiamentos internacionais para o desenvolvimento destinados ao Brasil, o artigo buscou verificar de que forma as características dos financiamentos internacionais recebidos entre 2000 e 2015 e pós-2015 refletem as agendas e diretrizes da Cooperação Internacional para o Desenvolvimento (CID) dos respectivos períodos, a saber: os Objetivos de Desenvolvimento do Milênio (ODM) (2000-2015) e os Objetivos do Desenvolvimento Sustentável (ODS) (2015-2030). Como resultado, além de apresentar uma pioneira análise exploratória dos dados, verificou-se uma inflexão dos financiamentos externos recebidos no pós-2015 pelo Brasil na direção da atual agenda e diretrizes da CID. Por fim, o artigo apresenta encaminhamentos para agendas futuras de pesquisa.

Resumen Este artículo ofrece un análisis de los proyectos y programas del sector público en Brasil que recibieron financiación externa de agencias multilaterales y bilaterales, a nivel federal, estatal y municipal, entre los años 2000 y 2020. Los datos analizados fueron recolectados en el Panel COFIEX del Ministerio de Economía de Brasil, categorizados y presentados en este artículo de forma coyuntural, con el objetivo de representar una visión general de este objeto para los estudios de la Administración Pública en el país. Instrumento importante del Sistema de Cooperación Internacional para el Desarrollo (SCID), la Financiación Internacional para el Desarrollo sigue las agendas y directrices de las organizaciones internacionales, que han cambiado a lo largo de los años. Así, además de explorar las principales fuentes acreedoras, sectores y unidades federales de destino de la Financiación Internacional para el Desarrollo a Brasil, el artículo buscó verificar cómo las características de la financiación internacional recibida entre 2000 y 2015 y posteriormente reflejan las agendas y directrices de la Cooperación Internacional para el Desarrollo (CID) de los respectivos períodos, a saber, los Objetivos de Desarrollo del Milenio (2000-2015) y los Objetivos de Desarrollo Sostenible (2015-2030). Como resultado, además de presentar un análisis exploratorio pionero de los datos, se verificó una inflexión de la financiación externa recibida por Brasil después de 2015 hacia la actual agenda y directrices de la Cooperación Internacional para el Desarrollo (CID). Por último, el documento presenta referencias para futuras agendas de investigación.

Abstract This article analyzes public sector projects and programs in Brazil that received external financing from multilateral and bilateral agencies at the federal, state, and municipal levels between 2000 and 2020. The analyzed data were collected in the COFIEX Panel of the Brazilian Ministry of Economy, categorized, and presented in this article in a contextual way, aiming to represent the first overview of this object for studies on Public Administration in the country. An important instrument of the International Development Cooperation System, International Financing for Development follows international organizations" agendas and guidelines that have changed throughout history. Thus, in addition to exploring the main creditor sources, sectors, and federal units of destination of International Development Financing to Brazil, the article verified how the characteristics of international financing received between 2000-2015 and post-2015 reflect the agendas and guidelines of International Development Cooperation of the respective periods, namely, the Millennium Development Goals (2000-2015) and the Sustainable Development Goals (2015-2030). As a result, in addition to presenting a pioneering exploratory analysis of the data, it was possible to verify an inflection of external financing received by Brazil after 2015 in the direction of the current agenda and guidelines of International Development Cooperation. Finally, the paper presents directions for future research agendas.

Administração Pública , Financiamento de Capital , Setor Público , Estado , Economia , Projetos , Desenvolvimento Sustentável , Cooperação Internacional
Rev. adm. pública (Online) ; 56(2): 309-323, mar.-abr. 2022. graf
Artigo em Português | LILACS | ID: biblio-1376366


Resumo Apesar de lançado em 2011, o título de impacto social (SIB, na sigla em inglês social impact bonds) é um instrumento ainda em desenvolvimento e que encontra inúmeros desafios. Este artigo tem como objetivo apresentar características dos SIBs e desafios relativos à sua implementação como mecanismo para financiamento de projetos públicos com propósito social. Após revisão bibliográfica e documental, foram identificadas e apresentadas as principais críticas ao modelo. Três casos internacionais de SIBs que já encerraram seus ciclos de maturidade foram selecionados para a análise de aspectos éticos e metodológicos, de métricas, de resultados e de atores. Implicações para projetos no Brasil foram consideradas com base nas análises dos casos internacionais.

Resumen A pesar de haber sido lanzado en 2011, el contrato de impacto social (SIB, acrónimo del término inglés social impact bond) es un instrumento inmaduro que enfrenta numerosos desafíos. Este artículo tiene como objetivo presentar las características de los SIB y los desafíos relativos a su implementación como mecanismos para financiar proyectos públicos con propósito social. Después de la revisión bibliográfica y documental, se identificaron y presentaron las principales críticas al modelo. Se seleccionaron tres casos internacionales de SIB que ya completaron sus ciclos de madurez para el análisis de aspectos éticos, metodológicos, de métricas de resultados y de actores. Las implicaciones para proyectos en Brasil se consideraron a partir del análisis de estos casos internacionales.

Abstract Despite being launched in 2011, the social impact bond (SIB) is an instrument under development that faces numerous challenges. This article presents the characteristics of SIBs and challenges related to their implementation as mechanisms to finance public projects with a social purpose. After a bibliographical and documentary review, three international cases of SIBs that have completed their maturity cycles, relevant for critical analysis of possible projects in Brazil, were selected. Ethical, methodological, metrics, results, and actor networks are analyzed in the three SIBs. Implications for projects in Brazil were considered from the analysis of these international cases.

Política Pública , Mudança Social , Financiamento de Capital , Benchmarking
Surg Innov ; 29(1): 103-110, 2022 Feb.
Artigo em Inglês | MEDLINE | ID: mdl-34243691


Background. Innovations in orthopaedic technologies often require significant funding. Although an increasing trend has been observed for third-party investments in other medical fields, no study has examined the influence of venture capital (VC) funding in orthopaedics. Therefore, this study analyzed trends in VC investments related to the field of orthopaedic surgery, as well as the characteristics of recipients of these investments. Methods. Venture capital investments into orthopaedic-related businesses were reviewed from 2000 to 2019 using Capital IQ, a proprietary intelligence platform documenting financial investments. Metrics categorized were investments by year, investment amount, and subspecialty domain as per the American Academy Orthopaedic Surgeons website. The compound annual growth rate (CAGR) for both quantity and dollar amount of investments was calculated over the study period and the two decade-long periods (2000-2009 and 2010-2019). Results. Over two decades, 673 VC investments took place, involving a total of US$3.5 billion. Both the number and dollar value of investments were greater in the second decade (440, US$1.9 billion), compared to the first decade (233, US$1.6 billion). Both quantity and dollar amount of VC investments grew over the first decade, with a CAGR 9.53% and 4.97%, respectively. However, investment growth declined in the latter decade. The largest and most frequent investments took place within spine surgery and adult reconstruction. Conclusion. An initially rising trend in VC investment in orthopaedic-related businesses may have plateaued over the past decade. These findings may have important implications for continued investment into orthopaedic innovations and collaboration between the surgical community and private sector.

Procedimentos Ortopédicos , Ortopedia , Financiamento de Capital , Investimentos em Saúde , Estados Unidos
Br J Haematol ; 196(1): 63-69, 2022 01.
Artigo em Inglês | MEDLINE | ID: mdl-34340260


Sickle cell disease (SCD) is a devastating and under-recognised global child health issue affecting over 300,000 infants annually, with the highest prevalence in India and sub-Saharan Africa. Most affected infants born in low- and middle-income countries (LMIC) lack access to SCD testing and die from complications in the first years of life without a formal diagnosis. The majority of deaths are preventable with early diagnosis and provision of inexpensive interventions. Despite global recognition of the urgent need, expansion of SCD newborn screening (NBS) programmes beyond the pilot stage has been obstructed by a dependence on an expensive and logistically challenging centralised laboratory testing model. Recently, several point-of-care tests (POCT) for SCD have been developed with promising field validation studies. Here, we summarise the state of POCT for SCD, review barriers and unanswered questions, and discuss optimal strategies for utilising POCT to address the growing global burden of SCD. There is an urgent need to prospectively evaluate the ability of POCT to reduce the morbidity and high early mortality of SCD. To impact a sustainable reduction to this end, it is essential to link a diagnosis with comprehensive SCD care, including wide and affordable access to affordable hydroxycarbamide therapy.

Anemia Falciforme/diagnóstico , Anemia Falciforme/epidemiologia , Testes Imediatos , Financiamento de Capital , Análise Custo-Benefício , Diagnóstico Precoce , Avaliação do Impacto na Saúde , Acesso aos Serviços de Saúde , Humanos , Recém-Nascido , Técnicas de Diagnóstico Molecular/economia , Técnicas de Diagnóstico Molecular/instrumentação , Técnicas de Diagnóstico Molecular/métodos , Técnicas de Diagnóstico Molecular/normas , Triagem Neonatal , Testes Imediatos/economia , Testes Imediatos/normas , Prevalência , Reprodutibilidade dos Testes , Sensibilidade e Especificidade
PLoS One ; 16(12): e0261184, 2021.
Artigo em Inglês | MEDLINE | ID: mdl-34910785


CAMEL is considered one of the well-known banking rating systems used to build a proper bank ranking. In our paper, we investigate the CAMEL rating for Saudi banks, which is considered the second largest banking sector in GCC. The Saudi banking sector consists of 11 banks and is the leading sector in the Saudi stock index (TASI). In this research, we aim to determine the ranking of Saudi banks according to CAMEL composite and CAMEL overall ratings and explore the effects of these ratings on banks' total deposits for the period from 2014 to 2018. The methodology involves four phases. In the first phase, we calculate the key financial ratios of CAMEL's composites for each bank. In the second phase, we rank the banks from 1 to 11 to each one of CAMEL's composites for each bank per year. In the third phase, we rank Saudi banks according to CAMEL composite and CAMEL overall. Finally, in the fourth phase, we run a regression model using CAMEL financial ratios rank as independent variable and banks' total deposits as a dependent variable. Using the stepwise regression method, the results indicated that the best regression model has an adjusted R2 of 73.4% and a standard error of around 0.58. The results further indicated that capital measured by CAR, management as an efficiency ratio, earning with ROE proxy, and liquidity as loans to deposits have positive effects on banks' total deposits. Meanwhile, earnings as net interest income to net revenue and liquidity calculated by CASA have a negative effect on banks' total deposits. Finally, asset quality ratios and the rest of the ratios have no significant effect on banks' total deposits.

Financiamento de Capital/normas , Administração Financeira , Investimentos em Saúde/economia , Financiamento de Capital/economia , Humanos , Arábia Saudita
Artigo em Português | LILACS | ID: biblio-1363043


O presente ensaio busca analisar o papel das instituições (po-deres executivo e legislativo) na garantia do que está previsto no artigo 217 da CF/88: o esporte como direito de todos. Para tanto, o trabalho busca explorar o encaixe entre regras da federação e a expectativa da garantia do direito, tendo como cenário o estado de Santa Catarina. Serão analisadas duas instâncias federativas, a União e o município. O primeiro aspecto importante é que nem a União nem os municípios es-tão obrigados a implementar políticas de esporte. Há um vácuo institu-cional e a instituição responsável por preenchê-lo é o poder legislativo, como prevê o artigo 24 da CF/88. A inexistência de competências ende-reçadas ao poder executivo, contudo, não tem impedido a produção de políticas públicas de esporte (AU).

This essay seeks to analyze the role of institutions (executive and legislative powers) in ensuring what is provided by article 217 of the Federal Constitution of 1988: sport as a right for all. Therefore, the study aims to explore the fit between the rules of the federation and the expectation of the guarantee of right, having as a scenario the state of Santa Catarina. Two federative instances will be analyzed, Union and municipality. The first important aspect is that neither the Union nor the municipalities are obliged to implement sports policies. There is an institutional gap and the institution responsible for filling it is the legislative power, as stated in article 24 of FC/88. The lack of competences addressed to the executive power has not prevented the production of public sports policies (AU).

Este ensayo busca analizar el papel de las instituciones (poderes ejecutivo y legislativo) para garantizar lo previsto en el artículo 217 del CF / 88: el deporte como un derecho de todos. Con este fin, el trabajo busca explorar el ajuste entre las reglas de la federación y la expectativa de garantía del derecho, en el contexto del estado de Santa Catarina. Se analizarán dos instancias federativas, la Unión y el municipio. El primer aspecto importante es que ni la Unión ni los municipios están obligados a implementar políticas deportivas. Existe un vacío institucional y la institución responsable de llenarlo es el poder legislativo, como se establece en el artículo 24 del CF / 88. La falta de competencias dirigidas al poder ejecutivo no ha impedido la producción de políticas deportivas públicas (AU).

Humanos , Política Pública , Esportes , Financiamento de Capital , Lei Orgânica , Constituição e Estatutos , Federalismo
Artigo em Inglês | MEDLINE | ID: mdl-34831699


In order to explore the internal connection between information sharing and investment performance in the venture capital network community, this study took environmental-governance start-ups as the research object and used the 2009-2020 environmental-social enterprise start-up venture capital investment events as a data sample. The successful exit rate of the venture capital portfolio and the successful listing rate of investment ventures were used as the measurement criteria. Combined with regression analysis, the relationship between information sharing and investment performance in the venture capital network community was analyzed in detail. Research shows that there are differences between the ways of information sharing in the venture capital network communities. In the regression results, all coefficients are less than 0.01. There is a positive correlation between information sharing and investment performance in the venture capital network community. With the increase in enterprise characteristic variables, the degree of enterprise risk information sharing is getting higher and higher. This ultimately leads to more and more frequent corporate investment performance and a higher possibility of acquisition. Among them, the degree of information sharing in the venture capital network community is relatively high, and venture capital companies that are supported by corporate venture capital institutions will benefit even more from listed capital. Not only was the analysis of the relationship between finance and investment in the venture capital network community pointed out in this research, but also the investment development of entrepreneurial enterprises was also provided with feasible suggestions.

Financiamento de Capital , Investimentos em Saúde , Disseminação de Informação , Organizações
CMAJ Open ; 9(4): E980-E987, 2021.
Artigo em Inglês | MEDLINE | ID: mdl-34753787


BACKGROUND: As Canada increases requirements for research data management and sharing, there is value in identifying how research data are shared and what has been done to make them findable and reusable. This study aimed to understand Canada's data-sharing landscape by reviewing how data funded by the Canadian Institutes of Health Research (CIHR) are shared and comparing researchers' data-sharing practices to best practices for research data management and sharing. METHODS: We performed a descriptive analysis of CIHR-funded publications from PubMed and PubMed Central published between 1946 and Dec. 31, 2019, that indicated that the research data underlying the results of the publication were shared. We analyzed each publication to identify how and where data were shared, who shared data and what documentation was included to support data reuse. RESULTS: Of 4144 CIHR-funded publications identified, 1876 (45.2%) included accessible data, 935 (22.6%) stated that data were available via request or application, and 300 (7.2%) stated that data sharing was not applicable or possible; we found no evidence of data sharing in 1558 publications (37.6%). Frequent data-sharing methods included via a repository (1549 [37.4%]), within supplementary files (1048 [25.3%]) and via request or application (935 [22.6%]). Overall, 554 publications (13.4%) included documentation that would facilitate data reuse. INTERPRETATION: Publications funded by the CIHR largely lack the metadata, access instructions and documentation to facilitate data discovery and reuse. Without measures to address these concerns and enhanced support for researchers seeking to implement best practices for research data management and sharing, much CIHR-funded research data will remain hidden, inaccessible and unusable.

Academias e Institutos , Pesquisa Biomédica , Disseminação de Informação , Publicações/estatística & dados numéricos , Canadá/epidemiologia , Financiamento de Capital , Bases de Dados Factuais , Documentação , Humanos
PLoS One ; 16(11): e0259510, 2021.
Artigo em Inglês | MEDLINE | ID: mdl-34731218


We examine how the offer size of initial public offerings (IPOs) and the market return on their issue date are related to the pricing of 314 IPOs issued by firms in Denmark, Finland, Norway and Sweden at the one-day, one-week and four-week horizons using latent class analysis, which is a structural equation methodology. We identify four latent classes at each time horizon, where classes (i)-(ii) include a greater number of IPOs: (i) large-sized and underpriced IPOs; (ii) small-sized and overpriced IPOs; (iii) small-sized and severely underpriced IPOs; and (iv) large-sized IPOs that are overpriced at the one-day horizon but underpriced at the four-week horizon. The market returns are normal in latent classes (i)-(iii) and weak in class (iv). Approximately half of the IPOs in the technology sector are in the latent class with small-sized and overpriced IPOs, and most of the IPOs in the class with small-sized and severely underpriced IPOs are in the healthcare sector. Finally, the underpricing of IPOs is not corrected after one or four weeks of trading. Instead, the mean return and the standard deviation of returns increase with the time horizon.

Financiamento de Capital , Coleta de Dados , Dinamarca , Finlândia , Análise de Classes Latentes , Noruega , Suécia