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Wa Qiula - One of the best experts on this subject based on the ideXlab platform.
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implementation of ac optimal power flow based Financial transmission right auction model under static security constraints
Power system technology, 2010Co-Authors: Wa QiulaAbstract:As a Financial Instrument for hedging risk, Financial transmission right (FTR) has been put into application in some electricity markets. Considering the contingency constraints, this paper proposes a new FTR auction model based on AC optimal power flow (OPF) in which the n-1 static security constraints are included, and the AC-OPF based on Monte Carlo simulation is applied to solve the proposed model. Corresponding contingency set is chosen by probabilistic algorithm, and the optimization solution of expectation value and frequency distribution of clearing results is obtained. The proposed method is verified by IEEE 5-bus system and IEEE 30-bus system respectively, calculation results show that the proposed model and method are reasonable and feasible.
Steven Dean - One of the best experts on this subject based on the ideXlab platform.
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hunting stag with fly paper a hybrid Financial Instrument for social enterprise
Boston College Law Review, 2013Co-Authors: Dana Brakman Reiser, Steven DeanAbstract:IntroductionWhen Google issued shares to the public for the first time, the entrepreneurs at its helm had more than immediate self-gratification in mind.1 They recognized that the transaction others disdained as a nec- essary evil-a dark brew of lawyers and bankers stirred by greed-could be far more.2 The unconventional auction structure they employed leftno room for doubt that Google's "don't be evil" mantra guided its leaders' actions even when billions of dollars hung in the balance.3 Flexible Low-Yield ("FLY") Paper, the hybrid Financial Instrument this Article describes, offers social entrepreneurs the same opportunity to remake a symbol of greed into proof of their commitment to leaven capitalism with idealism.It is conventional wisdom that when social entrepreneurs4 accept capital from investors they take the first step down a slippery slope toward wholeheartedly embracing a profit motive.5 By contrast, when a charity raises capital from donors, its commitment to exclusively pursue social good is permanent.6 A charity's assets possess complete legacy protection, guaranteeing their perpetual dedication to charitable purposes. Until now, outside that charitable context, investments seem invariably to undermine an enterprise's commitment to the pursuit of its social objectives.7FLY Paper succeeds where prior efforts have failed primarily because it reflects the insight-new to the literature-that the problem social entrepreneurs and investors face can be described as a stag hunt or assurance game.8 Just as the figurative hunters long to return home with a shared stag, investors and entrepreneurs prefer cooperation and a double bottom line.9 Although they would both benefit by balancing an enterprise's social mission alongside their own Financial interests, doing so asks each to take a leap of faith.10 Low-profit Limited Liability Companies ("L3Cs"), benefit corporations, and flexible purpose corporations ("FPC")-although specifically designed for social enterprise- fail to give investors and entrepreneurs the confidence needed to make that leap.11 They may provide one or the other with a means of making a credible commitment to the enterprise's social mission, but never both.FLY Paper fills that gap by providing both entrepreneurs and investors with confidence that their commitment to the enterprise's mis- sion will be reciprocated.12 FLY Paper is a hybrid debt Instrument that entitles investors to a modest, below-market return payable on a flexible schedule. This investment will provide entrepreneurs with capital, but will also test their resolve. If an entrepreneur agrees to sell her own shares, FLY Paper holders will have the option to convert their debt to equity on favorable terms, thereby capturing much of the gains that the entrepreneur would otherwise earn from "selling out." Accordingly, FLY Paper creates a window of time during which social entrepreneurs can pursue their social missions without turning to the permanent legacy protection of a charitable organization. Rather than representing a threat to its social mission, the investment makes the mission "sticky" during the FLY Paper's term.13 When social enterprises issue FLY Paper to investors, neither entrepreneurs nor investors need to worry that the other will "defect" by unilaterally pursuing their own self-interest.In one sense, FLY Paper falls well short of the solution offered by entities such as the L3C, the benefit corporation, and the FPC. Those entities promise to strike a permanent, comprehensive balance between profit and mission. Although such a broad resolution would be ideal, none of those hybrid entities has achieved it.14 FLY Paper makes a more modest pledge: to give both investors and entrepreneurs a means of making credible commitments to the enterprise's mission over a specified term.This Article argues that FLY Paper, an incremental departure from existing legal technologies, will go further than hybrid organizations to secure an enterprise's social mission. …
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hunting stag with fly paper a hybrid Financial Instrument for social enterprise
Social Science Research Network, 2013Co-Authors: Dana Brakman Reiser, Steven DeanAbstract:Social entrepreneurs and socially motivated investors share a belief in the power of social enterprise, ventures that pursue a “double bottom line” of profit and social good. Unfortunately, they also share a deep mutual suspicion. Recognizing that social ventures — just like traditional for- and non-profit enterprises — need capital to flourish, this Article offers a financing tool to transform that skepticism into commitment. Unlike the array of new entities that have emerged in recent years — including L3Cs, benefit corporations and flexible purpose corporations — the hybrid Financial Instrument it describes provides a robust and transparent solution to the puzzle that lies at the heart of every social enterprise: how to blend a profit motive with a social mission. Recognizing their shared dilemma as an example of what economists call a stag hunt, FLY Paper strikes that elusive balance by allowing investors and entrepreneurs to credibly signal a reciprocal commitment to the pursuit of a dual bottom line.
Dana Brakman Reiser - One of the best experts on this subject based on the ideXlab platform.
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hunting stag with fly paper a hybrid Financial Instrument for social enterprise
Boston College Law Review, 2013Co-Authors: Dana Brakman Reiser, Steven DeanAbstract:IntroductionWhen Google issued shares to the public for the first time, the entrepreneurs at its helm had more than immediate self-gratification in mind.1 They recognized that the transaction others disdained as a nec- essary evil-a dark brew of lawyers and bankers stirred by greed-could be far more.2 The unconventional auction structure they employed leftno room for doubt that Google's "don't be evil" mantra guided its leaders' actions even when billions of dollars hung in the balance.3 Flexible Low-Yield ("FLY") Paper, the hybrid Financial Instrument this Article describes, offers social entrepreneurs the same opportunity to remake a symbol of greed into proof of their commitment to leaven capitalism with idealism.It is conventional wisdom that when social entrepreneurs4 accept capital from investors they take the first step down a slippery slope toward wholeheartedly embracing a profit motive.5 By contrast, when a charity raises capital from donors, its commitment to exclusively pursue social good is permanent.6 A charity's assets possess complete legacy protection, guaranteeing their perpetual dedication to charitable purposes. Until now, outside that charitable context, investments seem invariably to undermine an enterprise's commitment to the pursuit of its social objectives.7FLY Paper succeeds where prior efforts have failed primarily because it reflects the insight-new to the literature-that the problem social entrepreneurs and investors face can be described as a stag hunt or assurance game.8 Just as the figurative hunters long to return home with a shared stag, investors and entrepreneurs prefer cooperation and a double bottom line.9 Although they would both benefit by balancing an enterprise's social mission alongside their own Financial interests, doing so asks each to take a leap of faith.10 Low-profit Limited Liability Companies ("L3Cs"), benefit corporations, and flexible purpose corporations ("FPC")-although specifically designed for social enterprise- fail to give investors and entrepreneurs the confidence needed to make that leap.11 They may provide one or the other with a means of making a credible commitment to the enterprise's social mission, but never both.FLY Paper fills that gap by providing both entrepreneurs and investors with confidence that their commitment to the enterprise's mis- sion will be reciprocated.12 FLY Paper is a hybrid debt Instrument that entitles investors to a modest, below-market return payable on a flexible schedule. This investment will provide entrepreneurs with capital, but will also test their resolve. If an entrepreneur agrees to sell her own shares, FLY Paper holders will have the option to convert their debt to equity on favorable terms, thereby capturing much of the gains that the entrepreneur would otherwise earn from "selling out." Accordingly, FLY Paper creates a window of time during which social entrepreneurs can pursue their social missions without turning to the permanent legacy protection of a charitable organization. Rather than representing a threat to its social mission, the investment makes the mission "sticky" during the FLY Paper's term.13 When social enterprises issue FLY Paper to investors, neither entrepreneurs nor investors need to worry that the other will "defect" by unilaterally pursuing their own self-interest.In one sense, FLY Paper falls well short of the solution offered by entities such as the L3C, the benefit corporation, and the FPC. Those entities promise to strike a permanent, comprehensive balance between profit and mission. Although such a broad resolution would be ideal, none of those hybrid entities has achieved it.14 FLY Paper makes a more modest pledge: to give both investors and entrepreneurs a means of making credible commitments to the enterprise's mission over a specified term.This Article argues that FLY Paper, an incremental departure from existing legal technologies, will go further than hybrid organizations to secure an enterprise's social mission. …
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hunting stag with fly paper a hybrid Financial Instrument for social enterprise
Social Science Research Network, 2013Co-Authors: Dana Brakman Reiser, Steven DeanAbstract:Social entrepreneurs and socially motivated investors share a belief in the power of social enterprise, ventures that pursue a “double bottom line” of profit and social good. Unfortunately, they also share a deep mutual suspicion. Recognizing that social ventures — just like traditional for- and non-profit enterprises — need capital to flourish, this Article offers a financing tool to transform that skepticism into commitment. Unlike the array of new entities that have emerged in recent years — including L3Cs, benefit corporations and flexible purpose corporations — the hybrid Financial Instrument it describes provides a robust and transparent solution to the puzzle that lies at the heart of every social enterprise: how to blend a profit motive with a social mission. Recognizing their shared dilemma as an example of what economists call a stag hunt, FLY Paper strikes that elusive balance by allowing investors and entrepreneurs to credibly signal a reciprocal commitment to the pursuit of a dual bottom line.
Yi Tang - One of the best experts on this subject based on the ideXlab platform.
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implementation of ac optimal power flow based Financial transmission right auction under static security constraints
IEEE PES Asia-Pacific Power and Energy Engineering Conference, 2009Co-Authors: Yi TangAbstract:As a Financial Instrument for hedging risk, Financial transmission right (FTR) has been put into application in some power markets. Based on AC optimal power flow (OPF) a new FTR auction model was proposed under considering of the contingency constraints. With the n-l static security constraints, this model is solved by the AC-OPF based on Monte Carlo simulation. Firstly the contingency set is selected by the probabilistic algorithm, and then the expected values of clearing results and frequency distribution plots are obtained through the optimization results. The numerical results of IEEE 30-bus system demonstrate the rationality and feasibility of the proposed model.
Clare Innes - One of the best experts on this subject based on the ideXlab platform.
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derivative Financial Instrument use in australia
Social Science Research Network, 2002Co-Authors: Henk Berkman, Michael E Bradbury, Phil Hancock, Clare InnesAbstract:This paper examines the relation between derivatives use and Financial characteristics of Australian industrial and mining firms. The firm characteristics proxy for Financial distress, tax losses, managerial ownership, growth opportunities, the ability to generate operating cash flows and liquidity. We also control for firm size, dividends and exposure to foreign exchange risk. The results show that firm size and leverage are the main explanatory variables for derivative use for both industrial and mining firms.