Moderate Investment Research Articles

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Abstract. Introduction. In modern conditions of transformation of the national economy the development of investment activity, which influences the interests of a growing number of enterprises, becomes relevant. Effective implementation of investment activities at the present stage is the basis for the development of Ukraine's economy, ensuring the possibility of its integration into the European socio-economic space, which will further enhance the competitiveness of enterprises and improve the investment climate. Purpose. It has been proved that investment activity requires decision-making on investing financial resources to expand production. It has been established that the investment strategy of any enterprise is an integral part of its overall economic strategy, which allows to fully assess the investment potential for foreign investors. Results. An analysis of business entities based on indicators of investment activity in the selection of strategic development priorities. There are three clusters: first class: normal investment activity; second class: moderate investment activity; and third grade: critical investment activity. The analysis of investment activity of business entities of the machine-building industry in Ukraine indicates the need to attract investment resources. Conclusions. Hierarchies of choice of strategic priorities directions of development for attraction of foreign economic sources of financing have been offered and its economic efficiency has been established. The hierarchy of communication of the choice of directions of strategic development priorities for attracting foreign economic sources of financing has been obtained, which has six levels, where the highest level is to ensure the development and promotion of products of economic entities in international markets. Implementation of 6 levels of the hierarchy of choice of strategic development priorities to attract foreign economic sources of financing of economic entities, these are comprehensive actions that will enhance investment attractiveness in international markets and address some issues related to the development of strategic priorities of economic entities.

과대투자, 중립적투자, 과소투자 및 산업 특성이 기업의 경영성과에 미치는 영향

본 연구는 기업의 투자성향을 과대투자, 중립적 투자, 과소투자로 세분하여 각 투자성향이 기업이 속한 산업의 특성에 따라 기업의 미래 경영성과에 미치는 영향 분석을 시도하였다. 이 때 산업의 특성은 산업집중도와 성장성, 진입장벽, 기술변동성으로 기업이 속한 산업 특성별로 기업의 투자성향이 미래 경영성과에 미치는 영향을 중·단기적으로 분석하였다. 기존 연구들은 주로 경영자의 과도확신성향의 위험성에 집중하여 이루어졌으나, 기업이 처한 경영환경에 따라 투자 규모별 위험은 다를 수 있다. 본 연구는 기업의 투자성향을 규모별로 세분하여 기업이 속한 산업의 특성별로 경영성과에 미치는 영향을 중단기적 관점에서 분석하였다는 점에서 기존 연구와 차이가 있다. 연구대상은 2008년부터 2018년까지의 KOSPI와 KOSDAQ 상장기업이다. 기업의 투자성향은 Schrand and Zechman(2012)에 따른 자산확장에 대한 투자의 양, 미래 경영성과는 총자산이익률로 측정하였다. 산업의 경쟁 정도는 허핀달-허쉬만 지수, 산업의 성장성은 산업별 매출액 증가율, 산업의 진입장벽은 유형자산집중도, 산업의 기술변동성은 첨단기술업종과 고기술업종 해당 여부로 측정하였다. 분석 결과, 기업의 과대투자와 과소투자는 중립적 투자에 비해 미래 경영성과를 유의하게 감소시켰으며, 기업이 산업집중도가 높은 저경쟁산업에 속할 경우 고경쟁산업에 속한 경우에 비해 기업의 과대투자가 기업의 미래 수익성에 미치는 부정적 영향은 완화되었다. 반면 기업이 성장산업에 속할 경우 비성장산업에 속한 경우에 비해 기업의 과소투자가 기업의 미래 수익성에 미치는 부정적 영향은 강화되었다. 그리고 산업의 진입장벽과 기술변동성은 산업간에 투자성향별 미래 성과에 대한 상대적 영향 차이는 없었으나 해당 산업 내에서 과대투자성향은 다른 투자성향에 비해 미래 경영성과를 유의하게 감소시켰다. 이는 기업이 산업 특성별 투자규모 및 시기와 관련한 경영의사결정에 시사점을 제공할 것으로 기대된다.

A Planning Tool for Optimizing Investment to Reduce Drinking Water Risk to Multiple Water Treatment Plants in Open Catchments

Supplying safe, secure, and reliable drinking water is a growing challenge particularly in regions where catchments have diverse land uses, rapidly growing populations, and are subject to increasing weather extremes such as in the subtropics. Catchments represent the first barrier in providing ecosystem services for water quality protection and bulkwater suppliers are therefore investing in mitigation measures to reduce risk to drinking water quality for consumers. This paper presents an approach to combine data on erosion processes, pathogenic bacteria and protozoa from several sources, determine the highest risks from these hazards and identify an optimum portfolio of intervention activities that provide maximum risk reduction at water treatment plants (WTP) for a given budget using a simulated annealing optimizer. The approach is demonstrated in a catchment with six WTPs servicing small rural to urban populations. The catchment is predominantly used for agriculture. Results show that drinking water risk from protozoa can be reduced for most WTPs for moderate investment budget, while bacteria risk reduction requires significantly larger budget due to the greater number of significant source sites relative to protozoa. Total suspended sediment loads remain a very high risk to most of the WTPs due to the large extent of channel and gully erosion and landslides. A map of priority areas and associated suite of interventions are produced to guide on groundwork.

Effort investment in uncontrollable situations: The moderating role of motivation toward closure

According to the principle of energy-conservation principle, effort investment is usually reduced in situations that are perceived as uncontrollable. This is because when success is recognized as impossible, any effortful actions are no longer justified. However, we predicted that individual differences in uncertainty tolerance, i.e., the need for closure (NFC), may moderate effort investment in uncontrollable situations. We tested this prediction in two experimental studies in which we exposed participants with differing levels of NFC to uncontrollable events, and indexed effort through the assessment of systolic blood pressure (SBP) responses. As predicted, in the uncontrollability (vs. controllability) condition, effort investment decreased significantly among low- but not high-NFC participants. Since gaining certainty and achieving closure is not a critical epistemic goal for low-NFC individuals, exerting extra effort to gain certainty is therefore no longer justified. On the other hand, high-NFC participants do not withhold their efforts, as they are highly motivated to obtain certainty. These results may help to account for contradictory findings in effort-investment behaviour and add substantively to the literature concerning motivation toward closure.

НЕДЕРЖАВНІ ПЕНСІЙНІ ФОНДИ ЯК ПРОФЕСІЙНІ УЧАСНИКИ ІНВЕСТИЦІЙНОГО РИНКУ УКРАЇНИ

In today's crisis caused by the pandemic, there is a problem of mobilization of additional financial resources. One of the most important ways to raise money is to invest. Exit from the economic crisis and further sustainable development of the na-tional economy is impossible without ensuring the effective functioning of the investment market of Ukraine. Foreign experience shows that it is non-state pension funds that pursue an active investment policy in the market, thus not only providing social pro-tection to the population by paying additional pensions to depositors, but also intensify the work of the stock market. The purpose of the article is to study the main trends of investment policy pursued by NPFs, to identify the main prob-lems faced by funds in the course of investment policy, as well as to identify the main prospects for intensifying investment activities of non-government pension funds. The following research methods are used in the article: comparison, induction, analysis, generalization and etc. The main directions of investment policy pursued by non-state pension funds of Ukraine and the world are analyzed. It is determined that Non-government pension funds of Ukraine pursue a moderate investment policy, as a significant part ofinvestment resources are monetary resources.Identified the main problems facing Non-government pension funds: inflation in the economy reduces the value of invested assets; imperfection of regulatory legislation - the lack of opportunity for partic-ipants to invest in other currencies; low level of general economic indicators that have a negative impact on the level of sol-vency of the population; lack of financial culture of the population; a small selection of state-protected financial instruments for NPF investment. The main ways to intensify the investment activities of pension funds include: harmonization of legislation with in-ternational and European standards; conducting informational and explanatory events in the form of advertising, holding free lectures on the activities of NPF; granting NPF rights to autonomous management of financial assets, expanding the range of financial instruments, introduction of so-called «pension bonds», development and implementation of automated systems and applications.

Study on the Similarity of the Parameters of Biomass and Solid Waste Fuel Combustion for the Needs of Thermal Power Engineering

The topic raised in this paper concerns an important aspect regarding the possibilities of the combustion and co-combustion of biomass substrates (energetic willow/sewage sludge), in light of the renewable energy source (RES) regulations, with fuel from waste defined here as RDF. Particular interest in these fuels and their mixtures results from a search by the thermal power engineering sector for fuels whose combustion will be associated with benefits, e.g., the acquisition of energy origin licenses, availability and lower cost of obtaining fuel (RDF), as well as moderate investment contributions using the existing base of coal grate boilers. This article indicates the possible variants of the combustion and co-combustion of the abovementioned fuels, referring to the use of technical and technological capabilities of coal grate furnaces. It was possible by comparing the mechanical and thermal load of grates, as well as so-called indicators for the quantitative assessment of combustion (i.e., ignition rate and mass loss rate). The result of the combustion of the fuel as above in a laboratory-scale furnace (samples weighing up to 1 kg), as well as their thermogravimetric analysis, indicates a great similarity of the mass loss curve, temperature profiles and combustion phases, as well as indicators of a quantitative assessment in the process of biomass and RDF oxidation. The obtained results of the mechanical and thermal load capacity of the grates constitute the basis for further analyses of fuel conversion, without the risk of thermal and/or mechanical grate overload. Relying on the research of the indicators for the quantitative assessment of combustion, it was found that the combustion process of the tested fuels could be carried out while maintaining the quality of burning the fuel layer. Based on the conducted research, it can be assumed that it is possible to replace coal fuels with biomass, RDF fuel, sewage sludge using coal furnaces for their combustion, which means a hybrid nature of the furnace due to the type of fuel.

APPRAISAL OF THE INVESTMENT VIABILITY OF SESAME ENTERPRISE AMONG SMALLHOLDER FARMERS IN BENUE STATE, NIGERIA

The study appraised the investment viability of sesame production among smallholder farmers in Benue State, Nigeria. A multistage sampling technique was used to collect data from 264 sesame farmers. Benefit cost ratio (budgetary technique) was used to appraise the viability made in sesame production in 2015, 2016 and 2017 production season and ordered logistic regression model was employed to determine the factors influencing the level of investment. The level of investment was categorized into three levels as: high investment (>₦60,000), moderate investment (₦31,000 - ₦60,000) and low investment (₦1,000 - ₦30,000). The analysis of benefit cost ratio revealed that the viability of sesame in 2015, 2016 and 2017 production season stood at 0.66 with a viability interval of 34%. The analysis of the ordered logistic regression showed that access to credit, male gender, married farmers, market information, membership of cooperatives, farmer’s age, household size, level of education and years of farming experience were positive and significant factors that influenced level of investment in sesame production. The study concluded that sesame production is profitable, thus a viable enterprise in the study area. It recommended that government should facilitate the availability of credit to sesame farmers at low interest rate as this would reduce the constraint of inadequate fund impeding smallholder farmers and thus, enhance high level of investment in sesame production.

Using of production CES-functions in the development of technological policy measures of domestic enterprises

The article formulates recommendations regarding the general technical policy of domestic industrial enterprises at the present stage of economic development, based on the application of the continuation method with respect to the parameter to a forced-homogeneous and heterogeneous production CES-function in the form of a CobbDouglas-Tinbergen. Based on the fact that the cost of labor resources in our country is almost the lowest in the world, we can conclude that the strategic policy in the field of fixed assets of domestic enterprises claiming on full competition in the world market should be focused on replacing obsolete equipment, which significantly reduces their competitiveness. The Cobb-Douglas-Tinbergen-shaped CES-function continuation method using with respect to the parameter to a forced homogeneous production indicates the possibility of an extremely optimistic intensive industry development scenario, which theoretically can grow almost exclusively through the use of skilled highly paid labor with moderate investment activity in the field of basic production funds. The influence of non-stationary processes in the economy on the enterprise development scenario has been identified, due to which the «lag» effect has been revealed when the development trend continues to operate for a certain time despite the fact that the conditions of the economic environment have already changed significantly. Thesis interpretation about decrease of reproductive potential of the national economy on the basis of a mathematical justification for the conclusion that production factors make an ever smaller contribution to the total product as they accelerate the intensity of their use in the production process, is given. Analysis of theoretically possible (limiting) cases of the production system development based on a comparison of changes in the parameters of production function is performed. Recommendations on the technological policy of domestic enterprises at the present stage are given.

Corrective Trading: An Analysis of Institutional Investors’ Information Advantages

Investors with future-return-related information use it to adjust past decisions that no longer fit. Using this rationale, we decompose institutional trading into adjustive (adjusting past portfolio decisions) and implied (implied by past portfolio weights) trades. Adjustive trades positively predict future stock returns and earnings surprises, whereas implied trades negatively predict returns. The return-predictability of adjustive trades is strong across all stock, institution, portfolio turnover, and flow types. It declines over time but persists among institutions with moderate investment horizons. An institutional investor’s tendency to trade adjustively and the performance of adjustive trades for the top 20% of institutions are highly persistent. The results illustrate the distribution and evolvement of institutional investors’ informational advantages.

Study and Cost Analysis of 10 Kw Small Hydro Power Plants

In recent years small hydroelectric power has received a great deal of attention from many point of view, one, as a sizable and easily utilizable source of renewable energy and second, as a moderate investment method for providing electricity to under-developed areas. Electricity is most convenient form of energy, which is utilized for lighting, heating, and industrial production. Generation of electricity through small hydroelectric schemes and its consumption does not pollute the environment and therefore can play important role for protection of the environment and in maintenance of ecological balance, especially for the isolated areas. In recent years due to the harmful effects of conventional power stations to the environment, installations utilizing renewable energy sources have been subject to renewed interest both in developing and in industrially developed countries. Hydroelectric power as a proven and well advanced technology providing 19% of the world's electric power from both large and small power plants. The installation cost of the small hydropower project is mainly divided into two parts-Civil works and electromechanical equipment. One of the most important elements on the recovery of a small hydro-power plant is the electromechanical equipment (turbine-alternator). In this paper we have to estimate the cost of 10 kW run of river remote area small hydro power plant.

Capital Policy on Firm's Profitability: A Case of the Thai Agro and Food Industry

Objective - The objectives of this research include: (1) to identify working capital investment policy and working capital financing policy, (2) to study the effect of working capital investment policy on profitability, and (3) to study the effect of working capital financing policy on profitability. Methodology/Technique - 41 firms in the agro-food industry listed on the Stock Exchange of Thailand are examined in this study. Secondary data was collected and analyzed within a 5-year period between 2013-2017. Findings - The results show that the most frequently employed working capital investment policy is the aggressive approach (46.30%), and the most frequently employed financial policy is the moderate approach (82.90%). According to the inferential statistics, it is concluded that: (1) profitability is significantly affected by the choice of working capital investment policy and a moderate investment policy results in the greatest profitability, and (2) profitability is not affected by the choice of working capital financing policy. Novelty - As a result, firms should focus on the selection of a moderate working capital investment policy when seeking to maximize profits. On the other hand, any type of working capital financing policy (aggressive, conservative, or moderate approach) is appropriate. Type of Paper Empirical Keywords: Working Capital Policy; Profitability; Agro and Food Industry; Thailand. JEL Classification: M10, M40, M41.

Factors Affecting the Willingness to Pay for the Protection of the Di River: an Approach Using the Box-Cox Double Hurdle Model

The Di River, located in West Africa between Burkina Faso and Mali, is a subject of concern to its users. Using econometric models of choice behavior, the determining factors of local populations’ willingness to pay (WTP) for the restoration of the riverbanks are either individual or collective variables. The latter variables imply that data collection focused on common characteristics of the population rather than intrinsic characteristics. Most determining factors have a positive effect on willingness to pay, which is especially observed with subjective or individual variables and reflects the very moderate investment that local populations are willing to make. However, that is also indicative of the potential to achieve sustainable management in such a way that personal factors contribute to increasing the WTP. In addition, the variable related to the level of education of a respondent reveals a willingness to pay a nonfinancial contribution for the restoration of the riverbanks and sustainable management of the resource.

The relationship between remittances and macroeconomic variables in times of political and social upheaval: Evidence from Tunisia's Arab Spring

AbstractIf Tunisia is hailed as a success story with its high rankings on economic, educational, and other indicators relative to other Arab countries, the popular 2011 uprisings underscored the fragility of its main economic pillars, including those of tourism and foreign direct investment. This paper examines the economic impact of migrants’ remittances, which are expected to exhibit relatively countercyclical behaviour during periods of intense upheaval. This study is novel in its methodological approach, which is used to pinpoint the dynamic effects of remittances on key macroeconomic variables within an unstable framework. The analysis reveals that the effect of remittances on Tunisia's economy has varied over time. Prior to the Arab Spring, remittances had a short‐term negative influence on economic growth, varying effects on domestic investment and positive impacts on consumption. In considering the post‐Arab uprisings, positive and strong impacts of remittances on growth and consumption are found in the long run while negative and moderate investment effects of remittances are shown over the short and medium term.

Corporate Investment and Portfolio Returns in Japan: A Markov Switching Approach

This paper explores the profitability of four Japanese higher return equity portfolios and their linkages between corporate investment factor return, the so-called conservative-minus-aggressive (CMA), suggested by Fama and French (2015). Our empirical examinations derive the following evidence. First, in the four Japanese equity portfolios, the smallest and the highest operating profitability portfolio presents the highest return. Second, the smallest and the highest book-to-market (B/M) portfolio, the smallest and moderate investment portfolio, and the smallest and the second strongest momentum portfolio also record higher excess returns than the overall equity market in Japan. Moreover, our analyses via two-regime Markov switching models evidence that for all the four Japanese equity portfolios, there are clearly two regimes: one is positively related to CMA and the other is little or negatively related to CMA. Furthermore, our analyses also reveal that recently, all the four Japanese equity portfolios yield higher returns than CMA with showing weaker linkages between CMA.

ПРИВЛЕЧЕНИЕ АРАБСКОГО КАПИТАЛА: ОПЫТ СУБЪЕКТОВ РФ

The paper analyses the experience of the Russian regions in the raising of the Arab capital. In the last 10 years Russian regions have been initiated 18 respective deals with total announced value 9.62 Billion US dollars, but only third of them with total value of just 163 Million US dollars were successfully realized. The list intended projects includes: Astrakhan region government negotiated with Dubai World (state investment holding of UAE) two investment projects in 2008; Chelyabinsk government negotiated building of oil-refinery with Emirati Quality Energy Petro International Ltd.; Bashkortostan discussed with the Arab investors two joint ventures, while Omsk did it once; Government of Saha Republic took part and sponsored Annual Investment Meeting in Dubai where Memorandum of Cooperation with Investment Authority of Dubai was signed; Government of Sverdlovsk region organized panel discussion with the Arab investors twice during the regional forum Innoprom. Despite the fact that all abovementioned regions have good investment opportunities and quite moderate investment risks none of deals were successfully realized. The author concludes that these regions do not work systematically and consistently when it comes to the Arab investors. Efforts of the most regional authorities are spontaneous and depend on the short-term circumstances. On the contrary, Chechen Republic is characterized by intensive PR but fails to attract Arab FDI due to high investment risks. Only Tatarstan is distinguished by smart strategy towards the Arab investors. For last ten years 7 deals have been initiated with 6 of which have been realized successfully. Such a performance is not occasional. Firstly, since 2009 Tatarstan has been organizing annual Islamic business forum – KazanSummit. Secondly, Tatarstan ordered road map for development of the Islamic Finance in the region, and continually implements it. Thirdly, Tatarstan set up trade and investment representative in Dubai. Fourthly, Tatarstan opened Center for Partnership Banking which officially promotes Islamic Banking services in the region. Finally, the republic-owned bank – Ak Bars attracted 60 and 100 Million US dollars in 2011 and 2014 respectively from the Islamic capital markets. Both deals were structured as Murabaha – a popular Islamic banking instrument. Despite the fact that Tatarstan has not launched Sukuk yet, the author admits the pioneering role of the bank and Tatarstan government as a whole in the build-up of deeper Russian-Arab investment relationship.&nbsp

Construction of Comprehensive Development Index and Analysis on the Development Trend of Solar Energy Industry

As a strategic emerging industry, solar energy industry has been wished to ease the energy crisis and stimulate economic growth. In order to judge the development of the industry objectively, this paper constructs the index system of China’s solar energy industrial development from three dimensions of micro enterprise, medium industry and macroeconomic. This paper simultaneously takes 27 specific indicators, 54 listed companies and 10206 data from 2010 to 2016 as an example to calculate the industrial development index. The result reveals that with the implementation of the support policies playing a positive role in the development of China’s solar energy industry, the solar industry has steadily improved. Solar energy industry in our country is under the support of national support policies and its technological innovation capability is relatively active. However, the moderate investment and financing activities and inadequate enterprise operational capacity, to some extent, alleviate the development of the solar energy industry. The above shows that the solar energy industrial development index and its evaluation methods can help people to accurately grasp the development trend of the solar energy industry and accurately identify the development of advantages and disadvantages.

Understanding the Relationship between Overtime and Burnout

This study examines the apparent inconsistent relationship between overtime and burnout, and proposes a tentative model for conceptualizing it. We suggest that, in examining the relationship between overtime and burnout, attention should be paid to the categorization of working hours that includes work of up to 12 hours per day and work exceeding 12 hours per day. The categorization assumes that workers in the latter category have fewer opportunities for recovery and are, therefore, more prone to burnout. We postulate two moderators that can shed light on the contradictory findings concerning the relationship between overtime and burnout. First, we elaborate on the definition of the term “heavy work investment” and emphasize the importance of distinguishing between the various levels of work investment by workers who work long hours, namely, excessive work investment (EWI), moderate work investment (MWI), and low work investment (LWI). Second, we analyze the importance of autonomy, distinguishing between perceived and actual autonomy of the employees with regard to their schedule. Propositions as well as theoretical and practical implications are offered.

Randomly biased investments and the evolution of public goods on interdependent networks

Deciding how to allocate resources between interdependent systems is significant to optimize efficiency. We study the effects of heterogeneous contribution, induced by such interdependency, on the evolution of cooperation, through implementing the public goods games on two-layer networks. The corresponding players on different layers try to share a fixed amount of resources as the initial investment properly. The symmetry breaking of investments between players located on different layers is able to either prevent investments from, or extract them out of the deadlock. Results show that a moderate investment heterogeneity is best favorable for the evolution of cooperation, and random allocation of investment bias suppresses the cooperators at a wide range of the investment bias and the enhancement effect. Further studies on time evolution with different initial strategy configurations show that the non-interdependent cooperators along the interface of interdependent cooperators also are an indispensable factor in facilitating cooperative behavior. Our main results are qualitatively unchanged even diversifying investment bias that is subject to uniform distribution. Our study may shed light on the understanding of the origin of cooperative behavior on interdependent networks.

Modelling efficiency in education: how are European countries spending their budgets and what relation between money and performance

Aggregate expenditure in education was compared to PISA’s scores (2012) as a mean of understanding how money link to performance. We analysed global education expenditure, teachers’ pay, class size and number of teaching hours, infrastructure and teaching resources investment in European countries. Four groups of efficiency / effectiveness are proposed based on the combination of expense versus results. The author concludes that the most effective countries are Poland, Slovenia and Czech Republic, as they achieve top results with moderate investment. There are also some countries where desired score is achieved, though a lot of money is being spent. The remaining countries do not achieve desired scores and therefore are neither efficient nor effective, though Sweden and Norway spend a lot of money for very poor results, and are therefore the most inefficient countries.

OR31 The economics of next generation sequencing

Aim For many clinical labs the scientific benefit of generating whole gene consensus sequences, the 3-field or higher resolution of the typing method and the ability to batch very large numbers of samples may not be sufficiently compelling to make the decision to switch to NGS. However, for small and large labs, the economics of adopting NGS are undeniably favorable in the long run after a moderate investment in capital equipment. In this study we take a Key Opinion Leader (KOL) focused approach to demonstrate the economic benefits of adopting NGS for HLA genotyping in clinical routine from multiple customer sites. Methods We used 24 samples per week as an example of a low-medium throughput laboratory. We used 96 samples per week as an example of a high throughput laboratory. We compared the costs from multiple customer sites in multiple geographic locations to determine reasonable averages for the costs associated with each of the HLA genotyping techniques. Results In the comparison between SSO, SBT and NGS we observe that the costs associated with increasing the number of loci tested by NGS doesn’t scale linearly, but reduces the cost per locus with each additional locus. Similarly, with increasing numbers of samples from 24 to 96 also sees a reduction in cost per sample (and by extension cost per locus). Conclusion Here we demonstrate that compared to legacy technologies, NGS of whole genes has less reflexive testing, less results interpretation, lower hands on time, lower reagent costs than SBT. Similarly, at large volumes and for 11 loci, NGS is cost competitive with SSO thus suggesting a single technology can perfectly support both SOT and BMT workflows. Finally, with high resolution typings for DRB3/4/5 against which antibodies may be raised post-transplant, the reflexive determinations of these types during post-transplant monitoring will not be required further reducing overall costs.