Nature Of Transactions Research Articles

Przejęcie odwrotne i jego wpływ na sprawozdanie finansowe przedsiębiorstwa

The goal of this article is to present as follows: − a category of reverse acquisition on the background of accountancy, − influence of reverse acquisition on shape and structure of financial statement of entity that was created as a result of reverse acquisition transaction, − the way of operating of reverse acquisition in business practice. The reverse acquisition is a term that is used only in the field of International Accounting Standards and Generally Accepted Accounting Principles. It concerns a situation when domination of acquirer’s profits over acquiree’s profits is not obvious. Classification of acquisition transaction as a reverse acquisition transaction gives very significant accounting results and causes big change in the financial statement prepared according to the International Accounting Standards against one prepared according to the National Accounting Standards. That is especially impartment during goodwill calculation. On the other hand, this distinction is unimportant for the law site of the transaction. The correct recognition of the nature of acquisition transaction is quite methodologically difficult, so it may need an error correction after transaction closing.

Contribution of throughflows to the ecological interpretation of integral network utility

Ecosystems can be abstracted into models consisting of compartments containing matter or energy, transactional flows of matter or energy between compartments, inputs into the system, and outputs from the system. Although direct transactions are measurable in the field, indirect transactions have been demonstrated to have dominant effects. Integral network utility (U) is a summation of all direct and indirect net transactions in a network presented in matrix format and developed as a feature of Network Environ Analysis (NEA). While U can provide qualitative information about ecological interactions between compartments, the nonzero-sum nature of indirect net transactions has made ecological interpretation of quantitative network utility challenging. Here we aimed to examine U for nine 2- or 3-compartment ecosystem models from a throughflow perspective. For each model, we assigned inputs, outputs, and flows algebraically using flow components traceable across the model, developed corresponding flow (F) and throughflow (T) matrices based on these values, and used symbolic Matlab to calculate the net adjacent flow intensity matrix (D) and U. Substituting algebraic combinations of flow components with corresponding throughflow values allowed us to reduce elements of U to throughflows to the maximum extent possible. Models with only simple input environs were fully throughflow reducible, while models with more complex input environs exhibited one to three nonreducible elements in U. Throughflow reducibility was sufficient, but not necessary, for topological determination of ecological relations of a model, as described by sign(U). Parametrically determined elements of sign(U), along with the specific flow components influencing the sign of that element, could be readily identified based on quantitative consideration of nonreducible flow components. We provide an example showing that considering throughflow as a centrality measure can allow the identification of a quantitative basis for network synergism. By allowing identification of specific subsets of transactional flows relating to ecosystem complexity and qualitative differences between human-designed systems in the conventional industrial model and evolved ecological systems, the throughflow perspective of U opens avenues for designing more sustainable human systems.

Data Mining Model for Money Laundering Detection in Financial Domain

One of the likeliest problems faced by the banks is the way the nature of money transaction takes place is not always known to the bank. One such problem consisting large amounts of money transferring through various accounts by the same person or entity is Money Laundering. Money laundering system is quite a convoluted process. It takes some understanding of the fund transferring activities at various stages. The system that works against Money laundering is Anti-Money Laundering (AML) system. The existing system for Anti-Money Laundering accepts bulk of data and converts it to large volumes reports that are tedious and topsy-turvy for a person to read without any help of software. Hence, the purpose of making decision within specified time span is de-facilitated. The basic motive behind designing a system is that it should either notify or generate alarm for Money Laundering process within time when the illicit actions are been carried out so that, some action can be taken or an decision could be made before the actual laundering task is completed. The Transaction flow analysis (TFA) is a system that facilitates the basic ideology of Anti-Money Laundering system. TFA consists of various segments those results in clusters of various sizes. However, the existing TFA system allows the data to be taken from a single entity may be bank or a financial institution. Also the cluster generated are large in volume hence the analyst sometime may find it difficult to analyze such huge amount of data. This project uses combination of TFA system with the system designed to extract customer behavior in order to make decision whether the customer is suspicious customer or not. Also this project will allow taking data as input from various sources, integrating and then performing operations on the data. General Terms Laundering

Multinationals' Offshore Operations, Tax Avoidance, and Firm‐Specific Information Flows: International Evidence

AbstractUsing a large sample of multinational enterprises (MNEs) over the period 1999–2009, this study investigates whether and how offshore operations via offshore financial centers (OFCs) impact the extent to which firm‐specific information is incorporated into stock price, relative to common information. Our analyses show that, irrespective of whether a firm is a Type I offshore firm (directly having headquarters registered in OFCs) or a Type II offshore firm (indirectly setting up subsidiaries in OFCs), the amount of firm‐specific information flowing into stock price is lower for offshore firms than for non‐offshore firms. We also find that as offshore firms become more aggressive in their tax avoidance strategies, their stock prices impound a lower amount of firm‐specific information relative to common information. Finally, we find that a strong offshore proclivity also deters firm‐specific information flows, thereby driving up stock price synchronicity. Our results suggest that the opaque and complex nature of business and financial transactions in OFCs, coupled with their institutional characteristics, that is, weak and flexible legal enforcement, zero or extremely low taxation, and low litigation risk, provide offshore firms with not only stronger incentives but also the opportunities and means to adopt opaque disclosure policies and aggressive earnings management.

A Legal-Comparison Of The India Software Law And The Software Law Of Germany

India has emerged as one of the leading destinations for offshore outsourcing in the software industry and has attracted the attention of software industries of several countries including Germany. In order to sustain this outsourcing relationship, the legal frameworks of these countries play a very important role. In this article, the author conducts a comparative analysis of Indian and German laws that impact the software industry, mainly dealing with three fields: first, Copyright Law impacting the protection of intellectual rights over software; second, Contract Law specifically dealing with software contracts and nature of such transactions and, finally, the remedies available in both the countries under their civil, criminal and administrative law to ensure protection of software.

Zabluda i pravne posledice zablude

Misconception, in the field of legal transactions, represents a mistaken idea of the legal facts relevant to the validity of the legal transaction. According to the traditional classification, based on the facts to which the mistake relates, we can differentiate misconceptions about the nature of legal transaction (error in negotio), misconception about the personality (error in personae), misconception about the object of legal transaction (error in corpore), misconception about the qualities or substance of the transaction (error in substantia), misconception about the incentives (error inmotivo), misconception about the purpose or the cause of legal transaction (causafinalis) and misconception caused by the false or misleading transfer of statement of will (falsademonstratio). Depending on whether the false assumption relates to the content of legal regulations or to the state of facts, misconceptions can be classified as mistakes in law (error iuris) or as the mistakes in fact (errorfacti). For a misconception to be legally relevant, it has to be essential, but also unprovoked. Conditions under which the mistaken notion is considered to be essential are prescribed by Articles 61, 62 and 64 of the Law on obligations. The party who agreed to a legal transaction because of such essential misconception can require an annulment, provided that such party exercised appropriate standard of care when making the legal transaction and exercising its subjective rights and obligations. The above condition represents the essence of the rule that the misconception of a party in a legal transaction should not be provoked by the party itself. The deadlines for submitting claims for annulment are preclusive. If they are missed, the voidable legal transaction becomes valid. The judgment by which the transaction is canceled due to an essential misconception has constitutive effect and it is considered that such a legal transaction never existed - in other words, that it was void ab initio. Legal consequence of the annulment of legal transaction due to the existence of an essential misconception is the duty to compensate the damage.

The nature of the derivative market transactions traded in the Johannesburg securities exchange

The main objective of the study was to assess and understand the nature of derivative products traded in the Johannesburg Securities Exchange (JSE) by analysing daily transactions consisting of deals and contracts concluded, as well as notional values of derivatives traded in the review period. Analysed data found that the South African derivative market continues to grow and evolve with the consistent introduction of new derivative products such as the “can do” derivatives, IDX derivatives that are now being traded at the JSE. The evolvement and growth is confirmed by the fact that the total derivative deals in the JSE has also grown by 16.6% (CAGR) from 2006. The study further found that the equity index remains the largest derivative for both options and futures.

Banking and business of interest in Early times of India (Special reference with inscriptions & dharmasastras)

kautilya attests to their function of money- lending when he says, King's spies disguised as merchants may borrow from corporations bar gold and coined gold for various kinds of merchandise to be procured from abroad no hint is available from arthasastra that the guilds were functioning as banks for the public in general. Kautilya mentions some extra qualities which were necessary for a guild to function as bank. This shows that not all the guilds were capable to function as banks. The receiving guild was expected to relieve misery it also points to the fact that the guilds had to be necessarily wealthy in order to be in a position to render help by making advances on interest. It is also likely that some fee was charged from those who received instruction.The guild should enjoy the confidence of other guilds. This point is significant as financial matters could only be entrusted to reputed institutions. The receiving guild should also be adequately competent to undertake any artistic work expected from it. We have seen till now how deposits, pledges mortgages and endowments were made in various places by different persons from time to time. In all such transaction, interest always played a prominent if not the most important role. The levying and recovery of interest have been two of the most vital functions of banking in India from early ages. Interest ware one of the essential factors between debtors and creditors in their various transactions. The welfare of the Kingdom depends on the nature of such transactions they should always be scrutinized.

The Semantic Production of Space: Pervasive Computing and the Urban Landscape

This paper suggests that as pervasive computing technologies have gained purchase in urban space they have also become more implicitly blended with everyday life and more contingent on information that is inductively compiled from Internet-based data services. It is argued that existing theorizations of the technologically mediated production of urban must engage with the increasingly implicit nature of informational transactions as well as the emergent semantic structuring of information. Drawing on examples of ongoing pervasive computing projects, implicit computing procedures are explored in relation to the mediation of everyday urban life. Literatures from computing science and geographical theory are brought into conversation in order to examine the consequences of a convergence between implicit pervasive technologies and the spaces of everyday life.

The influence of process accountability and accounting standard type on auditor usage of a status quo heuristic

There has been considerable discussion about the U.S. reporting standards becoming less rules based, similar to International Financial Reporting Standards (IFRS). One proposed advantage of a change to IFRS is increased comparability across multinational and non-U.S. companies. Additionally, some believe that IFRS afford greater flexibility in its principles, thereby enabling firms’ accounting choices to better reflect the true economic nature of any given transaction (FASB, 2002; SEC, 2003). With fewer rules, both financial statement preparers and auditors would be expected to adjust to having more options with regards to financial reporting. However, some proposed changes leave the option open to implement IFRS (or other principles-based standards) in ways that still follow rules in U.S. GAAP. This paper investigates whether prior year accounting treatments influence the judgment for current year treatments when one way to implement the standard is to follow the prior year treatment. We find that some auditors fixate on prior year scenarios and judgments, even if the current year scenario and applicable accounting standards are different. We find that holding auditors accountable for their decision making process reduces the likelihood of sticking with the prior year treatment most notably when the prior year standards were U.S. GAAP.

Delineating Selection and Mediation Effects Among Childhood Personality and Environmental Risk Factors in the Development of Adolescent Substance Abuse

Utilizing the large, longitudinal Minnesota Twin Family Study (N = 2510; 96% European American ancestry), we examined the influence of several person-environment transactions on adolescent substance abuse. We focused on the two childhood personality traits found to be most predictive of substance abuse in this sample-socialization (willingness to follow rules and endorse conventional values) and boldness (social engagement and assurance, stress resilience, thrill seeking)-and the environmental variables of antisocial and prosocial peers, academic engagement, parent-child relationship quality, and stressful life events. Path analysis revealed that low socialization had a selection effect for each environmental risk factor, that is, socialization at age 11 predicted environmental risk at age 14, after controlling for the stability of the environmental variables from ages 11 to 14. Antisocial peers and academic engagement at age 14 then mediated some of the risk of low socialization on substance abuse at age 17, but the majority of risk for substance abuse was accounted for by the stability of socialization from age 11 to 14. Boldness at age 11 also increased risk for substance abuse, but did so primarily via a direct effect. The findings help to parse the nature of person-environment transactions across multiple personality traits and contextual risk factors that contribute to adolescent substance abuse.

Global surrogacy: exploitation to empowerment

Commercial surrogacy has gone global in the last decade, and India has become the international centre for reproductive tourism, boasting numerous high-quality and low-fee clinics. The growth of the surrogacy industry in India raises serious concerns of global gender justice, in particular whether the option is inordinately enticing for women who lack other remunerable options and whether the conditions are adequate and the compensation fair. In this paper I argue that the moral harm of global commercial surrogacy lies in the exploitative nature of transactions involving unequally vulnerable parties. More specifically, I argue that the practice exploits Indian surrogates on the basis of an inter-contractual failure of both justice and consent. I go on to consider an important objection to my use of exploitation as the relevant conceptual tool of analysis. The ethnographic challenge holds that the exploitation lens Occidentalizes surrogacy by conceptualizing the practice in universalizing terms, thereby eclipsing the particularities of the global surrogate's lived experience. I respond by showing that in fact the exploitation and the ethnographic models are not so at odds as they might seem. Provided we are careful in our use of the former to nuance our analysis by appeal to narrative evidence supplied by the latter, we are thereby best situated to identify and address the moral difficulties generated by commercial surrogacy under conditions of global injustice.

The Specific Legal Nature of the Transaction in Islamic Banking Law

1. Introduction One of fundamental and best known rules of Sharia law is that financial institutions are forbidden to collect interest-based income. What is economic interest of transactions by these institutions? The answer lays in fact that Sharia law allows these institutions to collect income for services they provide, as well as for risk they take. In addition, these financial institutions have right to share profit of projects they have financed including undertaking any losses that would arise in case of so called bad investments or simply unsuccessfully realized projects. Hence, subjects of Islamic banking, just like all other financial institutions, developed a series of financial arrangements i.e. models of financing that enable them to secure income not in conflict with what Sharia law forbids. Although a certain number of models of financing, provided by these institutions, is almost identical to models of financing offered by classical subjects dealing with financing, there is a number of financial arrangements not offered by classical financial institutions, and they, on other hand, represent basic financial services offered by Islamic banks. Besides, a great number of these arrangements is criticized as they contain hidden interest-based income so there are still theoretical discussions about nature of their income. In any case, according to their concepts, current financial and economic crisis in recent years has endangered sustainability of classical transactions of financial institutions, so Islamic financial institutions are seen as providers of models of financing that could potentially ease problems immanent to happenings in crisis of world economy and finances. On other hand, there is a large Muslim population in western countries, who want to use financial services in accordance to principles of Sharia law and thus, practice of founding Islamic financial institutions in western non-Islamic countries is becoming more and more common. Thereby, it is necessary to establish legal nature of such transactions in accordance with legal theory and business practice in common law and civil law countries so that these transactions could be performed in third world countries and their obvious advantages utilized. 2. Notion of Interest and Ways of Overcoming its Prohibition Despite fact that interest is expressly prohibited by Koran and other sources of Sharia law, Islamic trade practice developed, which was later adopted by banks, various mechanisms of financing that bring different kinds of income only declaratively distinct from interest. There are numerous discussions on whether such income contains hidden elements of interest. Most sources determine that basic element of interest is increase of value of money during a time period, that is, it is considered that all forms of profit where this element is noticed should be forbidden. In other words, all forms of profit realized as the compensation for renouncing current consumption are not allowed. Sharia law recognizes two basic kinds of interest (riba): first kind is classical interest based on capital value increase, without taking any risks or providing any services, while second form of interest is, in fact, consequence of exchange of goods within different transactions. While first form of riba is forbidden by Koran, second is forbidden by Sunet. More exactly, Koran doesn't only refer to forbidding interest based on money lending but forbidding interest has a wider meaning. Namely, it is forbidden to realize income based on even returning lent goods in larger quantity or in value larger than of lent one. Furthermore, riba also means all income realized by artificially created shortage, income based on abuse of a dominant position, increase of product price on basis of different methods of payment, etc. …

Sovereign Immunity and Enforcement of Awards in International Commercial Arbitration

International commercial transactions often involve states and state agencies in contractual dealings with individuals and multinational corporations and owing to the reluctance of states to subject disputes arising from their transactions to the courts of another state, arbitration is often the forum of choice for resolution of disputes arising from such international commercial transactions involving state parties and their agencies. The ultimate goal of arbitration proceedings is the rendering of an enforceable award for settlement of the disputes between the parties. However, in the event of an unfavorable award against a state or state agency in international arbitration, one veritable hurdle usually encountered by the successful party in enforcing the award is the plea of sovereign immunity by the state entity. Since the very essence of arbitration is the rendering of an enforceable award, this plea of sovereign immunity serves to frustrate and defeat the essence of entering into an international arbitration with a state entity. Nevertheless, in view of the nature of international business transactions, multinational companies and other international business agencies cannot avoid dealing with state entities and international arbitration remains the preferred dispute resolution forum for these international transactions. So how do these individuals and multinational corporations protect themselves, their investments and the sanctity of their arbitration proceedings from been frustrated by a plea of sovereign immunity by the state party in the event of a successful award?This research aims at undertaking a critical analysis of the concept of sovereign immunity and its applicability to international commercial arbitration proceedings and to highlight recent trends and issues in the area of sovereign immunity that are frequently encountered in international commercial arbitration. Essentially, this research shall examine the problems encountered by non-state parties in enforcing a successful award against state entities and scrutinize the various ingenious ways that have been devised by these non-state parties to side-track and subvert the plea of sovereign immunity by state entities.

Deadlock Detection Techniques in Distributed Database System

Distributed database system provides resource sharing environment for optimal performance of various database activities, especially when data is spread over a large number of sites. Distributed nature of transactions occurring at different sites and requiring resources from diverse sites pose various operational problems, such as deadlocks, concurrency and data recovery. A deadlock may occur when a transaction enters into wait state which request resource from other blocked transactions. The deadlocks are handled in three phases namely deadlock detection, deadlock avoidance and deadlock detection. Various algorithms have been discussed in the literature for deadlock detection and resolution. These algorithms quite often fail to detect deadlock over distributed database. In this paper an attempt has been made to develop an algorithm for distributed deadlock detection at local and global levels. The author have developed local transaction structure to deal with deadlock at local level and distributed transaction structure at global level

Modeling Medical Cost Trends for Advancing Age in the Long Run

Medical costs are among the most significant factors in determining long run fiscal requirements for the federal budget of the United States, and for the individual household budgets of retirees. Rapid growth and high individual variance make projections of future expenditures in the 20 to 50 year range both difficult and uncertain. This paper builds upon prior work to demonstrate that the apparent patter process changes systematically as the span and unit of observation changes; linear in the short-run of months, morphing into a smoothed reflection of GDP growth over multiple years, and ultimately fitting a logistic growth curve over decades in the long run. A structural model of the health system as a function of decisions made at different levels of organization (individual, employer, group, city, nation, global) with effects that endure for differing amounts of time is constructed. The nature of medical transactions and the importance of budgetary boundaries are considered. Data from U.S. Health Expenditures 1929-2013 are used to makes estimates. Results show lags of 3 to 6 years, and suggest lower-frequency effects that last for decades. It appears that the excess growth rates of medical costs during the 1970s and 1980 has moderated considerably, and is likely to continue to bend the medical cost curve downward. However, the budgetary impact of increasing longevity is apt to continue to increase over the next fifty years, by which time it is not implausible that the elderly could account for more than 40% of medical expenditures and require 10% of GDP funded through taxes or premiums. Questions are raised as to whether aging, medical costs, retirement and technological advances are best modeled as quasi-independent elements with causal effects, or as integral aspects of joint process characteristic of modern economies.

Pre-packed Administrations: An Empirical Social Rights Analysis

Abstract This article considers the relationship between worker protection legislation and pre-packed administrations: the sale of a business or assets of a failing company negotiated in principle prior to the initiation of formal insolvency proceedings and effected immediately after entry into such proceedings by the insolvency practitioner appointed to administer them. The author seeks to explain pre-packs’ significance for British employment law and evaluate how employment law should respond. The findings of a qualitative empirical study on the use of ‘high-end pre-pack administrations’ are presented along with a consideration of institutional treatment of pre-packs to date and an analysis of the legal nature of transactions effected by pre-pack under the applicable insolvency laws. The article argues that the focus of labour law doctrinal discussion in this area to date has been misplaced and that the focus of the labour law debate now needs to shift to how employees are protected in a restructuring environment where management and senior creditors are concerned with restructuring debt rather than with labour issues, and where the Transfer of Undertakings (Protection of Employment) Regulations may have only limited application.

Articles 24(4) and 24(5) of the OECD Model Applied to Domestic Thin Capitalization Rules

This article discusses the potential infringement of articles 24(4) and 24(5) of the OECD Model by domestic thin capitalization rules. Given the purpose of such rules, they are often targeted at cross-border transactions, as a result of which tax treaty discrimination issues may arise. However, because of the intricate relationship between the non-discrimination provisions and the treaty provisions governing the arm’s length nature of transactions between related enterprises, the discrimination analysis may not always be entirely straightforward.

Is Islamic Banking Capable of Meeting Corporate Social Responsibility?

This paper provides an overview of the Islamic banking system and its product ranges, and examines their ability to meet Corporate Social Responsibility obligations while maintaining efficiency and managing risk. The growing literature on Islamic banking products, including their derivatives indicates that Islamic banking is popular worldwide and has global attention. Similarly, the diversity of banking options is growing in Middle Eastern countries with some banks offering separate windows for conventional and Islamic banking options to customers. Due to the unique nature of Islamic banking, which is constrained not only by the standard operating regulations of the respective countries, but also by Islamic law, the Sharī’ah, there are significant differences in the philosophy behind its finance transactions, the nature of transactions, goals and the obligations between the two types of institutions. Whether these differences lead to changes in risk preferences, lending decision-making processes, and the ultimate efficiency of operations are some of the key empirical questions yet to be fully answered. The paper introduces a theory based on classical utility theory, and then extends it to show its relevance to Islamic banking. In particular this paper shows that Islamic banking may not only improve operating performance, but also increase profitability for all parties concerned.

The Internationalisation of the RMB: New Starts, Jumps and Tipping Points

We investigate the process of currency internationalisation by determining the pace of internationalisation of the Chinese Renminbi (RMB). In contrast to other published work that relies upon international banking, trade and currency statistics, we utilise aggregated cross-border data provided by the Society for Worldwide Interbank Financial Telecommunications (SWIFT). This data allows better measurement of the role played by a currency in international trade and capital account settlement.RMB transactions in these areas have expanded significantly in recent years, although they remain concentrated in the financial centres of Hong Kong, Macau, Singapore and Taipei, where language and culture offer clear advantages. Recent RMB cross-border activity in London and New York shows that there is the potential to shift activity beyond the Asia-Pacific region, although the limited scope of RMB transactions highlights the underdevelopment of China’s domestic financial markets and the limited nature of cross-border transactions outside trade settlement and foreign exchange trading.Our analysis shows that the footprint of Chinese corporations in international markets has at times been significant, with the size of these transactions prompting many to reassess the likely pace of RMB internationalisation. However, on-balance China’s path to RMB internationalisation remains slow and runs the risk of failing to fully capitalise upon the opportunities that are now unfolding as the international economic and political landscape shifts more towards its favour.