This study examines struggles to bring people back into protected forests to enhance sustainable forest management and livelihoods using insights emerging from a co-management project in Malawi. It uses mixed social science methods and a process-based conceptualization of co-management to analyze experiences, and theory of reciprocal altruism to explain major findings of continuing local forest...

MoneyMarket Mutual Funds, known in Australia as Cash Management Trusts (CMTs), provide potential benefits for retail investors from pooling of funds and superior portfolio (maturity) management skills. The average maturity of CMTassets exhibits significant variation both cross sectionally and over time, but there is significant correlation between the asset maturities of different CMTs. These v...

amounts set aside to cover hablhtles from future clamls payments) as & percentage of prenuums earned would, no doubt,, show 8 higher figure for 19’75 In 1074, this ratlo was 72 percent, 19 percentage pomts higher than the rate based on premiums wntten Correspondmg loss ratios for the Stnte-operated msurance funds have alwnys been hvgher than those for private cnrr~rs The ratlo of losses pald to...

Design of investment portfolios is the most important activity in the management of mutual funds, retirement and pension funds, bank and insurance portfolio management. Such problems involve, first, choosing individual firms, industries, or industry groups that are expected to display strong performance in a competitive market, thus, leading to successful investments in the future; second, it a...

We argue that managerial overconfidence can account for corporate investment distortions. Overconfident managers overestimate the returns to their investment projects and view external funds as unduly costly. Thus, they overinvest when they have abundant internal funds, but curtail investment when they require external financing. We test the overconfidence hypothesis, using panel data on person...

Conglomerates, trade credit arrangements and banks are all instances of financial intermediation. However, in spite of this fundamental similarity, important differences exist between these institutions. In particular, they differ in the extent to which the projects financed absorb aggregate intermediary risk, in whether or not intermediation is carried out by a financial specialist, in the typ...

We study the funds allocation problem for a resource-constrained non-profit organization (NPO) that implements social development projects for public good. In addition to raising funds from donors who contribute prior to project implementation (“traditional donors”), the NPO uses a novel approach, which we term as the “ex-post funding” approach, to also raise funds from donors who contribute ba...

Collaborative management (in short co-management) has increasingly become important because it seeks to create negotiated agreements between state and local communities (other stakeholder groups may also be included) and, therefore, offers a possibility to overcome conflicts over natural resource exploitation. However, achieving successful co-management is confronted with many challenges, one o...