Resource companies in Canada operate in remote locations, often hours away from the closest municipality where emergency services such as police, fire and emergency medical services are located. People and equipment use low grade roadways to travel in and out of these locations and deal with the risks of incidents occurring. When an incident such as a motor vehicle collision does occur, the patient can be trapped in the wreckage for hours with no protection from the elements waiting for rescuers to arrive and provide critical interventions. Similarly, tank truck leaks and wildfires that start small can grow in size and severity without quick response actions from trained responders utilizing the appropriate equipment. We will investigate the frequency and severity of these and other incidents occurring in remote locations where resource companies are expanding into and evaluate whether the risks justify the commercial viability of a new service delivery. By analyzing the costs of these incidents to the resource companies in terms of injuries to humans and wildlife, environmental impact and also company reputation, we will see if there is a need for providing a more rapid response model. If the service is indeed justified, at what price point does it become palatable to the resource companies as they weigh the pros and cons of taking on additional costs. Our research will ask the question of the companies and then see if that pricing model will provide sufficient revenue to cover the costs to provide the service and provide a reasonable return on investment for the service provider. Some of the metrics used for the financial analysis will be payback periods to recoup the capital outlay, internal rates of return on the capital investment, and the net present value of the future revenues that are projected to be generated. At the conclusion of the study we can make an informed decision as to whether this venture is truly a wise investment of time, money, and manpower or if the return on investment is not worth the
This is a study on assessing the risk and profitability associated with Islamic bank investments and operations in the Gulf Cooperation Council (GCC) countries for three years from 2009 to 2011. It is mainly focused on measuring risk and profitability by looking at stock returns, bond ratings and financial institution ratios. Stock returns of Islamic banks were analyzed and compared to stock returns of commercial banks in five countries. Credit ratings for all Islamic banks with issued bonds were compared to those of conventional banks. In addition, banking industry financial ratios were used to analyze the operations of two types of banks, with the sample including all listed banks. The study revealed that Islamic banks have higher average stock returns and slightly higher standard deviations, reflecting high returns and risks compared to conventional banks. After scaling ratings into numbers, the credit ratings were found to favor conventional banks, with an average rating of A- for long term investments and A-2 for short term investments. With regards to financial ratios, the t-test and F-test results showed that there were significant differences between the means of the two bank types. Return on equity, return on assets and deposit to equity ratios were in favor of conventional banks. Islamic banks had a higher equity to asset ratio, loan to deposit ratio and interest margin to earning assets. Finally, ' there is no significant difference between the two bank types' means with regards to coverage ratio, earning assets to asset ratio and market return on equity. --Leaf 1.
This article examines the systematic differences in earnings management including the possible impact of cross-country differences in culture on earnings management in seven countries: India, Hong Kong (China), Japan, France, the United Kingdom, Canada, and the United States. A set of traditional financial variables (firm performance, business cycles) and cultural variable (Uncertainty Avoidance, Individualism, Power Distance) were used to test the hypotheses developed in this paper. Regression results indicate both the traditional financial variables and cultural variables can explain the choices of accounting accruals in different countries when the Jones Model serves as a dependent variable. Also, the Jones Model provides the most statistical explanatory power in the regression model on the international level. This paper's primary contribution to the existing literature is the thorough analysis of discretionary accruals and their relationship to traditional financial variables and cultural variable using a large data set. --Leaf ii.
This thesis studies the dynamic correlation between price variation of bulk international commodities and major stock markets. Dynamic conditional correlation (DCC) multivariate GARCH model is used to analyze the volatility spillover effect between world major indexes and bulk commodities prices from January 1st, 2003 to December 31st, 2012, for petroleum, copper, and aluminum, and China (SSE), USA (S&P 500), Russia (RTS), Australia (S&P/ASX 200), and Canada (S&P/TSX). Moreover, this study investigates whether the 2007 global financial crisis has strengthened or weakened the dynamic correlations between stock markets and commodity markets. The results show that the dynamic correlations between selected world major stock indexes and commodity prices after the financial crisis have increased than that before the crisis, and the trend of integration of world economic volatility is further verified. --Leaf i.
This project will present a conceptual analysis of the integrity of the Nisga'a Nation's cultural system. In addition, Werner Erhard, Michael Jensen, & Steve Zaffron's theory on integrity will form the foundation of the conceptual analysis their research on integrity is highly regarded, phenomenal, and brand-new. The analysis will focus on significant components of Nisga'a culture using: books, articles, and testimonials that support the structural integrity of the nation as identified by the Nisga'a and examples of some significant recollections throughout their history (and of the author of this project) that affirm the existence and importance of integrity within the nation. This project is not meant to represent all that exists within the Nisga'a system but only to spur future research on something as simple as honoring our word or more importantly how the Nisga'a honor their word since time immemorial. --Leaf iii.
The goal of this project was to present a best-fit scenario for a craft brewery in northwest British Columbia (BC) and evaluate its potential profitability. A business plan template was used to evaluate the factors that may impact the potential success of such a venture. The research for this project collected information from a number of sources. Sales and production data was gathered from the provincially regulated Liquor Distribution Branch. Fixed asset equipment costs were gathered from leading industry suppliers and financial data on breweries operating in British Columbia was gathered from Industry Canada's Small and Medium Enterprise Benchmarking tool. Interviews with industry experts were also conducted to gain insight and validate this report with real life experiences. This project determined that it is possible for a small craft brewery to be profitable in northern BC. This is based on the tax returns of the majority of breweries operating in the province which were calibrated to market conditions in northwestern BC, forecasted revenues and known fixed asset investment costs. The outcomes of this project reveal that the market for craft beer in northern BC is small and is overshadowed by markets in southern BC and Vancouver Island where the majority of craft beer is made and sold. The northern portion of the province has only one mature brewery, which leaves room for new firms to enter the industry. While this may seem attractive, regulatory policies of the provincial government combined with high capital investment and significant brewing know-how are key barriers for starting a craft brewery. This may be partially attributable to why at least a third of all breweries in BC are not profitable. Overcoming these challenges is possible, but it is crucial that sufficient financial planning is undertaken. Investigation conducted as part of this project revealed that the majority of breweries in the province have financed their operations through significant levels of debt and posses negative equity
This project will investigate strategies that help provide cost surety to the oil sands construction industries. The project will begin with a review of the historical cost overruns and the lessons learned. The next focus point will be reviewing the demographics of Wood Buffalo to demonstrate the changes that have occurred since the early 2000s and refute the labour availability claim. Following the demographic review we will review construction contracts and the use of good faith as a contractual term. We will then conclude with a review of a unit rate simulation and discussion. --Leaves 2-3.
Community energy production will serve as an avenue for self-sufficiency and energy independence from utilization of biomass in local forests. The most opportune way of achieving this is to maximize the full utilization of the forest resource. As in the rural northern communities, the forests are available for Combined Heat and Power (CHP) projects. The CHP technology is well established in Europe, and it would be beneficial for Canada to become business partners with the CHP manufacturers to ensure the knowledge and expertise is established in British Columbia (BC). Based on this project, the CHP system is most appropriate when the unit is producing enough heat and power for the facility rather than to establish a large CHP for selling the surplus power to BC Hydro. The BC Hydro bioenergy rates are not high enough for building a strong business case for CHP at a smaller scale. The rates for BC Hydro are a driver for CHP, if the project is built based on present energy prices the renewable energy based projects are more costly than fossil fuel burning energy systems. As shown in the capital budgeting calculations, the smaller BG25 has a greater chance of success due to the lower costs for the initial investment and the lower operating costs. When the purchase price of renewable energy increases and given priority with premium prices then CHP will be financially viable. --P. 2.
This paper looks at the issues surrounding BC Hydro's the capital budgeting decision for the proposed Site C Dam on the Peace River in northeast British Columbia, Canada. The project is compared with a potential combined cycle natural gas-fired thermal electricity generating facility. Techniques such as net present value, internal rate of return, modified internal rate of return, profitability index, payback period, modified payback period, and equivalent annual annuity are used to evaluate six scenarios. These scenarios have varying values for weighted average costs of capital and carbon tax rates. A sensitivity analysis addressing changes to weighted average cost of capital inflation rate, electricity price, annual electricity output, capital cost, carbon tax rate, and the price of natural gas identifies the largest uncertainties faced by the project and compares them with the natural gas alternative. --Leaf ii.
