Investment analysis

This work addresses the valuation of economic effects of different inventory holding policies. We study the VaR over the value of a company and the variations induced on this indicator by the changes made to the working capital, related to inventory policies. Three typical different inventory systems are studied and comparisons are drawn between different policies. Policies derived from net present value (NPV) maximization are contrasted against cost minimization, as well as against arbitrary inventory policies derived from market conditions. Every inventory system under study is evaluated using two performance indicators: NPV and VaR over NPV. The inventory policies are derived in a deterministic scenario, but are tested under the risk conditions that the inventory systems have to face. This is done by using Monte Carlo simulation. In all three of the inventory systems under study, the difference between price and variable cost is what causes the greatest variation on the NPV indic...

Research contributions providing insights at the intersection of real options analysis and industrial organization have become numerous in the recent decade. In the present paper, we provide an overview aimed at categorizing and relating these research streams. We highlight managerial insights about the type of competitive reaction, the manner in which information is revealed, the nature of the competitive advantage (first vs. second-mover advantage), firm heterogeneity, capital divisibility, and the number of competing firms.

This research explores the impact of behavioral finance on investors' decision-making within the Nigerian Stock Exchange, focusing on overconfidence, herding, and blue-chip stock preferences as key behavioral variables. 350 questionnaires were distributed to respondents, with 340 valid responses representing a 90% retrieval rate. The data collected were analyzed using multiple regression analysis with the aid of Stata 2023 to assess how these behavioral factors impact investment decisions. Overconfidence was evaluated to understand its effect on trading volume and stock selection. Herding behavior was analyzed to explore investors' propensity to follow the crowd, potentially leading to market inefficiencies. The preference for blue-chip stocks was examined to determine its impact on portfolio diversification and risk management. The findings of this study aim to provide insights into the psychological drivers of investor behavior in emerging markets, with implications for financial education and policy-making to enhance informed decision-making processes. The study recommends that both institutional and individual investors be educated about the various Behavioral factors, such as overconfidence and herding, that can influence their investment decision-making processes.

The Indian stock market is vital for raising capital for companies, providing investment opportunities for individuals, acting as a key economic indicator, and ensuring efficient resource allocation. It supports economic development by enabling businesses to fund growth, citizens to build wealth, and governments to raise capital for infrastructure projects. However, stock market data is generated in massive volumes and fluctuates every second, making forecasting complex and challenging. Predicting market movements is crucial not only for governments formulating economic policy but also for companies advancing strategically and individuals seeking investment income. With the advancement of technology, machine learning (ML) and artificial intelligence (AI) models are increasingly used for financial forecasting. This paper investigates whether simple linear regression can serve as an effective baseline for predicting next-day prices in the Indian market. Using historical data from Reliance Industries and Tata Consultancy Services (TCS), the study evaluates the predictive power of linear regression compared with more sophisticated models.

This paper reviewed principally accepted methods applied to investment analysis. To describe every aspect of investment analysis fully would require far more space than available here, so we highlight only of few of its aspects. This study collects several well-known bibliographies, contrasts them with each other and provides explanations for having done so. There are many questions about which authors and companies agree, including about how to apply certain methods, but on others there is disagreement. Four dynamic methods (Net Present Value, Internal Rate of Return, Profitability Index, and Discounted Payback Period) are demonstrated from the viewpoint of application. Moreover, this study clarifies several sensitive questions, such as handling income taxes, inflation and uncertainty. Other examined issues are only mentioned at the end of this paper, and we will publish on these more thoroughly at a later date.

Quail breeders problems in running the business, demand for advanced thinking in order to improve the business or at least be able to maintain business continuity. However, in practice there are several obstacles that egg prices are not fixed. For investment feasibility analysis was done to determine the feasibility. This study aims to determine the feasibility of business investment, Analyze sensitivity and bankruptcy of laying quail farm.Of the Methods used include covering non-financial feasibility analysis: aspects of the market, technical and management. Financial feasibility analysis: NPV, PP, IRR, PI, BEP is then performed a ensitivity analysis and analysis of z-score. The results of a positive NPV calculation is 105 868 500, PP is 3 Months 25 Days, IRR is 41.60%, PI is 1.314 and the BEP is 511 451 eggs. The results of a sensitivity analysis using a fixed feed price scenario 1 egg prices fell 6% worth, while a change of 6.5% is not feasible because of the negative NPV. by usi...

This work is a part of international research that was carried out in Latvia, Lithuania and Poland, in order to investigate policy drivers behind the harvesting level in these countries. This thesis was focused on Lithuania. However, a comparative analysis of future tendencies ...

This study evaluates the economic and environmental impacts of integrating autonomous robotaxis into Qatar’s transportation sector, aligned with Qatar National Vision 2030. Using mixed-methods analysis, including cost-benefit modeling and emission frameworks, the research demonstrates that robotaxis could reduce operational costs by 20–40% through labor and energy savings while cutting CO₂ emissions by 10–20% via optimized routing and electrification. However, challenges such as charging infrastructure gaps, regulatory uncertainties, and public acceptance barriers must be addressed for large-scale deployment. Findings provide actionable insights for policymakers to balance economic gains with sustainability goals.

Os Resíduos Sólidos Urbanos (RSU), ainda tratados como simples passivos ambientais, representam, na verdade, um dos mais subestimados ativos energéticos do Brasil. Quando corretamente processados em Unidades de Recuperação Energética (URE), esses resíduos podem ser convertidos em produtos de alto valor agregado, como biodiesel, etanol de segunda geração (E2G), SAF (Sustainable Aviation Fuel), hidrogênio verde, eletricidade e fertilizantes organominerais.
Essa transformação energética proporciona não apenas expressivos ganhos ambientais — ao reduzir emissões de gases de efeito estufa e proteger lençóis freáticos da contaminação — como também estimula a economia circular, gera empregos qualificados e fomenta cadeias produtivas de base tecnológica em nível local e nacional.
Entretanto, a realidade ainda caminha em sentido oposto: a destinação dominante dos RSU continua sendo os aterros sanitários, cuja eficiência energética do biogás captado é, em média, 10% daquela obtida com a gaseificação em UREs modernas. Além de ineficientes, os aterros continuam a ser grandes emissores de metano e contaminantes.

ISRA (India) = 3.117 ISI (Dubai, UAE) = 0.829 GIF (Australia) = 0.564 JIF = 1.500 SIS (USA) = 0.912 РИНЦ (Russia) = 0.156 ESJI (KZ) = 8.716 SJIF (Morocco) = 5.667 ICV (Poland) = 6.630 PIF (India) = 1.940 IBI (India) = 4.260 OAJI (USA) = 0.350 Philadelphia, USA 188

The Brazilian electric sector has two market-environments for the energy supply: a regulated pool (ACR), with 64 power distribution companies, and the free market (ACL), including free-consumers and energy wholesalers. In the regulated market, the power generation competition is enforced via energy auctions, where the winning generator has to sign long-term standard power purchase agreements (PPA) simultaneously with all distributors at the bidding-price. In this work we use the Real Options Theory to valuate new hydraulic generation assets, which will be traded in the new energy auction. This approach models the uncertainties in setting up the cash flow for the investments and incorporates some possible managerial flexibility associated with the decision taken along the investment forecast. A real example is presented, in which we incorporated the flexibilities regarding the waiting to invest in a new hydro power plant and an abandon option, representing the transfer of concession rights. Since the project involves a multistage investment consisting of design, construction and operation phases, it can be treated as a sequential compound option. A binomial approach was elaborated to model this investment opportunity analysis.

In this work the Real Options Theory was used to analyze if an area of the Mangroves Park, in Recife-PE, the larger urban mangroves area of the world, owes or not to be used for construction of a highway. It was demonstrated that the traditional investment analysis based on the discounted cash flow underestimates the value of the natural resource leading to mistaken decisions, and that the evaluation for real options analysis is the most appropriate solution for decisions of this size because considering principle of the precaution, fundamental principle to adapt uncertainty, when assuming the possibility of the wait for make decision. It was considered that the economical value of the Mangroves Park follows a stochastic process, precisely a geometric Brownian motion. Thus, the critical values for the Mangroves Park were calculating, which allowed that if it ended for the need of its preservation, and although, if for the option of his use partly for the construction of a highway, that this must be of suspended way.

Water balance uncertainties have long been known to lead to potential environmental hazards, but their effect on economic profitability of mines is an under-studied field of research. Historical rainfall data are analyzed using the extreme value theory (EVT) and the peak over threshold method (POT). The resulting distributions are used as inputs into a system dynamics techno-economic metal mining investment profitability model, and simulation analysis is performed. The proposed methodology incorporates rainfall extremes and uncertainty into techno-economic modeling of metal mining operations. A case study with real-life historical rainfall data was used to illustrate the relationship between hydrologic uncertainty and the economic value of a metal mining investment. Open pit flooding • Temporary mine shutdown • Investment analysis • System dynamics modeling • Extreme rainfall events * Jyrki Savolainen

Empirical evidence suggests that the differences in rates of technical progress across sectors are time-variant, implying that the bias in technological change is not constant. In this paper, we analyze the implications of this nonconstant sectoral biased technical change for structural change and we assess whether this is an important factor behind structural transformations. To this end, we develop a multi-sectoral growth model where TFP growth rates across sectors are non-constant. We calibrate our model to match the development of the U.S. economy during the twentieth century. Our findings show that, by assuming nonconstant biased technical change, a purely technological approach is able to replicate the sectoral transformations in the U.S. economy not only after but also prior to the World War II.

The purpose of the study was to analyse the impact of gross domestic expenditure on research and development on key indicators of knowledge-based economy performance in the short-and long-term using data from developed and developing countries. The results of the study showed an increase in attention to investment in innovation in a global sense. The leading countries and regions for investment in innovation are the United States of America, the EU, China, and Japan. Regression analysis of the short-term impact of gross domestic expenditure on research and development on key indicators of economic efficiency (level of human development, productivity, and gross domestic product (GDP) per capita) revealed a statistically significant impact only on the indicator of the level of human development. But the analysis of the long-term impact of this indicator on the example of data from the EU countries revealed the statistical significance of this impact on all dependent variables. This proved that investments in innovation have a cumulative effect that manifests itself in the long term. The identified impact on the indicator of the level of human development in both the short and long term indicates the fundamental role of investment in innovation in such development. The analysis of data from Kosovo revealed an inverse correlation between gross domestic expenditure on research and development and GDP per capita and human development. This revealed the low efficiency of investment in innovation in the country and suggested that Kosovo may need more time to achieve a positive cumulative effect from investments. Accordingly,

This article presents a graphical and tabulation framework for the application of equity breakeven point (EBP) for financial management of engineering projects. EBP was previously developed as a computational tool for the analysis of mortgage payments. This article presents a user-friendly framework for visualizing and assessing the utility of EPB in engineering projects. The proposed graphical and tabulation framework extends the application of EPB to general capital investments, which are part of engineering projects. Engineering managers and other practitioners can utilize the tabulation of EBP to assess what-if options in major financial transactions. The mathematical derivation of the EPB indicates the time when the unpaid balance on a capital investment is equal to the cumulative equity in the investment, thereby providing a-priori insight into how long it might take to retire an investment loan on the strength of the accrued equity. This type of graphical visualization is useful for negotiating the terms of acquiring and/or managing large engineering projects.

This paper examines Uganda's investment policy framework through a risk management lens, identifying how systematic exclusion of local enterprises from investment incentives undermines national development goals. Using case studies from Uganda's agricultural sector and comparative analysis with other developing economies, the paper demonstrates how preferential treatment of foreign investors over capable local enterprises introduces structural risks including policy bias, elite capture, erosion of public trust, and financial exclusion. The analysis employs a risk assessment matrix to evaluate the severity and likelihood of these risks, finding that political and institutional failures represent the most immediate threats to inclusive development. Drawing on international experience from countries including Rwanda, Colombia, and Malaysia, the paper proposes strategic interventions to transform these risks into opportunities for reform. These include policy revisions to ensure equal access to incentives, institutional capacity building for local business groups, alternative financing models, and broader metrics for measuring development success. The paper concludes with an implementation roadmap that sequences reforms to ensure sustainability and institutional alignment. This risk management approach offers a practical framework for transforming Uganda's investment landscape from one characterized by exclusion to one that enables shared prosperity.

In order to invest in small businesses, it is necessary to align productive capacity with investment and expected return, as well as to consider the dynamicity of the environment. In this context, the objective of this study is to carry out an economic feasibility analysis in the opening of a physical and virtual store for the expansion of a brand of women's accessories, which now operates in a studio located in a business building. In parallel, the break even point was calculated in the search for the minimum quantity of sales so that the company does not suffer losses, being crucial information for the retailers. Applying the methods of economic analysis, it was verified the feasibility of investing in both business models and, by including the Sensitivity Analysis to evaluate the project risk, the demand was identified as the most sensitive variable to the enterprise, allowing guidance to the strategic management of the company.

Many investment projects have the following characteristics: (1) spending decisions and cash outlays occur sequentially over time, (ii) there is a maxiniuin rate at which outlays and construction can proceed --it takes "time to build," and (iii) the project yields no cash return until it is actually completed. Furthermore, the pattern of investment outlays is usually flexible, and can be adjusted as new information arrives. For such projects traditional discounted cash flow criteria, which treat the spending pattern as fixed, are inadequate as a guide for project evaluation. This paper develops an explicit model of investment projects with these characteristics, and uses option pricing methods to derive optimal decision rules for investment outlays over the entire construction program. Numerical solutions are used to demonstrate how time to build, opportunity cost, and uncertainty interact in affecting the Investment decision. We show that with moderate levels of uncertainty over the future value of the completed project, a simple NPV rule could lead to gross over-investment. Also, we show how the contingent nature of the investment program magnifies the depressive effect of increased uncertainty on investment spending.

Loss of biodiversity is one of the triple planetary crises that needs to be addressed with urgency to shape a sustainable habitat for all life forms. This paper investigates the diversity, composition and standing stock in rural homesteads of Singrauli District, MP, India. A multi-stage random sampling was used to select villages (16) and households (128) for the field survey. Data on species composition and standing stock were collected using interview schedules and homestead inventories. Data were analysed through descriptive statistics, mensuration formulas, and diversity indices. Results indicated that about 153 species of plants belonging to 55 families and 122 genera of flora were raised other than conventional agricultural crops in homesteads. Among these, 92 tree, 26 shrubs, 25 herbaceous, and 10 climber species were identified. On average, households practiced homestead forestry in an area of 0.25 ha, with 47 individuals of 15 species. The average height, diameter, basal area, and standing stock of trees in the homesteads were recorded as 12.01 m, 34.50 cm, 934.82 cm2, and 15.18 m3, respectively. The Shannon-Wiener diversity index of 3.57 and Simpson’s index of 0.05 implied high floristic diversity, and the Shannon Equitability index of 0.70 indicated a considerably even population of plant species. The Importance Value Index (IVI) indicated that Mangifera indica (27.78) and Madhuca longifolia (18.96) were found to be the dominant species in the sample homesteads owing to their multi-faceted uses. The findings specified that homestead forestry can be a viable strategy to conserve biodiversity, improve ecosystem services, expand the green cover, and secure livelihoods.

The overall goal of this research is to investigate the relationship between financing activities and the future returns of value and growth stocks in the capital market. The study examines a sample of 116 companies listed on the Tehran Stock Exchange from 2007 to 2012. The results indicate no statistically significant difference in returns between value stocks and growth stocks. However, external financing activities differ significantly between these two groups. A negative relationship was found between the book-to-market value ratio and future stock returns, suggesting that higher book values relative to market values lead to lower future returns. Conversely, there is a positive relationship between external financing and future returns, indicating effective use of outside capital can enhance stock performance. The findings suggest that capital market participants may not distinguish between value and growth stocks in practice, but capital suppliers might factor such classifications into their financial decisions.

Este artículo presenta una revisión bibliográfica acerca de los métodos que se han utilizado en las últimas dos décadas para predecir Índices Bursátiles. Los métodos estudiados van desde aquellos que logran capturar las características lineales presentes en los índices de bolsa, pasando por los que se enfocan en las características no lineales y finalmente métodos híbridos que son más robustos, pues capturan características lineales y no lineales. Además, se incluyen aquellos métodos que utilizan variables macroeconómicas para predecir los índices de diferentes Bolsas de Valores en el mundo.

The paper presents the general model of net flows to investment funds, which helps to analyse the flows and to solve the problem structurally. The model includes various investment guidelines and different fund types, aspects of risk influence are discussed separately. Furthermore, the conception and techniques of integrated assets and liabilities portfolio management are applied forming and managing the portfolio of investment fund. Integrated assets and liabilities management is based on computerised decision models that represent both the assets and liabilities associated with the business line, characterise the uncertainty of the future environment and produce strategies for structuring the assets and liabilities in business ways that are profitable across a range of alternative future environments. The methods of imitative modelling are used and obtained results are presented in geometrical form of portfolio sets, their efficiency zones, density and survival functions.

This paper expands upon the appendix of the PNP Index: A New Metric for Evaluating Financial Performance, providing an in-depth discussion on inverse compound interest - a concept introduced to describe the opposite effect of compound interest.
The study explores the fundamental differences between simple returns and logarithmic returns, explaining why logarithmic returns are essential for financial modeling, backtesting, and AI-driven trading strategies. A key advantage of logarithmic returns is their computational simplicity. Since multiplication in simple returns translates to addition in logarithmic returns, financial models-such as the PNP Index - become significantly easier to compute and integrate into code.
This property makes logarithmic returns particularly beneficial for quantitative finance applications, algorithmic trading, and machine learningbased investment models.

Se redacta el presente Trabajo Fin de Grado, en adelante TFG, debido a mí dilatada experiencia como tasador inmobiliario a lo largo de mis más de 10 años experiencia profesional como Arquitecto Técnico. Tiene como objetivo principal el de profundizar sobre los métodos empleados en las valoraciones inmobiliarias y, concretamente, sobre uno de los métodos de valoración como es el Método Residual, empleado fundamentalmente para el cálculo del valor del suelo en función de una serie de hipótesis que más adelante detallaré en profundidad. El planteamiento fundamental para la elaboración del presente TFG es la teoría expuesta en la legislación vigente en materia de valoraciones. El contenido está estructurado en cuatro bloques: primero y a modo de introducción, se han analizado las normativas de aplicación en materia de valoraciones desde el 1989 hasta la actualidad haciendo un repaso de las principales novedades que presentaba cada una de ellas, se ha analizado los diferentes contenidos y elementos que se deben de tener en cuenta a la hora de realizar una valoración para el mercado hipotecario, según la normativa vigente y se han analizado los diferentes métodos que existen para realizar las valoraciones, segundo se ha analizado con mayor profundidad el método residual dinámico, en qué consiste, qué se debe tener en cuenta y como se realiza, tercero se ha elaborado la valoración de una parcela con una hipótesis de promoción de 50 viviendas plurifamiliares, garajes y trasteros en el municipio de Vera (Almería) para obtener el valor del suelo empleando el método residual dinámico y el cuarto corresponde a las conclusiones, bibliografía, índice de figuras y anexos del presente TFG.

The geographical distributions of French and British foreign investment portfolios differ markedly before World War I. Did French portfolios favor European investments just as British portfolios favored “New World” assets? Should economic rationality have encouraged investors to invest widely in the “New World” rather than in Europe? Combining Modern Portfolio Theory and a new data set comprising assets listed on the Paris and London Stock Exchanges, we show that investing in the “New World” did not yield higher returns than investing in Europe. The “European preference” of the Paris Bourse and, by extension, of French investors was not inefficient.

The paper presents the main features of a computer system for support the analysis of investment in ships, based on Real Options Analysis -ROA and Monte Carlo simulation. ROA has been increasingly adopted for large projects, subject to high degree of uncertainty and presenting significant managerial flexibility. Despite of the recognized applicability in shipping, ROA is not normally applied, mainly because of the technical and operational complexity. The system aims at overcoming these problems, and was designed to make feasible ROA application by non-specialists. The proposed ROA methodology for shipbuilding projects may incorporate options of abandon, defer or lay-up. The models for stochastic series of time-charter rates and ship prices, necessary for ROA, may be automatically or interactively selected. The system also allows the interactive definition of the cash flow structure, including the managerial options to be considered. The architecture of the computer system and the user interface are discussed.

The sale of dinar gold through digital platforms such as Shopee has become a popular alternative for Indonesians interested in investing in precious metals. This study aims to analyze the effect of using the Shopee platform on the sale of dinar gold, with a focus on increasing accessibility, sales trends, and marketing strategies used by sellers. The research method used is a descriptive quantitative approach with a case study of active dinar gold sellers on Shopee. Data was obtained through analysis of sales transactions, interviews with sellers, and customer reviews. The results of the study show that dinar gold sales on Shopee have increased significantly, with marketing strategies such as discounts, cashback, and positive reviews playing an important role in increasing buyer confidence. However, challenges such as price competition and gold price fluctuations remain factors that need to be considered by sellers. This study concludes that the use of digital platforms can increase the affordability of dinar gold as an investment instrument, but sellers need to utilize the right strategy to maintain competitiveness in the digital market.

Приведены методы вычисления простой, взвешенной и экспоненциальной скользящих средних. Рассмотрены особенности инвестирования по системам с двумя (Р. Дончиана) и тремя (Р. Аллена) скользящими средними. Ключевые слова: управление процессом инвестирования, технический анализ, скользящие средние, рыночная тенденция, торговые системы. Ключові слова: управління процесом інвестування, технічний аналіз, ковзні середні, ринкова тенденція, торговельні системи. The methods of calculating a simple, weighted and exponential moving averages has been considered. The features of investing on the systems with two (R. Donchian) and three (R.Allen) moving averages are examined.

Absinth--Crees often opt for rod transmt even when agency evaluations conclude that other alternatives are superior m performance and effaclency The choice of light raft transit (LKT) m Sacramento, Cahforma serves as a case study When adjustments are made for overstated assumptions and irregular mampolauous of data m the Sacramento evaluataon, the LRT project is somewhat inferior on all technical grounds to other proposed alternatives This article asks why a local decmon was made to pursue the hght rod optaon The LRT choice is exanuned m the broader context of government structure and deemon-makmg, earmarked state and federal funding, and local planmng It is shown that local decmon makers have broad economic and social concerns that are not incorporated into standard tech.,ucal evaltmttous, and that they are provided with highly uncertain projections, especmUy for ndersbap Not surprisingly, local pohttoans were skepacal of the techmcal evaluations and weighed local values and strategic funding factors heavily m their deezsion Whale we do not advocate porkbarrehng, we beheve that the choice of LRT, to the extent that it reflected leg~Umate local concerns, was vahd We suggest ~mprovements m transit evaluauon methods and observe that the 1984 changes in UMTA evaluatmB procedures appear to consider uncertainty correctly and to include local pohucal support m a meaningful way Pohttcs and techmcal tmccrtamty in transportation investment

As a common practice in portfolio management based on the mean-variance model, the daily means and variances of stock returns are usually estimated using daily historical data and then converted to longer periods of time depending on needs. However, since means and variances may show different behaviors over non-trading days, this paper shows the necessity of employing different time scale conversion formulas for means and variances. In particular, we examine the issues arising from the conversion of 1-day returns into estimates of longer period means and investigate the impact of this conversion on capital allocation decisions and portfolio performance evaluations.

As a common practice in portfolio management based on the mean-variance model, the daily means and variances of stock returns are usually estimated using daily historical data and then converted to longer periods of time depending on needs. However, since means and variances may show different behaviors over non-trading days, this paper shows the necessity of employing different time scale conversion formulas for means and variances. In particular, we examine the issues arising from the conversion of 1-day returns into estimates of longer period means and investigate the impact of this conversion on capital allocation decisions and portfolio performance evaluations.

A common method used for evaluation of investment projects is the Cost Benefit Analysis (CBA). Desiring to have insight into the core of investment, the optional modules with real options are becoming more in use, which represent the stochastic approach. The basic purpose of this research was therefore to display applications of methods real options in agriculture. Results of the traditional CBA with the parameter NPVt showed the production of processed potatoes in cubes is the most suitable. For the assessment of real options investment projects of processing potatoes the Black Scholes model have been used further used. Option value (OV) to the Black-Scholes (BS) model show positive values for all three types of processing (french fries, slices and cubes). However, real options have important value, because the traditional methods of investment analysis are upgraded to the methods of real options with stochastic terms.

Using various criteria, the paper estimates the optimal rotation period for Sissoo (Dalbergia sissoo) plantations in Bangladesh. Plantations data were collected during 1999-2000 from purposively selected Forest Divisions aged at least 5 years. Under the present management system, mode of marketing, market mechanism and all economic criteria for Bangladesh as a whole, the optimal rotation of Sissoo tree is estimated to be at 8 years for fuel wood and 12 or 13 years for timber. If the Mean Annual Increment (MAI) is considered as rotation criterion, rotation period as 6 years for fuel wood and 11 to 13 years for timber are suggested. The elimination rates varied from 10% to 72% depending on plantation year, location, biotic interference and sissoo mortality. Irrespective of locations, it was revealed that the highest NPV (Tk 6395599), IRR (85%), B/C ratio (6.57), and e L (Tk 2608031) start from the 13 year-old plantation.

Using various criteria, the paper estimates the optimal rotation period for Sissoo ( Dalbergia sissoo ) plantations in Bangladesh. Plantations data were collected during 1999-2000 from purposively selected Forest Divisions aged at least 5 years. Under the present management system, mode of marketing, market mechanism and all economic criteria for Bangladesh as a whole, the optimal rotation of Sissoo tree is estimated to be at 8 years for fuel wood and 12 or 13 years for timber. If the Mean Annual Increment (MAI) is considered as rotation criterion, rotation period as 6 years for fuel wood and 11 to 13 years for timber are suggested. The elimination rates varied from 10% to 72% depending on plantation year, location, biotic interference and sissoo mortality. Irrespective of locations, it was revealed that the highest NPV (Tk 6395599), IRR (85%), B/C ratio (6.57), and  (Tk 2608031) start from the 13 year-old plantation. Keywords: Sissoo, Optimal rotation, Forest management, Bangladesh.

We introduce Dynamic Multilevel Modeling (DMLM) to a multicatalog-brand environment to determine the optimal frequency, size, and customer segmentation of direct marketing activities. This optimization method leverages multicatalog-brand effects including the utilization of prior customer ordering behavior, maximization of customer value and customer share, and economies of scale and scope in printing and mailing. This enhancement of the original DMLM-approach is called Dynamic Multidimensional Marketing (DMDM). With DMLM alone, Rhenania, a German direct mail order company, turned its catalog mailing practices around and consequently rose from the number 5 to the number 2 market position. The DMLM approach was so effective that two major competitors could be bought out. Improvements provided by DMDM were threefold: more efficient resource allocation across all catalog brands, more accurate customer microsegmentation, and more effective reactivation. Presently, the company's targ...

The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. While the advice and information in this book are believed to be true and accurate at the date of publication, neither the authors nor the editors nor the publisher can accept any legal responsibility for any errors or omissions that may be made. The publisher makes no warranty, express or implied, with respect to the material contained herein.

Forests represent more than just a livelihood to many people in developing countries. In Bangladesh, for example, overwhelming poverty and socioeconomic pressures have resulted in an unstable situation where intensive pressure on forest resources is having increasingly negative consequences for the population. Some studies have evaluated the benefits of people-oriented forestry activities from an investment, as well as a participant, point of view. In the study area located in the Tangail Forest Division, a total of 11,854 ha of woodlot, 2,704 ha of agroforestry and 945 km of strip plantations have been raised in a benefit-sharing program that is inclusive of land encroachers and other economically disadvantaged people. Since 2000-2001, a total of 3,716 ha of woodlot, 890 ha of agroforestry and 163 km of strip plantations have been harvested to the benefit of 6,326 individuals. Investment analysis indicates that woodlot plantation is not financially viable but agroforestry is the most profitable. These results were somewhat unexpected since initial analysis suggested that the woodlot plantation profit would be greater than, or at least equal to, that of the agroforestry plantation if the number of planted seedlings per unit area was taken into account. The per unit area Net Present Value (NPV) was highest in the agroforestry plantation ($1,662) and negative in the woodlot plantation (-$397). The Benefit Cost Ratio (BCR) was also highest in the agroforestry plantation (1.64) and lowest in the woodlot plantation (0.86). This study also showed that some individuals who were formally classified as encroachers have now become