Abstract Shrimp and prawns, Ecuador's leading non-oil export product, need the support of public funds loans, which need to improve their credit-granting processes. This study externalizes the two non-conformities during investment project evaluation. The first concerns the expected benefits and cost projections against the time-series analysis and EBITDA of this proposal. The second bias arises when comparing two bibliometric analyses of the co-occurrence of terms used in quantitative evaluation for leveraging investment projects between 2016 and 2020, between one hundred affiliated open-access Latin American scientific documents and 150 international articles on cash flow models. Not considering WACC and working capital management within the framework analysis led to significant deviations in key business viability metrics such as NPV and IRR. There was a discussion on the sustainable practices of the Ecuadorian shrimp sector.

Resumen Los camarones ecuatorianos, primeros en exportación no petrolera, necesitan de los créditos públicos y estos deben mejorar sus procesos. Se exteriorizan dos inconformidades cuando evalúan proyectos de inversión; la primera en la proyección de los beneficios y los costos esperados frente a la propuesta de análisis de series temporales y del EBITDA respectivamente. La segunda, en la conformación de los modelos de flujos de caja descontados no incluyendo al WACC y el capital de trabajo; esto se corrobora en dos análisis bibliométricos de coocurrencia de términos más usados para análisis financieros entre los años 2016 a 2020, abarcó a 100 documentos científicos de acceso abierto de afiliación latinoamericana contra 150 artículos internacionales. La contrastación de las cifras comprobó, mediante una simulación numérica, que la ausencia de ambas, WACC y capital de trabajo, afecta significativamente a las métricas del VAN y la TIR. Se discutió sobre la sostenibilidad del sector.

Resumo Este estudo investigou o efeito da incorporação de cal dolomítica na microestrutura e nas propriedades mecânicas de geopolímeros à base de metacaulim ativados por solução alcalina. Foram preparadas cinco misturas de geopolímeros com adição de 0,0%, 2,5%, 5,0%, 7,5% e 10,0% de cal dolomítica. A microestrutura dos geopolímeros foi avaliada por microscopia eletrônica de varredura (MEV), espectroscopia de energia dispersiva de raios X (EDS) e análises de difração de raios X (DRX). A resistência à compressão das misturas variou entre 53,2 e 63,0 MPa após 28 dias de cura ambiente. As análises SEM/EDS mostraram que as principais fases formadas foram o gel N-A-S-H juntamente com os géis C-A-S-H e N-M-A-S-H nas misturas com cal dolomítica. Em resumo, os resultados mostraram que a incorporação de cal dolomítica pode melhorar significativamente a microestrutura e as propriedades dos geopolímeros. alcalina 00 0 0,0% 25 2 5 2,5% 50 5,0% 75 7 7,5 100 10 10,0 MEV, MEV , (MEV) EDS (EDS DRX. DRX . (DRX) 532 53 53, 630 63 63, ambiente SEMEDS SEM NASH N S H CASH C NMASH M resumo 0,0 2,5 5,0 7, 1 10, (MEV (DRX 6 0, 2, 5,

Abstract This study investigated the effect of dolomitic lime incorporation on the microstructure and mechanical properties of metakaolin-based geopolymers activated by alkaline solution. Five geopolymer mixtures were prepared with the addition of 0.0%, 2.5%, 5.0%, 7.5%, and 10.0% dolomitic lime. The microstructure of the geopolymers was evaluated by scanning electron microscopy (SEM), energy-dispersive X-ray spectroscopy (EDS), and X-ray diffraction analyses (XRD). The compressive strength of the mixtures ranged between 53.2 and 63.0 MPa after 28 days of ambient curing. SEM/EDS analyses showed that the main phases formed were the N-A-S-H gel together with the C-A-S-H and N-M-A-S-H gels in the mixtures with dolomitic lime. In summary, the results showed that the incorporation of dolomitic lime can significantly improve the microstructure and properties of geopolymers. metakaolinbased metakaolin based solution 00 0 0.0% 25 2 5 2.5% 50 5.0% 75 7 7.5% 100 10 10.0 SEM, SEM , (SEM) energydispersive energy dispersive Xray X ray EDS, EDS (EDS) XRD. XRD . (XRD) 532 53 53. 630 63 63. curing SEMEDS NASH N A S H CASH C NMASH M summary 0.0 2.5 5.0 7.5 1 10. (SEM (EDS (XRD 6 0. 2. 5. 7.

This paper examines the impact of migrant remittances on household food security in the Ghana-Qatar migration corridor. Drawing on a 2023 survey of migrant-sending households in Ghana and in-depth qualitative interviews with migrants in Qatar, the study explores the characteristics, determinants, and patterns of remitting. The findings reveal that cash remittances play a crucial role in enhancing food security and the overall welfare of households in Ghana. However, the pressure to remit affects the food security of migrants in Qatar significantly, and they often adopt various coping strategies to manage their limited resources. The paper highlights the translocal nature of Ghanaian households, where remittances contribute to the cultural and economic sustenance of families. The study underscores the dual role of remittances in supporting household food security while imposing financial constraints on migrants and calls for policies that address the needs of both remitters and recipients.

In South Africa, many people are homeless or doing informal work for which they receive small amounts of cash from caring individuals. The world is moving towards cashless transactions, but devices are needed to support that move. Many people in need cannot afford such devices and usually receive cash, but fewer donors carry cash. Consequently, people in need receive less informal financial support. We propose a system that allows donors to give digital vouchers that can be redeemed at participating stores and institutions of care. This study aimed to investigate the use of blockchain technology in digital voucher management and to demonstrate the application of smart contracts to disintermediate the value transfer process specific to the donation process. A demonstrator was built to include a front end for the user to interact with and a back end containing the application logic, which was built on the Polygon blockchain, a second-layer solution for the Ethereum blockchain. The model included tokenising vouchers as non-fungible tokens, and the smart contracts governed their logic and the conditions to be met. The demonstrator was validated using smart contract and unit tests to evaluate the security and functionality. While the model was not implemented in reality, a fully functioning demonstrator was developed. The platform achieved the aim of disintermediating the voucher management process. A real-world implementation could help many in need to receive tokens for food, shelter and clothing from direct, individual donors. SIGNIFICANCE: We developed an architecture for a digital voucher donation management system that enables individual donors to transfer cashless vouchers to recipients in need. The recipients can then exchange the vouchers for necessities such as shelter, food and clothing. Such a system will become essential in the near future as we move towards a cashless society. The proposed system is safe because it is based on blockchain technology.

ABSTRACT The decision to invest is one of the most complex that managers makes in any business of the private or public sector globally, since it involves initial expenses and cash flows throughout the useful life of the investment project, associated with a level of risk. Its study and correct conceptualization is of vital importance, hence, the objective of the article is to reflect on the investment process with emphasis on the public sector of Guyana. To achieve this end, the theoretical and empirical research methods of analysis and synthesis, induction, deduction, historical logic, and documentary analysis were used. Concluding that in an investment project in the public sector, in addition to taking into account the activities, planned tasks, allocation of resources, economic and/or environmental impacts, the most significant are the social benefits, which last beyond the actual project.

RESUMEN La decisión de invertir es una de las más complejas que toman los directivos en cualquier negocio del sector privado o del público a nivel global, pues involucra los gastos iniciales y los flujos de caja durante toda la vida útil del proyecto de inversión, asociado a una posibilidad de riesgo. Es de vital importancia su estudio y su correcta conceptualización, de ahí que el objetivo del artículo sea reflexionar sobre el proceso inversionista con énfasis en el sector público de Guyana. Para lograr este fin se utilizaron los métodos de investigación teóricos y empíricos de análisis y síntesis, inducción, deducción, histórico lógico y el análisis documental. Para concluir que en un proyecto de inversión en el sector público, además de tener en cuenta las actividades, las tareas planificadas, la asignación de recursos, los impactos económicos y/o ambientales, los más significativos son los beneficios sociales, que duren más allá del propio proyecto.

RESUMEN La sociedad está inmersa en lo digital y el empleo de medios digitales de pagos permitió dinamizar el comercio electrónico. En Paraguay, fuera de las grandes urbes, pagar en efectivo sigue siendo el más utilizado, esto por falta de una educación digital en los habitantes; aunque, se espera que esta situación vaya revirtiéndose y se impongan los medios digitales de pagos. La metodología tuvo enfoque cuantitativo de tipo descriptivo, no experimental y de corte transversal, se utilizó una encuesta estructurada; y, los datos obtenidos fueron procesados en planilla electrónica y SPSS. La muestra por conveniencia la conforman 724 ciudadanos paraguayos de todos los departamentos del país. A través del estudio se pudo identificar lo siguiente: Existe una percepción heterogénea sobre los medios digitales de pago; 46,5% utiliza los medios digitales de pagos; 60,2% de los que utilizan medios digitales de pagos, cuentan con banca digital; 70,8% de los medios digitales de pagos se utilizan para pagar los servicios de agua, luz y telefonía; 83,6% de los medios digitales de pagos son utilizados para realizar pagos o transferencias; 23,5% de los encuestados realizó compras por internet. Además, se confirmó que no existe una relación significativa entre sexo, edad, nivel de ingreso, estudios realizados ni lugar de residencia y el uso de los medios digitales de pagos. Pero, si existe una relación significativa entre el nivel de ingreso, lugar de residencia y estudios realizados con el grado de confianza en los medios digitales de pago.

ABSTRACT Society is immersed in the digital world and the use of digital payment methods has made it possible to boost electronic commerce. In Paraguay, outside of large cities, paying in cash continues to be the most used, due to the lack of digital education among the inhabitants; Although, it is expected that this situation will be reversed, and digital payment methods will prevail. The methodology had a quantitative, descriptive, non-experimental and cross-sectional approach, a structured survey was used; and the data obtained were processed in an electronic spreadsheet and SPSS. The convenience sample is made up of 724 Paraguayan citizens from all the departments of the country. Through the study, the following could be identified: There is a heterogeneous perception about digital payment methods; 46.5% use digital payment methods; 60.2% of those who use digital payment methods have digital banking; 70.8% of digital payment methods are used to pay for water, electricity and telephone services; 83.6% of digital payment methods are used to make payments or transfers; 23.5% of those surveyed made purchases online. Furthermore, it was confirmed that there is no significant relationship between sex, age, income level, studies completed or place of residence and the use of digital payment methods. But there is a significant relationship between the level of income, place of residence and studies completed with the degree of trust in digital payment methods.

RESUMEN Programa de Apoyo a los Estudiantes Argentinos (PROG.R.ES.AR) es una política direccionada a jóvenes de hogares desfavorecidos Esta transferencia monetaria condicionada, por población alcanzada y esfuerzo fiscal, constituye la principal iniciativa en Argentina hacia el segmento y una de las más relevantes en América Latina. Este trabajo identifica y sigue en el tiempo a sus beneficiarios, con el objetivo de evaluar el impacto del programa por medio de indicadores laborales, así como de logros educativos. Se utilizaron las metodologías de diferencias en diferencias y de regresión discontinua. Los resultados no permiten dar cuenta de un impacto significativo en las tasas de actividad y empleo de los beneficiarios del programa, ni de una mejora en el logro educativo.

ABSTRACT Programa de Apoyo a los Estudiantes Argentinos (PROG.R.ES.AR) is a conditional cash transfer targeted to students from disadvantaged households. This program intends to tackle youth disparities encouraging youth’s human capital investments to improve labor profiles. In terms of population reach and fiscal effort, PROG.R.ES.AR is the main policy aimed at young people in Argentina and one of the most relevant in Latin America. This work identifies and tracks its beneficiaries over time, in order to evaluate the impact of the program through labor indicators as well as educational achievements. Difference-in-difference and discontinuous regression methodologies were used. The results do not allow us to account for a significant impact on the activity and employment rates of the program’s beneficiaries, nor for an improvement in educational achievement

There is growing evidence that soil degradation, among other factors, has led to both the decline and constraint of agriculture in southern Africa. Conservation and regenerative agriculture (CA/RA) have been proposed as a grain crop production system that could slow down, halt or even reverse some of these disturbing trends. But the question remains whether it is financially viable. We sought to find an answer to this question by comparing the financial returns of a CA/RA system over a 20-year period to its alternatives, namely conventional tillage (CT) and no-tillage (NT) production systems. The cumulative free cash flow (CFCF) of the average between the realistic and conservative CA/RA scenarios in year 20 is considerably higher than that of the other systems under investigation. The CFCF for CA/RA in year 20 in Mpumalanga is estimated to be ZAR86 million, compared to -ZAR51 million for CT and about ZAR4 million for NT. That is a net difference between ZAR137 million (compared to CT) and ZAR82 million (compared to NT). In the Maluti area, the CFCF for the CA/RA production system is estimated at ZAR26 million, compared to -ZAR66 million for CT and -ZAR19 million for NT. In the North-West production area, the CFCF for the CA/RA production system is estimated at ZAR35 million, compared to -ZAR9 million for CT and about ZAR21 million for NT. The differences between the CFCF of the CA/RA system and the other systems represent the financial opportunity cost of not converting to the CA/RA system. SIGNIFICANCE: • Soil degradation leads to both the decline and constraint of agriculture in southern Africa. • Conservation and regenerative agriculture (CA/RA) have been proposed as a grain crop production system that could slow down, halt or even reverse some of these disturbing trends. • CA/RA are financially more viable in three grain production areas of South Africa. • The cumulative free cash flow (CFCF) CA/RA in year 20 is considerably higher than that of the other systems. • The differences between the CFCF of the CA/RA system and the other systems represent the financial opportunity cost of not converting to the CA/RA system.

ABSTRACT • The possible production of fructo-oligosaccharides from sucrose was evaluated in the Base Business Unit (UEB) “Ignacio Agramonte'”, which currently produces sorbitol, with low exploitation of the installed capacity, due to lack of glucose. There was an opportunity in infrastructure, time and labor to convert the entity into a multipurpose plant. A simulation model of the technology for the production of fructo-oligosaccharide syrup from sucrose was developed, based on the enzymatic transformation of sucrose into fructo-oligosaccharides, using the recombinant enzyme 1-SST (1-sucrose: sucrose fructosyltransferase) expressed in Pichia pastoris, obtained at the Center for Genetic Engineering and Biotechnology at Sancti Spiritus. Model validation yielded relative errors lesser than 5 %. Two improvement alternatives were evaluated based on increasing the production of FOS by using the actual installed capacity in the sorbitol factory (alternative 1) and also increasing the initial concentration of the sucrose solution (alternative 2). Feasibility of the alternatives was evaluated by comparing the annual net cash income (Anci) and expenses. Alternative 2 was the best, producing 841,5 t of fructo-oligosaccharides in 90 working days, with a benefit/cost ratio of 1,2.

RESUMEN • Se evaluó la posibilidad de incorporar la produccón de fructo-oligosacáridos a partir de sacarosa en la Unidad Empresarial de Base (UEB) “Ignacio Agramonte” que produce actualmente sorbitol, con un bajo aprovechamiento de la capacidad instalada por falta de glucosa, existiendo oportunidad en infraestructura, tiempo y mano de obra para convertir la entidad en una planta multipropósito. Se desarrolló un modelo de simulación de la tecnología de producción de sirope de fructo-oligosacáridos a partir de sacarosa, basada en la transformación enzimática de la sacarosa en fructo-oligosacáridos, utiizando la enzima recombinante 1-SST (1-sacarosa: sacarosa fructosiltransferasa) expresada en Pichia pastoris, obtenida en el Centro de Ingeniería Genética y Biotecnología de Sancti Spiritus. La validación del modelo arrojó errores relativos menores que el 5 %. Se evaluaron dos alternativas de mejoras a partir de aumentar la producción de FOS al utilizar la capacidad real instalada en la fábrica de sorbitol (alternativa 1) y además aumentar la concentración inicial de la solución de sacarosa (alternativa 2). Se evaluó la factibilidad de las alternativas al comparar la ganancia anual después de impuestos (Anci) y los egresos. La alternativa 2 resultó la mejor, produciéndose con ella 841,5 t de fructo-oligosacáridos en 90 días de trabajo, con una relacion beneficio / costo de 1,2.

RESUMO A pesquisa foca nas fusões bancárias, explorando como podem surgir benefícios não considerados tradicionalmente ao aplicar o método do Fluxo de Caixa Descontado em instituições financeiras. Utilizou-se dados de fontes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Analisaram-se os dados usando o Modelo de Dividendos Descontados e Modelagem Financeira Simples. Projetou-se a Demonstração do Resultado do Exercício e o Balanço Patrimonial dos bancos, ajustados pela taxa de inflação meta do Bacen. Calcularam-se os dividendos projetados para os próximos dez anos, determinou-se o Valor Patrimonial dos bancos individualmente e combinados, simulação que considerou três cenários: pessimista, realista e otimista. Os resultados destacaram variáveis críticas, como crescimento individual e combinado, Retorno sobre o Patrimônio e Taxa de Reinvestimento, mostrando que uma fusão pode gerar valor em todos os cenários analisados. bancárias financeiras Utilizouse Utilizou se Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney Analisaramse Analisaram Simples Projetouse Projetou Calcularamse Calcularam anos determinouse determinou combinados pessimista otimista críticas combinado Reinvestimento analisados (Bacen

La investigación se centra en las fusiones bancarias, explorando cómo pueden surgir beneficios no considerados tradicionalmente al aplicar el método de Flujo de Caja Descontado en entidades financieras. Se utilizaron datos de fuentes como Banco Central (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 e Infomoney. Los datos se analizaron utilizando el modelo de dividendos descontados y el modelo financiero simple. Diseñamos el Estado de Resultados del Año y el Balance General de los bancos, ajustados por la tasa de inflación objetivo del Bacen. Se calcularon los dividendos proyectados para los próximos diez años, se determinó el Valor Patrimonial de los bancos individualmente y en conjunto, simulación que consideró tres escenarios: pesimista, realista y optimista. Los resultados resaltaron variables críticas, como el crecimiento individual y combinado, el retorno sobre el capital y la tasa de reinversión, mostrando que una fusión puede generar valor en todos los escenarios analizados. bancarias financieras Bacen, Bacen , (Bacen) IFData IF Data IF.Data Brasil Federal Ipeadata B Infomoney simple años conjunto pesimista optimista críticas combinado reinversión analizados (Bacen

The research focuses on bank mergers, exploring how benefits not traditionally considered can arise when applying the Discounted Cash Flow method in financial institutions. Data from sources such as the Central Bank (Bacen), IF.Data, Banco do Brasil, Caixa Econômica Federal, Ipeadata, B3 and Infomoney were used. The data were analyzed using the Discounted Dividend Model and Simple Financial Modeling. We projected the Income Statement and Balance Sheet of the banks, adjusted by the Bacen target inflation rate. We calculated the dividends projected for the next ten years, and determined the “Equity Value” of the banks individually and combined, a simulation that considered three scenarios: pessimistic, realistic and optimistic. The results highlighted critical variables, such as individual and combined growth, Return on Equity and Reinvestment Rate, showing that a merger can generate value in all scenarios analyzed. mergers institutions Bacen, , (Bacen) IFData IF IF.Data Brasil Federal Ipeadata B used Modeling rate years Value pessimistic optimistic variables growth Rate (Bacen

The South African mineral resource royalty system, initiated in 2010, employs a hybrid ad valorem approach tied to profitability ratios. This rate is then applied to the total revenue from mineral sales. In this article we explore how the profitability ratio in the mineral resource royalty formulae interacts with the gold tax formula as applied to South African gold mines, devising a strategy for cut-off grade optimization. The study focuses on nine narrow, tabular-reef (Witwatersrand) gold mines. The approach involves a mixed-integer cut-off grade optimizer utilizing Excel Solver, incorporating relevant royalty and income tax formulae. Different mineral resource royalty cost scenarios were examined. Ignoring these costs in the break-even analysis lowers the cut-off grade but slightly boosts profits compared to considering expected costs. The developed optimizer model, recognizing the profitability aspect of the mineral resource royalty and income tax formulae, yielded a 6% lower cut-off grade than the base case. This is significant for increasing mine life. While the profit differences are marginal (0.2% compared to the break-even base case), substantial improvements were noted: a 6% increase in stope tons above cut-off grade, and a 4% rise in total revenue. Enhanced resource utilization (3% extra gold kilograms) reduces necessary development and overall costs, allowing for a reduction in the cut-off grade and ultimately, more profit.

Uncertainty with regard to estimated grades and tonnages of a mineral deposit demands risk assessment in order to build investor confidence and attract the interest of other stakeholders in the success of a project. Uncertainties associated with Mineral Resource estimates can lead to unreliable production schedules and unpredictable cash flows. However, the techniques used in the mining industry to determine these uncertainties are inconsistent, because the important decisions taken in the process are solely dependent on the responsible Competent Person (CP), without limitations. This leads to disparities between different CPs' results, using data-sets from the same drill-holes. The various standard codes for public disclosure provide guidelines and recommendations for the classification of Mineral Resources and Reserves but do not provide details on, for example, the amount of geological and geostatistical information needed to qualify for each category of Resources and Reserves. The parameters used to generate the classification categories are subjectively assumed by the responsible CP. In this paper we investigate the impacts of different CPs' judgements on resource classification, using the same data-sets. The results underpin the need for the mining industry to develop a uniform Mineral Resources and Reserves classification framework that can minimize or avoid significant discrepancies that lead to potential misleading public disclosures.

Hierdie artikel fokus op die geskiedenis van die ora (Φ3) sedert die eerste vrystelling daarvan 20 jaar gelede in 2004. Die ora is onlosmaaklik verweef met Orania, 'n Afrikaanse dorp in die Noord-Kaap. Die ora is op 'n een-tot-een-grondslag gekoppel aan die Suid-Afrikaanse rand. Die ora sirkuleer as 'n wettige betaalmiddel vir gebruik in kontanttransaksies in Orania. Die bestaan en sirkulasie van die ora is een van die unieke eienskappe van Orania. 'n Verdere unieke eienskap van Orania is die uitsluitlike gebruik van Afrikaans in die dorp. Alle bedrywighede (godsdiensbeoefening, kultuuraktiwiteite, onderrig en saketransak-sies) geskied uitsluitlik in Afrikaans. Voorts het Orania net wit inwoners. Die dorp word dus as 'n wit Afrikaner enklawe beskou. Daarbenewens is die oogmerk van Orania selfbeskikking wat die dorp se toekoms betref. Dit bring Orania in lyn met die voortsetting van die Verwoerdiaanse ideaal van afsonderlike ontwikkeling tot selfbeskikking. Hierdie ideaal word in Orania ondersteun deur "selfwerk-saamheid", met ander woorde 'n beleid dat voorkeur gegee word aan indiensneming van die inwoners van Orania. Die inwoners van Orania verkies om bedrae in ora te noem en nie in rand nie. Gevolglik word daardie praktyk in hierdie artikel gebruik. Gebaseer op die 2021/22-sensusopname in Orania, is totale persoonlike jaarlikse inkomste op Φ295 672 222 beraam. Per capita persoonlike jaarlikse inkomste vir die 2 377 inwoners is dus op Φ124 389 beraam. Hierteenoor is die jaarlikse inkomste van huishoudings in Orania in 2021 op Φ190 331 179 beraam. Hierdie verskil in ramings kan nie met behulp van die bestaande sensusopnamedata verklaar word nie en is tevore aangestip as 'n gebied vir verdere navorsing. Die 2021-besigheidsopname van Orania rapporteer data oor sake-ondernemings in die dorp. Op grond van hierdie opnamedata is die jaarlikse omset van sakeondernemings in Orania in 2021 op Φ281 950 000 beraam. Meer navorsing is nodig om te bepaal of die groei in ora-koepons wat uitgereik word, hoegenaamd korreleer met die groei in ekonomiese bedrywighede in Orania. Die groeikoers van ora-koepons kan nie met groei in ekonomiese bedrywighede vergelyk word nie omdat laasgenoemde nie voorheen op 'n vergelykbare basis bereken is nie. Onlangse navorsing is die eerste inisiatief om 'n basis te skep vir die bepaling van Orania se toekomstige ekonomiese groei. Indien hierdie korrelasie deur toekomstige navorsing bepaal kan word, sal dit 'n nuttige en maklike aanwyser van ekonomiese bedrywighede op die dorp wees. Die navorsing toon ook dat die ora tot gemeenskapsbewussyn bydra, byvoorbeeld omdat die inwoners bedrae in ora uitdruk, eerder as in rand. Die ora verminder ook kontantrisiko in Orania, omdat die ora nie buite die dorp gebruik kan word nie. Die ora het egter ook sekere nadele vir inwoners van Orania. Houers van ora-koepons en dOra moet dit in Orania vir rand inwissel vir kontanttransaksies buite die dorp. Enige afslag wat sake-ondernemings op ora-transaksies toestaan, verminder hul omset en bruto wins. Die feit dat ora-koepons nie masjienleesbaar is nie, verhoog die administrasiekoste van die koepons. Die ora en Orania is onlosmaaklik met mekaar verweef. Die dorp kan egter sonder die ora bestaan, terwyl die ora nie sonder Orania kan bestaan nie.

The history of the ora (with the symbol Φ) as a trade instrument is inextricably linked to the history of Orania, a village on the southern bank of the Orange River in the Northern Cape Province of South Africa. The closest town to Orania is Hopetown (43 kilometres to the northwest). Orania is about 160 kilometres south of Kimberley, the biggest city in the Northern Cape. Orania has a number of unique features. Firstly, all inhabitants are white and speak Afrikaans, with the implication that this is the language used for all activities (business, education, religion and social interaction). It is therefore viewed as a white Afrikaner cultural enclave. Secondly, the aim of Orania is self-determination as far as its future is concerned. In this context it has been described as a continuation of the Verwoerdian ideal of the 1960s. This aim is supported by "selfwerksaamheid" (loosely meaning "to work with our own for our own"), that is, a policy in terms of which preference is given to the employment of people from Orania. Thirdly, Orania has its own trade instrument, the ora, the symbol for which is Φ.2 The ora is described as a coupon used in settlement of cash transactions. Calling the ora currency would be a contravention of the South African Reserve Bank Act, 1989. The Orania Sakekamer [chamber of commerce] issues the ora. It is linked on a one-to-one basis to the South African rand, that is, at a rate of Φ 1,00 = R1,00. The inhabitants of Orania prefer to use ora when referring to amounts and this paper follows the same convention. Literature on Orania refers to the ora and its use in trade, but there is no research focusing on the development of the ora since it wasfirst launched in 2004. This paper seeks to contribute to filling this gap in the existing literature. The ora serves the needs of the inhabitants of Orania. A population census undertaken in Orania in December 2021 and early in 2022 reported the town'spopulation as 2 377 people, of whom 1 635 were 20 years and older. The same census also showed that Orania comprised 649 households and 220 businesses. Based on the 2021/22 census, the total personal annual income of the residents of Orania in 2021 was estimated at Φ295 672 222. Per capita personal annual income of the 2 377 inhabitants was therefore estimated at Φ124 389. Based on the same census data, the annual household income in Orania was estimated at Φ190 331179. The difference in estimates cannot be explained in terms of the 2021/2022 census data and was previously highlighted as an area for further research. These estimates show some correlation with the survey data obtained from the 2021 business survey conducted in Orania. Business turnover in 2021 was estimated at Φ281 950 000. More research is necessary to ascertain whether the increase in the value of ora issued correlates at all with the growth rate of economic activity in Orania. If this correlation can be determined, ora in circulation will be a useful indicator of the growth of economic activities in Orania. The growth rate of ora coupons cannot be compared with growth in economic activity because the latter has not previously been calculated on a comparable basis. Recently research was published that will contribute to a basis for determining future economic growth. This research shows that the ora contributes to "community building" (a sense that the residents are building their own future) in Orania and limits cash risks in the town. However, the ora also has certain disadvantages for residents of Orania. Holders of ora coupons and dOra must exchange them for rand in Orania for cash transactions outside the town. Any discount that businesses grant on ora transactions reduces their turnover and gross profit. The fact that ora coupons are not machine-readable increases the administration costs of the coupons. The final conclusion is that the ora is inextricably linked to Orania. The town can exist without the ora, but the ora cannot exist without Orania.

RESUMEN Evaluamos el impacto del programa de transferencias condicionadas de efectivo “Avancemos” sobre la asistencia de jóvenes entre 12 y 19 años, al sistema educativo formal de secundaria, en Costa Rica. Utilizando datos de panel de la Encuesta Nacional de Hogares de 2015 a 2018, implementamos un modelo de efectos fijos para eliminar fuentes de sesgos relacionados a diferencias en las características de los estudiantes, que no varían en el tiempo. Mediante el método de diferencias en diferencias, encontramos impactos positivos sobre la asistencia de 16 puntos porcentuales. Los resultados fueron robustos cuando se examinaron diferentes subconjuntos de años y cuando se implementó un modelo de efectos aleatorios. Encontramos efectos mayores en hombres, en zonas rurales y en el III ciclo (7-9 grado) del sistema educativo. Además, los efectos de Avancemos en reinserción son más altos que en permanencia. Estos resultados aportan evidencia acerca de los efectos positivos que el programa Avancemos tiene sobre la educación y sobre la oportunidad que existe para aumentar esos impactos.

ABSTRACT We evaluate the impact of the conditional cash transfer program ‘Avancemos’ on enrollment in formal secondary education among students aged 12 to 19 in Costa Rica. Using panel data from the National Household Survey from 2015 to 2018, we employed a fixedeffect regression model to eliminate sources of bias related to differences in students’ characteristics, that do not vary over time. We find a positive impacts of 16 percentage points on attendance. These results were robust to changes in the periods of analysis and when using a random-effect model. In addition, we found greater effects in males, rural areas, and grades 7th-9th. Additionally, the effects of Avancemos in reintegrating students are higher than in retention. These results provide evidence about the positive effects of the Avancemos program on education and underscore the opportunities that exist to increase its impacts.

Abstract Purpose: To develop an approach to financial valuation methodologies as a tool that allows managers to have an objective and decisive vision to generate business value. Methodology: A bibliometric analysis was conducted on Scopus indexed research articles using R Core Team 2022-Bibliometrix and VOSviewer software, and a systematic literature review adhering to the PRISMA protocol. Findings: The main methodologies for financial valuation include cash flows, real options, net present value, valuation by multiples, economic value added, and various complementary financial ratios. Practical implications: It is evident that there is a shortage of literature on the subject, despite that fact a consistent growth was observed. Originality: Financial valuation methodologies enable managerial decision-making associated with company valuation for long-term benefit.

Resumen Propósito: Desarrollar un acercamiento hacia las metodologías para la valoración financiera, como herramienta que permite a los gerentes tener una visión objetiva y determinante para generar valor empresarial. Metodología: Se ejecuta un análisis bibliométrico en Scopus utilizando el software R Core Team 2022-Bibliometrix y VOSviewer, y una revisión sistemática de la literatura a partir del protocolo PRISMA. Resultados: Se resaltan como las principales metodologías para la valoración financiera al flujo de caja descontado, opciones reales, el valor presente neto, valoración por múltiplos, el valor económico agregado, y diversas razones financieras que complementan dichos procesos de valoración. Implicaciones: A pesar de que se identifica un incremento regular de la producción bibliográfica, es evidente la escasez de literatura sobre el tema abordado. Originalidad: El uso de estas metodologías permite determinar las decisiones gerenciales asociadas a la valoración de las compañías para su beneficio a largo plazo.