Equity Risk Premium for Investments Projects in Renewable ...
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Equity Risk Premium for Investments Projects in Renewable ...

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Equity Risk Premium for Investments Projects in Renewable Resources Carmen LIPARĂ Bucharest Academy of Economic Studies Anamaria ALDEA Bucharest Academy of Economic Studies Anamaria CIOBANU Bucharest Academy of Economic Studies Abstract. Risk premium is an important factor for different models that estimate the shareholders equity, the debt cost used to evaluate both the financial assets as well as investment projects.
  • length period
  • capital market returns
  • current portfolio by the financial asset
  • risk of a catastrophe event
  • catastrophe
  • risk premium
  • market risk
  • capital asset pricing model
  • return



Publié par
Nombre de lectures 62
Langue English


Making a difference: Being in a Church for the world today
Summary of four sermons given by the Rt Revd Dr Alastair Redfern, Bishop of Derby at All Saints’ church, Matlock Bank on the four Sundays in Advent 2011
[Summarised by the Revd Richard Reade]
Bein aChristian In his first Advent address Bishop Alastair give a very interesting talk about "Being a Christian". He contrasted the dominant world view as expounded by Darwin, the idea of evolution and chane alwas leadinto somethinbetter, with that of Samuel Wiberforce (Bishop of Oxford) who felt that the human mind was not perfect and that there was need for Grace and the discipline of prayer to Repent, Reflect and Resolve.
Being a Parish In the second of his Advent addresses, Bishop Alastair focused on two texts from the evensong readings: 'RamothGilead' (1 Kings 22) & 'Welcome everyone' (Romans 15), in order to reflect on being a parish, drawing inspiration from the parish ministry of Bishop Samuel Wilberforce (18051873). 'RamothGilead' was a town belonging to the tribe of Gad that was continually changing hands between the Israelites and the Srians. Theeo lethere were sub ect to theressures of outside forces over which they had no control and of changing expectations depending on who was in charge. Historically the town was a place of refuge, a sanctuary where people could flee from judgement in order to be safe and find space to reflect on their situation. In much the same way, the Parish can feel at the mercy of outside forces and changing culture, but serves to provide within it a reflectinspace, where people miht encounter the word of God and consider their spiritual life. A arishserves as alace where 'a crowd can be turned into a communit ', thou h its members come from disparate backgrounds. Central to this is the vicar (From the Latin, 'vicarius',meaning 'on behalf of or representing). The vicar serves to make connections between the people and God, and vice versa, drawing together and enabling networks to form between the generations, school and church, and other subgroups. Bisho Alastairs okeof thearish as a learnincommunit ,where eole are enabled to explore the spiritual dimension of life. The parish should be a place of witness through showing the love of God in action, as well as in its words and worship. He talked of the new reality of the shrinking of the welfare state and the idea of others providing resources for the community, with a move to local people giving vicariously of themselves and their assets in order to develocommunit Vermuch reflectinthe realitof the time of Samuel Wilberforce where it was local Christians who funded and supported the first schools and poor relief). The 'parish' will have an increasing role to play in forming community and providing resources for the future.
Being a Diocese In his third address last Sunda, BishoAlastair focused on the theme of 'beina diocese' as a way of making a difference in the world. As in the previous talks the example of the nineteenth century Bishop of Oxford, Samuel Wilberforce, was used to illuminate the subject. Prior to Wilberforce, the diocese was a va ue administrative unit under the care of an Archdeacon, whilst most Bishops lived around London and dealt with national issues as the Lords Spiritual in the Houses of Parliament. The Church was focused on individual parishes and the national presence, whereas the Diocese was a vague territorial term. Wilberforce transformed the notion of Diocese by modelling on structures to be gleaned from St Paul's writings. With the developments in transportation making places more accessible and the implementation of the penny post from 1840 improving communications, Wilberforce promoted the idea of the Diocese as an intermediate level between parish and nation which was small enough for groups to get to know one another and yet large enough for difference and variety. The parishes of a diocese found their focus of unity under the Bishop, and it was in the rubbing up against those who were different and who had different styles of Christian faith that people were able to learn and grow as disciples. Samuel Wilberforceromoted the idea of connectivitand visited and wrote re ularlto parishes in the course of his episcopate. He instituted three developments in diocesan life, firstly reviving the ancient role of rural deans whereby local clergy would meet regularly for fellowship, encouragement and support. Secondly encouraging parish missions whereby a group from outside would come in to engage with the parish and enable people to learn and row whilst brinin freshinsi hts.Thirdl Wilberforceencoura edthe Diocese to become a learning community with many schools being opened in his time, as well as proper training for teachers and the founding of Cuddesdon Theological College to train clergy to high standards. Bishop Alastair pointed out that this idea of the intermediate level between nation and parish would become increasingly important in times of economic hardship where resources would increasingly have to come from the locality. He went on to a consideration of Parish Share being a parishes free will offering (not a tax!) to enable this growth in mutuality and connectivity by supporting mission (through the resources of the Mission & Ministry division), the work with schools, training clergy and in communication. The Diocese is a family of different parishes supporting and encouraging each other in the task of service and proclamation in the name of our Lord.
Being a National Church The subject of Bishop Alastair's fourth address could hardly be more topical with the recent intervention of the Prime Minister, David Cameron in a speech in Oxford speaking of the Christian heritage of this nation. In addressing the issue of 'being a National Church' & making a difference in the world, insights from the life of Samuel Wilberforce were once a ainused. Wilberforce had been a prime mover in arranin thefirst Lambeth Conference in 1867 where Bishops from around the world with an Anglican heritage joined to take counsel together. From a beginning within the Church of England, as clergy headed out into the empire many local expressions of Anglicanism had sprouted up in different nations. Bishop Alastair suggested that one of the major ways in which the Christian Faith has taken root in our national life is within the s here ofolitics andarliamentar democrac. For many nations the idea of democracy means the largest group imposes their will on the rest. Democracy arising out of a Christian heritage allows for passion in politics but tempered by a
generosity of spirit. Within our political system, for the most part, there is a recognition that no one party is right and perfect, that, in Christian terms, we dwell in a fallen creation that awaits its full redemtion and fulfilment. Parliamentardemocrac inthis nation includes the notion of a 'loyal opposition'; difference finding a commonality and unifying presence in our monarch. Nineteenth centurBritain was dominated bparties, both political and in the Church of England. Samuel Wilberforce was the son of the famous Evangelical antislavery campaigner, William Wilberforce, but had sympathy with the High Church Oxford Movement and the Broad Church grouping. When challenged Wilberforce once remarked that he belonged to the party called 'Church of England and nothing narrower'. He could see the value in different groupings working and learning from one another whilst finding their unity in one Diocesan Bishop — Christians should respect one another's differences whilst working together; one Church with one Sureme Governor under Christ. This was to be a model and witness to the nation and the world  passion in belief tempered by a graciousness of spirit. Samuel Wilberforce battled to reconvene the ancient Convocation of Bishops and clergy (Which finds its modern counterpart in General Synod) whereby the Church oversaw its own affairs. A reflective space was to be created where debate could occur and decisions weighed against and in the light of Scripture, the Creeds, the Sacraments and the authorized Ministry. In addition to his work with the Lambeth Conference and the revitalizing of Convocation, during his episcopacy, Samuel Wilberforce actively encouraged the reestablishment of religious communities within the Diocese of Oxford. Religious Orders had been suppressed under Henry VIII and the Reformation because of corruption, abuse (& a need to fill the Treasury coffers) & were viewed as being allied with Rome. Wilberforce countered these suspicions as he saw value in allowing space for new ideas and the reintroduction of old ones in order to bring about spiritual renewal. These orders continue today and are a vital part of the witness of the Church of England. In the same way that Wilberforce saw a need to create space for new ideas so in our own time there is space being given to develop pioneer forms of ministry and Fresh Expressions of Church.
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