21 /PRNewswire/ -- Cloyes Gear & Products of Willoughby, Ohio, and Iwis Chains of Munich, Germany, have formed a joint-venture company, Cloyes-Iwis, to provide North American auto manufacturers with world-class cam drive systems and concept-through- production engineering support.
Cloyes-Iwis draws expertise from Cloyes Gear, a leading supplier of cam drive sprockets and gears, and Iwis Chains, Europe's foremost manufacturer of automotive timing chains and chain control devices.
By combining the strengths of Cloyes Gear and Iwis Chains, we can offer our customers the highest quality cam drive systems available anywhere in the world," said John M.
Munich-based Iwis, recognized in Europe and around the world as a quality chain manufacturer, produces camshaft drive chains, oil pump and water pump drive chains, balance shaft drive chains and chain guides and tensioners.
Young of Cloyes-Iwis, 313-952-5420/ CO: Cloyes Gear & Products; Cloyes-Iwis; Iwis Chains ST: Michigan, Ohio IN: AUT SU: JVN
If iwi added the fisheries assets to a well-diversified portfolio, the expected return calculated using the classical Capital Asset Pricing Model ('CAPM'), developed by Sharpe (1964) and Lintner (1965), would adequately compensate iwi for bearing solely market risk.
Using Meulbroek's opportunity cost approach, we estimate the expected return on fisheries assets for iwi and the corresponding discount they place on the fisheries' assets relative to fair market value.
We provide illustrations of the value loss, based on our estimates and assumptions of the proportion of iwi wealth invested in 'restricted' fisheries assets.
Section 4 provides a description of the methodology employed to estimate the value lost for iwi through restricting their ability to diversify freely, section 5 provides parameter estimates, and section 6 presents the results.
The settlement awarded to iwi represented full consideration for all historical fishing claims.
The income shares are divided among iwi according to the iwi's population (Te Ohu Kaimoana, 2008).