The separation of ownership and control in the modern corporation as has raised several issues: whether managers have considerable latitude in the attention in which they must pay to their owners' interests and, if th...
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The separation of ownership and control in the modern corporation as has raised several issues: whether managers have considerable latitude in the attention in which they must pay to their owners' interests and, if they do, to what use they put their freedom. Data presented suggested that to move so abruptly from the first question to the second is to neglect some important issues. If the market in corporate control is ineffective, this may be due to factors which are inherent in the nature of the good traded. One salient feature of the article is the fresh emphasis which it should give to the need to include the functions of the market in corporate control in discussions of takeover bids, which, despite the sometimes unmannerly tactics of the participants, perform a valuable social function.
The article offers advice concerning income trusts. Investors have been bombarded over the past few years with a variety of new income trust offerings. Unfortunately, it seems that the words "income" and "trust" were ...
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The article offers advice concerning income trusts. Investors have been bombarded over the past few years with a variety of new income trust offerings. Unfortunately, it seems that the words "income" and "trust" were taken a little too literally by some investors, because many popular offerings have ranged significantly in quality. An ideal income trust should have these characteristics: relatively stable or growing cash flow available for distribution; an absence of earnings volatility; a history of strong management that's not motivated by short-term incentives; enough retention of internally generated cash in operating the business to maintain or increase cash flow through reinvestment; no reliance on the capital markets for additional cash to maintain the unit's price; products and services with future demand that aren't subject to rapid obsolescence through competitive innovation; financial structures that aren't dependent upon yet-to-be-received favourable income tax rulings; no management self-dealing or non-arm's-length transactions; independent compensation and audit committees, and other similar safety nets. Investors should know: how distributable cash is calculated and whether it can be seriously disrupted by unfavourable income tax reassessments; whether the cash distributions are adequate given the risk of capital loss; and whether management can sell its equity and simply walk away from the operating company.
This article is motivated by two related research questions about research activity in the Operations Research/Management Science/Operations Management (OR/MS/OM) and FINANCE disciplines. First, we investigate the inf...
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This article is motivated by two related research questions about research activity in the Operations Research/Management Science/Operations Management (OR/MS/OM) and FINANCE disciplines. First, we investigate the influence of co-authorship on article impact in OR/MS/OM. Second, we develop a number of citation metrics to explore the nature of scholarly exchange between top OR/MS/OM and FINANCE journals. We work with a large sample of articles published across 2001-2008 for twenty OR/MS/OM journals and nineteen FINANCE journals, with corresponding citations up to and including year 2012. Key findings from the first research question indicate a higher impact for articles with multiple authors, but with the marginal gain brought by an additional author being insignificant for articles with three or more authors. For the second research question, we find that the FINANCE discipline borrows less from OR/MS/OM than vice versa, which highlights the potential for wider collaboration among researchers-particularly for FINANCE academics in exploring how various OR/MS/OM techniques can be adopted or adapted into their research. Finally, we discover that the ranking of OR/MS/OM journals is determined more by the extent that they are cited in other disciplines, but observe a gradual rise in self-perpetuating behavior in the OR/MS/OM discipline.
Short termism inhibits U.K. investment in Advanced Manufacturing Technology (AMT) in four areas: appraisal methodologies; corporate governance; financial market forces; and macroeconomic regulation. High interest rate...
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Short termism inhibits U.K. investment in Advanced Manufacturing Technology (AMT) in four areas: appraisal methodologies; corporate governance; financial market forces; and macroeconomic regulation. High interest rates are not neutral between traditional processes in vestment and (AMT). We demonstrate the impact of high discount rates on AMT and long term investments. Bias against AMT investments arises from unsuitable means of financial appraisal misuse of appropriate techniques and insufficient linkage with corporate strategy. A three stage methodology for appraising AMT investments is developed. We highlight the advantages of better informed and more involved providers of funds and more varied macroeconomic controls are urged. [ABSTRACT FROM AUTHOR]
In 1979, James B. Wyngaarden MD, the physician and biochemist who would go on to become the Director of the NIH, declared the physician-scientist an “endangered species” [16]. Happily, reports of the death of biomed...
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In 1979, James B. Wyngaarden MD, the physician and biochemist who would go on to become the Director of the NIH, declared the physician-scientist an “endangered species” [16]. Happily, reports of the death of biomedical research have proven premature. Nevertheless, pressure on this critical segment of our professional community continues to mount.
Discusses views of Ghana FINANCE Minister Yaw Osafo-Maafo concerning the FINANCE sector in Ghana. Crisis in petroleum; Economic relationships between countries; Price for cocoa.
Discusses views of Ghana FINANCE Minister Yaw Osafo-Maafo concerning the FINANCE sector in Ghana. Crisis in petroleum; Economic relationships between countries; Price for cocoa.
Statistics are given related to science and engineering (S&E) including the percentage of the global trends, percentage of share of global research and development (R&D) spending, and the percentage of S&E university ...
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Statistics are given related to science and engineering (S&E) including the percentage of the global trends, percentage of share of global research and development (R&D) spending, and the percentage of S&E university degrees awarded in China.
Much has happened in the world of central banking in the past decade. In this paper, I focus on three issues associated with the zero lower bound (ZLB) on short-term nominal interest rates and the nexus between moneta...
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Much has happened in the world of central banking in the past decade. In this paper, I focus on three issues associated with the zero lower bound (ZLB) on short-term nominal interest rates and the nexus between monetary policy and financial stability: 1) whether we are moving toward a permanently lower long-run equilibrium real interest rate; 2) what steps can be taken to mitigate the constraints imposed by the ZLB; and 3) whether and how financial stability considerations should be incorporated in the conduct of monetary policy. These important topics deserve the attention of both academic and government professionals. [ABSTRACT FROM AUTHOR]
Presents a speech by Stephen Nickell, a member of the Bank of England Monetary Policy Committee regarding inflation targeting and rising household debt delivered at the London School of Economics on September 2003.
Presents a speech by Stephen Nickell, a member of the Bank of England Monetary Policy Committee regarding inflation targeting and rising household debt delivered at the London School of Economics on September 2003.
This article focuses on the legal defense fund for scientific community. The editor gives detail of the history of these funds. He has clearly had a very unpleasant experience, In emotional and administrative terms, h...
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This article focuses on the legal defense fund for scientific community. The editor gives detail of the history of these funds. He has clearly had a very unpleasant experience, In emotional and administrative terms, handling the moral and legal issues and the association's council, getting an Issue typeset, printed and distributed, and so on. Therefore, the editor believes that scientific community should be given explicit support. In the editorial introduction to the issue, the editor calls for the setting up of a legal defense fund, to come to the rescue of scientific community.
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