Всего статей в данном разделе : 235
Опубликовано на портале: 14-03-2005Xavier Freixas, Bruno Parigi Journal of Financial Intermediation. 1998. Vol. 7. No. 1. P. 3-31.
The increased fragility of the banking industry has generated growing concern about the risks associated with payment systems. Although in most industrial countries different interbank payment systems coexist, little is really known about their properties in terms of risk and efficiency. How should payment systems be designed? We tackle this question by comparing the two main types of payment systems, gross and net, in a framework where uncertainty arises from several sources: the time of consumption, the location of consumption, and the return on investment. Payments across locations can be made either by directly transferring liquidity or by transferring claims against the bank in the other location. The two mechanisms are interpreted as the gross and net settlement systems in interbank payments. We characterize the equilibria in the two systems and identify the trade-off in terms of safety and efficiency
Control Systems in Multibusiness Companies: From Performance Management to Strategic Management [статья]
Опубликовано на портале: 21-06-2006Fredrik Nilsson, Nils-Goran Olve European Management Journal. 2001. Vol. 19. No. 4. P. 344-358.
This article discusses the role of control systems in multibusiness companies. The focus is on formulation and implementation of corporate and business unit strategies. Three widely used categories of control models are discussed: (1) models for performance management, (2) models for value-based management, and (3) models for strategic management. The discussion is based upon central normative texts and examples from applications in Nordic companies. The description and discussion of the control models and their features should facilitate decision-making on the design and use of control systems in multibusiness companies.
Опубликовано на портале: 14-06-2006J. R. Franks, J. J. Pringle Journal of Finance. 1982. Vol. 37. No. 3. P. 751-763.
In this paper we consider the role of financial intermediaries in the valuation of firms and projects. We show that security prices should reflect both used and unused debt capacity if some corporations can act as financial intermediaries and can capture the tax benefits of debt capacity unused by the operating firm. We also provide some reasons why the value of the firm might be increased if the financing and operating risks of the firm are separated and financial intermediaries issue debt rather than the unit operating the asset.
Demystifying the Illusion of the Positive Effects of Ownership Concentration on Corporate Performance [статья]
Опубликовано на портале: 14-06-2006Yoser Gadhoum, Marie-Helene Noiseux, Daniel Zeghal Investment Management & Financial Innovations. 2005. Vol. 2. No. 4. P. 50-68.
Evidence supporting the relationship between ownership structure and corporate performance has been rather contradictory. In this research, we investigate the effects of ownership structure on business performance on a sample of 600 listed Canadian firms. We used a three-phase analysis of variance in which each phase used a different definition of ownership concentration: i) the overall concentration of the five largest shareholders (CONC); ii) the holdings of the largest shareholder (BLC1); and iii) inside shareholders as either managers or directors (BLCI). For each phase, we used cluster analysis and three other concentration cutoff levels (an even-split into thirds, extreme quartiles, and the Morck, Shleifer and Vishny (1988) cutoff) to verify if there is an optimal level of concentration cutoff that may impact the performance. Our results indicate a high level of ownership concentration in Canadian corporations. The Berle-Means widely held corporation is far from universal. Besides, while state control of traded firms is infrequent, family control is common. However, our findings indicate only a weak association between performance measures and ownership concentration levels, except for the return on investment, which shows some improvement with a high level of ownership. Our results confirm those of Demsetz and Lehn (1985). Overall, no evidence is found to support the efficient monitoring hypothesis, since performance cannot be improved by blockholders who seem not only to be entrenched but may benefit from perquisites and on-the-job consumption. This might indicate that large shareholders expropriate minority absentee owners.
Опубликовано на портале: 19-04-2007Albert Wickesberg The Journal of the Academy of Management. 1958. Vol. 1. No. 1. P. 18-22.
Two components must be considered in any attempt to determine the relative amounts of delegation present in the performance of executive responsibilities. Tte amount of freedom that the individual enjoys in arriving at a decision, and the executive level at which that decision is made.
Опубликовано на портале: 14-06-2006Francis Declerck Agribusiness. 1995. Vol. 11. No. 6. P. 523-536.
Focuses on the created value of leveraged buyouts (LBO) in the US Food Industries in the 1980s. Value of LBOs in the food industries in 1989; Analysis of objective of private firms in LBO; Analysis of debt and divestitures.
Опубликовано на портале: 03-10-2003John S. Howe, Tie Su Journal of Financial Economics. 2001. Vol. 61. No. 2. P. 227-252.
Managers can decide to reduce a warrant's exercise price. A reduction in exercise price can induce exercise (a conversion-forcing reduction) or not (a long-term reduction). Conversion-forcing firms show an abnormal return of -1.53% on the announcement day but they perform well over the three years following the announcement. This finding suggests that the funds raised from warrant exercise are invested in profitable projects. Long-term reductions show an abnormal return of -1.15% on the announcement day. These firms also perform well following the reduction, which suggests that the lower exercise price restores managerial incentives.
Опубликовано на портале: 03-05-2005Jeremy S.S. Edwards, Ronnie Schob CESifo Working Papers. 2002. No. 635.
This paper characterises the domestic tax systems which yield Pareto-efficient outcomes for a two-country world economy in which each country uses distortionary taxes. Such outcomes are compared with the Nash equilibria of the world economy when each country uses its domestic tax system to influence ist terms of trade. In such circumstances, the implementation of domestic tax systems which achieve a globally Pareto-efficient outcome as a Nash equilibrium will be very difficult, for two main reasons: the ability of countries to use tax policy with respect to non-traded goods for protection, and the fact that Pareto-efficient tax structures depend on countries‘ distributional judgements, which are hard to measure objectively.
Опубликовано на портале: 14-06-2006Shenghui Tong, Ning Yixi Journal of Investing. 2004. Vol. 13. No. 4. P. 53-66.
The article studies the affect of capital structure on institutional investor choices. Institutional investors play a critical role in supervising the management of the companies. Most of the S&P 500 firms tend to have large institutional holdings. The finding of the study suggests that the capital structure influences stock picking choices of institutional investors. There is a negative relation between dividend yield and institutional ownership. There is limited evidence that institutional investors prefer firms with low debt ratios, high ratios of capital expenditures to assets, and high ratios of cash flow to sales.
Опубликовано на портале: 21-06-2006Jan Mouritsen Management Accounting Research. 1998. Vol. 9. No. 4. P. 461-482.
This paper compares and contrasts Economic Value Added (EVATM) and Intellectual Capital (IC) as two technologies of managing oriented towards encouraging growth. The analysis suggests that EVATMand IC contrasts greatly. EVATMis a financial management system based on radical delegation and ‘empowerment’ and which therefore directs attention to the results created by managers. Based on financial micro-theory, EVATMis a performance measure that attempts to account more properly for the cost of capital, but more than that, it is also a management control system which seeks to create radically independent business units and minimize corporate staff. IC is a different control system concerned to encourage endogenous growth implemented via loosely coupled sets of non-financial measurements that become strong via stories and metaphors about the post-modern firm in the post-modern world. Here, based on theories of organizational knowledge and competence development, emphasis is put on mobilizing white collar productivity and creativity based on some form of evolutionary economics or resource-based theory. While EVATMlooks to managers as the movers of change, IC seems more systematically to promote the creativity possessed by employees
Опубликовано на портале: 14-06-2006Karl V. Lins Journal of Financial and Quantitative Analysis. 2003. Vol. 38. No. 1. P. 159-184.
This paper investigates whether management stock ownership and large non-management blockholder share ownership are related to firm value across a sample of 1433 firms from 18 emerging markets. When a management group's controlling exceed its cash flaw rights, I find that firm values are lower. I also find that large non-management control limits blockholdings are positively related to firm value. Both of these effects are significantly more pronounced in countries with low shareholder protection. One interpretation of these results is that external shareholder protection mechanisms play a role in restraining managerial agency costs and that large non-management blockholders can act as a partial substitute for missing institutional governance mechanisms.
EVA and Production Strategy [статья]
Опубликовано на портале: 27-12-2006Justin Pettit Industrial Management. 2000.
This article outlines ways to improve production strategy and uncover new opportunities for growth. It explains economic value added, an integrated perfomance measurement, management, and reward system.
Опубликовано на портале: 03-12-2007Senay Agca, Enrica Detragiache, Gianni De Nicolo IMF,Working Paper. 2007. No. 07/186.
We study how credit market deregulation and increased international financial openness have changed corporate borrowing. The evidence comes from a large panel of publicly traded firms in 38 countries over the period 1994-2002. Reforms are measured with a comprehensive new index that tracks six separate dimensions. We find that these transformations have increased leverage and lengthened debt maturity in advanced economies, as expected, suggesting that in these countries corporate credit markets have become deeper. In emerging economies, the picture is more mixed: more international openness has led to more leverage but shorter debt maturity. Financial sector reforms have reduced leverage, while their effects on debt maturity have differed depending on the type of reform. Importantly, the differential impact of openness and reforms on the leverage and debt maturity of firms in advanced and emerging market countries also emerges when we distinguish between firms that are potentially financially constrained and firms that are not. These findings suggest that in emerging economies fundamental institutional weaknesses make it difficult to secure the benefits of international financial openness and domestic financial reforms.
Опубликовано на портале: 14-06-2006Leonard L. Lundstrum Review of Quantitative Finance & Accounting. 2003. Vol. 21. No. 2. P. 141-156.
Examines how information problems between the firm and the investor affect the value of an internal capital market. Relation of the firm's access to an internal capital market to firm value; Asymmetric information and excess firm value.
Опубликовано на портале: 02-12-2008М.В. Смирнов Российский журнал менеджмента. 2007. Т. 5. № 3. С. 181-186.
С 9 по 20 июля 2007 г. в Санкт-Петербурге прошла II Летняя школа «Российского журнала менеджмента». В работе II Летней школы приняли участие 32 слушателя из вузов и научных центров Москвы, Санкт-Петербурга, Барнаула, Екатеринбурга, Иркутска, Йошкар-Олы, Мелеуза, Набережных Челнов, Нижнего Новгорода, Новосибирска, Омска, Перми, Петрозаводска, Ростова-на-Дону, Ставрополя, Хабаровска, Череповца. Проблематику II Летней школы составили следующие тематические блоки: стратегический менеджмент, теория отраслевых рынков, финансовая экономика.