Статьи
Всего статей в данном разделе : 216
Опубликовано на портале: 21-06-2006
Katja Tornberg, Miikka Jämsen, Jari Paranko
International Journal of Production Economics.
2002.
Vol. 79.
No. 1.
P. 75-82.
The most effective way to control costs is to design them out of the products. However,
cost data is rarely available for product designers in a usable form. The aim of
this study was to investigate the possibilities of activity-based costing and the
modeling of design, purchasing and manufacturing processes in providing useful cost
information for product designers. The hypothesis was that activity-based costing
and process modeling might provide an effective tool for the evaluation of different
design options. The study was conducted in a large Finnish manufacturing company.
First, the most costly items of one product's sub-assembly were studied in order
to identify the activities needed to produce the items and to calculate their activity-based
costs. Second, the processes, in other words the activity chains, were modeled with
graphic flowcharts from product design, purchasing, and manufacturing departments.
Finally, the applicability of activity-based cost information and process models
to product designing practices was tested. The results of the study suggested that
activity-based costing and process modeling provide a good starting point in heading
toward more cost-conscious design. This way the designers learn the relationships
between the activities performed in the organization and their associated costs.
The development of a parametric cost estimation model based on activity-based costing
and process modeling provides a challenge for future research.
Опубликовано на портале: 22-06-2006
Kenton B. Walker
Industrial Management & Data Systems.
1989.
Vol. 89.
No. 7.
Some of the weaknesses of contemporary computerised financial planning systems and
procedures encouraged by batch-processing environments are described. The failure
of many levels of corporate management actively to participate in financial planning
or to rely on budgets for operating decisions or as a tool for performance evaluation
is due to planning processes that force reliance on accounting and information systems
personnel rather than depend on the efforts of operating management. A revolutionary
new approach to computerised financial planning currently under way at Adolph Coors
Company, Golden, Colorado, USA, is discussed.
Опубликовано на портале: 14-06-2006
Mike Burkart, Fausto Panunzi
Journal of Financial Intermediation.
2006.
Vol. 15.
No. 1.
P. 1-31.
This paper analyzes the interaction between legal shareholder protection, managerial
incentives, monitoring, and ownership concentration. Legal protection affects the
expropriation of shareholders and the blockholder's incentives to monitor. Because
monitoring weakens managerial incentives, both effects jointly determine the relationship
between legal protection and ownership concentration. When legal protection facilitates
monitoring better laws strengthen the monitoring incentives, and ownership concentration
and legal protection are inversely related. By contrast, when legal protection and
monitoring are substitutes better laws weaken the monitoring incentives, and the
relationship between legal protection and ownership concentration is non-monotone.
This holds irrespective of whether or not the large shareholder can reap private
benefits. Moreover, better legal protection may exacerbate rather than alleviate
the conflict of interest between large and small shareholders.
Опубликовано на портале: 11-11-2004
Eugene F. Fama
Journal of Political Economy.
1980.
Vol. 88.
No. 2.
P. 288-307.
This paper attempts to explain how the separation of security ownership and control,
typical of large corporations, can be an efficient form of economic organization.
We first set aside the presumption that a corporation has owners in any meaningful
sense. The entrepreneur is also laid to rest, at least for the purposes of the large
modern corporation. The two functions usually attributed to the entrepreneur--management
and risk bearing--are treated as naturally separate factors within the set of contracts
called a firm. The firm is disciplined by competition from other firms, which forces
the evolution of devides for efficiently monitoring the performance of the entire
team and of its individual members. Individual participants in the firm, and in particular
its managers, face both the discipline and opportunities provided by the markets
for their services, both within and outside the firm.
Опубликовано на портале: 16-06-2006
Congsheng Wu
Journal of Business & Economic Studies.
2005.
Vol. 11.
No. 1.
P. 19-33.
This study examines the relation between the offer price adjustment, initial return,
and subsequent short-run performance for a sample of initial public offerings (IPO's)
made by US industrial companies from 1986 to 1996. The IPO's are divided into three
categories (cold, cool, and hot issues) based on the offer price relative to the
suggested price range revealed in the preliminary prospectus. It is found that the
offer price adjustment not only predicts the first-day return, but also predicts
subsequent short-run performance in the same direction up to three months after issuance.
Moreover, different types of IPO's demonstrate distinct cross-sectional behavior
in multivariate regressions of initial returns. Our results suggest that cold IPO's
are quite unique and deserve more attention in future studies.
Опубликовано на портале: 14-06-2006
Mihir A. Desai, C. Fritz Foley, James R. Hines
Journal of Finance.
2004.
Vol. 59.
No. 6.
P. 2451-2487.
This paper analyzes the capital structures of foreign affiliates and internal capital
markets of multinational corporations. Ten percent higher local tax rates are associated
with 2.8% higher debt/asset ratios, with internal borrowing being particularly sensitive
to taxes. Multinational affiliates are financed with less external debt in countries
with underdeveloped capital markets or weak creditor rights, reflecting significantly
higher local borrowing costs. Instrumental variable analysis indicates that greater
borrowing from parent companies substitutes for three-quarters of reduced external
borrowing induced by capital market conditions. Multinational firms appear to employ
internal capital markets opportunistically to overcome imperfections in external
capital markets.
Опубликовано на портале: 16-06-2006
Robert Goldstein, Nengju Ju, Hayne E. Leland
Journal of Business.
2001.
Vol. 74.
No. 4.
P. 483-513.
A model of dynamic capital structure is proposed. Even though the optimal strategy
is implemented over an arbitrarily large number of restructuring-periods, a scaling
feature inherent in the framework permits simple closed-form expressions to be obtained
for equity and debt prices. When a firm has the option to increase future debt levels,
tax advantages to debt increase significantly, and both the optimal leverage ratio
range and predicted credit spreads are more in line with what is observed in practice.
Опубликовано на портале: 14-06-2006
Hyun-Han Shin, Rene M. Stulz
Quarterly Journal of Economics.
1998.
Vol. 113.
No. 2.
P. 531-552.
Using segment information from Compustat, we find that the investment by a segment
of a diversified firm depends on the cash flow of the firm's other segments, but
significantly less than it depends on its own cash flow. The investment by segments
of highly diversified firms is less sensitive to their cash flow than the investment
of comparable single-segment firms. The sensitivity of a segment's investment to
the cash flow of other segments does not depend on whether its investment opportunities
are better than those of the firm's other segments.
Опубликовано на портале: 21-06-2006
Lyndal Drennan, Michael Kelly
Critical Perspectives on Accounting.
2002.
Vol. 13.
No. 3.
P. 311-331.
Research dealing with the implementation of system changes such as activity-based
costing (ABC) systems is founded largely on a presumption that the motivation for
the innovation is economic. The definition of success or failure then rests on the
project’s reaching a stage of implementation where the new data are used in
routine and/or unforeseen ways to improve economic efficiency. This paper presents
a view of an ABC project where complex motivations, both economic and institutional,
are identified, these held in turn by different groups within the organization as
well as external groups likely to be affected by the project. Seen in terms of its
institutional motivations, the project, documented in an internal review as a failure
because it was abandoned without using the data, can be defined as a success by at
least some of the affected groups.
Опубликовано на портале: 16-06-2006
Kee H. Chung, Mingsheng Li, Linda Yu
Financial Management.
2005.
Vol. 34.
No. 3.
P. 65-88.
We consider a simple model positing that initial public offering price is equal to
the present value of an entity's assets in place and growth opportunities. The model
predicts that initial return is positively related to both the size and risk of growth
opportunities. Consistent with this prediction, we find initial return to be positively
related to both the fraction of the offer price that is accounted for by the present
value of growth opportunities and various proxies of issue uncertainty. We also find
that IPO investors equate one dollar of growth opportunities to approximately three
quarters of tangible assets.
Blockholder Ownership: Effects on Firm Value in Market and Control Based Governance
Systems [статья]
Опубликовано на портале: 14-06-2006
Steen Thomsen, Torben Pedersen, Hans Kurt Kvist
Journal of Corporate Finance.
2006.
Vol. 12.
No. 2.
P. 246-269.
In this study, Granger tests are used to examine the relationship between blockholder
ownership and the values of the largest companies in the European Union and the US.
Previous studies on US data have found that blockholder ownership has no systematic
effect on performance. We propose that these results may not apply to Continental
Europe, where ownership concentration is typically higher, the level of investor
protection is lower, and influential blockholders may have objectives other than
shareholder value. In accordance with previous research, we find no significant association
between blockholder ownership and prior or subsequent firm value in either the US
or the UK. Nonetheless, in Continental Europe we find a negative association between
blockholder ownership and firm value or accounting returns in the next period. Further
analysis reveals that this association is significant only for companies with high
initial levels of blockholder ownership (>10%). We interpret this finding as evidence
of conflicts of interest between blockholders and minority investors. The percentage
of blockholder ownership in Continental Europe may be too high from a minority shareholder
value viewpoint.
Опубликовано на портале: 14-06-2006
Helen Short, Kevin Keasey, Darren Duxbury
International Journal of the Economics of Business.
2002.
Vol. 9.
No. 3.
P. 375-399.
This paper examines empirically the effects of management ownership and ownership
by large external shareholders on the capital structure of the firm from an agency
theory perspective. The paper extends the US literature on the topic by examining
the effect of interactions between management ownership and ownership by large external
shareholders on the capital structure of UK firms. For a sample of UK firms, the
paper provides empirical evidence that suggests the debt ratio is positively related
to management ownership and negatively related to ownership by large external shareholders.
Furthermore, the presence of a large external shareholder acts to negate the positive
relationship between debt ratios and management ownership; in the presence of a large
external shareholder, no significant relationship between debt ratios and management
ownership exists. These findings are consistent with the hypothesis that the presence
of large external shareholders affects the agency costs of debt and equity.
Опубликовано на портале: 14-03-2005
Xavier 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: 21-06-2006
Fredrik 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: 14-06-2006
J. 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.
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