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Capital Allocation In Multi Division Firms
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Book Synopsis Capital allocation in multi-division firms by : Robert A. Taggart jr.
Download or read book Capital allocation in multi-division firms written by Robert A. Taggart jr. and published by . This book was released on 1983 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Informed Headquarters and Socialistic Internal Capital Markets by : Daniel Hoang
Download or read book Informed Headquarters and Socialistic Internal Capital Markets written by Daniel Hoang and published by . This book was released on 2016 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper develops a theory of resource allocation in internal capital markets that is consistent with the empirical finding that multi-division firms bias their investment levels in favor of divisions with weaker investment prospects. Headquarters has private information about the capital productivities of its divisions; therefore, capital allocations in the present serve as a signal to divisional managers about future allocations. To facilitate effort provision, headquarters biases capital allocation so as to not disclose productivity differences across divisions or to credibly signal their absence. The capital allocation bias is time-varying and the relationship between the bias and the difference in average division productivities is inversely U-shaped.
Book Synopsis Internal Capital Markets and Firm-Level Compensation Incentives for Division Managers by : Julie Wulf
Download or read book Internal Capital Markets and Firm-Level Compensation Incentives for Division Managers written by Julie Wulf and published by . This book was released on 2005 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt: Do multi-divisional firms structure compensation contracts for division managers to mitigate information and incentive problems in their internal capital markets? Using Compustat Segment financial data and compensation data from a proprietary survey, I find evidence that compensation and investment incentives are substitutes: firms providing a stronger link to firm performance in incentive compensation for division managers also provide weaker investment incentives through the capital budgeting process. Specifically, as the proportion of incentive pay for division managers that is based on firm performance increases, division investment is less responsive to division profitability. While these findings may be consistent with other explanations, they are generally consistent with a model of influence activities by division managers and the implied relative weights placed on imperfect, objective signals (i.e. accounting measures) versus distortable, subjective signals (i.e. manager recommendations) in inter-divisional capital allocation decisions.
Book Synopsis Handbook of the Economics of Finance by : G. Constantinides
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Book Synopsis Winning in Emerging Markets by : Tarun Khanna
Download or read book Winning in Emerging Markets written by Tarun Khanna and published by Harvard Business Press. This book was released on 2010-04-28 with total page 261 pages. Available in PDF, EPUB and Kindle. Book excerpt: The best way to select emerging markets to exploit is to evaluate their size or growth potential, right? Not according to Krishna Palepu and Tarun Khanna. In Winning in Emerging Markets, these leading scholars on the subject present a decidedly different framework for making this crucial choice. The authors argue that the primary exploitable characteristic of emerging markets is the lack of institutions (credit-card systems, intellectual-property adjudication, data research firms) that facilitate efficient business operations. While such "institutional voids" present challenges, they also provide major opportunities-for multinationals and local contenders. Palepu and Khanna provide a playbook for assessing emerging markets' potential and for crafting strategies for succeeding in those markets. They explain how to: · Spot institutional voids in developing economies, including in product, labor, and capital markets, as well as social and political systems · Identify opportunities to fill those voids; for example, by building or improving market institutions yourself · Exploit those opportunities through a rigorous five-phase process, including studying the market over time and acquiring new capabilities Packed with vivid examples and practical toolkits, Winning in Emerging Markets is a crucial resource for any company seeking to define and execute business strategy in developing economies.
Book Synopsis Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022) by : Yushi Jiang
Download or read book Proceedings of the 2022 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022) written by Yushi Jiang and published by Springer Nature. This book was released on 2023-05-11 with total page 1906 pages. Available in PDF, EPUB and Kindle. Book excerpt: This is an open access book. With the support of universities and the research of AEIC Academic Exchange Center, The 2nd International Conference on Economic Development and Business Culture (ICEDBC 2022) will be held in Dali from June 24th to 26th. Compared with previous conferences, it will discuss more in-depth economic independent innovation, open cooperation and innovative business culture under the background of the new development stage, new situation and new journey era. There will be a broad exchange environment. Well-known experts, scholars or entrepreneurs in the field will be invited to make keynote reports. Contributing authors are also very welcome to actively participate in the conference and build an academic exchange ceremony.
Book Synopsis Advances in Mergers and Acquisitions by : Sydney Finkelstein
Download or read book Advances in Mergers and Acquisitions written by Sydney Finkelstein and published by Emerald Group Publishing. This book was released on 2024-07-08 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 23 of this annual series explores a range of issues, from cross-border mergers and acquisitions, MNE strategies and multi-business firms to outsourcing and strategic choices.
Download or read book Slicing Pie written by Mike Moyer and published by . This book was released on 2012 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: Slicing Pie outlines a simple process for making sure that the founders and early employees of a start-up company get their fair share of the equity. You will learn: How to value the time and resources an individual brings to the company relative to the contributions of others ; The right way to value intangible things like ideas and relationships ; What to do when a founder leaves your company ; How to handle equity when you have to fire someone. (4e de couv.).
Book Synopsis International Convergence of Capital Measurement and Capital Standards by :
Download or read book International Convergence of Capital Measurement and Capital Standards written by and published by Lulu.com. This book was released on 2004 with total page 294 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Economic Policy and the Regulation of Corporate Securities by : Henry G. Manne
Download or read book Economic Policy and the Regulation of Corporate Securities written by Henry G. Manne and published by . This book was released on 1969 with total page 420 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis The Granularity of Growth by : Patrick Viguerie
Download or read book The Granularity of Growth written by Patrick Viguerie and published by John Wiley & Sons. This book was released on 2011-01-13 with total page 263 pages. Available in PDF, EPUB and Kindle. Book excerpt: While growth is a top priority for companies of all sizes, it can be extremely difficult to create and maintain—especially in today’s competitive business environment. The Granularity of Growth will put you in a better position to succeed as it reveals why growth is so important, what enables certain companies to grow so spectacularly, and how to ensure that growth comes from multiple sources as you take both a broad and a granular view of your markets.
Book Synopsis Capital Allocation in Developing Countries by : Joel M. David
Download or read book Capital Allocation in Developing Countries written by Joel M. David and published by . This book was released on 2019 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper investigates the sources of capital misallocation across a group of 11 developing and developed countries. The main findings are (i) technological frictions, namely, adjustment costs and uncertainty, account for only a modest share of observed misallocation, leaving ample scope for other factors; (ii) heterogeneity in firm-level technologies potentially explains between one-quarter and one-half; but (iii) dispersion in markups is much smaller; and (iv) after accounting for these factors, on average, at least 50 percent of misallocation within each of these countries remains unexplained, suggesting a large role for additional, potentially distortionary factors. These factors are largely attributable to a component that is correlated with firm size/productivity and one that is essentially permanent to the firm. The paper reports a broad set of moments describing firm-level investment dynamics and detailed parameter estimates on a country-by-country basis, with an eye toward future work in this area.
Book Synopsis A Contribution to the Pure Theory of Taxation by : Roger Guesnerie
Download or read book A Contribution to the Pure Theory of Taxation written by Roger Guesnerie and published by Cambridge University Press. This book was released on 1998-11-12 with total page 322 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book investigates the way in which tax systems affect economic efficiency and the distribution of welfare. It examines within a unified framework questions that are usually treated in different areas of the literature: institutional economics, positive economics, normative economics, and political economics. It adheres to the rigorous standards of pure theory while paying careful attention to the policy relevance of the arguments. Tax systems are viewed as information extracting devices that generate sets of equilibria of complex geometry. A tax reform methodology is proposed that sheds light on optimal taxes. Social conflicts in the determination of taxes are shown to have effects on social cohesion.
Book Synopsis Cost-of-Capital in Managerial Finance by : Dennis Schlegel
Download or read book Cost-of-Capital in Managerial Finance written by Dennis Schlegel and published by Springer. This book was released on 2015-02-24 with total page 255 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book examines cost-of-capital models and their application in the context of managerial finance. This includes the use of hurdle rates in capital allocation decisions, as well as target returns in performance management. Besides a review of classical finance models such as the Capital Asset Pricing Model (CAPM), other contemporary models and techniques to determine the cost-of-capital of business units and private companies are discussed. Based on a mixed methods approach, current cost-of-capital practices and their determinants are empirically analyzed among German companies.
Book Synopsis Factor Investing and Asset Allocation: A Business Cycle Perspective by : Vasant Naik
Download or read book Factor Investing and Asset Allocation: A Business Cycle Perspective written by Vasant Naik and published by CFA Institute Research Foundation. This book was released on 2016-12-30 with total page 192 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Corporate Capital Investment by : Philip Bromiley
Download or read book Corporate Capital Investment written by Philip Bromiley and published by Cambridge University Press. This book was released on 2009-01-09 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book studies the impact of corporate planning and implementation procedures on the level of corporate capital investment. It stands among the few studies within the behavioural economics tradition that employ direct examination of corporate decision processes to address variables of central concern in conventional economics. In addition, by using a combination of qualitative data from interviews and corporate documents along with econometric analysis of corporate plans and actual outcomes, the study makes a substantial methodological advance. Along with the methodological advance comes a different conception of the determinants of corporate capital investment. The findings of this study have implications for research and practice in economics, corporate strategy and public policy. As such, Corporate Capital Investment will be of interest to scholars and practitioners of all disciplines who are seriously concerned with corporate capital investment.
Book Synopsis Does Firm-Specific Information in Stock Prices Guide Capital Allocation? by : Art Durnev
Download or read book Does Firm-Specific Information in Stock Prices Guide Capital Allocation? written by Art Durnev and published by . This book was released on 2013 with total page 67 pages. Available in PDF, EPUB and Kindle. Book excerpt: We show that firms in industries in which firm-specific stock price variation is larger use more external financing and allocate capital with greater precision in the sense that their marginal q ratios are closer to one. Greater precision of stock prices in tracking firm fundamentals should alleviate the information asymmetry problem in outside financing and thus reduces its costs. Also, the greater precision should also improve monitoring and the precision in firm investment decision. Thus, our result is consistent with the view that greater firm-specific stock price variation indicates that stock prices are tracking fundamentals more closely, perhaps because of more intense interest on the part of risk arbitrageurs.