Socialism and intrafirm asset allocation

We rely on a survey of Swiss firms to document deviation from first-best for reasons of internal 'fairness' when allicating resources. This 'socialist' practice is more widespread in smaller than in larger firms. It ignores the reputation and past performance of the managers who apply for dunding, but takes into account their hierarchical position and their past use of resources. Socialism is only partially explained by concerns about empire building and managerial optimism, and it is not meant to benefit shareholders.

Board Overlap, Seat Accumulation and Share Prices

We examine the board overlap among firms listed in Switzerland. Collusion, managerial entrenchment, and financial participation cannot explain it. The overlap appears to be induced by banks and by the accumulation of seats by the most popular directors. We also document that seat accumulation is negatively related to firm value, possibly because of the conflicts of interest that multiple directorships induce and the time constraints directors face. Contrary to popular beliefs, however, the directors of traded firms do not generally hold more than one mandate in other traded firms. They do hold multiple seats in non-traded firms.

What Does the Market Learn from Stock Offering Revisions?

We examine the disclosure of size revisions of seasoned stock offerings to see what information revisions impart to investros. Revisions could deliver firm-originated infoirmation, which discloses something managers know about the firm. Alternatively, they could disseminate market-originated information, which is information market participants have but which is not conveyed until trading takes place. Our results reject the notion that revisions reveal firm-originated news. Instead, the results are consistent with the market-originated news hypothesis and suggest a mechanism that investros and underwriters use to learn about the demand for an offering.

Postacquisition performance of acquiring firms

We investigate whether negative postacquisition stock-price performance of acquiring firms is a genuine phenomenon or a statistical artifact. Using a comprehensive sample of domestic acquisitions in the 1966-1986 period, we show that acquiring firms underperform a control portfolio only during the three years but not five years following the acquisition. There is evidence of negative performance in the second and third postacquisition years, but that performance occurs mainly in the 1960s and 1970s, and disappears in the 1980s. Thus, especially in the later years, the postacquisition years do not provide convincing evidence of wasteful corporate acquisitions, or strong evidence that contradicts market efficiency.

Corporate acquisitions by listed firms: the experience of a comprehensive sample

The sample used includes tender offers, mergers, acquisitions of privately held corporations, and comprehensive acquisitions of other firms' assets. According to the results, the majority of bid announcements prompt significant stock price increases, especially when controlling for partial anticipation problems and relative acquisition size. Furthermore, there is little evidence that firms that engage in "bad" acquisitions are more likely to be taken over.

The impact of 1995--1996 health sector reforms in the effectiveness of malaria control program in the state of Orissa, India

Malaria poses a significant public health problem worldwide. The World Health Organization indicates that approximately 40% of the world's population and almost 85% of the population from the South���East Asian region is at risk of contracting malaria. India being the most populous country in the region, contributes the highest number of malaria cases and deaths attributed to malaria. Orissa is the state that has the highest number of malaria cases and deaths attributable to malaria. A secondary data analysis was carried out to evaluate the effectiveness of the World bank-assisted Malaria Action Program in the state of Orissa under the health sector reforms of 1995-96. The secondary analysis utilized the government of India's National Anti Malaria Management Information System's (NAMMIS) surveillance data and the National Family Health Survey (NFHS���I and NFHS���II) datasets to compare the malaria mortality and morbidity in the state between 1992-93 and 1998-99. Results revealed no effect of the intervention and indicated an increase of 2.18 times in malaria mortality between 1992-1999 and an increase of 1.53 times in malaria morbidity between 1992-93 and 1998-99 in the state. The difference in the age-adjusted malaria morbidity in the state between the time periods of 1992-93 and 1998-99 proved to be highly significant (t = 4.29 df=16, p<. 0005) whereas the difference between the increase of age-adjusted malaria morbidity during 1992-93 and 1998-99 between Orissa (with intervention) and Bihar (no intervention) proved to be non significant (t=.0471 df=16, p<.50). Factors such as underutilization of World Bank funds for the malaria control program, inadequate health care infrastructure, structural adjustment problems, poor management, poor financial management, parasite resistance to anti-malarial drugs, inadequate supply of drugs and staff shortages may have contributed to the failure of the program in the state.^

Funcionarios y pol��ticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformaci��n del Departamento de Ingenieros, sus m��ltiples atribuciones y los cambios que se fueron sucediendo entre su creaci��n en 1875 y su supresi��n en 1913, un per��odo fundamental para la provincia porque se trata de la ��poca de las ��ltimas entregas de tierra p��blica (m��s de 4 millones de hect��reas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relaci��n entre la toma de decisiones, la gesti��n t��cnica y econ��mica, los cambios en la pol��tica y la econom��a bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingenier��a y la agrimensura que llevaron a la conformaci��n del Departamento de Ingenieros con muchas m��s atribuciones, entre las que se encuentran las que ten��a el Departamento Topogr��fico. La creciente especializaci��n de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el c��mulo de intereses del estado y de la sociedad civil en torno al territorio

Funcionarios y pol��ticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformaci��n del Departamento de Ingenieros, sus m��ltiples atribuciones y los cambios que se fueron sucediendo entre su creaci��n en 1875 y su supresi��n en 1913, un per��odo fundamental para la provincia porque se trata de la ��poca de las ��ltimas entregas de tierra p��blica (m��s de 4 millones de hect��reas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relaci��n entre la toma de decisiones, la gesti��n t��cnica y econ��mica, los cambios en la pol��tica y la econom��a bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingenier��a y la agrimensura que llevaron a la conformaci��n del Departamento de Ingenieros con muchas m��s atribuciones, entre las que se encuentran las que ten��a el Departamento Topogr��fico. La creciente especializaci��n de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el c��mulo de intereses del estado y de la sociedad civil en torno al territorio

Funcionarios y pol��ticas sobre el territorio en la Provincia de Buenos Aires : El Departamento de Ingenieros, 1875-1913

En esta ponencia estudiamos la conformaci��n del Departamento de Ingenieros, sus m��ltiples atribuciones y los cambios que se fueron sucediendo entre su creaci��n en 1875 y su supresi��n en 1913, un per��odo fundamental para la provincia porque se trata de la ��poca de las ��ltimas entregas de tierra p��blica (m��s de 4 millones de hect��reas) y de los infructuosos intentos por controlar las inundaciones en la zona productiva ya ocupada. Nos interesa determinar la relaci��n entre la toma de decisiones, la gesti��n t��cnica y econ��mica, los cambios en la pol��tica y la econom��a bonaerense. Estudiamos las relaciones entre las distintas especialidades de la ingenier��a y la agrimensura que llevaron a la conformaci��n del Departamento de Ingenieros con muchas m��s atribuciones, entre las que se encuentran las que ten��a el Departamento Topogr��fico. La creciente especializaci��n de los saberes, evidentemente, estaba impactando no solamente en la disciplina, sino que se expresaba en la especificidad de las agencias estatales, que se iban complejizando para poder abarcar el c��mulo de intereses del estado y de la sociedad civil en torno al territorio

Consultor��a en el marco econ��mico-financiero de la empresa

Muchas de las grandes iniciativas empresariales, se ven truncadas por falta de un adecuado an��lisis econ��mico-financiero. Incluso, muchas grandes ideas no son implantadas correctamente en el primer intento por este motivo, y son otras personas las que consiguen posteriormente el ��xito de esas brillantes ideas gracias a una correcta aproximaci��n financiera. Las empresas necesitan definir sus objetivos, establecer las para lograrlos, identificar las personas responsables de su ejecuci��n (sus roles y funciones) y elaborar un plan econ��mico-financiero que recoja el estudio de inversiones necesarias, el an��lisis de costes, la previsi��n de ingresos, as�� como la estrategia financiera m��s adecuada para la captaci��n de los fondos necesarios para llevar a cabo las acciones programadas. Una vez iniciado el proyecto empresarial, ser�� imprescindible realizar un seguimiento y control de la evoluci��n (integraci��n), tomando las medidas que se estimen oportunas para mantener el rumbo adecuado durante todo el tiempo de actividad. En este trabajo, aplicaremos las metodolog��as y buenas pr��cticas de la gesti��n de proyectos, como marco estructurado que nos permita abordar las principales cuestiones econ��mico-financieras a tener en cuenta a la hora de enfrentarnos a un proyecto empresarial, para contribuir, en la medida de lo posible, a que los emprendedores tengan en cuenta estas cuestiones, facilitando as�� el desarrollo de negocios, en un dif��cil entorno econ��mico de crisis como el que actualmente estamos viviendo en Espa��a, y animando de esta manera a optar por la iniciativa emprendedora, tratando de minimizar el riesgo en base al contenido. ---ABSTRACT---Lack of adequate economic and financial analysis truncates many of the entrepreneurship and innovation programs. Because of that reason, many great ideas are not even correctly implemented on the first attempt, and the person who finds the proper financial approach, succeed. All the enterprises have to establish clear objectives, actions to accomplish those objectives, assign roles, responsibilities and executive functions to specific people. Elaborate funding plan that contains surveys on necessary investments, cost analysis, estimate the income, liquid assets and also financial strategy suitable for fundraising to finance programmed actions. Once the project has been executed it is essential to monitor and control the development and integration adopting measures accordingly to the needs. This thesis applies methodology and best practice of project management as structured framework for the principal economic and financial issues facing business project. It is necessary contribution to entrepreneurs understanding of business, therefore facilitates business development in such rough environment as Spain is at this moment, and at the same time encourages adopting entrepreneur���s solution as less risky one. This document aims to explore all the economic and financial issues from methodological point of view based on my own professional experience, resulting in helping to understand the importance that economy and finances have in developing adequate corporate strategy. Crisis has highlighted inadequate functionality of many companies. Most popular first symptom is lack of cash flow that deteriorates the company, and results in suspension of payments followed by closing. In other cases, difficulties appear due to poor financial management of committed resources; to be observed in lack of prevision and planning or incorrect basic functionality and operational matters on daily basis. What would be your advice to someone who have magnificent business idea however no knowledge on how to handle finances in order to succeed in initiating and executing the project? Despite of the fact that the central nucleus of this paper is at economics and finances area, all the other concepts and topics given during master will be revived; for example business strategy, consultants abilities, organization and standard processes, among others, are impregnated with knowledge of project management.

AN��LISE DAS MUDAN��AS DOS FATORES DETERMINANTES DA ESTRUTURA DE CAPITAL EM FUN����O DO CICLO DE VIDA DAS EMPRESAS BRASILEIRAS

As v��rias teorias acerca da estrutura de capital despertam interesse motivando diversos estudos sobre o assunto sem, no entanto, ter um consenso. Outro tema aparentemente pouco explorado refere-se ao ciclo de vida das empresas e como ele pode influenciar a estrutura de capital. Este estudo teve como objetivo verificar quais determinantes possuem maior relev��ncia no endividamento das empresas e se estes determinantes alteram-se dependendo do ciclo de vida da empresa apoiada pelas teorias Trade Off, Pecking Order e Teoria da Ag��ncia. Para alcan��ar o objetivo deste trabalho foi utilizado an��lise em painel de efeito fixo sendo a amostra composta por empresas brasileiras de capital aberto, com dados secund��rios dispon��veis na Econom��tica�� no per��odo de 2005 a 2013, utilizando-se os setores da BM&FBOVESPA. Como resultado principal destaca-se o mesmo comportamento entre a amostra geral, alto e baixo crescimento pelo endividamento cont��bil para o determinante Lucratividade apresentando uma rela����o negativa, e para os determinantes Oportunidade de Crescimento e Tamanho, estes com uma rela����o positiva. Para os grupos de alto e baixo crescimento alguns determinantes apresentaram resultados diferentes, como a singularidade que resultou signific��ncia nestes dois grupos, sendo positiva no baixo crescimento e negativa no alto crescimento, para o valor colateral dos ativos e benef��cio fiscal n��o d��vida apresentaram signific��ncia apenas no grupo de baixo crescimento. Para o endividamento a valor de mercado foi observado signific��ncia para o Benef��cio fiscal n��o d��vida e Singularidade. Este resultado refor��a o argumento de que o ciclo de vida influ��ncia a estrutura de capital.

PADR��ES DE PRODUTIVIDADE EM PESQUISA NA LITERATURA DE FINAN��AS: UM ESTUDO BIBLIOM��TRICO NOS PRINCIPAIS PERI��DICOS CIENT��FICOS NACIONAIS NO PER��ODO DE 2005 A 2014

A Administra����o Financeira surge no in��cio do s��culo XIX juntamente com o movimento de consolida����o das grandes empresas e a forma����o dos mercados nacionais americano enquanto que no Brasil os primeiros estudos ocorrem a partir da segunda metade do s��culo XX. Desde ent��oo pa��s conseguiu consolidar alguns centros de excel��ncia em pesquisa, formar grupo significativo de pesquisadores seniores e expandir as ��reas de pesquisa no campo, contudo, ainda s��o poucos os trabalhos que buscam retratar as caracter��sticas da produtividade cient��fica em Finan��as. Buscando contribuir para a melhor compreens��o do comportamento produtivo dessa ��rea a presente pesquisa estuda sua produ����o cient��fica, materializada na forma de artigos digitais, publicados em 24 conceituados peri��dicos nacionais classificados nos estratos Qualis/CAPES A2, B1 e B2 da ��rea de Administra����o, Ci��ncias Cont��beis e Turismo. Para tanto s��o aplicadas a Lei de Bradford, Lei do Elitismo de Price e Lei de Lotka. Pela Lei de Bradford s��o identificadas tr��s zonas de produtividade sendo o n��cleo formado por tr��s revistas, estando uma delas classificada no estrato Qualis/CAPES B2, o que evidencia a limita����o de um recorte tendo como ��nico crit��rio a classifica����o Qualis/CAPES. Para a Lei do Elitismo de Price, seja pela contagem direta ou completa, n��o identificamos comportamento de uma elite semelhante ao apontado pela teoria e que conta com grande n��mero de autores com apenas uma publica����o.Aplicando-se o modelo do Poder Inverso Generalizado, calculado por M��nimos Quadrados Ordin��rios (MQO), verificamos que produtividade dos pesquisadores, quando feita pela contagem direta, se adequa ��quela definida pela Lei de Lotka ao n��vel de �� = 0,01 de signific��ncia, contudo, pela contagem completa n��o podemos confirmar a hip��tese de homogeneidade das distribui����es, al��m do fato de que nas duas contagens a produtividade analisada pelo par��metro n �� maior que 2 e, portanto, a produtividade do pesquisadores de finan��as �� menor que a defendida pela teoria.

Certification of Panama Canal Commission estimated revenue for fiscal year /

Description based on: Feb, 25, 1985; title from cover.

Transfer of interest on U.S. investment in the Panama Canal (GAO/AFMD-85-63).

Includes letter of April 8, 1985 from William R. Gianelli, Chairman, Board of Directors, Panama Canal Commission, to Frederick D. Wolf, Director, Accounting and Financial Management Division, U.S. General Accounting Office, Washington, D.C. (p. 12-17).

Handbook of resources for criminal justice evaluators.

August 1978.