Financial working capital - management and measurement

Unexpected changes in cash flow have started to occur more frequently after the financial crisis. The capital structures of companies have also changed, and financial flexibility as well as flexible asset management have therefore become more important. This thesis aims at presenting financial working capital management, a part of flexible asset management, as a possibility to gain financial flexibility and survive the changes. This thesis operates in the interface of corporate finance, strategic management and management accounting, and it has two main objectives: to examine financial working capital management and to develop measures of financial working capital. The research in this thesis has been conducted using archival research and design science. Qualitative comparative analysis and model building are used to formulate tools and strategies for financial working capital management. The tools are tested with simulations, case studies and statistical analysis. The empirical data is collected from companies listed in the Helsinki Stock Exchange. The results of this thesis indicate that there are several possible financial working capital management strategies. FOCAL matrix is created in the thesis to assist in the selection of a strategy. The results also imply that profitability can be improved by reducing financial working capital, which creates a need to change the financial working capital management strategy. Financial flow cycle, and its modification, is developed in this thesis to measure financial working capital. Financial working capital as a concept is presented in this thesis with an orientation towards the management view. New dimensions have also been produced to financial management and working capital management, while providing a holistic approach to financial flexibility. Financial working capital management strategies are presented to managers and practical tools are provided for decision-making.

The effects of the menstrual cycle and hormonal contraceptives on the central thermoeffector threshold temperatures and width of the interthreshold zone

Basal body temperature (BBT) and thermoeffector thresholds increase following ovulation in many women. This study investigated if solely central thermoregulatory alterations are responsible. Seven females in a non-contraceptive group (NCG) were compared with 5 monophasic contraceptive users (HCG) on separate accounts: pre-ovulation (Trial I; d 2-5) and post-ovulation (Trial 2; 4-8 d post-positive ovulation) for NCG, and active phase for HCG (d 2-5, d 18-21). During immersion in 28°C water to the axilla, participants exercised for 20-30 min on an underwater ergometer. After steadily sweating, immersion continued until metabolism increased two-fold due to shivering. Rectal (Tre) BBT was not different between trials for neither NCG (1: 37.34±0.16°C; 2: 37.35±0.27°C) nor HCG. At exercise termination, Tre forehead sweating cessation increased (P<0.05) in trial 2 irrespective of group (1: 37.55±0.39°C; 2: 37.90±0,46°C). Tre shivering onset did not increase (P>0.05) in trial 2 (1: 36.91±0.50°C; 2: 37.07±0,45°C). The widths of the interthreshold zone increased (P<0.05) in trial 2 (1: 0.64±0.22°C; 2: 0.82±0.37°C) due to the increased sweating threshold only. HCG cooled quicker (1: -l.15±0,43°C; 2: -1.00±0.50°C) than NCG participants (1: - 0.58±0.22°C; 2: -0.52±O.29°C), and tympanic (Tty) sweat thresholds were significantly (P<0.05) decreased (1: 34.76±0.54°C; 2: 35.39±0.61°C) versus NCG (l: 35.57±0.77°C; 2: 35.89±1.04°C). Lastly, Tre and Tty thresholds were significantly different (P

Statement of Cash Account at the Royal Trust Company

Statement of cash account at the Royal Trust Company, Toronto regarding the estate of Hamilton K. Woodruff consolidated trust and capital account estates, Oct. 1, 1959.

Cash Book

Cash Book, a leather-bound book which has “S.D. Woodruff, St. Catharines, April 1875” written in the front cover. The book contains handwritten lists, specifications for jobs and hand-drawn diagrams. There is one loose page and the pages are slightly yellowed, 1875.

Notebook (vinyl cover) with the word “Cash” on the front

Notebook (vinyl cover) with the word “Cash” on the front. There are a number of names and addresses within the front and back covers. Some of the pages are loose. The entries include lists of goods sold from 1953-1961.

Estimate of cash of plank road for 1 mile and estimate of gravel macadamized road for one mile

Estimate of cash of plank road for 1 mile and estimate of gravel macadamized road for one mile, n.d.

Balance sheet including copy of the cash book and auditor’s report for 12 months ending May 31, 1880

Balance sheet including copy of the cash book and auditor’s report (1 page, printed) for 12 months ending May 31, 1880.

Balance sheet including copy of the cash book and auditor’s report for 12 months ending May 31, 1881

Balance sheet including copy of the cash book and auditor’s report (1 page, printed) for 12 months ending May 31, 1881.

Balance sheet including copy of the cash book and auditor’s report for 12 months ending May 31, 1882

Balance sheet including copy of the cash book and auditor’s report (1 page, printed) for 12 months ending May 31, 1882.

Le modèle de convergence vu selon l'approche de Dan, Ben-David: une vérification empirique par rapport au 8e cycle du GATT; le cas de l'ALENA versus l'Union Européenne (période 1970-2000).

Rapport de recherche