854 resultados para Modèles exponentiels en finance


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Este libro es una invitación reconceptualizar las maneras de escuchar, conocer, acompañar y educar a los niños desde la primera infancia en un mundo multicultural, cambiante y posmoderno. Los trabajos que lo integran parten de perspectivas que generan nuevas formas de ver, hacer y estar en el mundo, ofrecen una reconstrucción de la psicología del desarrollo y destacan la importancia de la cultura, la etnia, el género y la sexualidad, sin olvidar la historia, la política y el discurso científico.

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Manuscript Type: Empirical Research Issue: We propose that high levels of monitoring are not always in the best interests of minority shareholders. In family-owned companies the optimal level of board monitoring required by minority shareholders is expected to be lower than that of other companies. This is because the relative benefits and costs of monitoring are different in family-owned companies. Research Findings: At moderate levels of board monitoring, we find concave relationships between board monitoring variables and firm performance for family-owned companies but not for other companies. The optimal level of board monitoring for our sample of Asian family-owned companies equates to board independence of 38%, separation of the Chairman and CEO positions and establishment of audit and remuneration committees. Additional testing shows that the optimal level of board monitoring is sensitive to the magnitude of the agency conflict between the family group and minority shareholders and the presence of substitute monitoring. Practitioner/Policy Implications: For policymakers, the results show that more monitoring is not always in the best interests of minority shareholders. Therefore, it may be inappropriate for regulators to advise all companies to follow the same set of corporate governance guidelines. However, our results also indicate that the board governance practices of family-owned companies are still well below the identified optimal levels. Keywords: Corporate Governance, Board Independence, Board of Directors, Family Firms, Monitoring.

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Aux confluences historiques et conceptuelles de la modernité, de la technologie, et de l’« humain », les textes de notre corpus négocient et interrogent de façon critique les possibilités matérielles et symboliques de la prothèse, ses aspects phénoménologiques et spéculatifs : du côté subjectiviste et conceptualiste avec une philosophie de la conscience, avec Merleau-Ponty ; et de l’autre avec les épistémologues du corps et historiens de la connaissance Canguilhem et Foucault. Le trope prometteur de la prothèse impacte sur les formations discursives et non-discursives concernant la reconstruction des corps, là où la technologie devient le corrélat de l’identité. La technologie s’humanise au contact de l’homme, et, en révélant une hybridité supérieure, elle phagocyte l’humain du même coup. Ce travail de sociologie des sciences (Latour, 1989), ou encore d’anthropologie des sciences (Hakken, 2001) ou d’anthropologie bioculturelle (Andrieu, 1993; Andrieu, 2006; Andrieu, 2007a) se propose en tant qu’exemple de la contribution potentielle que l’anthropologie biologique et culturelle peut rendre à la médecine reconstructrice et que la médecine reconstructrice peut rendre à la plastique de l’homme ; l’anthropologie biologique nous concerne dans la transformation biologique du corps humain, par l’outil de la technologie, tant dans son histoire de la reconstruction mécanique et plastique, que dans son projet d’augmentation bionique. Nous établirons une continuité archéologique, d’une terminologie foucaldienne, entre les deux pratiques. Nous questionnons les postulats au sujet des relations nature/culture, biologie/contexte social, et nous présentons une approche définitionnelle de la technologie, pierre angulaire de notre travail théorique. Le trope de la technologie, en tant qu’outil adaptatif de la culture au service de la nature, opère un glissement sémantique en se plaçant au service d’une biologie à améliorer. Une des clés de notre recherche sur l’augmentation des fonctions et de l’esthétique du corps humain réside dans la redéfinition même de ces relations ; et dans l’impact de l’interpénétration entre réalité et imaginaire dans la construction de l’objet scientifique, dans la transformation du corps humain. Afin de cerner les enjeux du discours au sujet de l’« autoévolution » des corps, les théories évolutionnistes sont abordées, bien que ne représentant pas notre spécialité. Dans le cadre de l’autoévolution, et de l’augmentation bionique de l’homme, la somation culturelle du corps s’exerce par l’usage des biotechnologies, en rupture épistémologique de la pensée darwinienne, bien que l’acte d’hybridation évolutionnaire soit toujours inscrit dans un dessein de maximisation bionique/génétique du corps humain. Nous explorons les courants de la pensée cybernétique dans leurs actions de transformation biologique du corps humain, de la performativité des mutilations. Ainsi technologie et techniques apparaissent-elles indissociables de la science, et de son constructionnisme social.

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Before the Global Financial Crisis many providers of finance had growth mandates and actively pursued development finance deals as a way of gaining higher returns on funds with regular capital turnover and re-investment possible. This was able to be achieved through high gearing and low presales in a strong market. As asset prices fell, loan covenants breached and memories of the 1990’s returned, banks rapidly adjusted their risk appetite via retraction of gearing and expansion of presale requirements. Early signs of loosening in bank credit policy are emerging, however parties seeking development finance are faced with a severely reduced number of institutions from which to source funding. The few institutions that are lending are filtering out only the best credit risks by way of constrictive credit conditions including: low loan to value ratios, the corresponding requirement to contribute high levels of equity, lack of support in non-prime locations and the requirement for only borrowers with well established track records. In this risk averse and capital constrained environment, the ability of developers to proceed with real estate developments is still being constrained by their inability to obtain project finance. This paper will examine the pre and post GFC development finance environment. It will identify the key lending criteria relevant to real estate development finance and will detail the related changes to credit policies over this period. The associated impact to real estate development projects will be presented, highlighting the significant constraint to supply that the inability to obtain finance poses.

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Este texto hace un acercamiento sociológico al análisis de la raza y la lengua en la formación de programas de educación en idiomas. Este enfoque usa los modelos de Bourdieu de habitus y campo social, los cuales enmarcan la raza y la lengua como elementos variables en el cambio educativo y pedagógico, que están, a la vez, sujetos a la agenciamiento de profesores y estudiantes. El enfoque sugiere que una política de educación en lenguas para la justicia social puede concentrarse no sólo en el cambio y el desarrollo del sujeto humano, sino también en cambio sistemático de los campos sociales del currículo.

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We propose that family firm involvement and performance across industries is not random and is related to specific industry conditions. Using the population of listed companies on the Taiwan Stock Exchange over the period 1997-2007 we find that family firms are more involved in industries with more fixed assets, consistent with the long-term view of family owners, and in industry conditions that make it potentially easier for family owners to consume private benefits of control. Overall, we document a positive relationship between family firm involvement and performance, which indicates a net advantage for family firm shareholders in industries where family firms congregate. However, we also find that family firm performance is negatively affected when family firms use more debt and maintain a higher control wedge than their industry counterparts.

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We review accounting and finance research on corporate governance (CG). In the course of our review, we focus on a particularly vexing issue, namely endogeneity in the relationships between CG and other matters of concern to accounting and finance scholars, and suggest ways to deal with it. Given the advent of large commercial CG databases, we also stress the importance of how CG is measured and in particular, the construction of CG indices, which should be sensitive to local institutional arrangements, and the need to capture both internal and external aspects of governance. The ‘stickiness’ of CG characteristics provides an additional challenge to CG scholars. Better theory is required, for example, to explain whether various CG practices substitute for each other or are complements. While a multidisciplinary approach to developing better theory is never without its difficulties, it could enrich the current body of knowledge in CG. Despite the vastness of the existing CG literature, these issues do suggest a number of avenues for future research.

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In response to the need to leverage private finance and the lack of competition in some parts of the Australian public sector major infrastructure market, especially in very large economic infrastructure procured using Pubic Private Partnerships, the Australian Federal government has demonstrated its desire to attract new sources of in-bound foreign direct investment (FDI) into the Australian construction market. This paper aims to report on progress towards an investigation into the determinants of multinational contractors’ willingness to bid for Australian public sector major infrastructure projects and which is designed to give an improved understanding of matters surrounding FDI into the Australian construction sector. This research deploys Dunning’s eclectic theory for the first time in terms of in-bound FDI by multinational contractors and as head contractors bidding for Australian major infrastructure public sector projects. Elsewhere, the authors have developed Dunning’s principal hypothesis associated with his eclectic framework in order to suit the context of this research and to address a weakness arising in Dunning’s principal hypothesis that is based on a nominal approach to the factors in the eclectic framework and which fail to speak to the relative explanatory power of these factors. In this paper, an approach to reviewing and analysing secondary data, as part of the first stage investigation in this research, is developed and some illustrations given, vis-à-vis the selected sector (roads, bridges and tunnels) in Australia (as the host location) and using one of the selected home countries (Spain). In conclusion, some tentative thoughts are offered in anticipation of the completion of the first stage investigation - in terms of the extent to which this first stage based on secondary data only might suggest the relative importance of the factors in the eclectic framework. It is noted that more robust conclusions are expected following the future planned stages of the research and these stages including primary data are briefly outlined. Finally, and beyond theoretical contributions expected from the overall approach taken to developing and testing Dunning’s framework, other expected contributions concerning research method and practical implications are mentioned.