Administrative control of companies in India

The joint stock company is an institution wielding immense socio economic _power over the ultimate progress and well -being of the nation. It is subjected to corresponding definable responsibilities towards all who depend on than. the shareholders.the employees the suppliers of raw materials. the consumers of its product: and society at Large. The company law is changing and must change with time and take note of the dynamics of trade and industry. Obviously it cannot be static and permanent while the basic economic and social philosophies and the technique of production and investment in the industrial sector change.‘ It provides a legal framework for the corporate form of business in which the organization capital and labour are brought. together in a particular form of relationship. The activities carried on within this corporate form is subjected to a gradual but steadily increasing control by the Government. A study of this oontrol is undertaken to better understand the present law and to suggest the path for further change

Impact of the Level of Disclosure of Financial Information on the Pricing of Shares in the Context of Adverse Selection: an experimental research

Managers know more about the performance of the organization than investors, which makes the disclosure of information a possible strategy for competitive differentiation, minimizing adverse selection. This paper's main goal is to analyze whether or not an entity's level of diclosure may affect the risk perception of individuals and the process of evaluating their shares. The survey was carried out in an experimental study with 456 subjects. In a stock market simulation, we investigated the pricing of the stocks of two companies with different levels of information disclosure at four separate stages. The results showed that, when other variables are constant, the level of disclosure of an entity can affect the expectations of individuals and the process of evaluating their shares. A higher level of disclosure by an entity affected the value of its share and the other company's.

A general guide to the companies formed for working foreign mines, with their prospectuses, amount of capital, number of shares, names of directors, &c., and an appendix, showing their progress since their formation ... with a table of the extent of their fluctuations in price, up to the present period.

A second pt. was published in 1826, with title: A compendium of useful information relating to the companies formed for working British mines ... A third pt. was published in 1827, with title: A complete view of the joint stock companies formed during the years 1824 and 1825 ... cf. Brit. mus. Catalogue.

Taxation of shares of preferred stock of banks while owned by Reconstruction finance corporation. Hearings before the Committee on banking and currency, House of representatives, Seventy-fourth Congress, second session, on S. 3978. A bill relating to taxation of shares of preferred stock, capital notes, and debentures of banks while owned by the Reconstruction finance corporation and reaffirming their immunity. March 11 and 12, 1936.

Henry B. Steagall, chairman.

A tale of two logits, compositional data analysis and zero observations

The application of compositional data analysis through log ratio trans-formations corresponds to a multinomial logit model for the shares themselves.This model is characterized by the property of Independence of Irrelevant Alter-natives (IIA). IIA states that the odds ratio in this case the ratio of shares is invariant to the addition or deletion of outcomes to the problem. It is exactlythis invariance of the ratio that underlies the commonly used zero replacementprocedure in compositional data analysis. In this paper we investigate using thenested logit model that does not embody IIA and an associated zero replacementprocedure and compare its performance with that of the more usual approach ofusing the multinomial logit model. Our comparisons exploit a data set that com-bines voting data by electoral division with corresponding census data for eachdivision for the 2001 Federal election in Australia

The value of future opportunities: comparison of information technology firms and forest companies

There are several alternatives for valuing the future opportunities of firms. The traditional appraisal methods for single projects such as net present value, internalrate of return and payback rules have been criticized in recent years. It has been said that they do not take into account all growth opportunities of firms. At the company level, business valuation is traditionally based on financial and market information. Yield estimates, net worth values and market values of shares are commonly used. Naturally, all valuation methods have their own strengths and shortcomings. In the background of most estimation rules there is the idea that the future of the firms is quite clear and predictable. However, in recent times the business environment of most companies has changed to a more unpredictable direction and the effects of uncertainty have increased. There has been a growing interest in estimating the risks and values of future possibilities. The aim of the current paper is to describe the difference between the value of futureopportunities in information technology firms and forest companies, and also toanalyse the backgrounds for the observed gap.

Competitive Effects of Non-Controlling Minority Acquisitions – Sufficient to merit further EU merger regulation?

Partial ownership interests are a widespread phenomenon in modern corporate environment. Unless minority shareholding affords the target to exercise control over the target, they do currently not have to be notified to the European Commission under EU merger regime. However, economic research has long suggested that when linking competing or non-horizontally positioned undertakings particularly in industries with few competitors, minority shareholdings even far below the majority of shares or voting rights could lead to higher prices or lower output volumes to the detriment of consumers. The Commission has recognized this issue and proceeded to suggest an extension of the merger regime to catch also certain non-controlling minority acquisitions. Horizontal non-controlling minority shareholdings create a positive correlation between the sales revenues of the partial acquirer and target. Through the equity interest the acquirer will internalise a fraction, proportional to the financial rights attached to the shareholding, of the profit of the target. This will incentivise the acquirer to contribute to increasing the target’s business profits by increasing its own sales price (horizontal unilateral effects). When a minority stake is held in a vertically related or a conglomerate company, the minority acquirer could be allowed to hamper or eliminate the target’s rivals’ access either to inputs (input foreclosure) or customers (customer foreclosure), depending on which level of the supply chain the parties are (vertical unilateral effects). Under certain circumstances minority share acquisitions could also lessen competition because they facilitate collusion between companies active in the market (coordinated effects). Economic theory confirms that non-controlling minority shareholdings may under certain circumstances create anti-competitive effects that are unlikely to be remedies by pro-competitive effects. However, they are likely to be of less significant nature than anticompetitive effects created by full mergers. This derives fore mostly from the fact that a minority share acquirer carries all the costs associated with its unilateral action but will internalise only a fraction of the lost profits. This is likely to limit the acquirer’s incentive to raise price and the profitability of such behavior. Having in mind that the number of potentially problematic cases is expected to be next to negligible, the limited potential competitive effects of non-controlling minority share acquisitions cannot be seen to clearly merit extension of the scope of the EUMR. The system suggested by the Commission is particularly ill-fitted for such purpose given the clear lack of legal certainty and considerable administrative burden associated with it.

Barnes Wines, Limited, Shares Certificate, 1957

Share certificate No. BP001, registered to Mrs. Bessie A. Barnes Barkley. The certificate has several shares transactions listed. The final number of shares redeemed on April 11th, 1957 is 316.

Modelling and Analysis of Some Time Series

The thesis deals with some of the non-linear Gaussian and non-Gaussian time models and mainly concentrated in studying the properties and application of a first order autoregressive process with Cauchy marginal distribution. In this thesis some of the non-linear Gaussian and non-Gaussian time series models and mainly concentrated in studying the properties and application of a order autoregressive process with Cauchy marginal distribution. Time series relating to prices, consumptions, money in circulation, bank deposits and bank clearing, sales and profit in a departmental store, national income and foreign exchange reserves, prices and dividend of shares in a stock exchange etc. are examples of economic and business time series. The thesis discuses the application of a threshold autoregressive(TAR) model, try to fit this model to a time series data. Another important non-linear model is the ARCH model, and the third model is the TARCH model. The main objective here is to identify an appropriate model to a given set of data. The data considered are the daily coconut oil prices for a period of three years. Since it is a price data the consecutive prices may not be independent and hence a time series based model is more appropriate. In this study the properties like ergodicity, mixing property and time reversibility and also various estimation procedures used to estimate the unknown parameters of the process.

A tale of two logits, compositional data analysis and zero observations

The application of compositional data analysis through log ratio trans- formations corresponds to a multinomial logit model for the shares themselves. This model is characterized by the property of Independence of Irrelevant Alter- natives (IIA). IIA states that the odds ratio in this case the ratio of shares is invariant to the addition or deletion of outcomes to the problem. It is exactly this invariance of the ratio that underlies the commonly used zero replacement procedure in compositional data analysis. In this paper we investigate using the nested logit model that does not embody IIA and an associated zero replacement procedure and compare its performance with that of the more usual approach of using the multinomial logit model. Our comparisons exploit a data set that com- bines voting data by electoral division with corresponding census data for each division for the 2001 Federal election in Australia

Sustainability indexes: why join in? A study of the Corporate Sustainability Index (ISE) in Brazil

In the past decade, indicators have been created to assess the sustainability performance of companies listed in stock exchange markets. Academics and practitioners expect companies to benefit from being listed in such indexes, but evidence of value creation is still scarce. Since virtually all studies about the Corporate Sustainability Index (ISE) of the S~ ao Paulo Stock Exchange (Brazil) e the object of the present study e focused on the value of shares, we initially looked for answers in the finance theory. We collected secondary data about the financial and economic performance of companies forming the ISE's ‘theoretical portfolio’, as these kinds of indexes are also known. In a second stage, we sought additional motivations for companies to make efforts to be listed in the index. We collected additional data and interviewed representatives of key companies listed in the ISE, as well as industry leaders who chose not to participate in the selection process. The results support the main propositions of the institutional theory, as well as the ‘pays to be green’ literature e that the intangible value created by voluntary environmental initiatives, such as access to knowledge, new capabilities and reputational gain, better explain the efforts companies make to be listed in the ISE index

Contagion in financial networks: a network theory and agent-based approaches to modeling the spread of risk in financial systems

Esta dissertação estuda a propagação de crises sobre o sistema financeiro. Mais especi- ficamente, busca-se desenvolver modelos que permitam simular como um determinado choque econômico atinge determinados agentes do sistema financeiro e apartir dele se propagam, transformando-se em um problema sistêmico. A dissertação é dividida em dois capítulos,além da introdução. O primeiro capítulo desenvolve um modelo de propa- gação de crises em fundos de investimento baseado em ciência das redes.Combinando dois modelos de propagação em redes financeiras, um simulando a propagação de perdas em redes bipartites de ativos e agentes financeiros e o outro simulando a propagação de perdas em uma rede de investimentos diretos em quotas de outros agentes, desenvolve-se um algoritmo para simular a propagação de perdas através de ambos os mecanismos e utiliza-se este algoritmo para simular uma crise no mercado brasileiro de fundos de investimento. No capítulo 2,desenvolve-se um modelo de simulação baseado em agentes, com agentes financeiros, para simular propagação de um choque que afeta o mercado de operações compromissadas.Criamos também um mercado artificial composto por bancos, hedge funds e fundos de curto prazo e simulamos a propagação de um choque de liquidez sobre um ativo de risco securitizando utilizado para colateralizar operações compromissadas dos bancos.

Ownership structure and investment finance in transition economies:a survey of evidence from large firms in Hungary and Poland

Using survey data on 157 large private Hungarian and Polish companies this paper investigates links between ownership structures and CEOs’ expectations with regard to sources of finance for investment. The Bayesian estimation is used to deal with the small sample restrictions, while classical methods provide robustness checks. We found a hump-shaped relationship between ownership concentration and expectations of relying on public equity. The latter is most likely for firms where the largest investor owns between 25 percent and 49 percent of shares, just below the legal control threshold. More profitable firms rely on retained earnings for their investment finance, consistent with the ‘pecking order’ theory of financing. Finally, firms for which the largest shareholder is a domestic institutional investor are more likely to borrow from domestic banks.

Ownership characteristics and access to finance:evidence from a survey of large privatised companies in Hungary and Poland

We examine financial constraints and forms of finance used for investment, by analysing survey data on 157 large privatised companies in Hungary and Poland for the period 1998 - 2000. The Bayesian analysis using Gibbs sampling is carried out to obtain inferences about the sample companies' access to finance from a model for categorical outcome. By applying alternative measures of financial constraints we find that foreign companies, companies that are part of domestic industrial groups and enterprises with concentrated ownership are all less constrained in their access to finance. Moreover, we identify alternative modes of finance since different corporate control and past performance characteristics influence the sample firms' choice of finance source. In particular, while being industry-specific, the access to domestic credit is positively associated with company size and past profitability. Industrial group members tend to favour bond issues as well as sells-offs of assets as appropriate types of finance for their investment programmes. Preferences for raising finance in the form of equity are associated with share concentration in a non-monotonic way, being most prevalent in those companies where the dominant owner holds 25%-49% of shares. Close links with a leading bank not only increase the possibility of bond issues but also appear to facilitate access to non-banking sources of funds, in particular, to finance supplied by industrial partners. Finally, reliance on state finance is less likely for the companies whose profiles resemble the case of unconstrained finance, namely, for companies with foreign partners, companies that are part of domestic industrial groups and companies with a strategic investor. Model implications also include that the use of state funds is less likely for Polish than for Hungarian companies.