Managerial Finance
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Determinants of Electric Utility Betas
Tập 12 Số 4 - Trang 1-3
Determinants of Electric Utility Betas. One important aspect of utility
regulation is the estimation of cost of equity capital of the firm. Several
techniques have been used to estimate the cost of equity, including the
discounted cash flow model and the capital asset pricing model (CAPM). CAPM has
its foundations in modern portfolio theory and its application has generated a
lot of controversy — ...
Ethical Issues in Marketing Financial Services
Tập 5 Số 3 - Trang 257-270
“A man becomes a professional, a cynic once observed, by doubling his prices,
calling them fees and referring to his customers as clients. He might have added
that the real professional gent doesn't advertise his services either” (OPINION
from Accountancy Age, 13 August 1976.)
Re‐indexing the Heath, Jarrow and Morton term structure model and empirical evidence of forward function following a martingale
Tập 24 Số 9/10 - Trang 72-93
Outlines Heath, Jarrow and Morton’s (1992) method (MJM) for modelling interest
rates and refers to other research showing that although it is generally
non‐Markov, this can be modified if the volatility structure depends on relative
maturity term rather than calendar maturity date. Develops a re‐indexed MJM
model, applies it to 1975‐1991 data on non‐callable US treasury bills, notes and
bonds; and...
Over‐optimism when pricing IPOs
Tập 33 Số 6 - Trang 352-367
– The purpose of this paper is to contribute to the literature on the valuation
of initial public offerings (IPOs). In particular, it tests the presence of
over‐optimism when pricing IPOs on the Italian Nuovo Mercato., – The paper
investigates whether the analysts make systematic errors when forecasting the
performance of the firm undergoing the IPO by comparing analysts’ ex‐ante
expectations to a...
On the Forecasting Content of the Implied Forward Rate
Tập 16 Số 6 - Trang 40-46
Today's maturity pattern of interest rates contains an implicit market forecast
of future short‐term rates. However, it is well known that these implied rates
generally fail to explain actual movements in short‐term rates. From two
empirical propositions about movements of yield curves it follows that half of
the time short‐term rates will move in the opposite direction from that
forecasted implic...
The impact of international and industrial diversification strategies on the cash flow sensitivity of cash
Tập 38 Số 10 - Trang 977-992
– The purpose of this paper is to examine the impact of the two diversification
strategies on firms' propensity to save cash out of cash flow., – The author
examines the quarterly data of Compustat's active and research firms from the
first quarter of 1999 to the last quarter of 2005, with a sample size of more
than 79,000 firm quarters. A two‐step GMM Instrumental Variable regression of
change in...
THE FINANCING OF MERGERS AND ACQUISITIONS — A REVIEW OF RECENT DEVELOPMENTS
Tập 16 Số 4 - Trang 3-28
Over recent years an increasing amount of funds has been committed to mergers
and acquisitions in the UK. Expenditure rose nearly tenfold from £2.3bn in 1983
to £22.1bn in 1988. This surge in spending has continued despite fears over
economic trends, both domestic and international, and shocks in financial
markets, notably the global col lapse in share values of October 1987. This
monograph is ess...
Problems of Liquidity
Tập 1 Số 3 - Trang 218-221
Adequate cash resources are the life‐blood of any business undertaking and since
1972 managements have been concerned as much, and in all too many cases more,
with the maintenance of liquidity as with profitability, although these two
basic factors in the conduct of a business cannot be divorced.
LẬP KẾ HOẠCH VỐN CHO DOANH NGHIỆP QUỐC TẾ: MỘT KHUÔN KHỔ PHÂN TÍCH Dịch bởi AI
Tập 16 Số 2 - Trang 1-6
Bài báo này tập trung vào ba chủ đề có liên quan. Đầu tiên, các quy tắc quyết
định tiêu chuẩn cho quyết định lập ngân sách vốn quốc tế được phác thảo. Thứ
hai, những điểm mạnh và hạn chế của lý thuyết tài chính trong việc định hướng kế
hoạch lập ngân sách vốn trong các tập đoàn đa quốc gia (MNC) được thảo luận. Thứ
ba, các quan điểm chiến lược được giới thiệu để bổ sung cho phân tích tài chính
tro...
#lập ngân sách vốn #doanh nghiệp quốc tế #lý thuyết tài chính #tập đoàn đa quốc gia #phân tích tài chính
Auditing the Board: A New Approach to the Measurement of Company Performance
Tập 5 Số 2 - Trang 127-147
The role of the internal auditor is evolving rapidly. More and more his ambit is
encompassing the whole range of a company's operations. His activities no longer
primarily consist of checking for compliance with laid down procedures but are
becoming more management orientated and focused on the appraisal of efficiency
and effectiveness of operational systems in general. These developments are
ackn...