...32965 Information Note by World Bank Staff July 12,2005 TABLE CONTENTS OF I N T R O D U C T I O N .............................................................................................................. I . I1 . 3 4 10 10 11 13 14 14 17 19 THE GLOBAL AGENDA .......................................................................................... PROGRESS IN THE IFA AGENDA ....................................................................... The Financial Sector Assessment Program (FSAP) ............................................. The Reports on the Observance o f Standards and Codes (ROSC) ....................... The Financial Sector Reform and Strengthening Initiative (FIRST) .................... The Financial Sector Reform and Strengthening Initiative (FIRST) .................... Combating Money Laundering and Terrorist Financing (AML/CFT) ................. Debt Sustainability & Debt Management ............................................................. Social Protection................................................................................................... A. B. C. C. D. E. F. ANNEX Accounting and Auditing ........................................................................................... Corporate Governance ............................................................................................. Insolvency and Creditor Rights ................................................................................ ...
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...2nd Floor 90 Pitts Bay Road Pembroke HM08 Bermuda http://www.tyco.com T Ict I ati nat nal t99 1 A An u e R t T y c o y n oe r n t e r o n ailo L t d . L1 d . 9 9 9n9n u a ln R a lp o re p o r t The Zurich Centre Ty c o I n t e r n a t i o n a l L t d . 19 99 Annual Report Get to know we are the world’s largest supplier of electronic and electrical connectors WE ARE THE WORLD’S LARGEST INSTALLER AND SERVICER OF we are the world’s largest producer of FIRE AND SECURITY industrial valves SYSTEMS w e h a v e g row n o u r ea rni ng s a t a 35% com pounded r ate for the past fi v e y ear s we lead the burgeoning global market in undersea fiber optic telecommunications W E H AV E 1 8 2 , 0 0 0 EMPLOYEES IN OVER 80 COUNTRIES AROUND THE we are a global leader in disposable health care we achieved sales of over $22 billion in fiscal 1999 we do not make toys . . . and never have 1 1. telecommunications and electronics If you knew Tyco last year, look again. The Company has evolved into a leader in the fast-paced, high-tech world of electronics. Our merger with AMP, the world’s largest maker of electrical connectors, and the acquisition of Raychem, a leading manufacturer of high-performance electrical components, created the nucleus for the formation of Tyco Electronics Corporation, the world’s largest supplier of passive electronic components. The diverse capabilities of AMP and Raychem, combined with...
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...Financial Leverage And Capital Structure Policy 0 Chapter Outline The Capital Structure Question The Effect of Financial Leverage Capital Structure and the Cost of Equity Capital M&M Propositions I and II with Corporate Taxes Bankruptcy Costs Optimal Capital Structure 1 Capital Restructuring We are going to look at how changes in capital structure affect the value of the firm, all else equal Capital restructuring involves changing the amount of leverage a firm has without changing the firm’s assets The firm can increase leverage by issuing debt and repurchasing outstanding shares The firm can decrease leverage by issuing new shares and retiring outstanding debt 2 Choosing a Capital Structure What is the primary goal of financial managers? Maximize stockholder wealth We want to choose the capital structure that will maximize stockholder wealth We can maximize stockholder wealth by maximizing the value of the firm or minimizing the WACC 3 How does leverage affect the EPS and ROE of a firm? When we increase the amount of debt financing, we increase the fixed interest expense If we have a really good year, then we pay our fixed cost and we have more left over for our stockholders If we have a really bad year, we still have to pay our fixed costs and we have less left over for our stockholders Leverage amplifies the variation in both EPS and ROE 4 The Effect of Leverage Example:...
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...machine presses to manufacture metal parts by responding to computer demands iii) By 1991, CAD/CAM accounted for 45% of sales, presses and molds = 40%, 2) Competition and Outside Pressure iv) CAD/CAM Industry (1) Faced a number of large competitors (GE, HP, Digital Equipment) (2) Aggressive Entry of Foreign Firms/Dollar rising 3) Northboro’s Response To declining revenues c) Devote a larger portion of R&D budget to CAD/CAM d) Corporate Restructuring #1 v) 1989 – sold two unprofitable lines of business, two plants, five leased facilities, and reduced personnel vi) Costs = 44 million e) Corporate Restructuring # 2 vii) Altered manufacturing Strategy, refocused sales and marketing, new procedures to further reduce staff and facilities viii) Cost = 60 million f) Total Restructuring in 1989/91 = 135 million, resulted in “leaner” company g) Restructuring led to the development of what Northboro refers to as the Artificial Workforce ix) This product would allow a firm to design, manufacture, and package a product only using a computer (3) By 10/1991, Northboro had orders of 75 million and year end back orders of 100 million (4) This product was...
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...Restructuring in the Oil and Gas Industry: Implications for HR Practitioners BY ISAH MOHAMMED ABBASS Department of Political Science, Ahmadu Bello University, Zaria, Nigeria isaabbas@yahoo.com Abstract Management of people and organizations requires some specialist attributes. In managing these vital resources, there has to be a distinctive philosophy of providing and enhancing people-oriented organizational programmes. Restructuring is one of such activities or programmes. This activity is essentially designed to reconstruct or reorganize the structure of the business activities to suit objectives, purpose as well as circumstances of the job. Oil and gas industry is a potential sector of the business environment that is more prone to constant but periodic restructuring due to its dynamics. This Paper explores the structure and work environment in some oil and gas industry in attempts to reorganize or restructure them. These attempts are highlighted with implications for organizations’ employees, stakeholders as well as the HR Practitioners. An insight into the restructuring of PTI has been buttressed as a specific example on how the modern organizational perspectives have been put in place against the orthodox method in order to bring efficiency and effectiveness in the operational activities with resource centered HR Practitioners in focus. Introduction The theme: Restructuring in the Oil and Gas Industry: Implications for HR Practitioners is an engaging...
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...STRATEGIC MANAGEMENT L: 4 T: 1 P: 0 Textbook: 1. Hunger J. D. and Wheelen T. L. , Strategic Management & Business Policy, Pearson Education, New Delhi, 8th Ed., 2006 Other Specific Books: 2. Kazmi, A. Business Policy and Strategic Management, Tata McGraw Hill, New Delhi, 2nd Ed. 2007 3. Jauch, R. Lawrence, R. Gupta and W.F.Glueck, Business Policy and Strategic Management, Frank Bros.&Co., 7th Ed.,2007 Other readings: |S. No |Journal articles as compulsory reading | |. |Camillus, J. C. Strategy as a wicked problem, Harvard Business Review, May 2008 | | |Hirotaka, The contradictions that Drive Toyota’s success, Harvard Business Review, June, 2008 | | |C.K. Prahalad’s Plan: India @75, Business Today, August 24, 2008 | | |McAfee, A. and Brynjolfsson, E., Investing in IT that makes a competitive Difference, Harvard Business Review, July-August, 2008, PP.98-107 | | |Collis, D.J. and Montgomery, C.A., Competing on Resource, Harvard Business Review, July-August, 1995 | | |Michael E. Porter, From competitive advantage to corporate strategy, Harvard Business...
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...1-1 A Modern Financial System—An Overview 1-2 Learning Objectives • Explain the functions of a financial system • The main types of financial institutions • Describe the main classes of financial instruments issued in a financial system • The flow of funds between savers / borrowers • Distinguish between various types of financial markets according to function • Appreciate the importance of globalisation • Understand the effects and consequences of a financial crisis on a financial system and economy 1-3 1 Functions of a Financial System • Money – Acts as medium of exchange – Solves the divisibility problem, i.e. where medium of exchange does not represent equal value for the p q parties to the transaction – Facilitates saving – Represents a store of wealth 1-4 Functions of a Financial System (cont.) • Role of markets – Facilitate exchange of goods and services by bringing opposite parties together establishing rates of exchange, i.e. prices • Financial Markets consist of: • Surplus units – Savers of funds available for lending • Deficit units – Borrowers of funds for capital investment and consumption 1-5 1.1 Functions of a Financial System (cont.) 1-6 2 Functions of a Financial System (cont.) • Financial instrument – Issued by a party raising funds, acknowledging a financial commitment and entitling the holder to specified future cash flows • Double coincidence of wants satisfied – A transaction between two parties that meets their...
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...Value Creation of Spin-offs and Carve-outs Dissertation zur Erlangung der Würde eines Doktors der Staatswissenschaften vorgelegt der Wirtschaftswissenschaftlichen Fakultät der Universität Basel von Roger Rüdisüli von Amden SG Difo-Druck GmbH Bamberg 2005 Genehmigt von der Wirtschaftswissenschaftlichen Fakultät der Universität Basel auf Antrag von Prof. Dr. Heinz Zimmermann und Ass.-Prof. Dr. Wolfgang Drobetz. Basel, den 10. Mai 2005 Der Dekan Prof. Dr. Heinz Zimmermann Acknowledgements V Acknowledgements My dissertation would not have been possible without the support of various people to whom I would like to express my sincere gratitude. Firstly, I would like to thank my academic supervisors Heinz Zimmermann and Wolfgang Drobetz of the University of Basel (Switzerland) for their academic guidance, encouraging support and the very pleasant cooperation. Special thanks goes to Jürg Wicki for his advice in selecting the subject, structuring the dissertation, and choosing its fundamental building blocks. I am also heavily indebted to Neelesh Singhal and his team at McKC in Madras (India) who helped me to find the vast amount of data used in my research. Without their assistance it would have been impossible to obtain the data. I am also grateful to Sabine Keller-Busse and the partners of McKinsey & Company in the Zurich office for making my educational leave possible and for the financial assistance provided. My acknowledgement also goes to Thomas Bollinger...
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...Gujarat Technological University Syllabus for New MBA Program effective from Academic Year 2011-12 (Also applicable to 2nd Year Students of 2010-12 Batch MBA Program) COMPULSORY COURSES MBA-II Semester-IV Sub Name: - Comprehensive Project Report – Industry Defined Problem (CP-IDP) Sub Code: - 2830004 In addition to Major Specializations, there will be over sixty Sectorial / Industry Areas for Practical studies in which theoretical papers / books are not to be taught in regular classroom sessions, but the teachers and students are free to use any available books, publications and online material to understand and guide the students for various sectors. Ideally, a teacher should study and specialize in at least TWO Sectors, so four teachers can guide 60 students in a class. (Reference: Appendix 1: List of Sectorial Areas for Comprehensive Project study given in Sem III Syllabus). This report is similar to the Grand Project, which was the part of earlier syllabus. The Comprehensive Project Report is based on the research methodology and students have to prepare the research report by using appropriate scientific statistical research tools for preparation of the CP in consultation with the faculty guide. (Please also refer the Guidelines for CP in MBA Semester III, as the same Project Title continues in Semester IV). A student has to opt for any ONE of the Sectorial Areas and study it thoroughly. The students may undertake the CP based on the selection of an Industry Defined Problem...
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...Islamabad Campus, Pakistan Abstract: This study measures the relationship between organizational performance and financial management practices like capital structure decision, dividend policy, investment appraisal techniques, working capital management and financial performance assessment in Pakistani corporate sector. Sample of the study consisted of forty companies operating in Pakistan, related to different sectors and listed at Karachi Stock Exchange. The finance executives and financial analysts of the companies responded to questionnaire that identified through company profiles and references. The questionnaires were self administered to collect the data from respondents. The results show a positive and significant relationship between financial management practices and organizational performance in Pakistani corporate sector. Key words: Corporate sector % Financial management practices % Karachi stock exchange % Organizational performance INTRODUCTION The corporate sector plays a vital role in the economic outlook of any country. Financial literature suggests that capital structure has a greater impact on the economic system [1] and managers should identify the ideal corporate structure for the company [2]....
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...Business Lessons from the Success & Failure Stories of Corporate Parenting | | Executive Summary The need and effectiveness of corporate parenting has been the center of numerous strategic decisions discussions for a multi-business organization for a long time now. The existence of a corporate parent, the management level which is directly not a part of consumer-facing and profit-making business units, carries a cost to the entire business. These costs that include corporate overheads due to mismatch in synergies among the SBUs, delays in decision processes etc., do not get strike out by any direct revenue streams of the business. Therefore, it becomes a necessity for a corporate parent to justify its existence as it looks to find reasoning to whether and how it adds value to the overall business and SBUs alike. Corporate parent gives opportunity to develop lateral synergies across interrelated business units but of late these lateral relationships between businesses are often net negative rather than positive. It is also argued that most of these lateral synergies are present between independent businesses like GE. Values creations, Diversity, Leveraging resources across SBUs – Resource Stretching, are the strategic propositions that corporate parent boasts of bringing in to the overall organization. However, like in the case of Sears, Burns Philp, and most of the multi-business, there lie implicit and pervasive tendencies that contribute to unavoidable drag to the...
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...SERVICES MARI SAKO Saïd Business School, Oxford1 This paper reviews the implications of outsourcing and offshoring for the productivity of business services in the UK. Official statistics indicate that business-service productivity has grown by over 20 per cent in the last 7 years at the same time as employment grew by 20 per cent. The paper considers possible factors that account for the simultaneous growth of employment and productivity. First, we discuss outsourcing and offshoring, and their role in enhancing productivity through greater specialization, standardization, and consolidation of business processes, and a shift to higher value-added services. Outsourcing of business services is interpreted as part of corporate restructuring, namely as the unbundling of corporate functions as well as vertical disintegration. Second, as some services become more like products, both low-skilled and high-skilled jobs are subjected to productivity growth through standardization and digitization. It is argued, however, that the future of business-service productivity is on a knife-edge, depending on the mix of two sources of productivity enhancement—namely greater standardization and capturing value from customized solutions. I. INTRODUCTION Services have become a dominant part of the UK economy, accounting for 66 per cent of GDP, as compared to 20 per cent for manufacturing. Twothirds of the UK economy is therefore engaged in a diverse set of service activities, in wholesale and 1 ...
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...White Paper Growing Businesses in Tough Economic Times How a VDR can help steer businesses through the seven stages of the financial lifecycle M E R R I L L D A T A S I T E ® Contents Introduction Funding Planning to grow your business Mergers and acquisitions Seizing international opportunities Post-deal integration Making M&A work Equity Turning businesses into cash Debt financing Getting a cash injection Right-sizing Re-focusing on what you do best Bankruptcy and restructure Restructuring debt 3 4 5 6 7 8 9 10 Growing Businesses in Tough Economic Times Anyone with financial authority over a deal will expect to see a raft of detailed, accurate information about the business in question. Introduction 1 2 3 Striving for growth The ongoing financial crisis has changed the nature of business growth around the world. At one end of the scale, it’s created an unprecedented number of large corporations that are sitting on a healthy pot of funds1. These companies have become cash-rich by being extremely good at what they do – putting them in a powerful position to grow through strategic acquisition, and, thanks to the European sovereign debt crisis, acquisition opportunities are plentiful. Organizations across Europe are divesting their assets, particularly in the financial services sector, where banks and other financial institutions are seeking to remove non-core businesses in order to sharpen their efforts2. Indeed, it’s estimated...
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...Unit Reading Leenen, S. & Jelassi, T. 2005, 'Ducati (Italy) vs. Harley-Davidson (USA)', in Strategies for E-Business, ed.T. Jelassi & A. Enders, Pearson Education Limited, Harlow, pp. 366-398. Ievisia-1111-1311 _. .. . .. _...__...__._ . . . ..___. _. . . ll I 1..-_. .. ..._._. . ._._ _ . __.. _ ._..._ __ i"“ Ducati (Italy) vs. Harley-Davidson (USA) Innovating business processes and managing value networks In 2001, as Ducati celebrated its 75th anniversary, Group (TPG) and Deutsche Morgan Grenfell Capital some executives wondered whether the recent corporate restructuring had repositioned the company (Italy). A new management team initiated a turnaround programme aiming at increased production efficiency, net sales and profit. ‘Since 1996, we were really working against a backdrop that wasn’t so far successfully. As part of this, the Italian motorcycle manufacturer had adopted a new focus on R&D, marketing and sales, moving away from its initial manufacturing strength. In addition, the company removed from bankruptcy’, said Carlo di Biagio, Chief Executive Officer of DMH. ‘Now our situation is different. Sooner or later, we think investors will see that.’ By 2001, the company had restructured its value chain activities, outsourcing 90% of its production and, in order to decrease costs, introducing a platform strat- had embraced the Internet, deciding in Ianuary 2000 to sell its new motorcycle, apparel and accessories exclusively online...
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...AT&T: Becoming a Leader in Network Expansion Introduction The American Telephone and Telegraph Company’s (AT&T) history goes back to the year of 1875 when Alexander Graham Bell invented the telephone. In the 19th century, AT&T became the owner of the Bell system company. The bell system was well known for the best telephone service in the country. The first telephone exchange, operating under license from Bell Telephone, opened in New Haven, CT in 1878. Within three years, telephone exchanges existed in most major cities and towns in the United States, operating under licenses from what was now the American Bell Telephone Company. In 1882, American Bell acquired a controlling interest in the Western Electric Company, which became its manufacturing unit (The History of AT&T, 2010). In 1984, bell systems decided to break into eight companies by agreement with U.S. Department of Justice and AT&T. The fundamental principle, formulated by AT&T president Theodore Vail in 1907, that the telephone by the foundation of the new technology of nature and that will operate mainly on the efficiency as a monopoly by providing universal service in the United States. AT& T began restructuring and downsizing in 1995, more than a decade after breaking up the Bell System to settle a Federal antitrust suit (Lander, 1995). Robert Allen aggressively sought to undertake a turnaround of the organization by, among other things...
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