...ÁFRICA ANGOLA - LUANDA ARGELIA - ARGEL BENÍN - PORTO NOVO BOTSUANA - GABORONE BURKINA FASO - UAGADUGÚ BURUNDI - BUYUMBURA CABO VERDE - PRAIA CAMERÚN - YAUNDÉ CHAD - YAMENA REPÚBLICA CENTROAFRICANA - BANGUI COMORAS - MORONI REPÚBLICA DEL CONGO - BRAZZAVILLE REPÚBLICA DEMOCRÁTICA DEL CONGO - KINSHASA COSTA DE MARFIL - YAMUSUKRO EGIPTO - EL CAIRO ERITREA - ASMARA ETIOPÍA - ADÍS ABEBA GABÓN - LIBREVILLE GAMBIA - BANJUL GHANA - ACCRA GUINEA - CONAKRY GUINEA-BISSAU - BISSAU GUINEA ECUATORIAL - MALABO KENIA - NAIROBI LESOTO - MASERU LIBERIA - MONROVIA LIBIA - TRÍPOLI MADAGASCAR - ANTANANARIVO MALAUI - LILONGÜE MALÍ - BAMAKO MARRUECOS - RABAT MAURICIO - PORT LOUIS MAURITANIA - NUAKCHOT MOZAMBIQUE - MAPUTO NAMIBIA - WINDHOEK NÍGER - NIAMEY NIGERIA - ABUYA RUANDA - KIGALI SANTO TOMÉ Y PRÍNCIPE - SANTO TOMÉ SENEGAL - DAKAR SEYCHELLES - VICTORIA SIERRA LEONA - FREETOWN SOMALIA - MOGADISCIO SUAZILANDIA - MBABANE SUDÁFRICA - PRETORIA SUDÁN - JARTUM SUDÁN DEL SUR - YUBA TANZANIA - DODOMA TOGO - LOMÉ TÚNEZ - TÚNEZ UGANDA - KAMPALA YIBUTI - YIBUTI ZAMBIA - LUSAKA ZIMBABUE – HARARE AMÉRICA ANTIGUA V BARBUDA SAINT JOHN'S ARGENTINA BUENOS AIRES BAHAMAS NASSAU BARBADOS BRIDGETOWN BELICE BELMOPÁN BOLIVIA SUCRE, LA PAZ BRASIL BRASILIA CANADÁ OTTAWA CHILE SANTIAGO DE CHILE COLOMBIA BOGOTÁ COSTA RICA SAN JOSÉ CUBA LA HABANA DOMINICA ROSEAU REPÚBLICA DOMINICANA SANTO DOMINGO ECUADOR ...
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...Analysis and recommendation on the capital structure of Hill Country Snack Foods Co. EXECUTIVE SUMMARY This report discusses the current operational and financial strategies of Hill Country Snack Foods Co. and analyses the proposed capital structure for it. Part I of the report reviews the company’s strategies and its latest financial performance. Part II illustrates a detailed valuation of the proposed capital structure. Valuation methods involved includes Dividend Discount Model and Discount Cash Flow valuation (the Hamada approach). It is recommended that the company adopt a 40% debt-to-capital structure to fully use its capital and benefit from the external funding. PART I THE OVERVIEW OF HILL COUNTRY SNACK FOODS CO. Background of Hill Country Snack Foods Co. Hill Country Snack Foods Co. is a middle-size snack food company located in Austin, Texas in the U.S.. The snack food industry is very competitive. The main competitors of Hill Country are industry giant PepsiCo and smaller companies like Synder’s-Lance. The current CEO Howard Keener, who is 62 years old and worked in the company for over 15 years, is approaching retirement. He has a very strong personal influence on the company culture and the way it is operated. He is passionate about maximizing shareholder value, believes in keeping tight control over costs, and is very risk adverse in the operation strategy as well as the financing decisions. Considering his near retirement, many investors think there will...
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...Estimates and Causes of Capital Flight from Central and East European Countries Josef C. Brada W. P. Carey School of Business, Arizona State University Tempe, AZ 85287-3806 USA josef.brada@asu.edu Ali M. Kutan Southern Illinois University at Edwardsville Edwardsville, IL 62026-1102 USA akutan@siue.edu Goran Vukšić Institute of Public Finance, Zagreb, Croatia goran@ijf.hr ABSTRACT We estimate capital flight from twelve transition economies of Central and Eastern Europe (CEE) for the period 1995-2005 using the residual method. Capital flight from some of these transition economies, when adjusted for country size, is comparable to the more highly publicized capital outflows from Russia despite East Europe’s seemingly better transition and reform performance and greater political stability. We find that capital flight from CEE is mainly an economic phenomenon, driven by differences in interest rates and investors’ expectations about future macroeconomic conditions in their countries. Our empirical results are thus consistent with the mainstream explanations of capital flight and they mirror results obtained for other countries and time periods, suggesting that transition-related phenomena are not important factors in capital flight from CEE. JEL Classification Numbers: E26, F31, F32, P33, P37 Key words: capital flight, external sector liberalization, money laundering, transition economies I. Introduction ...
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...“Countries grow at different rates because they accumulate capital at different rates.” Is this true? Explain. Economic growth can be explained as the process by which a country’s wealth increases over time. It is mainly brought about by increases in productivity. It is possible that countries grow at different rates because they accumulate capital at different rates for a number of reasons. The accumulation of capital can be seen by an increase in wealth through concentration and comes about by investment in order to increase production. It is also adequate to include human capital as investing in education and training can improve productivity and thereby create capital accumulation in an economy. Both kinds of capital accumulation mentioned are generally essential for economic growth. Investment is crucial for physical capital to be maintained as without it, capital would change over time due to depreciation. The neoclassical growth model helps us to examine how capital accumulation leads to economic growth. It assumes that a country’s resources are used efficiently and that there are diminishing returns to capital and labour when the two increase. This brings about conditional convergence. If we take two economies to have the same level of technologies and have the same value of parameters for savings, depreciation and population growth, the country that starts with a lower level of output per capita will have a higher growth rate of output per capita. This will...
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...Development of Human Capital in Organizations [First name of the author appears here] [Name of the course appears here] [Date of submission appears here] Human Capital Development: Issue of Reducing Income Inequality Introduction Human capital is the set of skills, talents, skills, experiences accumulated by an individual which determine their ability to produce for themselves or for others. Human capital theory works by analogy to that of financial or physical capital. It is considered that human capital is composed of three elements that together determine a certain ability of an individual to work: namely, skills, experiences and knowledge. Human capital can be developed through continuing education and attention to the health of an individual. The inclusion of human capital in the economic analysis is an important step. It is generally theorized that accumulation of human capital is a key driver of economic growth. According to economists, dissemination of knowledge to general population allows increasing returns and generates positive externalities. Therefore, it is a central concept of development economics that investment in human capital should be the foremost priority of developing countries. Foreign direct investment refers to international movement of capital across national boundaries. This may take the shape of creation of a subsidiary abroad or to exercise control on the management of a company in another country. The effects of FDI are generally considered...
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...inclusive Wealth report 2012 measuring progress toward sustainability Summary for DeciSion-makerS unu-iHDP Secretariat of the International Human Dimensions Programme on Global Environmental Change conTriBuTorS Science Advisor Partha Dasgupta – university of cambridge Report Director anantha Duraiappah – iHDP executive Director Science Director Pablo muñoz – iHDP academic officer Report Authors matthew agarwala – London School of economics and Political Science Giles atkinson – London School of economics and Political Science/centre for climate change economics and Policy edward B. Barbier – university of Wyoming elorm Darkey – university of Bonn Partha Dasgupta – university of cambridge anantha Duraiappah – iHDP Secretariat Paul ekins – university college London Pablo fuentenebro – iHDP Secretariat Juan Sebastian Lozano – The nature conservancy (colombia) kevin mumford – Purdue university Pablo muñoz – iHDP Secretariat kirsten oleson – university of Hawaii Leonie Pearson – university of melbourne charles Perrings – arizona State university chris Perry – un-Water Decade Programme on capacity Development (unW-DPc) Steve Polasky – university of minnesota Heather Tallis – Stanford university Stacie Wolny – Stanford university Report Review Board John agnew – university of california, Los angeles Peter Bartelmus – Bergische universitaet Wuppertal/columbia university Julia Bucknall – World Bank Dabo Guan – university of Leeds michael Harris – university of Sydney...
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...19, 1994 Publication Date: January 1995 Chapter Title: Corporate Taxes and the Cost of Capital for U.S. Multinationals Chapter Author: Joosung Jun, James R. Hines Jr., R. Glenn Hubbard Chapter URL: http://www.nber.org/chapters/c7724 Chapter pages in book: (p. 21 - 28) 3 Corporate Taxes and the Cost of Capital for U.S. Multinationals Joosung Jun 3.1 Introduction Tax rules affect the ability of U.S. firms to compete in foreign markets with local and other foreign firms. The primary channel through which taxes exert this influence is by changing the cost of capital. The competitive ability of firms that face different costs of capital depends on how capital intensive they are and how sensitive the demand for their product is to the price. This paper does not attempt to look at specific products, but does estimate how tax rules alter the cost of capital for U.S. firms and competing firms in a variety of foreign markets. Past comparative studies of the cost of capital have been mostly concerned with domestic investment between countries. A typical finding of these studies is that, during the past decade, the cost-of-capital gap between countries has been largely attributable to differences in the domestic cost of funds, leaving relatively little room for the role of tax systems. In the case of multinational investment, however, an international comparison of the cost of capital is complicated by the possibility of overlapping tax jurisdictions and the possibility of...
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...INVESTMENT AND CAPITAL FLIGHT IN KENYA (1970-2008) BY WILSON ODHIAMBO MU/MBF/015/12 GRACE NJOROGE MU/MBF/012/12 ALICE MAINA MU/MBF/041/12 LECTURER DR. NYAMONGO This research paper is submitted in partial fulfilment of the award of masters degree of Banking and Finance, Moi University OUTLINE 1. ABSTRACT……………………………………………………………………………..3 2. INTRODUCTION………………………………………………………………………4 i) BACKGROUND OF STUDY…………………………………………………..4 3. PROBLEM STATEMENT..………………………………………………..…………...5 4. OBJECTIVE OF STUDY…...…………………………………………….………..…..6 5. HYPOTHESIS TESTED……………………………………………………………….6 6. LITERATURE REVIEW………………………………………………………………7 7. RESEARCH METHODOLOGY…………..…………………………………………..8 8. EMPERICAL RESULTS……………………………………………………………....9 9. CONCLUSION AND RECOMMENDATIONS….………………..………………...12 10. BIBLOGRAPHY……………………………………………………………….…….13 11. APPENDIX…………………………………………………………………….……..14 ABSTRACT In this paper we investigate the role of Foreign Direct Investment on Capital Flight. We use data from the World Bank on African Development indicators; Kenya 1970:2008. We use econometric technique in our analysis. Our literature survey reveal that key factors that explain capital flight are; net foreign direct investment, current account deficit, change in official reserve, and external debt. We expect our main findings to findings to be as follows: (i) Net foreign direct investment to have a positive effect on capital flight, (ii)...
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...MULTINATIONAL COST OF CAPITAL AND CAPITAL STRUCTURE LEARNING OBJECTIVES The specific objectives of this chapter are to: l explain how corporate and country characteristics influence an MNC’s cost of capital, explain why there are differences in the costs of capital among countries, and explain how corporate and country characteristics are considered by an MNC when it establishes its capital structure. l l An MNC finances its operations by using a mixture of fixed interest borrowing and equity financing that can minimize the overall cost of capital (the weighted average of its interest rate and dividend payments). By minimizing the cost of capital used to finance a given size and risk of operations, financial managers can maximize the value of the company and therefore maximize shareholder wealth. 25 26 MULTINATIONAL COST OF CAPITAL AND CAPITAL STRUCTURE BACKGROUND ON COST OF CAPITAL Apart from working capital, a firm’s capital consists of equity (retained earnings and funds obtained by issuing shares) and debt (borrowed funds). With these funds a firm invests in a portfolio of projects, each project potentially offering different risks and different returns. The interest rate that the firm applies or charges to these projects (the cost of using the firm’s capital) will therefore vary according to the project’s particular risk. Profitable investment in this context is where the firm invests in projects that achieve returns greater than that required by their risk. A project...
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...THE ECONOMIC PERFORMANCE OF IMMIGRANTS The Role of Human and Social Capital AGNIESZKA KANAS Kanas, A.M. The Economic Performance of Immigrants. The Role of Human and Social Capital Dissertation, Utrecht University, The Netherlands Cover illustration: Krzysztof Wodiczko, Goscie/Guests, 2009, instalacja wideo/video installation, 17,17 min./minutes. Dzieki uprzejmosci artysty i Fundacji Profile/courtesy of the artist and Profile Foundation, Warsaw. Cover design: Agnieszka Kanas & Sebastian Gryglewicz Printed by: Wöhrmann Print Service ISBN: 978-90-393-5550-3 © Agnieszka Kanas, 2011 All Rights reserved. No part of this publication may be reproduced, translated, stored in a retrival system of any nature, or transmitted, in any form or by any means, electrnically, mechanically, by photocopying, microfilming, recording, or otherwise, without the prior written permission from the author. THE ECONOMIC PERFORMANCE OF IMMIGRANTS The Role of Human and Social Capital DE ECONOMISCHE POSITIE VAN IMMIGRANTEN De rol van menselijk en sociaal kapitaal (met een samenvatting in het Nederlands) Proefschrift ter verkrijging van de graad van doctor aan de Universiteit Utrecht op gezag van de rector magnificus, prof.dr. G.J. van der Zwaan, ingevolge het besluit van het college voor promoties in het openbaar te verdedigen op dinsdag 28 juni 2011 des middags te 2.30 uur door Agnieszka Małgorzata Kanas geboren op 3 februari 1980 te Trzcianka, Polen Promotoren: Prof. dr. F.A...
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...developing countries take two main forms—aid that comes from foreign governments, often called official development assistance, and investment from foreign private companies, known as private capital flows. Official Development Assistance After World War II and until the early 1990s, the main source of external finance for developing countries was official development assistance provided by the governments of high-income countries in the form of food aid, emergency relief, technical assistance, peacekeeping efforts, and financing for construction projects. Donor countries are motivated by the desire to support their political allies and trade partners, to expand the markets for their exports, and to reduce poverty and military conflicts threatening international security. After the breakup of the Soviet Union, former centrally planned economies also started to receive official assistance, aimed primarily at supporting market reforms. Table 14.1 shows the amounts of net official assistance provided to developing and transition countries by the member countries of the Organisation for Economic Co- operation and Development (OECD) in 1996. On average, the donor countries in Table 14.1 spend about one-third of 1 percent of their combined gross domestic product (GDP) on official development assistance. Use Table 14.1 and Data Table 1 to calculate which countries spend larger and smaller shares of their GDP on such assistance. Official assistance to developing and transition countries has...
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...even retail customers are focusing on diversifying their portfolios and expanding their businesses across countries and currencies, to ensure a safe position in the international market. The biasness towards the home market has been declining over the years and moving forward to an internationalized economy and a global flow of capital. Hence, more multinational companies are arising because capital is more mobile and liquid than labor. Of course, cheap labor and easy extracted raw material are among the main attractive forces behind external investment and cross border capital flow. Consequently, global financial activities are growing rapidly due to many factors, among which: - Growth of the investor portfolios, international hedge funds and bonds, private accounts and monetary source diversification; - Financial market liberalization and highly improved free flow of information; - Technological developments and advances in international communication across borders for easier and faster access in databases and markets; - Increased spending from and in the emerging countries. The bank activities and capital flows are various and include processes and tools that compose the major investment instruments, debt and loan portfolio, cash flow, FOREX fluctuations, cross border loans and deposits, and international transfers. Foreign assets of emerging economies Foreign capital injection into the emerging economies has triggered an international mindset in the developing economics...
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...PRIVATE CAPITAL FLOWS www.investopedia.com It is the movement of money for the purpose of investment, trade, or business transaction. Capital flows occur within corporations in the form of investment capital and capital spending on operations and research & development. On a larger scale, government direct capital flows from tax receipts into programs and operations, and through trade with other nations and currencies. Individual investors direct savings and investment capital into securities like stocks, bonds, and mutual funds. FOREIGN DIRECT INVESTMENT (FDI) www.investopedia.com/terms/f/fdi.asp An investment made by a company or entity based in one country, into a company or entity in another country. FDI differ substantially from indirect investments such as portfolio flows, wherein overseas institutions invest in equities listed on a nation’s stock exchange. The structure of private flows also changed notably, shifting from a predominanceof bank loans to foreign direct investment (FDI) and portfolio investment (see Table 13.1). The shareof foreign direct investment going to developing countries has increased to38 percent of global foreign direct investment, driven by rapid growth of transnational corporations and encouraged by liberalization of markets and better prospects for economic growth in a number of developing countries. However, following the East Asian financial crisis of 1997, net private capital flows to developing countries decreased to the level...
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...1/22/2014 ECON 105 – Principles of Macroeconomics Junjie Liu – Econ 105 1 Difference in Living Standards Across Countries A typical family with all their possessions in the U.K., a developed economy GDP per capita: $36,130 Life expectancy: 80 years Adult literacy: 99% Junjie Liu – Econ 105 2 1 1/22/2014 Difference in Living Standards Across Countries A typical family with all their possessions in Mexico, a middle income country GDP per capita: $14,270 Life expectancy: 76 years Adult literacy: 86% Junjie Liu – Econ 105 3 Difference in Living Standards Across Countries A typical family with all their possessions in Mali, a poor country GDP per capita: $1,090 Life expectancy: 52 years Adult literacy: 46% Junjie Liu – Econ 105 4 2 1/22/2014 Economic Growth Across the World Junjie Liu – Econ 105 5 6 3 1/22/2014 ...
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... |Solow and Vernon Smith are also recipients. | | |The Heckscher-Ohlin theory states that each country exports the | | |commodity which uses its abundant factor intensively. The HO theory was | | |generally accepted on the basis of casual empiricism. Moreover, there | | |wasn't any technique to test the HO theory until the input-output | | |analysis was invented. | | The first Empirical Test of the HO theory |The first serious attempt to test the theory was made by Professor | | |Wassily W. Leontief in 1954. | | | Result: Leontief reached a paradoxical conclusion that the | | |US—the most capital abundant country in the world by any | | |criterion—exported labor-intensive commodities and imported capital- | | |intensive commodities. This result has come to be known as the Leontief | | ...
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