...International Finance: A Course Overview Mihir A. Desai* Harvard University and NBER ABSTRACT This paper describes the International Finance course at Harvard Business School for instructors considering adopting the associated material. The paper begins by arguing that the forces of globalization have fundamentally changed the scope and activities of firms thereby altering the practice of finance within these firms. As a consequence of an increasing reliance on tightly-integrated foreign operations, a parallel world of finance has been opened within every multinational firm and this world has, heretofore, been overlooked. The course materials are designed to address the many aspects of financial decision making within global firms prompted by these changes that are not addressed in traditional materials. The paper provides an overview of the structure of the course and its seven modules with particular emphasis on the three modules that constitute the core of the course. The paper also describes an analytical framework that has been developed through the creation of the course materials to guide critical financial decisions on financing, investment, risk management and incentive management within a multinational firm. This framework emphasizes the need to reconcile conflicting forces in order for multinational firms to gain competitive advantage from their internal capital markets. The paper concludes with a discussion of the course's pedagogical approach and detailed descriptions...
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...136 Positive Accounting Theory and Science JCC Journal of CENTRUM Cathedra ™ Positive Accounting Theory and Science by M. Humayun Kabir Senior Lecturer, Faculty of Business Auckland University of Technology, Auckland, New Zealand Abstract This paper examines the development of positive accounting theory (PAT) and compares it with three standard accounts of science: Popper (1959), Kuhn (1996), and Lakatos (1970). PAT has been one of the most influential accounting research programs during the last four decades. One important reason which Watts & Zimmerman (1986) have used to popularize and legitimize their approach is that their view of accounting theory is the same as that used in science. Thus, it is important to examine how far accounting has been successful in imitating natural science and how the development of PAT compares with the three standard accounts of science. This paper shows that accounting could not emulate the success of natural science. Further, the methodological positions of PAT conform to none of the standard accounts of science. Rather, PAT contains elements of all three. Finally, this paper identifies some methodological gaps in PAT. Keywords: Positive Accounting Theory, Philosophy of Science, Methodological Controversies Acknowledgements I would like to thank two anonymous reviewers of the journal for their helpful comments. Earlier versions of this paper benefited from comments from Lee Parker of the University of South Australia, Keith...
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...The power of music: its impact on the intellectual, social and personal development of children and young people Susan Hallam, Institute of Education, University of London Executive Summary Recent advances in the study of the brain have enhanced our understanding of the way that active engagement with music may influence other activities. The cerebral cortex selforganises as we engage with different musical activities, skills in these areas may then transfer to other activities if the processes involved are similar. Some skills transfer automatically without our conscious awareness, others require reflection on how they might be utilised in a new situation. Perceptual, language and literacy skills Speech and music have a number of shared processing systems. Musical experiences which enhance processing can therefore impact on the perception of language which in turn impacts on learning to read. Active engagement with music sharpens the brain’s early encoding of linguistic sound. Eight year old children with just 8 weeks of musical training showed improvement in perceptual cognition compared with controls. Speech makes extensive use of structural auditory patterns based on timbre differences between phonemes. Musical training develops skills which enhance perception of these patterns. This is critical in developing phonological awareness which in turn contributes to learning to read successfully. Speech processing requires similar processing to melodic contour. Eight year old...
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...CHAPTER 1 INTRODUCTION 1.1 Research Background The auditor’s roles are to provide an opinion on financial statement and to ensure that the statements are based on true and fair image of company performance to the stakeholders. They are authorized in checking the accuracy of business records. Opinions given by the auditor gives an added credibility to the financial statements (Maqableh, 2014). Commonly, investors often rely on financial statements provided by auditor in making investment judgement and increase the productivity of financial markets. Financial statements provided by the auditors are often reviewed as credible, unbiased opinion that truly reflects the company financial positions. There’s no doubt that auditor independence is the core of auditing profession when establishing its objectivity and integrity. Auditor independence, in particular, indicates the ability of an auditor to disregard any influence or control when conducting an opinion (AAA, 1973). Therefore, auditor must be, and must be seen to be independent of company management. Lack of independence causes audits to be considered to have little value (Johnstone, Sutton, & Warfield, 2001). This is further supported by Elliott and Jacobson (1998) that a particular interest may trigger a risk that could weaken the outcome of the audit which in turn impairs the auditor independence. Hence, independence is fundamental to the purpose served by auditors (Moore et al., 2002). This study is limited to...
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...POSITIVE ACCOUNTING THEORY, POLITICAL COSTS AND SOCIAL DISCLOSURE ANALYSES: A CRITICAL LOOK Markus J. Milne Accountancy and Business Law University of Otago Dunedin New Zealand Ph: 64-3-479-8120 Fax: 64-3-479-8450 Email: mmilne@commerce.otago.ac.nz POSITIVE ACCOUNTING THEORY, POLITICAL COSTS AND SOCIAL DISCLOSURE ANALYSES: A CRITICAL LOOK* ABSTRACT This paper critically reviews the literature seeking to establish evidence for a positive accounting theory of corporate social disclosures. It carefully traces through the original work of Watts and Zimmerman (1978) showing their concern with the lobbying behaviour of large US oil companies during the 1970s. Such companies were argued to be abusing monopolists and likely targets of selfinterested politicians pursuing wealth transfers in the form of taxes, regulations and other ‘political costs’. Watts and Zimmerman’s reference to “social responsibility” is shown to be a passing remark, and most likely refers to “advocacy advertising”, a widespread practice amongst large US oil companies at that time. Subsequent literature that relies on Watts and Zimmerman to present a case for social disclosures is shown to extend their original arguments. In the process, concern over the “high profits” of companies is shown to diminish, and the notion of political costs is so broadened that it blurs with other social theories of disclosure. Consequently, the positive accounting based social disclosures literature fails to provide distinct...
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...Behaviourist Approach ........................................................................................5 1.6 Cognitive Approach .............................................................................................6 1.6.1 Cognitive Models of Consumer Behaviour ..................................................9 1.6.1.1 Analytic Cognitive Models ..................................................................10 1.6.1.2. Prescriptive Cognitive Models............................................................20 1.7 Humanistic Approach ........................................................................................25 1.7.1 Humanistic Models of Consumer Behaviour..............................................25 1.9 Summary ............................................................................................................28 References................................................................................................................29 Figure 1.1: Stimulus-Organism-Response Model of Decision Making........................7 Figure 1.2: Cognitive Consumer Behaviour Models ..................................................10 Figure 1.3: Major components of the Theory of Buyer Behavior ..............................11...
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...Behaviourist Approach ........................................................................................5 1.6 Cognitive Approach .............................................................................................6 1.6.1 Cognitive Models of Consumer Behaviour ..................................................9 1.6.1.1 Analytic Cognitive Models ..................................................................10 1.6.1.2. Prescriptive Cognitive Models............................................................20 1.7 Humanistic Approach ........................................................................................25 1.7.1 Humanistic Models of Consumer Behaviour..............................................25 1.9 Summary ............................................................................................................28 References................................................................................................................29 Figure 1.1: Stimulus-Organism-Response Model of Decision Making........................7 Figure 1.2: Cognitive Consumer Behaviour Models ..................................................10 Figure 1.3: Major components of the Theory of Buyer Behavior ..............................11 Figure 1.4: The Theory of...
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...Behaviourist Approach ........................................................................................5 1.6 Cognitive Approach .............................................................................................6 1.6.1 Cognitive Models of Consumer Behaviour ..................................................9 1.6.1.1 Analytic Cognitive Models ..................................................................10 1.6.1.2. Prescriptive Cognitive Models............................................................20 1.7 Humanistic Approach ........................................................................................25 1.7.1 Humanistic Models of Consumer Behaviour..............................................25 1.9 Summary ............................................................................................................28 References................................................................................................................29 Figure 1.1: Stimulus-Organism-Response Model of Decision Making........................7 Figure 1.2: Cognitive Consumer Behaviour Models ..................................................10 Figure 1.3: Major components of the Theory of Buyer Behavior ..............................11 Figure 1.4: The...
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...Introduction This paper examines the development of positive accounting theory (PAT) and compares it with three standard accounts of science. There is some confusion about what PAT is. If the definition of accounting theory (i.e., accounting theory seeks to explain and predict accounting and auditing practice) given in Watts and Zimmerman’s 1986 book is taken to mean PAT, studies of accounting choices and auditing practices constitute PAT. At the same time, they also seek to explain the economics-based empirical literature in accounting and they describe, in addition to accounting choice studies, capital market-based accounting research. They point out that Ball and Brown (1968) initially popularized positive research in accounting, suggesting that PAT includes both capital market-based accounting research and research in accounting choices. This paper takes PAT to include both research programs. This usage is consistent with Watts and Zimmerman’s (1986) assertion that when they use the term “positive” to differentiate it from “prescriptive” theory. Positive Accounting Theory and Science by M. Humayun Kabir Senior Lecturer, Faculty of Business Auckland University of Technology, Auckland, New Zealand Abstract This paper examines the development of positive accounting theory (PAT) and compares it with three standard accounts of science: Popper (1959), Kuhn (1996), and Lakatos (1970). PAT has been one of the most influential accounting research programs...
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...Review The benefits of physical activity for health and well-being C3 Collaborating for Health* June 2011 Director: Christine Hancock First Floor, 28 Margaret Street, London W1W 8RZ, United Kingdom; Tel +44 (0) 20 7637 4330; Fax +44 (0) 20 7637 4336 C3 Collaborating for Health is a registered charity (no. 1135930) and a company limited by guarantee (no. 6941278), registered in England and Wales. Contents Overview Part I: Evidence supporting the benefits of physical activity on health and well-being 1. The impact of physical activity on health 2. Literature review of the evidence i) Major chronic diseases ii) Mental health iii) Whole-life benefits of physical activity iv) Recommended levels of physical activity v) Socioeconomic disparities Part II: Evidence supporting interventions to encourage physical activity 1. The scale of the problem 2. An active environment? 3. Behaviour change 4. Selected interventions Part III: Case studies 1. Introduction 2. What makes for best practice? 3. Case studies Appendix 1: Selected literature on the health benefits of physical activity Appendix 2: Physical activity interventions Appendix 3: Evidence for the benefits of specific activities Endnotes 3 4 4 5 5 6 7 7 9 10 10 10 11 12 15 15 15 16 21 24 27 28 2 Review: The benefits of physical activity on health and well-being www.c3health.org Overview The purpose of this review is to provide a snapshot of the scientific evidence of the benefits of physical activity on health...
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...CHAPTER ONE: INTRODUCTION 1.1 INTRODUCTION Governments of all political leanings show an interest in their housing sectors, since housing touches people's lives directly. In socialist countries, governments take care of everything including housing. However, capitalist governments are also keen to improve their housing sectors. For instance, both Conservative and Labour governments in the United Kingdom have concentrated on housing at times of closely fought elections demonstrating how important politics has been to public housing investment. In the UK both Conservative and Labour parties attempt to draw as many voters as possible towards them at election time through highlighting this priority. However, despite this political attention to providing housing particularly in third world countries, several problems still face many countries such as providing infrastructures, education, and health care services and Jordan is one of these countries. One of the most important difficulties in Jordan is housing, which manifests itself in a shortage of housing as a result of insufficient finance where the expenditure ratio on housing in development plans decreased from 25.7% in 1970 to 9.1% in 1992 (General Committee of Planning, 1997). In addition, the General Council of Planning report highlights that there are also finance difficulties faced by the housing sector (General Council of Planning, 2002). This research deals with the housing problem in Jordan in general, and discusses...
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...study involving the three airlines, - SAS, Norwegian and Widerøe A thesis submitted in partial fulfilment of the requirements for the Degree of Master of Tourist Studies at UiT The Arctic University of Norway by Basant Raj Shrestha Course code: RMG40 Candidate no. 3 Student no. 420456 October 2014 1 ACKNOWLEDGEMENTS There are several people, without whom this Master thesis would never have been started, let alone finished and who deserve to be thanked and acknowledged for their support and inspiration. First of all, I would like to extend my sincere gratitude to my supervisor, Professor Per Kåre Jakobsen for guiding me through this process. I would also like to thank my methodology supervisor, Professor Kjell Hines, whose open- minded approach to the Master process enabled me to develop in my own words. His comments and suggestions for improvements to my dissertation are highly valued and gratefully acknowledged. Secondly, I am very grateful for the help provided in execution of the field study by securities of the Alta airport. Many thanks to Mr. Arnulf Nilsen and to some members of Avionor for their help and co-operation. Many thanks to travelers who took the time to thoughtfully provide the information used in this study. Thirdly, I would like to thank my teachers at UiT The Arctic University of Norway, in particular Professor Bente Haug, Professor Bente Heimtun, and Professor Britt Kramvig not only for creating intellectual space but also...
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...Hodgetts−Luthans−Doh: International Management, Sixth Edition Back Matter Endnotes © The McGraw−Hill Companies, 2005 Endnotes ■ Chapter 1 1. J. Whalen and B. Bahree. “How BP Learned to Trust Ally That Once Burned It,” Wall Street Journal, February 27, 2003, p. A4; “BP Won’t Abandon Driving Forces,” Wall Street Journal, November 27, 2003, p. A7. “Dell Set to Create More Than 100 Full-Time Jobs in Bray,” Irish Times, August 17, 2002, p. 15. Peter Landers, “Foreign Aid: Why Some Sony Gear Is Made in Japan,” Wall Street Journal, June 14, 2001, p. A1. Barnaby J. Feder, “IBM Beats Earnings Expectations Again,” New York Times, January 17, 2003, p. C4. Peter Landers, “Volkswagen and GM Racked Up Strong Sales in China in 2003,” Wall Street Journal, January 6, 2004, p. A3. Peralte C. Paul, “Daimler Bails Out of Deal,” Atlanta JournalConstitution, September 24, 2003, p. A1. Nicholas Itano, “GM Returns 10 Years After End of Apartheid,” New York Times, January 30, 2004, p. W1. Saritha Rai, “A Giant So Big It’s a Proxy for India’s Economy,” New York Times, June 6, 2004, p. W1. Ibid. WTO, “World Trade 2003, Prospects for 2004; Stronger Than Expected Growth Spurs Modest Trade Recovery,” WTO Press Release 373, April 5, 2004, p. 1. Ibid. Thomas Friedman, The Lexus and the Olive Tree: Understanding Globalization (New York: Farrar, Straus & Giroux, 1999). Jonathan P. Doh and Hildy Teegen, Globalization and NGOs: Transforming Business, Government, and Society (Westport, CT: Praeger,...
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...Professor Roger Palmer, Head of the School of Management, Henley Business School, UK The globalization of companies is the involvement of customers, producers, suppliers, and other stakeholders in the global marketing process. Global marketing therefore reflects the trend of firms selling products and services across many countries. Drawing on an incomparable breadth of international examples, Svend Hollensen not only demonstrates how global marketing works, but also how it relates to real decisions around the world. This book offers a truly global approach with cases and exhibits from all parts of the world, including Europe, the Middle East, Africa, the Far East, North and South America. It provides a complete and concentrated overview of the total international marketing planning process, along with many new, up-to-date exhibits and cases, which illustrate the theory by showing practical applications. • Extensive coverage of hot topics such as glocalization, born globals, value creation, value net, celebrity branding, brand piracy, and viral marketing, as well as a comprehensive new section on integrated marketing communication through social networking. • Brand new case studies focus on globally recognized brands and companies operating in a number of countries, including Build-A-Bear Workshop, Hello Kitty, Ralph Lauren and Sony Music Entertainment. • Global Marketing ‘Svend Hollensen writes with real authority and insight having been...
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...é The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research October 2014 Information for Better Markets An initiative from the ICAEW Financial Reporting Faculty The Effects of Mandatory IFRS Adoption in the EU: A Review of Empirical Research forms part of the Information for Better Markets thought leadership programme of ICAEW’s Financial Reporting Faculty. ICAEW operates under a Royal Charter, working in the public interest. As a world leading professional accountancy body, ICAEW provides leadership and practical support to over 142,000 members in more than 160 countries, working with governments, regulators and industry to ensure the highest standards are maintained. The ICAEW Financial Reporting Faculty provides its members with practical assistance and support with IFRS, UK GAAP and other aspects of business reporting. It also comments on business reporting issues on behalf of ICAEW to standard setters and regulators. Its Information for Better Markets thought leadership programme subjects key questions in business reporting to careful and impartial analysis so as to help achieve practical solutions to complex problems. The programme focuses on three key themes: disclosure, measurement and regulation. We welcome comments and enquiries on this report and on the other aspects of the Information for Better Markets programme. To contact us, please email bettermarkets@icaew.com. © ICAEW 2014 All rights reserved. If you want...
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