...[pic] UNIVERSITI SAINS MALAYSIA School of Management BACHELOR OF MANAGEMENT Semester II, Academic Session 2012/2013 COURSE OUTLINE ATW108 – MACROECONOMICS ZAINON B HARUN Tel: ext. 2532 Room no. 122 h/p 019-577-2882 e-mail: zainon@usm.my DR TAJUL ARIFFIN MASRON Tel: ext 5158 Room no. 110 e-mail: taj.arif@yahoo.com OVERVIEW The ideas of economist and political philosophers, both when they are right and when they are wrong, are more powerful that is commonly understood. Indeed the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist. John Maynard Keynes (1883-1946) Two fundamentals facts together constitute the economizing problem and provide a foundation for economics: Society’s economic wants and Economic resources. Individuals and institutions have innumerable unfilled wants and creating unstable economic conditions. Macroeconomic is concerned with the behavior of the economy as a whole; instead of focusing on the factors that influence the production of particular products and the behavior of individual industries, it focuses on the determinants of total national output. Macroeconomic is concerned with the decision. Decisions to achieve the economic goals, Sustainable economic growth...
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...Project part I product | Estimated elasticity | Barnes & Noble books | -4.00 | Coca-Cola | -1.22 | Cigarettes | -0.25 | Beer | -0.23 | Gasoline | -0.06 | BARNES & NOBLE BOOKS Barnes & Noble Books are elastic. The price of elasticity is always negative. In comparing elasticities we are interested in their size. So we drop the minus sign and compare their absolute values. The estimated elasticity is 4.00 which are greater than the absolute value of 1.00 so this good is elastic. Since Barnes & Noble Books are elastic a proposed tax increase will have an increase in price which will reduce the total revenue. Because books are more money people buy less and the distributors share the tax burden which decreases their total revenue + a decrease in sales. Buyers will pay a larger portion of the tax because it does not matter whether the buyer or seller pays the tax. It is all relative either way they pay the same amount. Relative to the quantity being sold. COCA-COLA Coca-Cola is an elastic good. If demand is elastic then an increase in price due to an increase in taxes will reduce revenue for Coca-Cola. You will then have a decrease in quantity demanded also because this good is a substitute. Again as in Barnes & Noble Books buyers will pay more tax than the sellers will. CIGARETTES Cigarettes are inelastic because they are less than the absolute elasticity value of 1. Because cigarettes are inelastic an increase in price due to the tax increase...
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...BA 380N: OPERATIONS Management Fall 2012 SYLLABUS Rev. August 5, 2012 Professor Edward Anderson Office: CBA 3.430 Phone: 471-6394 e-mail: Edward.Anderson@mccombs.utexas.edu Office Hours: By appointment Mail Box: IROM Dept., CBA 5.202 Fax: 471-0587 Web: All web material is at www.EdAnderson.org or can be reached via Blackboard. Personal/Research Web: www.EdAnderson.org COURSE DESCRIPTION Operations Management involves those aspects of your firm that provide the goods or services in your firm’s value proposition to your targeted market. As such, operations will be decisive in determining the long-term viability of your firm’s business model. This fact has become even clearer in recent years as competition has increased with more globalization and improved information technology. By integrating operations successfully into the their business models, firms such as Dell, Toyota, and Wal-Mart have shown that good operations make good business sense. The objective of this course is to provide you with an understanding of Operations Management and the role that it plays within an organization. By the end of the course, you should have developed an appreciation for the challenges in providing world-class products and services and the ability to use some analytical tools and conceptual frameworks to guide your thinking about operations. It is important to realize that much operations consists of the systematic design, operation, control and improvement of business processes. Accordingly...
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...Southern Cross University ePublications@SCU Theses 2004 The contribution of business/management education, to small enterprise solvency Peter Ellis Southern Cross University, PeterEllis@YSP.com.au Suggested Citation Ellis, P 2004, 'The contribution of business/management education, to small enterprise solvency', DBA thesis, Southern Cross University, Lismore, NSW. Copyright P Ellis 2004 For further information about this thesis Peter Ellis can be contacted at peterellis@ysp.com.au ePublications@SCU is an electronic repository administered by Southern Cross University Library. Its goal is to capture and preserve the intellectual output of Southern Cross University authors and researchers, and to increase visibility and impact through open access to researchers around the world. For further information please contact epubs@scu.edu.au. Southern Cross University Doctor of Business Administration The contribution of business/management education, to small enterprise solvency Peter Ellis Submitted to Graduate College of Management Southern Cross University, in partial fulfilment of the Degree of Doctor of Business Administration. 2004 Copyright “The contribution of business/management education, to small enterprise solvency.” Copyright © 2004 by Dr Peter Ellis, who reserves all rights and asserts his right under the Copyright, Design and Patents Act 1988, to be identified as the author of this work. No part of this work may be used or reproduced...
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...Organizational Theory, Design, and Change Jones 6th Edition Test Bank Click here to download the solutions manual / test bank INSTANTLY!!! http://solutionsmanualtestbanks.blogspot.com/2011/10/organizational-theory-d esign-and-change_18.html ----------------------------------------------------------------------Organizational Organizational Organizational Organizational Theory, Theory, Theory, Theory, Design, Design, Design, Design, and and and and Change Change Change Change Jones Jones Jones Jones 6th 6th 6th 6th Edition Edition Edition Edition Test Test Test Test Bank Bank Bank Bank -------------------------------------------------------------------------***THIS IS NOT THE ACTUAL BOOK. YOU ARE BUYING the Test Bank in e-version of the following book*** Name: Organizational Theory, Design, and Change Author: Jones Edition: 6th ISBN-10: 0136087310 Type: Test Bank - The test bank is what most professors use an a reference when making exams for their students, which means there’s a very high chance that you will see a very similar, if not exact the exact, question in the test! - The file is either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs. - Delivery is INSTANT. You can download the files IMMEDIATELY once payment is done. If you have any questions, please feel free to contact us. Our response is the fastest. All questions will always be answered in 6 hours. This is the quality of service we are providing and we hope to be your...
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...Click here to download the solutions manual / test bank INSTANTLY!! http://testbanksolutionsmanual.blogspot.com/2011/02/accounting-information-systems-romney.html ------------------------------------------------------------------------------------------------------------------------ Accounting Information Systems Romney 11th Edition Solutions Manual Accounting Information Systems Romney 11th Edition Solutions Manual Accounting Information Systems Romney 11th Edition Solutions Manual Accounting Information Systems Romney Steinbart 11th Edition Solutions Manual Accounting Information Systems Romney Steinbart 11th Edition Solutions Manual ------------------------------------------------------------------------------------------------------------------------ ***THIS IS NOT THE ACTUAL BOOK. YOU ARE BUYING the Solution Manual in e-version of the following book*** Name: Accounting Information Systems Author: Romney Steinbart Edition: 11th ISBN-10: 0136015182 Type: Solutions Manual - The file contains solutions and questions to all chapters and all questions. All the files are carefully checked and accuracy is ensured. - The file is either in .doc, .pdf, excel, or zipped in the package and can easily be read on PCs and Macs. - Delivery is INSTANT. You can download the files IMMEDIATELY once payment is done. If you have any questions, please feel free to contact us. Our response is the fastest. All questions will always be answered in 6...
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...Notes in Microeconomic Theory is published by Princeton University Press and copyrighted, c 2006, by Princeton University Press. All rights reserved. No part of this book may be reproduced in any form by any electronic or mechanical means (including photocopying, recording, or information storage and retrieval) without permission in writing from the publisher, except for reading and browsing via the World Wide Web. Users are not permitted to mount this file on any network servers. Follow links for Class Use and other Permissions. For more information send email to: permissions@pupress.princeton.edu Lecture Notes in Microeconomic Theory Ariel Rubinstein Updates to the Printed Version The file you are viewing contains the printed version of the book. In relevant places throughout the text you will find small icons indicating the existence of updates to the text: A red icon indicates there is a correction for a mistake on this line. A green icon indicates an addition to the text at this point. The corrected and added text can be obtained from the author's homepage at http://arielrubinstein.tau.ac.il/ . October 21, 2005 12:18 master Sheet number 1 Page number 1 October 21, 2005 12:18 master Sheet number 2 Page number 2 October 21, 2005 12:18 master Sheet number 3 Page number i Lecture Notes in Microeconomic Theory October 21, 2005 12:18 master Sheet number 4 Page number ii October 21, 2005 12:18 master Sheet number 5 Page number...
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...Investment Banking Giuliano Iannotta Investment Banking A Guide to Underwriting and Advisory Services Professor Giuliano Iannotta Department of Finance ` Universita Bocconi via Roentgen 1 20136 Milano Italy giuliano.iannotta@unibocconi.it ISBN: 978-3-540-93764-7 e-ISBN: 978-3-540-93765-4 DOI 10.1007/978-3-540-93765-4 Springer Heidelberg Dordrecht London New York Library of Congress Control Number: 2009943831 # Springer-Verlag Berlin Heidelberg 2010 This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilm or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer. Violations are liable to prosecution under the German Copyright Law. The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Cover design: WMXDesign GmbH, Heidelberg, Germany Printed on acid-free paper Springer is part of Springer Science+Business Media (www.springer.com) To my family ...
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...This work is licensed under a Creative Commons License - Attribution-NonCommercial 2.0 Germany Transaction Cost Economics: An Introduction Oliver E. Williamson This overview of transaction cost economics differs from prior overviews to which I have contributed in two respects: it presumes little previous knowledge of the transaction cost economics (hereafter TCE) literature; and it is organized around the “Carnegie Triple” – be disciplined; be interdisciplinary; have an active mind. It is partly autobiographical on that account.1 Section 1 discusses the Carnegie Triple and sets out five key quotations that anchor the transaction cost economics project. Sections 2 through 4 describe how TCE implements each element in the triple. Section 5 discusses operationalization. The conclusions follow in Section 6. 1. 1.1 Introduction The Carnegie Triple It was my privilege...
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...Money and Banks: Some Theory and Empirical Evidence for Germany Oliver Holtem¨ ller∗ o November 2002 Abstract This paper contributes to the analysis of the money supply process in Germany during the period of monetary targeting by the Bundesbank from 1975-1998. While the standard money multiplier approach assumes that the money stock is determined by the money multiplier and the monetary base it is argued here that both the money stock and the monetary base are determined endogenously by the optimizing behavior of commercial banks and private agents like households and firms. An industrial organization style model for the money creating sector that describes the money creation process is developed assuming that the main policy variable of the central bank is the money market interest rate. A vector error correction model for the nominal money stock, the monetary base, nominal income, short-term and long-term interest rates, and the required reserve rate is specified, and the interaction between these variables is analyzed empirically. The evidence contradicts the money multiplier approach and supports the presented model of the money creating sector. JEL Classification: C32, E51, E52 Keywords: Industrial organization approach to banking theory, money multiplier, endogenous money, vector error correction model ∗ This paper is partially based upon the second chapter of the author’s doctoral dissertation (Vector au- toregressive analysis and monetary policy, Aachen:...
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...TeAM YYeP BUSINESS G Digitally signed by TeAM YYePG DN: cn=TeAM YYePG, c=US, o=TeAM YYePG, ou=TeAM YYePG, email=yyepg@msn.com Reason: I attest to the accuracy and integrity of this document Date: 2005.04.20 19:31:36 +08'00' ECONOMICS AND MANAGERIAL DECISION MAKING Trefor Jones Manchester School of Management UMIST 4 PART I g CORPORATE GOVERNANCE AND BUSINESS OBJECTIVES INTRODUCTION Firms are major economic institutions in market economies. They come in all shapes and sizes, but have the following common characteristics: g g g g g g Owners. Managers. Objectives. A pool of resources (labour, physical capital, ¢nancial capital and learned skills and competences) to be allocated roles by managers. Administrative or organizational structures through which production is organized. Performance assessment by owners, managers and other stakeholders. Whatever its size, a ¢rm is owned by someone or some group of individuals or organizations. These are termed shareholders and they are able to determine the objectives and activities of the ¢rm. They also appoint the senior managers who will make day-to-day decisions. The owners bear the risks associated with operating the ¢rm and have the right to receive the residual income or pro¢ts. Where ownership rights are dispersed, control of the ¢rm may not lie with the shareholders but with senior managers. This divorce between ownership and control and its implication for the operation and performance of the ¢rm is...
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...ECONOMICS _____________________________________________________________________________________ WEEK 1: HOW ECONOMISTS THINK * What are preferences? Preferences refer to all of the objectives an individual wants to achieve that might motivate a choice among a set of alternatives. * What does it mean for an individual’s preferences to be rational? Please explain the concepts of costs and benefits and the reasoning process used by a rational individual. A rational individual will try to make the best possible use of his/her scarce resources, usually choosing an activity that has the highest utility. Rational preferences possess 2 properties, which are completeness and transitivity. Completeness means that choices can be ranked in an order of preference. For instance, an individual will have a preference when faced with two choices. Transitivity means actions can be compared with other actions. As an example, if action a is preferred to b, and action b is preferred to c, then a is preferred to c. A benefit is the maximum unit of currency amount you would be willing to pay to do x, while the cost is the value of all the resources you must give up in order to do x. The cost-benefit approach to decisions states that an individual should do an activity x if the benefit exceeds the cost. Relating to cost, in the process of coming up with a decision, a rational individual will take into account opportunity costs and ignore sunk costs. * New theories argue that...
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...Andrey Artemenkov, The department of economic measurements, GYY artemenkov@rambler.ru Modern Portfolio theory (MPT) and Financial Economics: a theory of lesser turf?♣ “In this age, which believes that there is a short cut to everything, the greatest lesson to be learned is that the most difficult way is, in the long run the easiest.” Henry Miller “[These are colossal] disproportions that have accumulated over the last few years. This primarily concerns disproportions between the scale of financial operations and the fundamental value of assets, as well as those between the increased burden on international loans and the sources of their collateral. … In effect, our proposal implies that the audit, accounting and ratings system reform must be based on a reversion to the fundamental asset value concept. In other words, assessments of each individual business must be based on its ability to generate added value, rather than on subjective concepts. In our opinion, the economy of the future must become an economy of real values. How to achieve this is not so clear-cut. Let us think about it together.” From the Address of Vladimir Putin, Prime Minister of Russia, at the Davos Economic Forum (February, 2009) This Part analyzes the pre-analytical foundations and macro-economic impact of the Modern Portfolio Theory1 (MPT) tenets, on which much of the present Western investment theory and financial economics is erected. Our general inference is that while the former are tautological...
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...Chapter 1: The business systems of Asia Variety in the regional and general features Civilizational traditions • Confucianism • Taoism • Buddhism • Islam • Catholicism Historical external influences • Colonies • India establishing trading connections, mostly in South East Asia • Chinese who left China and settled as business people in the countries around the rim of the South China sea Periods: 1. 1945-1975 After the retreat of colonial powers, countries needed to reestablish their identity and political structures → hostility + Maoist experiments in China 2. 1975-1997 Relative calm period, stable growth, export to foreign countries, rise in FDI a. Mao’s death: collapse of communism → socialist market economy b. Japanese miracle c. Impressive growth of the South-Korean economy 3. Ersatz capitalism → Asian crisis in 1997: inefficient use of capital was covered up by the availability of easy money from governments, optimistic foreign investors lured by the emerging markets. The system could not keep up the pretence as it became sensitive to a downturn in the economic cycle which hit the region in 1997. → End of easy money and beginnings of reforms. 4. After 1997, reforms: • Improvements to accountability and disclosure in the financing of industry • Reduction of favoritism and corruption during control of licenses and capital • Opening of markets to foreign competition • Adoption of international standards in accounting, trading, IPR • General rise...
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...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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