... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ricardo Caballero Ford International Professor of Economics Thesis Supervisor Accepted by. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Peter Temin Elisha Gray II Professor of Economics Chairperson, Department Committee on Graduate Studies Essays in Banking and Risk Management by James Ian Vickery Submitted to the Department of Economics on August 15 2004, in partial fulllment of the requirements for the degree of Doctor of Philosophy in Economics Abstract This thesis consists of three essays at the intersection of banking, corporate nance and macroeconomics. Unifying the essays are two themes: rstly a focus on how rms (Chapter 1 and Chapter 2) and individuals (Chapter 3) insure against, and react to, sources of macroeconomic risk; secondly the role of nancial institutions in the transmission of macroeconomic shocks. Turning to specics, Chapter 1 is a theoretical and empirical examination...
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...Globalization Note Series Pankaj Ghemawat and Sebastian Reiche National Cultural Differences and Multinational Business The eminent Dutch psychologist, management researcher, and culture expert Geert Hofstede, early in his career, interviewed unsuccessfully for an engineering job with an American company. Later, he wrote of typical cross-cultural misunderstandings that crop up when American managers interview Dutch recruits and vice versa: “American applicants, to Dutch eyes, oversell themselves. Their CVs are worded in superlatives…during the interview they try to behave assertively, promising things they are very unlikely to realize…Dutch applicants in American eyes undersell themselves. They write modest and usually short CVs, counting on the interviewer to find out by asking how good they really are…they are very careful not to be seen as braggarts and not to make promises they are not absolutely sure they can fulfill. American interviewers know how to interpret American CVs and interviews and they tend to discount the information provided. Dutch interviewers, accustomed to Dutch applicants, tend to upgrade the information. To an uninitiated American interviewer an uninitiated Dutch applicant comes across as a sucker. To an uninitiated Dutch interviewer an uninitiated American applicant comes across as a braggart.”1 Cultural differences, while difficult to observe and measure, are obviously very important. Failure to appreciate and account for them can lead to embarrassing...
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...Globalization Note Series Pankaj Ghemawat and Sebastian Reiche National Cultural Differences and Multinational Business The eminent Dutch psychologist, management researcher, and culture expert Geert Hofstede, early in his career, interviewed unsuccessfully for an engineering job with an American company. Later, he wrote of typical cross-cultural misunderstandings that crop up when American managers interview Dutch recruits and vice versa: “American applicants, to Dutch eyes, oversell themselves. Their CVs are worded in superlatives…during the interview they try to behave assertively, promising things they are very unlikely to realize…Dutch applicants in American eyes undersell themselves. They write modest and usually short CVs, counting on the interviewer to find out by asking how good they really are…they are very careful not to be seen as braggarts and not to make promises they are not absolutely sure they can fulfill. American interviewers know how to interpret American CVs and interviews and they tend to discount the information provided. Dutch interviewers, accustomed to Dutch applicants, tend to upgrade the information. To an uninitiated American interviewer an uninitiated Dutch applicant comes across as a sucker. To an uninitiated Dutch interviewer an uninitiated American applicant comes across as a braggart.”1 Cultural differences, while difficult to observe and measure, are obviously very important. Failure to appreciate and account for them can lead to embarrassing...
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...RETHINKING THE EAST ASIAN MIRACLE JOSEPH E. STIGLITZ AND SHAHID YUSUF Editors RETHINKING THE EAST ASIA MIRACLE JOSEPH E. STIGLITZ AND SHAHID YUSUF Editors A copublication of the World Bank and Oxford University Press i Oxford University Press Oxford • New York • Athens • Auckland • Bangkok • Bogotá • Buenos Aires • Calcutta • Cape Town • Chennai • Dar es Salaam • Delhi • Florence • Hong Kong • Istanbul • Karachi • Kuala Lumpur • Madrid • Melbourne • Mexico City • Mumbai • Nairobi • Paris • São Paulo • Singapore • Taipei • Tokyo • Toronto • Warsaw and associated companies in Berlin • Ibadan © 2001 The International Bank for Reconstruction and Development / The World Bank 1818 H Street, N.W., Washington, D.C. 20433, USA Published by Oxford University Press, Inc. 198 Madison Avenue, New York, N.Y. 10016 Oxford is a registered trademark of Oxford University Press. All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted, in any form or by any means, electronic, mechanical, photocopying, recording, or otherwise, without the prior permission of Oxford University Press. Cover design and interior design by Naylor Design, Washington, D.C. Manufactured in the United States of America First printing June 2001 1 2 3 4 04 03 02 01 The findings, interpretations, and conclusions expressed in this study are entirely those of the authors and should not be attributed in any manner to the World Bank, to its affiliated organizations...
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...Creating a Unique Talent Strategy: A Collection of Case Studies Businesses now recognize the pivotal role that talent plays in the success of their organizations. They need talent strategies and programs that go beyond the ordinary – to achieve solutions that are fact-based and enable greater business performance. To learn more about how Mercer’s depth and breadth of talent management solutions and global resources can benefit your organization, please contact your local Mercer office or visit us at www.mercer.com/humancapital. Contents Creating a talent strategy to drive engagement in China 1 Developing a talent strategy to engage and up-skill staff 3 Developing a highly skilled workforce during rapid growth 5 Implementing lean manufacturing processes for a services-based organization 7 Designing a talent strategy through a three-day summit 9 Creating a "best fit" talent strategy to close skills gap 12 About us 15 About Mercer About Mercer’s talent management services and solutions Creating a talent strategy to drive engagement in China A global pharmaceutical company had committed to a growth and expansion strategy for emerging markets – China being central to this strategy. While business plans had been rigorously developed and agreed by the board, the organization believed its talent management practices were less robust. To ensure the organization would be successful in China, it knew its talent strategy...
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...Financing Firms in India Franklin Allen Finance Department The Wharton School University of Pennsylvania allenf@wharton.upenn.edu Rajesh Chakrabarti Finance Area Indian School of Business Hyderabad 500 032, India rajesh_chakrabarti@isb.edu Jun “QJ” Qian Finance Department Carroll School of Management Boston College qianju@bc.edu Sankar De Centre for Analytical Finance Indian School of Business Hyderabad 500 032, India Sankar_De@isb.edu Meijun Qian Finance Department NUS Business School National University of Singapore bizqmj@nus.edu.sg Last Revised: December 2011 Forthcoming, Journal of Financial Intermediation Abstract With extensive cross-country datasets and India firm samples, as well as our own surveys of small and medium firms, we examine the legal and business environments, financing channels, and growth patterns of different types of firms in India. Despite the English common-law origin and a British-style judicial system, Indian firms face weak investor protection in practice and poor institutions characterized by corruption and inefficiency. Alternative finance, including financing from all non-bank, non-market sources, and generally backed by non-legal mechanisms, constitutes the most important form of external finance. Bank loans provide the second most important external financing source. Firms with access to bank or market finance are not associated with higher growth rates. Our results indicate that bank and market...
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...new millennium. It is viewed as the cause of many of the world’s problems as well as a panacea. The debate over globalization is manifest both in public demonstrations against the WTO in Seattle in the Fall of 1999 and the IMF and World Bank earlier. It also has led to a spate of scholarly and not so scholarly books on the subject.1 Until three years ago the consensus view among economists on the issue of the international integration of financial markets was very positive. The benefits of open capital markets stressed include: optimal international resource allocation; intertemporal optimization; international portfolio diversification and discipline on policy makers.2. However, the recent spate of crises in Latin America and Asia has led some to argue that the costs of complete liberalization of financial markets for emerging countries may outweigh the benefits.3 The paper focuses on the globalization of financial markets from the historical perspective of the past 120 years. In Section 2, I summarize the empirical evidence on the international integration of financial markets from 1880 to the present primarily based on my research with Barry Eichengreen and that of Maurice Obstfeld and Alan Taylor. This research shows that globalization has followed a U-shaped pattern for both stocks and net flows of foreign investment relative to GDP over the period 1880 to 1998. The ratios of both the stocks and net flows of foreign investment relative to GDP in the...
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...SAGE Publications Inc 2455 Teller Road Thousand Oaks, California 91320 SAGE Publications India Pvt Ltd B-42, Panchsheel Enclave Post Box 4109 New Delhi 100 017 British Library Cataloguing in Publication data A catalogue record for this book is available from the British Library ISBN 0 7619 4039 1 ISBN 0 7619 4040 5 (pbk) Library of Congress Control Number available Typeset by C&M Digitals (P) Ltd., Chennai, India Printed in Great Britain by The Cromwell Press Ltd, Trowbridge, Wiltshire 3122-prelims.qxd 10/29/03 2:20 PM Page v Contents Acknowledgements vii Foreword by Nancy J. Adler viii Contributor Biographies Abbreviations Introduction PART 1 INTERNATIONALIZATION: CONTEXT, STRATEGY, STRUCTURE AND...
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... . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ricardo Caballero Ford International Professor of Economics Thesis Supervisor Accepted by. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Peter Temin Elisha Gray II Professor of Economics Chairperson, Department Committee on Graduate Studies Essays in Banking and Risk Management by James Ian Vickery Submitted to the Department of Economics on August 15 2004, in partial fulfillment of the requirements for the degree of Doctor of Philosophy in Economics Abstract This thesis consists of three essays at the intersection of banking, corporate finance and macroeconomics. Unifying the essays are two themes: firstly a focus on how firms (Chapter 1 and Chapter 2) and individuals (Chapter 3) insure against, and react to, sources of macroeconomic risk; secondly the role of financial institutions in the transmission of macroeconomic shocks. Turning to specifics, Chapter 1 is a...
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...MASTERPLAN ACCELERATION AND EXPANSION OF INDONESIA ECONOMIC DEVELOPMENT 2011-2025 R EPUBLIC OF I ND ON ES IA Doc. Wijaya Karya Masterplan for Acceleration and Expansion of Indonesia Economic Development © Copyright Coordinating Ministry For Economic Affairs, Republic of Indonesia Published by Editor Design by : Coordinating Ministry For Economic Affairs : Deputy Minister for Coordinating Infrastructure and Regional Development, Coordinating Ministry For Economic Affairs : IndoPacific Edelman First Published 2011 All Rights Reserved Coordinating Ministry For Economic Affairs, Republic of Indonesia Masterplan for Acceleration and Expansion of Indonesia Economic Development Jakarta: Coordinating Ministry For Economic Affairs, 2011 212 pages; 28 x 30 cm ISBN 978-979-3754-14-7 Masterplan aCCeleratIOn anD eXpansIOn OF InDOnesIa eCOnOMIC DeVelOpMent 2011-2025 Coordinating Ministry For Economic Affairs Republic of Indonesia 6 Masterplan P3EI Abstract Doc. Astra Otoparts Doc. Wijaya Karya Doc. Wijaya Karya Table of Contents Preface from The President of Republic of Indonesia Abstract Historical Breakthrough in the Making of MP3EI 1. The Self-Sufficient, Advanced, Just, and Prosperous Indonesia A. Preface B. Acceleration and Expansion of Indonesia Economic Development C. Indonesia’s Position Within The Regional and Global Dynamics D. Indonesia’s Potential and Challenges E. Acceleration of Economic Transformation - A New Way of Working...
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...69TH ANNUAL REPORT 2013-14 04 WHAT’S INSIDE CORPORATE OVERVIEW STATUTORY REPORTS 02 Corporate Information 44 Notice 03 Mission, Vision and Values 53 Directors’ Report 04 Chairman’s Message 69 Management Discussion & Analysis 08 Board of Directors 104 Corporate Governance 12 Tata Motors at a Glance 14 Major Launches during the Year 125 Secretarial Audit Report Chairman’s Message 16 Presence across Markets To ensure long-term competitiveness of Tata Motors, the company also took several steps under the Horizonext strategy. FINANCIAL STATEMENTS 18 The NEXT Level in Design 20 The NEXT Level in Driving Experiences 22 The NEXT Level in Fuel Economy 14 24 The NEXT Level in Connectivity 26 Corporate Social Responsibility at Tata Motors Standalone Financial Statements 126 Independent Auditors’ Report 130 Balance Sheet 131 Statement of Profit and Loss 132 Cash Flow Statement 134 Notes to Accounts 30 Awards and Accolades 32 Financial Performance Our products represent the Horizonext philosophy with best-in-class offerings. 170 Independent Auditors’ Report 36 Summarised Balance Sheet and Statement of Profit and Loss (Consolidated) Major Launches during the Year Consolidated Financial Statements 172 Balance Sheet 38 Summarised Balance Sheet and Statement of Profit and Loss (Standalone) 40 Funds Flow - Last Five Years 41 Financial Statistics 173 Statement of Profit...
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...69TH ANNUAL REPORT 2013-14 04 WHAT’S INSIDE CORPORATE OVERVIEW 02 Corporate Information 03 Mission, Vision and Values 04 Chairman’s Message 08 Board of Directors 12 Tata Motors at a Glance 14 Major Launches during the Year 16 Presence across Markets 18 The NEXT Level in Design 20 The NEXT Level in Driving Experiences 22 The NEXT Level in Fuel Economy 24 The NEXT Level in Connectivity 26 Corporate Social Responsibility at Tata Motors 30 Awards and Accolades 32 Financial Performance 36 Summarised Balance Sheet and Statement of Profit and Loss (Consolidated) STATUTORY REPORTS 44 Notice 53 Directors’ Report 69 Management Discussion & Analysis 104 Corporate Governance 125 Secretarial Audit Report Chairman’s Message To ensure long-term competitiveness of Tata Motors, the company also took several steps under the Horizonext strategy. FINANCIAL STATEMENTS Standalone Financial Statements 126 Independent Auditors’ Report 130 Balance Sheet 131 Statement of Profit and Loss 132 Cash Flow Statement 134 Notes to Accounts Consolidated Financial Statements 170 Independent Auditors’ Report 172 Balance Sheet 173 Statement of Profit and Loss 174 Cash Flow Statement 176 Notes to Accounts Subsidiary Companies 207 Financial Highlights 210 Listed Securities issued by Subsidiary Companies during FY 2013-14 14 Major Launches during the Year Our products represent the Horizonext philosophy with best-in-class offerings. 38 Summarised Balance Sheet and Statement of Profit and...
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...intuitive—organized around answers to the what, where, why, and how of international business. WHAT? Section one introduces what is international business and who has an interest in it. Students will sift through the globalization debate and understanding the impact of ethics on global businesses. Additionally, students will explore the evolution of international trade from past to present, with a focus on how firms and professionals can better understand today’s complex global business arena by understanding the impact of political and legal factors. The section concludes with a chapter on understanding how cultures are defined and the impact on business interactions and practices with tangible tips for negotiating across cultures. WHERE? Section two develops student knowledge about key facets of the global business environment and the key elements of trade and cooperation between nations and global organizations. Today, with increasing numbers of companies of all sizes operating internationally, no business or country can remain an island. Rather, the interconnections between countries, businesses, and institutions are inextricable. Even how we define the world is changing. No longer classified into simple and neat categories, the rapid changes within countries are redefining how global businesses think about developed, developing, and emerging markets. This section addresses the evolving nature of country classifications and helps develop a student’s ability to comprehend...
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... Page Introduction Governance − − − − Corporate Governance Business Resilience Group Security Group Risk and Audit 2 4 4 9 10 11 13 15 19 22 31 38 45 49 56 57 Stakeholder Engagement Financial Safety and Health Customer People Environment Procurement Community Measures Glossary The Group Strategy, supported by environment, procurement and community strategies, underpins the identification and reporting on material items. To support the Group’s core goal of delivering sustainable returns to shareholders, areas of focus are used to measure, monitor and report on the Group’s performance. Areas of focus and measures are reviewed and updated to ensure that they remain relevant. The Group Strategy drives sustainable outcomes Governance Corporate governance is core to ensuring the creation, protection and enhancement of shareholder value. Stakeholders We are committed to communicating effectively with our stakeholders. Financial Safety and Health To be recognised as the world’s leading airline group in air, ground and people safety and health. Customers Our Customers are the core of everything we do. The Group is continually striving towards providing exceptional customer experiences. Vision We strive to build a strong viable business capable of delivering sustainable returns to shareholders. Focus Qantas Sustainability Review 2013 » Long-term Profitability » Prudent Investment » Disciplined Capital Management » Financial Risk Management ...
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...choice of the year 2020 is just an arbitrary division of time, a pre-defined time horizon to take stock of what is likely to be achieved. Pre-portrayal of a stage of development in future requires understanding of the process of change, the dynamics that set law of motion. In attempting to do so, the present paper deciphers the recent past. Process of change is often volatile and responsive to intervention and global circumstances impacting it. In such an inherently dynamic situation it is convenient to assume that cross-country experiences incubate the most recent seeds of change. This is because countries at various stages of development encapsulate developmental experiences that occur with the passage of time. The present paper isolates the agents of change based on international experiences and situates India in this development continuum. The agents of change, as observed from international perspective, have been broadly categorized into economic structure, competition policy and technology. Economic reforms and liberalization have driven telecom sector through several transmission channels of which these three categories...
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