...Although both Orwell and Huxley both predicted that humanity would eventually deteriorate, they had contrasting views on how we would construct our own demise. Orwell feared “what we hate will ruin us;” meanwhile, Huxley “feared what we love will ruin us.” Both authors truly believed that “it is not in the stars to hold our destiny but in ourselves.” Postman’s view accurately details why Huxley’s prediction of the future is a much more plausible projection in relation to our modern day society in the United States. Orwell’s main character in 1984, Winston Smith, is living within a society reliant and controlled by a totalitarian government. This government controls the past, present, and the future of each and every citizen through the various...
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...1. Tutorial #1 2. Describe the difference between a financial asset and a tangible asset. A financial asset is an intangible asset whose value is derived from a contractual claim, such as bank deposits, bonds, and stocks. Financial assets are usually more liquid than other tangible assets, such as commodities or real estate, and may be traded on financial markets. In contrast, a tangible asset is an asset that has a physical form. Tangible assets include both fixed assets, such as machinery, buildings and land, and current assets, such as inventory. 3. Describe the two principle roles of financial assets. The principal economic function of financial assets are: (1) to transfer funds from persons who have surplus funds to those who need funds to invest in tangible assets( e.g. mortgage funds lending to homebuyers); (2) transfer funds in such a way as to redistribute the unavoidable risk associated with the cash flow generated by tangible assets among those seeking and those providing the funds (seekers of funds ask others to share the risks in their undertakings). 4. a. Explain the three factors that have led to the globalization of financial markets. Globalization has led to an expansion and integration of global financial markets. Prior to the 1980’s, the US financial market was the largest in the world but with the advent of new technologies and globalization, many markets have emerged and indeed the majority of them have been integrated to form a global...
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...This PDF is a selection from an out-of-print volume from the National Bureau of Economic Research Volume Title: Asymmetric Information, Corporate Finance, and Investment Volume Author/Editor: R. Glenn Hubbard, editor Volume Publisher: University of Chicago Press, 1990 Volume ISBN: 0-226-35585-3 Volume URL: http://www.nber.org/books/glen90-1 Conference Date: May 5, 1989 Publication Date: January 1990 Chapter Title: Investment, Financial Factors, and Cash Flow: Evidence from U.K. Panel Data Chapter Author: Michael Devereux, Fabio Schiantarelli Chapter URL: http://www.nber.org/chapters/c11476 Chapter pages in book: (p. 279 - 306) 11 Investment, Financial Factors, and Cash Row: Evidence from U.K. Panel Data Michael Devereux and Fabio Schiantarelli 11.1 Introduction Most empirical models of company investment rely on the assumption of perfect capital markets. One implication of this assumption is that, in a world without taxes, firms are indifferent to funding their investment programs from internal or external funds. However, there is a rapidly growing body of literature examining the possible existence of imperfections in capital markets and their effects on firms' financial and real decisions. In this paper we provide some econometric evidence on the impact of financial factors like cash flow, debt, and stock measures of liquidity on the investment decisions of U.K. firms. These variables are introduced via an extension of the Q model of investment, which...
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...Propaganda is a form of communication that is aimed at influencing the attitude of a community toward some cause or position. As opposed to impartially providing information, propaganda, in its most basic sense, presents information primarily to influence an audience. Propaganda often presents facts selectively to encourage a particular synthesis, or uses loaded messages to produce an emotional rather than rational response to the information presented. The desired result is a change of the attitude toward the subject in the target audience to further a political agenda. Propaganda can be used as a form of political warfare. While the term propaganda has acquired a strongly negative connotation by association with its most manipulative and nationalistic examples, propaganda in its original sense is neutral. It may also be construed to refer to uses which are generally held to be somewhat benign or inoffensive, such as public health recommendations, signs encouraging citizens to participate in a census or election, or messages encouraging persons to report crimes to the police, among others. Propaganda was not invented by the Americans. It began with the Roman Catholic Committee for the Propagation of the Faith, an order of the church which was established by a papal bull in 1622. (Baran & Davis, 2013). Throughout the beginning of the twentieth century, the meaning of propaganda was debated as to whether or not it was a good or bad form of communication that could be corrupted...
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...Definition of terms Strategic management is a field that deals with the major intended and emergent initiatives taken by general managers on behalf of owners, involving utilization of resources, to enhance the performance of firms in their external environments.[1] It entails specifying the organization's mission, vision and objectives, developing policies and plans, often in terms of projects and programs, which are designed to achieve these objectives, and then allocating resources to implement the policies and plans, projects and programs. The strategic manager is the one who establishes an organisations long term direction set specific performance objectives, develop strategies to achieve the objectives in light of all relevant internal and external circumstances and s prepared to implement through the choose of action plan. "parastatal organization'' means any body corporate established by or under any written law other than- (a) a company incorporated or registered under the Companies Ordinance; (b) the Community, the Corporations within the Community and bodies corporate established by or under any Act of the Community, But includes any company the whole of the share capital of which is owned by the Government or any parastatal organization (including any such company). Causes of parastatal organisation failure are as follows Corruption. Corruption is often a collusive arrangement between some officials in government and individuals in business who have...
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...products including the Dairy Milk chocolate, the Creme Egg, and the Roses selection box. Cadbury was established in Birmingham in 1824, by John Cadbury who sold tea, coffee and drinking chocolate. Cadbury developed the business with his brother Benjamin, followed by his sons Richard and George. George developed the Bournville estate, a model village designed to give the company's workers improved living conditions. Dairy Milk chocolate, introduced in 1905, used a higher proportion of milk within the recipe compared with rival products. By 1914, the chocolate was the company's best-selling product. Cadbury merged with J. S. Fry & Sons in 1919, and Schweppes in 1969. Cadbury was a constant constituent of the FTSE 100 from the index's 1984 inception until the company was bought by Kraft Foods in 2010.[3][4] In 1905, Cadbury launched its Dairy Milk bar, a production of exceptional quality with a higher proportion of milk than previous chocolate bars.[6] Developed by George Cadbury Jr, it was the first time a British company had been able to mass-produce milk chocolate.[7] From the beginning, it had the distinctive purple wrapper.[7] It was a great sales success, and became the company's best selling product by 1914.[6] The stronger Bournville Cocoa line was introduced in 1906.[6] Cadbury Dairy Milk and Bournville Cocoa were to provide the basis for the company's rapid pre-war expansion.[6] In 1910, Cadbury sales overtook those of Fry for the first time.[7] Cadbury's Milk...
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...TAXATION PAPERS WORKING PAPER N.33 - 2012 Serena Fatica Thomas Hemmelgarn Gaëtan Nicodème The Debt-Equity Tax Bias: consequences and solutions Taxation and customs union Taxation Papers are written by the staff of the European Commission's Directorate-General for Taxation and Customs Union, or by experts working in association with them. Taxation Papers are intended to increase awareness of the work being done by the staff and to seek comments and suggestions for further analyses. The views expressed in the Taxation Papers are solely those of the authors and do not necessarily reflect the views of the European Commission. Comments and inquiries should be addressed to: TAXUD TAXATION-PAPERS@ec.europa.eu Cover photo made by Milan Pein Despite all our efforts, we have not yet succeeded in identifying the authors and rights holders for some of the images. If you believe that you may be a rights holder, we invite you to contact the Central Audiovisual Library of the European Commission. This paper is available in English only. Europe Direct is a service to help you find answers to your questions about the European Union Freephone number: 00 800 6 7 8 9 10 11 A great deal of additional information on the European Union is available on the Internet. It can be accessed through EUROPA at: http://europa.eu. For information on EU tax policy visit the European Commission's website at: http://ec.europa.eu/taxation_customs/taxation/index_en.htm ...
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...Journal of Banking & Finance 22 (1998) 613±673 The economics of small business ®nance: The roles of private equity and debt markets in the ®nancial growth cycle Allen N. Berger a a,b,* , Gregory F. Udell c Board of Governors of the Federal Reserve System, Washington, DC 20551, USA b Wharton Financial Institutions Center, Philadelphia, PA 19104, USA c Kelley School of Business, Indiana University, Bloomington, IN 47405, USA Abstract This article examines the economics of ®nancing small business in private equity and debt markets. Firms are viewed through a ®nancial growth cycle paradigm in which different capital structures are optimal at dierent points in the cycle. We show the sources of small business ®nance, and how capital structure varies with ®rm size and age. The interconnectedness of small ®rm ®nance is discussed along with the impact of the macroeconomic environment. We also analyze a number of research and policy issues, review the literature, and suggest topics for future research. Ó 1998 Published by Elsevier Science B.V. All rights reserved. JEL classi®cation: G21; G28; G34; E58; L89 Keywords: Venture capital; Small business lending; Bank; Mergers 1. Introduction The role of the entrepreneurial enterprise as an engine of economic growth has garnered considerable public attention in the 1990s. Much of this focus * Corresponding author. Tel.: 1 202 452 2903; fax: 1 202 452 5295; e-mail: aberger@frb.gov. 0378-4266/98/$19.00 Ó 1998 Published...
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...remaining 15 companies provided water services only Water and sewage was one of a half dozen utility industries that the British government privatized during the 1980s and 1990s; the others included the telephone, electricity, gas, airport and railways services Byatt had been one of the first price-cap regulators, and his experience suggested some of the strengths and limitations of the approach. Slide 2 Privatization of Water The Conservative Party came to power in 1979 with a program to improve the efficiency of public services and reduce the size of the state by, among other things, privatizing many industries that Britain had nationalized in the decade after World War II. The government privatized telecommunications in 1984, gas in 1986, water in 1989, electricity in 1990, and railroads in 1994.1 10 large publicly owned sewage and wáter companies and 29 private small wáter companies. Supervised by the Environment Department. Reasons to privatize wáter: 1. The government decided to privatize the water industry because of the enormous investments needed to bring it up to modern standards. The government saw privatization as a way to avoid public financing of the investments needed to meet EC standards. If the industry were in private hands, the new investments would be financed by private debt and equity and repaid through a combination of efficiency improvements and higher water prices. The Water Act of 1989 outlined the basic terms of the privatization...
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...Ismail & Sanusi —An Empirical Analysis of Cash Flow and Investment Fluctuations ... Gadjah Mada International Journal of Business January-April 2005, Vol. 7, No. 1, pp. 95—107 AN EMPIRICAL ANALYSIS OF CASH FLOW AND INVESTMENT FLUCTUATIONS USING FIRM-LEVEL PANEL DATA* Abd. Ghafar Ismail Nur Azura Sanusi Since the pioneering work of Gurley and Shaw (1955), the attempt has been done to justify money as a primary focal point of macroeconomic theorizing. However, other researchers argue that variables such as financial development and indicators are also important to be linked with macroeconomic performance. Here, if money can be thought as means of production and consumer goods as the ultimate end toward which production is directed, and then capital also occupies a position that is both logically and temporarily intermediate between original means and ultimate ends. This temporarily intermediate status of capital is not in serious dispute, but its significance for macroeconomic theorizing is rarely recognized. The firms’ decision to acquire funds through debt and equity financings affects the capital structure, and, in the firm’s balance sheet, the impact of capital appears to influence the inventory investment. Hence, the significance of capital structure –induced inventory distortions in the context of firm-level is the basis for our article. The sample for our analysis is compiled from the balance sheets of listed syaria firms in the Kuala Lumpur Stock Exchange for the period...
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...Intel case: Takeaways Question 1 • To capitalize on the first mover advantage by creating semiconductor memory chips that were sound in product design and technology. They were risk takers and strong believers in the product they design. • Semiconductor manufacturing is a complex process and involves huge investment in technology and equipment, which caused the production yields, a main driver of the manufacturing cost would fall initially with new processes. Yields would later improve with process optimization and improvement. • But Intel would charge a premium initially and the prices would fall with the entry of competitors and when the production capacity was at its optimum. • But with the entry of Japanese competitors like Fujitsu, the product life cycles of DRAM shrank which necessitated the investment in new technology and equipment than never before and Japanese were able to ramp up their production capacity at a rate faster than Intel and were releasing new products to the market sooner. During that time, Intel launched a DRAM with a single power supply design which was a novel feature and they charged a premium again. But competitors’ products during that time lacked this feature but they had higher memory and cheaper. The Japanese increased market share due to higher demand also gave them a manufacturing costs advantage- economies of scale. • Also, they had a technological advantage in terms of photolithography. The Japanese companies such as fujitsu, Hitachi...
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...Of the approximately 257.8 million individuals currently living in the United States of America, every one of them has a need for effective, affordable and accessible health care coverage and services. Within the past thirty to forty years, the scope and cost of health care coverage and services has drastically changed, altering the manner in which health care was previously managed. There are several factors that have affected the cost of health care coverage over the course of the past two to three decades. One of these factors is the introduction and rapidly increasing enrollment in managed health care insurance plans. Managed care health insurance plans can, in most cases, help to alleviate the rising costs of effective medical coverage. Another important factor that has affected health care costs is the invention and implementation of new medical technologies. As prominent researchers and economic analysts have discovered, there is a distinct and direct correlat! ion between advancing medical technologies and rising health care costs. Medical innovation has been proven time and again to be an important determinant of health care cost growth. It would appear that managed care health insurance plans, which attempt to lower health care costs, and highly expensive new medical innovations and procedures are at cross purposes, pulling against one another in very different directions. Market-level comparisons have found the cost growth...
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..._______________________________________________________________ _______________________________________________________________ Report Information from ProQuest 16 September 2014 22:51 _______________________________________________________________ 16 September 2014 ProQuest 目录 1. Elements of a Theoretical Framework for Public Sector Accounting............................................................ 1 16 September 2014 ii ProQuest 第 1 个文档，共 1 个 Elements of a Theoretical Framework for Public Sector Accounting ProQuest 文档链接 摘要: The development of a concept of community assets (used to describe government-managed assets of an infrastructural, cultural, or environmental nature) can contribute to the development of a new theoretical framework for public sector accounting and potentially for private sector accounting as well. An important feature of this framework is that recognition of assets based on common property alongside private property lends greater visibility to the communitarian perspective, with its emphasis on shared values and common life, and to social as well as technical concerns. In addition, by distinguishing what management can control from what they cannot control, a concept of community assets as distinct from ordinary fixed assets could permit a fairer system of accountability and clarify the controversial issues of depreciation in the public sector. 链接: Check local library holdings 全文文献: Despite the ancient origins of governmental...
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...The Portfolio Theory also known as Modern Portfolio Theory was first developed by Harry Markowitz. He had introduced the theory in his paper ‘Portfolio Selection’ which was published in the Journal of Finance in 1952. In 1990, he along with Merton Miller and William Sharpe won the Nobel Prize in Economic Sciences for the Theory. The theory suggests a hypothesis on the basis of which, expected return on a portfolio for a given amount of portfolio risk is attempted to be maximized or alternately the risk on a given level of expected return is attempted to be minimized. This is done so by choosing the quantities of various securities cautiously taking mainly into consideration the way in which the price of each security changes in comparison to that of every other security in the portfolio, rather than choosing securities individually. In other words, the theory uses mathematical models to construct an ideal portfolio for an investor that gives maximum return depending on his risk appetite by taking into consideration the relationship between risk and return. According to the theory, each security has its own risks and that a portfolio of diverse securities shall be of lower risk than a single security portfolio. Simply put, the theory emphasizes on the importance of diversifying to reduce risk. Early on, investors stressed on individually picking high yielding stocks to earn maximum profits. So if one particular industry was offering good returns; an investor would have landed...
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...324 - Battle of Adrianople Roman Emperor Constantine I defeats Co-Emperor Licinius, who flees to Byzantium. 683 - St Leo II ends his reign as Catholic Pope 987 - Hugo Capet crowned king of France 1090 - Battle at Hagenoorde: German emperor beats earl Egbert II 1187 - Crusaders enter Tiberias 1187 - Battle of Horns of Hattin; Saladin, Sultan of Egypt and Syria, destroys Jerusalem's crusader army. 1250 - Louis IX of France is captured by Baibars' Mamluk army at the Battle of Fariskur while he is in Egypt conducting the Seventh Crusade; he later has to ransom himself. 1428 - Treaty of Delft between Jacoba of Bavaria & Philip the Good of Burgundy 1608 - Samuel de Champlain founds city of Quebec 1630 - Emperor Ferdinand II opens German Parliament 1661 - Portugal gives Tangier & Bombay to English King Charles II 1720 - Sweden & Denmark sign peace treaty 1754 - George Washington surrenders to French, Fort Necessity (7 Years' War) 1767 - Pitcairn Island is discovered by Midshipman Robert Pitcairn on an expeditionary voyage commanded by Philip Carteret. 1767 - Norway's oldest newspaper still in print, Adresseavisen, is founded (first edition published this date). 1775 - Washington takes command of Continental Army at Cambridge, Mass 1778 - British forces massacre 360 men, women & children in Wyoming, Pa 1778 - Prussia declares war on Austria 1806 - Michael Keens exhibits 1st cultivated strawberry First US President George WashingtonFirst US President George Washington...
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