Agency Costs of Free Cash Flow, Corporate Finance, and Takeovers Michael C. Jensen Harvard Business School MJensen@hbs.edu Abstract The interests and incentives of managers and shareholders conflict over such issues as the optimal size of the firm and the payment of cash to shareholders. These conflicts are especially severe in firms with large free cash flows—more cash than profitable investment opportunities. The theory developed here explains 1) the benefits of debt in reducing agency costs
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Abstract The purpose of this paper is to summarize and then critique Clifford and Joyce Penner’s book, “The Gift of Sex, A Guide to Sexual Fulfillment”. In the Biblical perspective section of the book, the Penners express that sexuality and sexual intimacy are a gift from God, intended for married couples, to symbolize the one-ness God desires with mankind. The physical dimension section breaks down the mechanics of the sexual organs and their response to sexual pleasure. The total experience
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The purpose of this paper is to provide a documented overview of the major "Christian" sects, or what some have called cults. We are using the term sects to avoid the much more complicated concept of cults. Specific attention is given the essential biblical doctrines which they deny. No information is given on the origin and founders of the sects, since this is of relatively minor importance to the apologetic task. Guidelines are supplied to help the Christian worker in his communication of this
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Chapter 10 Property: Dispositions SOLUTIONS MANUAL Discussion Questions: 1. [LO 1] Compare and contrast different ways in which a taxpayer triggers a realization event by disposing of an asset. A realization event for tax purposes is created in many ways. Virtually any disposal will result in a sale or other disposition. These include a sale, trade, gift to charity, disposal to the landfill, or destruction in a natural disaster. In a sale or trade (exchange), the taxpayer receives
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Abstract In the later part of 2008 the world observed what is being labeled the world financial crisis since the Great Depression of 1920-30. The initial indication of a severe financial melt-down appeared in October 9, 2007 when the Dow Jones Industrial Average set a record by closing at 14,047. One year later, the Dow was just above 8,000, after dropping 21% in the first nine days of October 2008. Major stock markets in other countries had plunged alongside the Dow. Credit markets were nearing
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European Financial Management, Vol. 14, No. 1, 2007, 12–29 doi: 10.1111/j.1468-036X.2007.00415.x Behavioural Finance: A Review and Synthesis Avanidhar Subrahmanyam Anderson Graduate School of Management, University of California at Los Angeles, USA E-mail: subra@anderson.ucla.edu Abstract I provide a synthesis of the Behavioural finance literature over the past two decades. I review the literature in three parts, namely, (i) empirical and theoretical analyses of patterns in the cross-section
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Gay Language in Cape Town: A study of Gayle – attitudes, history and usage AXL 5301W - Minor Dissertation by Kathryn Luyt, BA (Hons) Cape Town Student number: LYTKAT001 Minor Dissertation submitted in partial fulfillment of the requirements for the degree of MASTER OF ARTS BY COURSEWORK AND DISSERTATION LINGUISTICS SPECIALISATION in the Department of African and Gender Studies, Anthropology and Linguistics Faculty of Humanities UNIVERSITY OF CAPE TOWN February 2014 Supervisor: Professor
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SUMMARY Third World Debt Executive Summary: The debt problems of developing countries that began in the 1980s still remain a huge burden in the new millennium. Although there have been several initiatives like the Baker Plan, the Brady Plan, and the HIPC Initiative to ease the burdens of those countries, many still experience unsustainable debt. The debt burdens of developing and middle-income countries increased from $500 billion in 1980 to $1 trillion by 1985.
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INTERNATIONAL JOURNAL of ACADEMIC RESEARCH Vol. 6. No. 2. March, 2014 T. Kafadar, B. Tay. Learning strategies and learning styles used by students in social studies. International Journal of Academic Research Part B; 2014; 6(2), 259-267. DOI: 10.7813/2075-4124.2014/6-2/B.39 Library of Congress Classification: L7-991 LEARNING STRATEGIES AND LEARNING STYLES USED BY STUDENTS IN SOCIAL STUDIES* Tugba Kafadar , Bayram Tay 1 2 1 2 Marmara University, Institute of Education Sciences, Istanbul
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INTRODUCTION: An identity of a corporation is a complex thing to understand, and established. There is still a general lack of consistency when these terms are adopted to theoretical models or applied in Practice (Lars Thuger Christensen, Suren Askegaard 1999), in this essay the author has tried to review the literature of scholars of corporate identity to bring the whole concept in a nutshell. This essay consists of two parts (a) and (b), in (a) author has tried to look into the notion of identity
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