The current issue and full text archive of this journal is available at www.emeraldinsight.com/1754-243X.htm Corporate governance theorising: limits, critics and alternatives Stephen Letza and James Kirkbride Liverpool John Moores University, Liverpool, UK Corporate governance theorising 17 Xiuping Sun Leeds Business School, Leeds Metropolitan University, Leeds, UK, and Clive Smallman Commerce Division, Lincoln University, Canterbury, New Zealand Abstract Purpose – This paper seeks
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Making money out of football Stefan Szymanski[1] Stephen Hall The Business School, Imperial College London April 2003 Abstract: In the US most economists have argued that professional sports teams are profit maximising businesses, but it is a widely held view in Europe that professional football clubs are not run on a profit maximising basis. This belief has important implications for the impact of policy measures such as income redistribution that are widely advocated. This paper
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Hidden flaws in strategy Charles Roxburgh The McKinsey Quarterly, 2003 Number 2 After nearly 40 years, the theory of business strategy is well developed and widely disseminated. Pioneering work by academics such as Michael E. Porter and Henry Mintzberg has established a rich literature on good strategy. Most senior executives have been trained in its principles, and large corporations have their own skilled strategy departments. Yet the business world remains littered with examples of bad strategies
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Example: NetOne Inc. expects free cash flows of $5 million each year. NetOne's corporate tax rate is 35%, and its unlevered cost of capital is 15%. The firm also has outstanding debt of $19.05 million, and it expects to maintain this level of debt permanently. What is value of NetOne without leverage? VU = PV(of FCF)= $5mil/0.15 = $33.333 million What is the value of NetOne's equity with leverage? E = VL - D = VU + PV(ITS) - D = VU + TC D - D = VU + D(TC - 1)= $33.333 + $19.05(0.35 - 1) = $20.951
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system for insider dealing.4 Insider dealing is now a category of market misconduct5 as well as a criminal offence.6 Under the dual regime, the Securities and Futures Commission (SFC)7 can refer a suspected insider dealing case either to the Financial Secretary to consider the
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Chapter 1 The Financial Manager and the Firm Learning Objectives 1. Identify the key financial decisions facing the financial manager of any business firm. 2. Identify the basic forms of business organization used in the United States, and review their respective strengths and weaknesses. 3. Describe the typical organization of the financial function in a large corporation. 4. Explain why maximizing the current value of the firm’s stock price is the appropriate goal for management
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Corporate Finance a) WACC A company’s weighted average cost of capital (WACC) is usually regarded as the minimum required rate of return. It is defined as the weighted average rate of return a company must pay to its long-term creditors and shareholders for the use of their funds. When WACC is used as the discount rate, it serves as a screening device in net present value analysis. To calculate WACC we must first find the expected return on share i E(Ri), using the securities
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978-81-7829-747-7 (India–Pb) The SAGE Team: Sugata Ghosh, Meena Chakravorty and Anju Saxena Contents List of Exhibits List of Tables List of Figures Case Map Preface 1. Diversification via Acquisition K. Sankaran and Vishwanath S.R. Why are Takeovers Needed? Traditional View of Diversification Synergy: The Key to Improved Performance
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and social entrepreneurship.3 It was a for-profit corporation that seemingly did not put profits first. Rather, it pursued, in the parlance, a “double bottom” line, seeking to advance progressive social goals, while still yielding an acceptable financial return for investors. It advanced its social mission in many ways, such as by committing 7.5% of its profits to a charitable foundation; conducting in-store voter registration; and buying ingredients from suppliers who employed disadvantaged populations
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PHILIPPINES “FINANCIAL MARKET” IN PARTIAL FULFILLMENT OF THE REQUIREMENTS IN ECON. 101(ECONOMIC W/ TAXATION & LANDREFORM) SUBMITTED TO: MR. ANDASIL J. ABUBAKAR, M (PHIL) “Instructor” SUBMITTED BY: GROUP 1 STUDENTS 1st semester/ A.Y 2012-2013 PART 1- FINANCIAL MARKET INTRODUCTION Throughout his text, Mishkin
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