702596 Valuation 1 Ever since the seminal contribution of Modigliani and Miller (1958), a key result of corporate finance theory is that a project's cash flows should be discounted at a rate that reflects the project's risk characteristics. Discounting cash flows at the firm's weighted average cost of capital (WACC) is therefore inappropriate if the project differs in terms of its riskiness from the rest of the firm's assets. (Kruger, Landier &Thesmar 2011) According to Modigliani and Miller
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validity of results obtained, as well as their effectiveness in positively influencing employee productivity and performance. This paper examines performance appraisals in the modern organisation. It discusses the development of performance appraisal theory, the perceived problems with performance appraisal systems as well as the potential performance and productivity improvements that may be achieved with their use. OK! Performance Appraisals It is widely contended that many (if not most) organisations
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capital necessary to sustain ongoing operations (Brigham & Ehrhardt, 2005). Basically, the formula for FCF is as follows: In the investors’ perspective, positive value of FCF is more favorable than negative value because it means that the company has high expectancy of generating available cash in the future. As for the managers’ of a company, positive FCF reflect their ability in managing cash within the firm (Amiruddin, 2011). However, in some cases, negative FCF is not always bad. FCF value can be
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bonus and take a vacation that would not be affordable without the end of the year bonus. Reward Power – A reward power is when the leader uses their ability to administer or remove something that an employee desires. This power is based on the theory that anemployee will be more prone to do something well if they are getting something for it.The marketing manager of Employee 2 employs a reward power towards their department by using a bonus that is based on their yearly performance. Legitimate
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Name: Institution: Course: Date: Introduction Since there are many definitions of management accounting, this paper will stick with the definition formulated according to the American Accounting Association. It defines accounting as a process of providing both financial and non-financial to decision makers. The varying nature of business characteristics implies that also techniques used in managerial accounting for each business differ as the business grows. During start up the business rely on capital
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Handbook of Management Accounting Research Volume 3 Edited by CHRISTOPHER S. CHAPMAN Imperial College London, UK ANTHONY G. HOPWOOD University of Oxford, UK MICHAEL D. SHIELDS Michigan State University, USA AMSTERDAM – BOSTON – HEIDELBERG – LONDON – NEW YORK – OXFORD PARIS – SAN DIEGO – SAN FRANCISCO – SINGAPORE – SYDNEY – TOKYO Elsevier The Boulevard, Langford Lane, Kidlington, Oxford OX5 1GB, UK First edition 2009 Copyright © 2009 Elsevier Ltd. All rights reserved No part of
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CICA Part III ASNFPO applies to not-for-profit organizations. CICA Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CICA Handbook — Accounting. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Abnormal earnings Also referred to as unexpected earnings. Differences between the expected value of earnings and
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ASNFPO applies to not-for-profit organizations. CPA Canada Handbook Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CPA Canada Handbook – Accounting. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Abnormal earnings Also referred to as unexpected earnings. Differences between the expected value of earnings and
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What is Demography? Demography is the scientific study of human population, including its size, distribution, composition, and the factors that determine changes in its size, distribution, and composition. Objects: Dynamic VS Static Demographic Focuses 1. Size: the number of population in a given areas at a given time. 2. Distribution: population dispersion in geographic space at a given time. 3. Composition: the number of person in sex, age, and other “demographic” categories
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Tranfer Pricing and Agency Theory Performance management: It is composed by objectives, that are achieved through programs, that are supported by technologies. There are different to objectives to achieve in single departments and areas: 1. Cost reduction 2. Quality improvement 3. Capacity improvement Since there are a lot of objectives, we say that performance management is discursive. To manage the achievement of meeting these obj there are different programs: 1. Lean production (for cost
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