Search results

This study estimates the probability density function of the government’s net income from reinsuring crop insurance for corn, wheat, and soybeans. Based on 1997 data, it is estimated there is a 5% probability that the government will need to reimburse at least $1 billion to insurance companies, and that the fair value of the government’s reinsurance services to insurance firms equals $78.7 million. In addition, various hedging strategies are examined for their potential to reduce the government’s reinsurance risk. The risk reduction achievable by hedging is appreciable, but use of derivative contracts alone is clearly no panacea.

This study develops a method to estimate the probability density function of the Federal Risk Management Agency’s (RMA’s) net income from reinsuring crop insurance for corn, wheat, and soybeans. When calibrated using 1997 data, results from the advocated method show that in 1997 there was a 5% probability RMA would have had to reimburse at least $1 billion to insurance companies, and the fair value of RMA’s insurance services to insurance firms in 1997 was $78.7 million.

THERE is an autumnal chill in the book world and a growing feeling that for publishers, booksellers and librarians it's going to be a hard winter. I had a chat with the editor the other day and we got ourselves into a thoroughly miserable state about the prospects for public libraries. He used the term ‘recession management’. We shall be hearing more of that in the near future, for sure.

Students will need to know basic capital budgeting techniques to value UrsaNav and its divisions. Students must determine which cash flows are relevant and determine an appropriate return on investment. Some of the issues that need to be addressed include: how to handle taxes in a discounted cash flow analysis when valuing an S Corp. where incentives depend on current (known) tax provisions and future (unknown) tax provisions; how to use comparable multiples to develop a cost of capital for a DCF valuation; and how to value a firm using comparable transactions.

Case information was obtained through interviews with the owner, Charles Schue. In addition, the authors researched industry and comparable company data, along with current events relating to government consulting.

UrsaNav is a US-based, international provider of advanced engineering and information management consulting services in the naval navigation industry. After about a decade of operating and growing, the firm had become successfully diversified; however, it had also grown too large to manage effectively. Thus, the company was spun-off into three separate segments: Tagence, Geodesicx and UrsaNav. These segments went “back to the basics,” and focused more on serving customers, with each having a more defined company focus. Is this a move that creates or destroys value? How could it create value for the firms’ founders?

This case is intended for an advanced undergraduate or an MBA corporate finance class or an entrepreneurship elective. Students interested in analyzing whether or not decision makers within a company would want to spin-off divisions, or merge with another company, or divest a company would find this case appealing. Other students who just want to analyze whether the company has grown too much would be good candidates to do this case.

DRAUGHTSMEN can make a major contribution to productivity provided they are trained in work study. This fact emerged from a paper presented by Mr. B. A. Dyson, General Manager (Overseas Production) of Hoover Ltd., to a joint work study conference organised by the British Institute of Management.

WITH the approach of the European Management Conference at Torquay and the news that The Work Study Society will be holding a one‐day Conference in London on October 14th and another in Hereford on November 25th it looks as if work study men will have plenty of opportunities of exchanging points of view this autumn.

Our aim is to better understand access to finance and financial inclusion and how this impacts the development of female-run enterprises in Nigeria. In such a way, we can better understand the gendered context of entrepreneurship and the implications for business growth. This chapter adopts an interpretivist paradigm to explore the social reality within which entrepreneurship is enacted. Qualitative data are interpreted from semi-structured interviews of 10 Nigerian entrepreneurs, five males and five females. Findings reveal that, though structural support may be apparent, the entrepreneurial process of financing a business is characterised, in part, by social expectations of gender. It is through this social view of entrepreneurship that we provide an understanding of what it is to be entrepreneurial in practice. This chapter makes recommendations that in practice while financial institutions and policy makers may assume a ‘one size fits all’ approach to financial inclusion through different programmes currently available for entrepreneurs by the various governmental and non-governmental institutions in Nigeria, the context of gender has implications for the nature of business activity, particularly in a society characterised by patriarchy. This study also makes practical contributions for research and for practice.

IN the report of the Fourth International Congress on Applied Mechanics published on pp. 215–219, 224, of the August issue of AIRCRAFT ENGINEERING, mention only was made of a paper by Prof. B. P. Haigh and Mr. T. S. Robertson, describing a new machine for the commercial fatigue testing of wire. In view of the obvious importance of fatigue in connection with materials used in aeroplanes and the liability to fracture of such components as wires, copper pipes, etc., from this cause, such a machine is clearly of special interest to the aircraft industry. Through the courtesy of Messrs. Bruntons, of Musselburgh, who are manufacturing the machine, we are able to give the following full description of it.

Logging industry fatalities recently became a focus for policy change in British Columbia. Through re-analysis of ethnographic data collected in 2001–2002 this chapter aims to investigate logging contractors’ attitudes toward workplace danger and to comment on the likelihood of success of the proposed policy changes. The contractors attributed workplace danger to the forest environment and to human error, which shaped their behavior and their attitudes toward taking risks. The contractors accepted the risk of physical harm rather than face almost certain economic loss. The proposed policy changes do not address the conditions that promoted this acceptance.

SUITABILITY of materials and their usage can be a profitable source of investigation for the methods engineer. And an important function too, for it implies not only an examination of the most suitable material in relation to the product to be processed, but also, methods of storage, inspection, and the economic utilisation of that material at all stages. Any of these aspects involves a major investigation if the firm is interested in discovering untapped sources of economy. It is one of the avenues not often explored by work study, but there is no valid reason why it should remain a sort of no‐man's‐land.