The primary purpose of this paper is to develop the translation formula between the required return on unlevered and levered equity for the specific case where cash flows…
The primary purpose of this paper is to develop the translation formula between the required return on unlevered and levered equity for the specific case where cash flows have a finite lifetime and the flow to debt is prespecified. The secondary purpose of this paper is to underpin the importance of the type of stochasticity of cash flows for translation formulas. A general derivation of such formulas and the discount rate in the free cash flow approach is shown.
The paper starts with the same assumptions that have been applied by Modigliani and Miller (1963), Miles and Ezzell (1980) and other researchers. Then the paper develops the mathematical foundations to apply a deterministic backward-iterative scheme for valuing cash flows. After stating the valuation formulas for levered and unlevered equity, debt and tax shields, the authors mathematically derive the relationship between the unlevered return and levered return on equity.
Conventional translation formulas apply to very special cases. They can generally not be used for projects with nonconstant leverage and a finite lifetime. In general, translation formulas depend on continuing values, cash flows, leverage, taxation, risk-free rate, etc. In this paper, the translation depends on the structure of the debt in addition to the well-known parameters in conventional formulas. This paper formula contains the Modigliani-Miller translation formula as a special case.
The authors develop a novel formula for the translation of the required return on unlevered to levered equity. With this formula, the authors offer a solution for the consistent valuation of cash flows with a limited lifetime and given debt financing.
In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This…
In the last four years, since Volume I of this Bibliography first appeared, there has been an explosion of literature in all the main functional areas of business. This wealth of material poses problems for the researcher in management studies — and, of course, for the librarian: uncovering what has been written in any one area is not an easy task. This volume aims to help the librarian and the researcher overcome some of the immediate problems of identification of material. It is an annotated bibliography of management, drawing on the wide variety of literature produced by MCB University Press. Over the last four years, MCB University Press has produced an extensive range of books and serial publications covering most of the established and many of the developing areas of management. This volume, in conjunction with Volume I, provides a guide to all the material published so far.
Sociologists of crime and deviance have devoted considerable time and effort, in recent years, to the study of deviants' accounts of their activities. There are good reasons why students of deviance in particular should be interested in what can be learned from their subjects' explanations of their social practices. Actors are normally called to account for or to explain their activities precisely when these actions are seen by significant others to be in some sense “unreasonable”. Moreover, accounts are central to the processes of law. The purpose of legal judgements is to attribute or withold responsibility. In order to assess an individual's guilt, where criminal activities are concerned, lawyers, judges, and juries pose such questions as: “Did the defendant perform an illegal act?”; “if so, can he or she explain his or her actions in reasonable terms?”; “Was the act in question pre‐meditated?” (that is, “motivated”); and, perhaps most important of all “What is the relationship between the accused's account of his or her involvement in an act, and their real involvement?”
This chapter examines the emergence of India as a site for surrogacy, which has led intended parents from all over the world to contract with Indian gestational surrogates…
This chapter examines the emergence of India as a site for surrogacy, which has led intended parents from all over the world to contract with Indian gestational surrogates to carry “their” babies for them. Through participant observation in a surrogacy workshop, interviews with American intended parents, and interviews with Indian surrogates, I show how ideologies of normative, nuclear families built around genetically similar children, drives American consumers' desires to seek fertility intervention, and, finally, surrogacy. In India, gender ideologies shape the contours of an inexpensive, compliant labor force of surrogate mothers.
Purpose – UK urban state schools have recently experienced increased pressure to improve pupil performance levels and punitive policies appear to be one way of dealing…
Purpose – UK urban state schools have recently experienced increased pressure to improve pupil performance levels and punitive policies appear to be one way of dealing with “problematic” young people. While some are permanently excluded for serious acts, others, who are by comparison less problematic, are unofficially “excluded” and referred to off-site educational provision (OSEP) where they receive reduced timetables and unchallenging courses. This research study set out to examine why 20 young people were “unofficially” excluded from school and their progress in OSEP.
Methodology – The study made use of ethnographic methods with 20 excluded young people in one south London borough in the UK. The research was undertaken from March 2009 to August 2009.
Findings – This chapter shows how “unofficial” exclusionary processes, to which these urban young people are exposed, have implications for their identity, self-worth and lifestyles, and makes them increasingly vulnerable to crime and victimization. The chapter makes use of labeling perspectives to understand the significance of the social reaction to deviant labels young people receive in school (Becker, 1953) and how they respond as a consequence (Lemert, 1972).
While a number of IS security researchers consider the threat posed by employees who perpetrate computer crime, there is currently a lack of insight into how the offender…
While a number of IS security researchers consider the threat posed by employees who perpetrate computer crime, there is currently a lack of insight into how the offender interacts with the criminal context both prior to and during commission. A greater understanding of this relationship may complement existing security practices by possibly highlighting new areas for safeguard implementation. To help facilitate a greater understanding of the offender/environment dynamic, this paper, therefore, aims to assess the feasibility of applying three criminological theories to the IS security context. Rather than focusing on why people become criminals, these theories entitled routine activity theory, environmental criminology and the rational choice perspective, focus on the criminal act.
Drawing on an account of the Barings Bank collapse, events highlighted in the case study are used to assess whether concepts central to the theories are supported by the data.
Analysis indicates support for the concepts central to environmental criminology and the rational choice perspective. While case study evidence supports two of the concepts advanced by routine activity theory, as a whole the theory is found wanting, as the “guardianship” and “handled offender” concepts appear to lack the necessary sophistication to theoretically accommodate and explain supervisory and control failings cited in the case study.
While future research could encompass continued application of the theories to further assess their suitability for the IS domain, consideration could also be given to the application of the preventive tools and methods which have been developed in tandem with the three criminological approaches. Another stream of future research may involve the application of the theories in conjunction with existing security practices.
Greater knowledge of the offender/context dynamic may feasibly enhance existing security practices by possibly highlighting new areas for safeguard implementation.
From an IS security perspective, there is currently a lack of insight into the offender/context dynamic. The paper presents a group of criminological theories, which have previously not been considered for application in the IS context. The theories may feasibly throw light on the behaviour of offenders in the criminal context, both prior to and during commission.
This paper aims to advance the current debates on the effect of performance measurement (PM) in the operations management domain. In order to accomplish that, it…
This paper aims to advance the current debates on the effect of performance measurement (PM) in the operations management domain. In order to accomplish that, it investigates the contribution of business PM and human resource management (HRM) practices to business performance.
The paper is based on ten case studies conducted across both manufacturing and service organisations capturing evidence from both the human resource function and line management.
In the PM and HRM literatures, there is a debate about the contribution these practices make to the overall performance of the organisation. In particular, the results from the PM literature are inconclusive. This paper argues that performance is a result of employee engagement and that the PM system is a communication and guiding mechanism, which if implemented well and used appropriately, can channel the efforts of employees striving to perform.
This paper contradicts the performance drivers approach to PM by providing new insights into the roles PM and HRM practices play in delivering business performance. Additionally, the paper develops a set of propositions as a means of clearly stating the findings and for encouraging future research in this area.
In order to answer this question, it will first be necessary to distinguish between political and economic correctness on the one hand, and then between Austrian and…