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Within the past few years, a new phenomenon has taken place among the world's leading microfinance institutions (MFIs) – entry into new capital markets through initial public offerings (IPOs). “Going public” launches MFIs into a new frontier, not only presenting challenges but also providing new opportunities for the institutions and the clients they serve.

This chapter explores the advantages (for large investors) of directly owning productive assets, compared with indirect ownership through stock in corporations. Significant factors are agency costs and recent changes in the tax and regulatory environment. Recent corporate scandals have led to legislative and regulatory responses that significantly increase the monitoring costs and other burdens of becoming or remaining a public corporation. As a result, there has been a substantial increase in going-private transactions, particularly among smaller public companies. Acquisitions and minority equity positions that allow large corporations to join with smaller companies have also increased. The pressures to go private are not entirely new, however. This chapter, reflecting collaboration by professors of finance and business law, traces the legal concept that the corporation is an entity separate and apart from its owners, showing how the legal status of corporations hinders resolution of conflicts among the parties to the enterprise. Thus, there have long been fundamental flaws inherent in the corporation as the form of organization for certain activities. The current wave of Sarbanes–Oxley restructuring via private equity firms is part of a significant increase in direct ownership of major assets by institutional investors. Direct ownership prevents management expropriation of resources, and is preferable to corporate ownership whenever other alternatives for indemnification or liability limitation are available (such as insurance, limited partnerships, limited liability companies, etc.). Finally, the renewal of direct ownership is not a radical shift, but a return to long-established tradition in the organization of business activities.

The history of the public library is long and rich, and continues to reflect this institution's initial mission: to respond to the needs of an evolving democratic society. From its early days as a subscription service for the middle-class, through its evolution to become an educational site for the lower-classes and new immigrants, the public library has served as a touch-stone for urban industrial society in North America (Lerner, 1998, p. 138; Shera, 1974). Over the past century, public libraries have evolved to respond to the growing needs of the communities they serve and continue to do so with recent advances in technologies (such as DVDs, electronic books, the Internet, etc.), and with a more global outlook on the ways that people seek and share information. Indeed, the public library's constituents today are exceedingly diverse, including children and adults from a broad range of socio-economic, cultural, and educational backgrounds, all of whom seek information for a variety of personal and work-related purposes. The fact that public libraries have been fulfilling patrons' information needs for well over a century is a testament to their enduring success and versatility as information providers, and also points to the overall effectiveness of public librarians as intermediaries in the provision process.

Some commentators suggest that the Wall Street views family firms with scepticism. The appointment of independent directors to form a majority on a firm's board of directors should constitute a strong signal to the market of a family firm's willingness to be monitored objectively and thus should alleviate Wall Street's scepticism. This is likely to be more important for the newly public family firms than for mature family firms since outsider-domination on the board pre-dates the involvement of other outsiders, such as underwriters, financial analysts, or institutional investors. Whether the presence of an independent board alleviates the market's scepticism may be evident in the responses of various external monitoring entities to the newly public family and non-family firms. Using a hand-collected sample of newly public firms, we cast brand-new light on whether an independent board provides any advantage to the newly public family firms in underwriter reputation, analyst coverage, and investment by institutional investors over newly public non-family firms. We find that independence of board of directors is overall a positive signal and that while the independence of board is more important than the independence of management for underwriters and financial analysts, the reverse is the case for institutional investors.

For centuries, dreamers have looked forward to the day when people would overlook their differences and recognize all as brothers, that under their skin they were very much alike and aspired to much the same future. Then, they would see the advantages of cooperating together, burying their disagreements, and working toward common objectives. Barriers between people would be removed. People and goods would move freely across the globe. Every human being would be accorded the same rights and be treated with the same consideration. And people would lay down their arms and make peace, not war. The world would unite and all human beings would realize that they shared a common fate. In time, the advancement of technology has indeed reduced distance and increased mobility, thereby bringing people closer and closer together and uniting the planet. But the experience of global warfare in increasingly horrifying form has made imperative an end to the madness of continued internecine conflict and a need to create universal bonds. Slowly, in fits and starts, the world's statesmen began to devise a new international order that would better suit humanity until in the last quarter of the 20th century, the world awoke to the fact that the future had at last arrived at thanks to globalization.

The purpose of this study is to review the capital budgeting literature over the past decade.

Specifically, over the years 2004–2013, we review works appearing in the major academic journals in accounting, finance, and management. Further, we review the specialized academic journals in management accounting. We examine the frequency of articles by journal and year published, the type of research method applied, and the topic area studied. We then review the research findings by topic area.

We find 110 articles appearing in the selected journals. While the articles increase in frequency, the research methods applied are predominantly analytical and archival in nature with relatively few experiments, case studies, or surveys. Some progress is observed for capital budgeting techniques and new methods for structuring uncertainty. The studies find that the size of capital budgets is about right for companies with high financial reporting quality, for liquid companies, during periods of normal cash flow, when the budget is financed by equity, for companies when they first go public or first go private. Tax rates and financial reporting methods for depreciation and tax expenses distort capital budgets. Organization structure and performance measurement can distort capital budgeting. Individual differences, especially optimism and honesty, can influence capital budgeting decisions.

This review is limited to the major journals in accounting, finance, and management; and the specialized journals in management accounting. There is much research to be done on capital budgeting, especially case studies of actual practice and experiments related to individual and group decision processes.