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It is a well known problem the interactions between the market value of cash flows and the discount rate (usually the weighted average cost of capital, WACC) to calculate that value. This is mentioned in almost all text books in corporate finance. However, the solution adopted by most authors is to assume a constant leverage D%, and hence assume that the leverage gives raise to an optimal capital structure and the discount rate is constant. On the other hand, most authors use the definition of the Ke, the cost of leveraged equity for perpetuities even if the planning horizon is finite. Among these authors we find the work of Wood and Leitch W&L 2004. In this article we wish to analyse the claim made by W&L 2004 in the sense to have found an iterative solution to the problem of circularity that results in a “near” matching with the Adjusted Present Value APV, proposed by Myers, 1974. They use as the basic principle the fact that there is a “near” constant relation between Ke the cost of equity and Kd the cost of debt. They consider as well that the cost of debt Kd is not constant and changes proportionately with the leverage D%. We propose a very simple and precise approach to solve the above mentioned circularity problem.

This paper explores the ability of the capital asset pricing model, as well as the firm specific factors, to explain the cross‐sectional relationship between average stock returns and risk in Athens Stock Exchange (ASE). The objective of this study is to investigate the cross‐section of stock returns in the Greek stock market for the period from July 1993 to June 2001. A methodology similar to that of Fama and French (1992) is employed, by taking into account the constraints imposed by a smaller sample both in time and in terms of number of stocks. Our findings indicate that in the Greek stock market there is not a positive relation between risk, measured by β, and average returns. On the other hand, there is a “size effect” on the cross‐sectional variation in average stock returns.

THE bulk of our hospitals, etc., were built about a century ago and when examined in the light of present‐day needs and future requirements they are found to be far from satisfactory. Millions of hours are wasted annually due to the inadequacies of the buildings, equipment and management. Most of these institutions are trying to give a more comprehensive service to a volume of patients twice as large as they were originally designed to accommodate.

Investigates urban bias in state policy making in Mexico. Refers to literature claiming that rural poverty in developing nations is a major problem because capitalism reflects an urban bias. Examines social security coverage for the rural poor in Mexico and notes that there are great variations depending on area, suggesting that social security coverage is politically negotiable. Outlines briefly the historical development of Mexico’s welfare state and uses a power resource model to demonstrate how groups with competing interests go about securing benefits from the state. Cites literature on dependency theory, indicating that rural groups have failed to mobilize politically and have therefore not secured the same state resources (such as social security benefits and housing) as urban groups, yet argues that this does not always apply in Mexico, partially due to party politics and bureaucratic paternalism. Explains how data was collected to examine regional variations in social security coverage among the rural poor and how the data was analysed. Reveal that workers in important international export markets (such as cotton and sugar) have greater political leverage in obtaining better social security benefits. Notes also that areas supporting the political party in power obtain better benefits. Concludes, therefore, that rural workers are not powerless in the face of urban capitalism and that urban bias and dependency theories do not reflect the situation in Mexico – rather social security benefits are politically negotiable.

Genetic risk for depressive disorders is poorly understood despite consistent suggestions of a high heritable component. Most genetic studies have focused on risk associated with single variants, a strategy which has so far only yielded small (often non-replicable) risks for depressive disorders. In this paper we argue that more substantial risks are likely to emerge from genetic variants acting in synergy within and across larger neurobiological systems (polygenic risk factors). We show how knowledge of major integrated neurobiological systems provides a robust basis for defining and testing theoretically defensible polygenic risk factors. We do this by describing the architecture of the overall stress response. Maladaptation via impaired stress responsiveness is central to the aetiology of depression and anxiety and provides a framework for a systems biology approach to candidate gene selection. We propose principles for identifying genes and gene networks within the neurosystems involved in the stress response and for defining polygenic risk factors based on the neurobiology of stress-related behaviour. We conclude that knowledge of the neurobiology of the stress response system is likely to play a central role in future efforts to improve genetic prediction of depression and related disorders.

Introduces a special issue on globalization and the welfare state. Asserts that economic globalization constrains national economic and social policy far more now than ever before, although the level of international trade has not increased that much compared to levels at the beginning of this century. Talks about the political consequences of economic globalization, particularly welfare state retrenchment in the advanced capitalist world. Outlines the papers included in this issue – comparing welfare system changes in Sweden, the UK and the USA; urban bias in state policy‐making in Mexico; and the developing of the Israeli welfare state. Concludes that economic globalization has a limited effect in shaping social welfare policy in advanced capitalist countries; nevertheless, recommends further research into which aspects of economic globalization shape social welfare policy.

Coaches as leaders of sports teams should identify the causes of conflict between the athletes and handle conflict effectively. The aim of this study was to examine the methods and ways coaches use to handle conflict in professional teams in Greece. The sample consisted of 42 professional football‐soccer, basketball and volley ball coaches, which were surveyed using questionnaires. Using the descriptive statistics and the one‐way Analysis of Variance (ANOVA), it was found that: a) coaches are using five styles in order to manage conflict, and b) the most effective styles that can resolve team conflicts are the collaborating style, the compromising style and the avoiding style and the least effective styles from those suggested are the competing style and the accommodating style.

This article presents the results of a survey of 202 male Taiwanese consumers. In this study, consumer judgements of two technological products varying in their level of complexity made in highly, moderately, and newly industrialised countries were obtained in a multi‐attribute context. The results show that the country‐of‐origin image of moderately and newly industrialised countries was less negative for technologically simpler products (i.e. a television) than they were for technologically complex products (i.e. a computer). It appears that the negative image of moderately and newly industrialised countries can be attenuated by making Taiwanese consumers more familiar with products made in these countries and/or by providing them with other product‐related information such as brand name and warranty. Newly industrialised countries were perceived more negatively as countries of design than as countries of assembly, especially in the context of making technologically complex products. The image of foreign countries as producers of consumer goods was positively correlated with education. The more familiar consumers were with the products of a country, the more favourable was their evaluation of that country. Consumer involvement with purchasing a technologically complex product such as a computer was positively associated with the appreciation of products made in moderately industrialised countries. Managerial and research implications are derived from these results.

Buildings alone do not matter, it is only the ensemble of streets, squares, and buildings and the way they fit together that comprises the true principles of good urbanism and place making. One of the main rules of good urban design is the quality of the public space. This paper analyzes the importance of creating & maintaining a true public square in contemporary urban condition, as one of the built environments' pillars for sustaining social and cultural identity.

Criticism has been posed towards the (neo) romanticizing the importance of European squares (as some critics would call it “Postcard Squares”) in everyday life and contemporary town planning. Movements such as New Urbanism, which promote good urban design have not put squares that high on their urban design agendas. Also the usage of the historic European city's public realm model - the square - as the important ingredient for all urban places has not been forthcoming. To investigate this phenomena, and facilitate the discourse, The Square of the St. Blaise Church (Luza Square) and the Gunduliceva Poljana Square in the Old City of Dubrovnik, are analyzed and reflected upon through various data collection, theory reflections and urban design evaluation methods, such as Garham's Sense of Place Typology-Taxonomy.

If cities have livable and vibrant social spaces, do residents tend to have a stronger sense of community and sense of place? If such places are lacking, does the opposite happen?. This paper seeks out to answer these questions. Finally the paper also looks at how the phenomenon of creating good social spaces through creating ‘third places’ is achieved and confirmed in the squares of Dubrovnik.

During the post-World War II period, Turkey's housing supply models were limited to individual housings. Three main trends in the construction industry helped overcome this limitation to a certain extent. These were cooperative societies, spontaneous squatter housing and the build-sell process. Build-sell process later became the most obvious reflection of urban transformation in the 1950s and 1960s. Within this context, this study examines the housing policy of the period and the build-sell process as well as the Rer-1 Apartment Block designed in line with the build-sell process. The Rer-1 Apartment Block was designed and implemented by architect Nejat Ersin between the years 1962-1964, and was constructed in Aşağı Ayrancı District in Ankara. This specific apartment block was examined as an extraordinary example of the build-sell process - which rejects architectural concerns and prioritises profits - as it still incorporated such concerns despite being designed adhering to logic of the build-sell process. For the purpose of this study, an oral history study was conducted with Nejat Ersin. It was, therefore, possible to evaluate Nejat Ersin's apartment block, presenting a new experience in the build-sell context, within the scope of era's social, cultural, political and economic conjecture. The Rer-1 Apartment Block was scrutinized from the build-sell process aspect within the scope of the architect's professional approach.