The purpose of this paper is to use fundamental models incorporating structural relationships within the firm in a terminal value model for the second stage of a two-stage…
The purpose of this paper is to use fundamental models incorporating structural relationships within the firm in a terminal value model for the second stage of a two-stage valuation model utilized to estimate the value of a company.
The innovation is that growth options are identified within the structural relationships and a model capturing the value of the optionality is incorporated in the second stage of the two-stage valuation model.
Significant outcomes are that terminal value is shown to be a large portion of a company’s total value and the price behavior for initial public offerings produced by the model is consistent with the result of empirical studies.
This paper explicitly incorporates growth options in the second stage of a two-stage valuation model for the firm.
Discusses arbitrage pricing theory as a multifactor model for explaining rates of return on securities; and the use of principal components analysis to reduce the number…
Discusses arbitrage pricing theory as a multifactor model for explaining rates of return on securities; and the use of principal components analysis to reduce the number of variables studies. Applies these ideas to returns on treasury bills and government bonds for 1,000 business days ending in March 1997 to obtain a set of three endogenous factors for the term structure of interest rates, forecasts returns for one‐day and 30‐day horizons and produces a time series of the forecast errors for eight short‐term interest rates. Compares the results with those from a single factor autoregessive forecasting model and finds that although their accuracy is similar for short horizons, the multifactor model is superior for longer horizons and shorter time to maturity.
The purpose of this chapter is to analyse the interplay between fathers’ perceptions of the workplace and how they enact fatherhood. Data were derived from qualitative…
The purpose of this chapter is to analyse the interplay between fathers’ perceptions of the workplace and how they enact fatherhood. Data were derived from qualitative in-depth interviews with seven elite, professional fathers employed at multinational manufacturing corporations in Detroit, Michigan. Fathers are highly educated, have a significant income and all but one have wives in the paid labour market. This study shows how the persistence of the ideal worker norm and penalties for using work-family policies (WFP) perpetuate the gendered division of paid and unpaid work. First, fathers who are ideal workers are rewarded; fathers who do not face criticism and obstacles to promotions. Second, management and supervisor’s discretion results in uneven access to WFP, penalizing fathers for asking and preventing most from using them. Third, fathers express desire to be ‘involved’, but their engagement is largely visible fatherhood.
This study extends our theoretical understandings of work, WFP and fatherhood from a distinct departure point – the elite fathers highlighted here have been parenting for at least three years, and live and work in circumstances that seemingly would allow them to disrupt normative expectations of work and family. The United States provides a unique backdrop to examine the navigation of competing work and family demands because reconciliation is largely left to employees and their families. Public and individual company policies are not enough; there must be a corresponding supportive family-friendly culture – supervisor support and penalty-free WFP – to disrupt gendered work and family.
The chapter examines to what extent research from social cognitive neuroscience can inform ethical leadership. We evaluate the contribution of brain research to the…
The chapter examines to what extent research from social cognitive neuroscience can inform ethical leadership. We evaluate the contribution of brain research to the understanding of ethical leaders as moral persons as well the understanding of their role as moral managers. The areas of social cognitive neuroscience that mirror these two aspects of ethical leadership comprise research relating to understanding oneself, understanding others, and the relationship between the self and others. Within these, we deem it relevant for ethical leadership to incorporate research findings about self-reflection, self-regulation, theory of mind, empathy, trust, and fairness. The chapter highlights social cognitive neuroscience research in these areas and discusses its actual and potential contributions to ethical leadership. The chapter thereby engages also with the broader discussion on the neuroscience of leadership. We suggest new avenues for future research in the field of leadership ethics and responsibility.
The management of children′s literature is a search for value and suitability. Effective policies in library and educational work are based firmly on knowledge of materials, and on the bibliographical and critical frame within which the materials appear and might best be selected. Boundaries, like those between quality and popular books, and between children′s and adult materials, present important challenges for selection, and implicit in this process are professional acumen and judgement. Yet also there are attitudes and systems of values, which can powerfully influence selection on grounds of morality and good taste. To guard against undue subjectivity, the knowledge frame should acknowledge the relevance of social and experiential context for all reading materials, how readers think as well as how they read, and what explicit and implicit agendas the authors have. The good professional takes all these factors on board.
This paper studies the strategies of “E” award winning exporters engaged in manufacturing and demonstrates that there are multiple strategies for achieving success. Cluster analysis is applied to fifty‐seven items that comprise the population of business activities for award‐winning U.S. exporters to Latin America. Four strategies emerge from the cluster analysis and are validated with multiple methods. In addition, the clusters are shown to be consistent with an emerging business strategy typology that until now has ignored exporting. The results offer both a geographical and a conceptual extension of prior work in international business.
Time on the market (TOM) has been widely tested in the US real estate literature using listing and selling data of houses captured in the multiple listing services (MLSs)…
Time on the market (TOM) has been widely tested in the US real estate literature using listing and selling data of houses captured in the multiple listing services (MLSs). Unfortunately in the UK there are no MLSs so it is not possible to undertake similar analyses. The approach adopted in this paper differs from traditional TOM analyses in that it focuses on the speed or time the market takes to correct for information differences between open market valuations and traded prices. In this context the paper introduces the concept of equilibrium time on the market (ETOM). The study therefore adopts a different approach to estimating TOM and in addition also examines the phenomenon within the UK commercial real estate sector. Based on a simple present value model, the time taken for the difference between an appraiser's estimate of open market value and known selling prices define our time on the market under equilibrium market conditions. Using the annualised UK Investment Property Databank all‐property total return index for a sample period of 17 years between 1983 and 1999, the average ETOM was estimated to be 8.4 months. This figure, however, varied and depended on market conditions.
WHILE there is no doubt that the system of issuing books at “net” prices is of great benefit to booksellers, there is also no doubt that, unless care is taken, it is a serious drain upon a limited book‐purchasing income. A few years ago the position had become so serious that conferences were held with a view to securing the exemption of Public Libraries from the “net” price. The attempt, as was perhaps to be expected, failed. Since that time, the system has been growing until, at the present time, practically every non‐fictional book worth buying is issued at a “net price.”
Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and…
Investigates the differences in protocols between arbitral tribunals and courts, with particular emphasis on US, Greek and English law. Gives examples of each country and its way of using the law in specific circumstances, and shows the variations therein. Sums up that arbitration is much the better way to gok as it avoids delays and expenses, plus the vexation/frustration of normal litigation. Concludes that the US and Greek constitutions and common law tradition in England appear to allow involved parties to choose their own judge, who can thus be an arbitrator. Discusses e‐commerce and speculates on this for the future.