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Horna Zegarra, Indalecio Enrique. "Perspectivas del financiamiento corporativo y el mercado de valores del Perú". Retos 10, nr 19 (20.03.2020): 135–52. http://dx.doi.org/10.17163/ret.n19.2020.08.
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El grado de desarrollo de los mercados financieros son un indicativo del crecimiento económico de los países. Una alternativa para el financiamiento de las empresas es la colocación de bonos corporativos a través del mercado de valores, así, este estudio pretende revisar el comportamiento en el mercado de valores peruano relativo a las emisiones de bonos corporativos comparativamente durante los periodos 2005-2010 y 2015-2019, como reflejo de la situación del mercado actual peruano. Es una investigación de tipo documental y descriptiva, recopilando datos relativos a las colocaciones de bonos corporativos (montos, plazos de vencimiento y tasas de interés), mediante la revisión de notas de prensa de la Superintendencia del Mercado de Valores (SMV) y los respectivos informes acumulados, de las diferentes compañías clasificadoras de riesgo aprobadas por SMV, para cada una de las empresas en estudio. Se observó en promedio un aumento en las emisiones, así como la disminución de las tasas de interés y ambas tendencias, fueron estadísticamente significativas. Por otra parte, dos de las empresas revisadas, emitieron bonos verdes tanto en el mercado nacional como en el internacional. Estos, son indicadores favorables para la economía del Perú, los cuales validan que viene en crecimiento y más aún, predispuestas al cambio global en donde se busca más que el financiamiento empresarial, un impacto positivo en el ámbito social y en el medio ambiente, con la emisión de bonos verdes.
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Rodríguez Cairo, Vladimir. "OFERTAS PÚBLICAS PRIMARIAS DE BONOS CORPORATIVOS EN EL PERÚ". Quipukamayoc 17, nr 33 (15.03.2014): 71. http://dx.doi.org/10.15381/quipu.v17i33.4554.
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para los inversionistas nacionales e internacionales, ya que este se caracteriza por canalizar flujos de fondos desde los agentes superavitarios (ofertantes de fondos prestables) hacia los agentes deficitarios (demandantes de fondos prestables), lo cual tiene como consecuencia un mayor nivel de inversión, generando a la vez crecimiento económico y de esta manera, el beneficio de todos los participantes. Las empresas se desenvuelven en un entorno financiero en el cual se exigen requisitos como solvencia, capital social, rentabilidad y trayectoria, lo cual resulta difícil de cumplirlos. En estos tiempos, el financiamiento empresarial se circunscribe fundamentalmente al sistema bancario. Sin embargo, se requiere otra alternativa de financiamiento distinta a las tradicionales. Una alternativa fundamental es la emisión de bonos en el mercado primario de valores. Obtener financiamiento a través de este mercado resulta más eficiente para las empresas que recurrir a un crédito bancario, por el menor costo financiero que significa la emisión de bonos. El artículo analiza los aspectos técnicos y legales de las Ofertas Públicas Primarias de Bonos Corporativos en el Perú y su implicancia en el acceso al financiamiento de las empresas al mercado primario de valores.
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Gutiérrez Urzúa, Mauricio, Isabel Yáñez Carreño i Robert Paillan Peña. "Spreads de los bonos corporativos en la industria del retail chileno". Cuadernos Latinoamericanos de Administración 10, nr 18 (24.10.2015): 39–45. http://dx.doi.org/10.18270/cuaderlam.v10i18.586.
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Artículo de investigaciónEl presente trabajo comprende un análisis empírico sobre la estimación e interpretación de las variables que afectan la determinación del spread en la emisión de deuda mediante bonos corporativos de las empresas del sector retail chileno. Para el desarrollo de esta investigación se cuenta principalmente con información pública disponible, Podemos destacar que la variable determinante del spread en esta investigación es el rendimiento de los activos, mostrando un signo negativo, consistente con la teoría de la jerarquía Myers y Majluf (1984) Esto significa que la mayor rentabilidad influye negativamente en la determinación del spread, porque la empresa tendría menor riesgo de caer en default.
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Castañeda, Francisco, Víctor Caro i Franco Contreras. "Spreads Determinants of Corporate Bonds in State-Owned Companies. The CODELCO Case". Revista Mexicana de Economía y Finanzas 12, nr 4 (1.09.2017): 431–46. http://dx.doi.org/10.21919/remef.v12i4.242.
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Atiles Osoria, José. "Exceptionality and Colonial-State–Corporate Crimes in the Puerto Rican Fiscal and Economic Crisis". Latin American Perspectives 47, nr 3 (10.03.2020): 49–63. http://dx.doi.org/10.1177/0094582x20911466.
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A sociolegal analysis of the sources of Puerto Rico’s fiscal and economic crisis points to the use of the colonial state of exception as an economic development policy facilitating the creation of a tax-haven-like economy and normalizing a series of a colonial-state–corporate crimes. The Puerto Rican people need to hold those who generated the crisis accountable both politically and legally. They must continue mobilizing and promoting the repoliticization of recovery efforts by not paying the public debt, taking legal action against financial predators and corrupt politicians, clawing back fees and refusing to pay any additional fees, giving more importance to the human rights of Puerto Ricans than to the rights of bondholders and vulture funds, and initiating a process of decolonization that will allow them to make decisions about their future. Un análisis sociolegal de los orígenes de la crisis fiscal y económica de Puerto Rico apunta al uso del estado de excepción colonial como una política de desarrollo económico que facilita la creación de una economía parecida a un paraíso fiscal y normaliza una serie de crímenes estado-coloniales y corporativos. El pueblo puertorriqueño debe responsabilizar a quienes generaron la crisis, tanto política como legalmente. Deben continuar movilizando y promoviendo la repolitización de los esfuerzos de reactivación al no pagar la deuda pública, emprender acciones legales contra depredadores financieros y políticos corruptos, recuperar tarifas y negarse a pagar tarifas adicionales, dando más importancia a los derechos humanos de los puertorriqueños que a los derechos de los portadores de bonos y fondos buitres, e iniciar un proceso de descolonización que les permita tomar decisiones sobre su futuro.
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Gregg, Amanda, i Steven Nafziger. "Capital structure and corporate performance in late Imperial Russia". European Review of Economic History 23, nr 4 (10.09.2018): 446–81. http://dx.doi.org/10.1093/ereh/hey020.
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Abstract This article investigates the financing of corporations in industrialization’s early stages by examining new balance sheet data describing all Imperial Russian corporations in 1914. We emphasize differences between two Russian corporation types: share partnerships and A-corporations. Share partnerships issued greater dividends, were less likely to issue bonds, and had larger accounts payable. We find that capital structures varied with age, size, and sector according to modern corporate finance theories and that scaled profits did not demonstrate differential market power across corporation types. Thus, Russian corporations exhibited considerable financial flexibility, and reducing incorporation costs could have benefited the Imperial Russian economy.
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Rode, Sanjay. "Financing capital expenditure through municipal bond market in Navi Mumbai Municipal Corporation". Public and Municipal Finance 8, nr 1 (26.04.2019): 11–27. http://dx.doi.org/10.21511/pmf.08(1).2019.02.
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In India, the urban local bodies do not have decentralization in various functions. Therefore, municipal corporations find various issues in functioning and revenue generation. It has resulted into either shortfall or low quality infrastructure services to people. The Navi Mumbai Municipal Corporation is developed as modern municipal corporation. Municipal corporation invested financial resources in development for civic infrastructure. Therefore, population, industries, educational institutions, markets, transport and other facilities are expanding very fast. The ordinary least square regression results shows that the municipal corporation has positive co-relation with revenue receipts from LBT, property tax and town planning. The revenue expenditure is positively co-related with municipal estate, public health and hospitals, primary and secondary education. The engineering work for poor is negatively correlated with revenue expenditure. The capital receipts are positively co-related with fire brigade, auditorium, sports and cultural programs and security deposits and water supply. The capital expenditure is positively co-related to women and child welfare schemes, primary education, environment monitoring. It is negatively co-related with dumping grounds. The municipal corporation must raise funds from capital market through municipal bonds. More investment must be made in civic infrastructure. Similarly, corporation must spend more funds on poor, welfare of women and children. Municipal corporation must monitor and protect environment. It must give more priorities for processing of solid and e-waste, protect local culture, primary and secondary education, health care for all and technology in provision of civic services. It must develop human resource and create best place to live in metropolitan region.
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Abreu, Jonas. "Conexões entre Cultura Nacional, Identidade Corporativa e Marketing Global nas Empresas Americanas". Revista de Ciências Gerenciais 25, nr 41 (25.06.2021): 27–37. http://dx.doi.org/10.17921/1415-6571.2021v25n41p27-37.
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ResumoEste artigo tem por objetivo analisar a correlação entre o processo de desenvolvimento dos valores que configuraram a cultura nacional dos EUA e as identidades corporativas das grandes empresas americanas. Como este fenômeno foi gerado nas empresas de sociedade anônima, mais livres das amarras governamentais, formou-se uma estrutura de mercado global liderado pelas corporações americanas, ao redor dos paradigmas científicos surgidos no século XX. A maioria gozava dos princípios de liberdade e igualdade, garantidos pela autorregulamentação da economia. A metodologia utilizada para obter os resultados desta problematização, se constituiu de pesquisa exploratória caracterizada pela investigação dos marcos históricos, antropológicos e sociológicos relacionados à cultura e identidade, bem como sua reprodução no ambiente empresarial. A pesquisa bibliográfica explorou autores como: Emile Durkheim, George Mead, Claude Lévi-Strauss, Franz Boas, Nestor Canclini, Denis Cuche, Pierre Bourdieu, Frederick Taylor, Renato Ortiz, Arthur Schlesinger Jr e Philip Kotler. Dados e infográficos foram obtidos em publicações econômicas e artigos de websites especializados. A pesquisa permitiu concluir que as tendências liberal e conservadora, que se alternam na história americana, definem o nível de envolvimento das corporações do país, observando tanto as inclinações mercadológicas quanto os Governos. Nessa combinação de fenômenos se verifica a empresa americana ser construída, inicialmente, em volta da teoria do laissez-faire e tornar-se modelo internacional por meio dos princípios da administração científica. Posteriormente, adaptou-se ao New Deal, encaminhou sua identidade para uma empresa do tipo global e por fim, atualmente, se experimenta certo declínio de sua influência em função dos mercados transnacionais que estão sendo configurados desde 1980. Palavras-chave: Cultura Nacional. Identidade Corporativa. Marketing Global. Cultura Nacional Americana. Empresas Americanas. AbstractThis article aims to analyze the correlation between the values development process that shaped the national culture of the USA and the corporate identities of large American companies. As this phenomenon was generated in corporations, freer from government bonds, a global market structure led by American corporations was formed, around the scientific paradigms that emerged in the 20th century. The majority enjoyed the principles of freedom and equality, guaranteed by the economy self-regulation. The methodology used to obtain the results of this problematization, consisted of exploratory research characterized by the investigation of historical, anthropological and sociological landmarks related to culture and identity, as well as their reproduction in the business environment. The bibliographic research explored authors such as: Emile Durkheim, George Mead, Claude Lévi-Strauss, Franz Boas, Nestor Canclini, Denis Cuche, Pierre Bourdieu, Frederick Taylor, Renato Ortiz, Arthur Schlesinger Jr and Philip Kotler. Data and infographics were obtained from economic publications and articles from specialized websites. The research concluded that the liberal and conservative tendencies, which alternate in American history, define the level of involvement of the country's corporations, observing both the market inclinations and the governments. In this combination of events, we saw the American company being built initially around the theory of laissez-faire and becoming an international model through the principles of scientific management. Subsequently, he adapted to the New Deal, forwarded his identity to a global company and finally, he currently experiences a certain decline in his influence because of the transnational markets that have been configured since 1980. Keywords: National Culture; Corporative Identity. Global Marketing. American National Culture. American Companies.
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Gajo, Marianne. "Dubai Financial Market und National Bonds Corporation kooperieren". Die Aktiengesellschaft 64, nr 11 (1.06.2019): r169. http://dx.doi.org/10.9785/ag-2019-641115.
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Davis, Ann E. "The New Triffin Dilemma". Review of Radical Political Economics 50, nr 4 (3.11.2018): 691–98. http://dx.doi.org/10.1177/0486613418767613.
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According to Pozsar, there is a new kind of “Triffin Dilemma.” Due to rising inequality, a shrinking numbers of large banks, and a ceiling on Federal Deposit Insurance Corporation (FDIC) insured deposits, there is a shortage of “safe assets.” The private supply of safe assets has occurred through the system of shadow banks, and is based on repos, or Treasury Bonds. But the supply of US Treasury bonds is limited by the ceiling on public debt, and is constrained by neoliberal theories of limits to the size of government. As a result, there is a presumed shortage of safe assets, just when the levels of inequality have increased the order of magnitude of assets under management which are in need of protection. There are also large accumulations of cash pools by large multinational corporations, often held overseas to evade taxes. The private provision of safe assets tends to reduce liquidity and increase costs of information, potentially leading to financial instability. Possible resolutions of this issue include (1) progressive taxes to reduce the size of the cash pools, (2) an increase in the ceiling for insured deposits, and (3) increasing support by the Fed for the role of “market maker of last resort.” This paper concludes with the implications of each alternative. JEL Classification: B5, E44, G01, P1
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Hong, Soonwook. "Accounting Characteristics Of Corporations By Bonds Issuing Methods: Focused On Public Corporations In South Korea". Journal of Applied Business Research (JABR) 32, nr 4 (30.06.2016): 1217–22. http://dx.doi.org/10.19030/jabr.v32i4.9731.
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Public corporations of Korea may opt for either online auction or offline issue of bonds, the latter being a more traditional method using investment banks. These two methods have distinct advantages and disadvantages. Corporations that adopt the online issue method tend to have lower earnings management, use more conservative accounting, and enjoy superior scores on the government's assessment of management performance. This means that corporations that choose online, the more transparent issuance method, are more transparent in their accounting practices.
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Gramlich, Jeffrey D., i Edward H. Robbins. "Alternative Minimum Tax And Effective Returns From Municipal Bonds". Journal of Applied Business Research (JABR) 9, nr 4 (27.09.2011): 97. http://dx.doi.org/10.19030/jabr.v9i4.5999.
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Taxpayers must pay the alternative minimum tax (AMT) if a minimum tax rate applied to a broad measure of income results in an amount greater than the regular tax. The AMT rate is 20 percent for corporations and 24 percent for other taxpayers. Currently, this broad measure of income includes 100 percent of private activity bond interest and, for corporations, encompasses up to 75 percent of other tax-exempt interest. This paper explains the computation of the AMT and shows the effect of the AMT on after-tax yields from investment in municipal securities. In particular, it demonstrates that the after-tax return on municipal bonds declines with an increase in the number of years until the AMT credit resulting from previous years AMT paid is utilized. The paper then analyzes the AMT in terms of the tax clientele it creates and the implicit tax it may reduce.
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Vasylieva, Dariia. "CORPORATE BOND MARKETS IN EASTERN EUROPE: TRENDS AND PROSPECTS". Baltic Journal of Economic Studies 7, nr 1 (22.01.2021): 10–18. http://dx.doi.org/10.30525/2256-0742/2021-7-1-10-18.
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The purpose of the paper is to analyze the process of the corporate bond market formation in Eastern Europe and to determine the prospects for development in Ukraine. Methodology. It is justified that the main variables that affect corporate bond issues are loans granted to financial corporations (excluding banks) and non-financial corporations, share issues and equity. The empirical basis of the study is the reports of the National Securities and Stock Market Commission (on the amount of shares and bonds), the National Bank of Ukraine (on the amount of loans to corporations) and the State Statistics Service of Ukraine (on the amount of corporate equity). The study covers 20 years: from 2000 to 2019. Based on these data, a vector autoregressive model (VAR) was constructed. The forecast error variance decomposition (VDC) technique was used to identify the most influential variables in the corporate bond issuance process. Based on the VAR model, the forecast levels of model variables for 2021–2024 were obtained, which should have been achieved under the condition of planned development of the corporate bond market in Ukraine. It has been suggested that the economic shock of the COVID-19 has led to a decrease in the expected level of variables in 2020. Therefore, seven scenarios for the development of the corporate bond market are considered: A – reduction of equity amount; B – decrease in the amount of shares issued; C – decrease in the amount of loans to corporations; A + B; A + C; B + C; A + B + C. The results of the VDC technique have allowed to establish that the issue of corporate bonds in Ukraine largely depends on the amount of bank loans granted to corporations. Based on the VAR model and scenario forecasting, it was determined that the most favorable for the development of the corporate bond market of Ukraine is the scenario, in which corporations’ equity will be reduced by 10% due to increased uncovered loss but such a reduction will not lead to liquidation, and hence the cessation of circulation of their shares. Practical implications. Forecasting the amount of corporate bonds, shares and loans to corporations based on the proposed model allows companies to develop effective strategic plans, and investors – to decide on the allocation of their own financial resources. Value/originality. The proposed model of corporate bond market development in Ukraine includes internal and external sources of financing of enterprises, and allows to quantify the relationship between financial instruments (corporate bonds, loans and shares).
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高, 扬. "Bonds Pricing and Analysis for Transnational Corporations by PDE Method". Operations Research and Fuzziology 02, nr 01 (2012): 8–18. http://dx.doi.org/10.12677/orf.2012.21002.
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Vu, Joseph D. "Corporate Motives In Bond Refunding And Calling: A Survey". Journal of Applied Business Research (JABR) 2, nr 4 (1.11.2011): 100. http://dx.doi.org/10.19030/jabr.v2i4.6562.
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This paper provides the results of a survey of corporations which called nonconvertible bonds in the period from 1962 to 1978. The survey shows that interest saving is the most important motive for calls and refunding. Moreover, the evidence indicates that there are profitable opportunities to call bonds trading at a discount. The survey may help resolve conflicting results in evaluating the bond refunding process.
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Ketkar, Suhas L., i Dilip Ratha. "Diaspora bonds for funding education". MIGRATION LETTERS 8, nr 2 (28.01.2014): 153–72. http://dx.doi.org/10.33182/ml.v8i2.163.
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Diaspora bonds represent a debt instrument issued by a country – or potentially a private corporation – to raise financing from its overseas diaspora. They offer governments a flexible mechanism for raising large scale funding to support national budgets and fill financing gaps in development programs, including provision of quality education. However, there is limited awareness about this financing vehicle. While India and Israel have been at the forefront in issuing diaspora bonds, many other nations also have large diaspora communities in the world and could benefit by issuing such bonds. Given the interest of the global education community in innovative approaches to financing, diaspora bonds could be an important source of funding. The paper proposes a pilot program for funding via diaspora bonds a medical school in a developing country with a large and skilled diaspora abroad.
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Cebula, Richard J., Fabrizio Rossi, Fiorentina Dajci i Maggie Foley. "Financial market determinants of the real cost of funds to public corporations in the US". Journal of Financial Economic Policy 8, nr 1 (4.04.2016): 2–12. http://dx.doi.org/10.1108/jfep-09-2015-0048.
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Purpose The purpose of this study is to provide new empirical evidence on the impact of a variety of financial market forces on the ex post real cost of funds to corporations, namely, the ex post real interest rate yield on AAA-rated long-term corporate bonds in the USA. The study is couched within an open-economy loanable funds model, and it adopts annual data for the period 1973-2013, so that the results are current while being applicable only for the post-Bretton Woods era. The auto-regressive two-stage least squares (2SLS) and generalized method of moments (GMM) estimations reveal that the ex post real interest rate yield on AAA-rated long-term corporate bonds in the USA was an increasing function of the ex post real interest rate yields on six-month Treasury bills, seven-year Treasury notes, high-grade municipal bonds and the Moody’s BAA-rated corporate bonds, while being a decreasing function of the monetary base as a per cent of gross domestic product (GDP) and net financial capital inflows as a per cent of GDP. Finally, additional estimates reveal that the higher the budget deficit as a per cent of GDP, the higher the ex post real interest rate on AAA-rated long-term corporate bonds. Design/methodology/approach After developing an initial open-economy loanable funds model, the empirical dimension of the study involves auto-regressive, two-stage least squares and GMM estimates. The model is then expanded to include the federal budget deficit, and new AR/2SLS and GMM estimates are provided. Findings The AR/2SLS and GMM (generalized method of moments) estimations reveal that the ex post real interest rate yield on AAA-rated long-term corporate bonds in the USA was an increasing function of the ex post real interest rate yields on six-month Treasury bills, seven-year Treasury notes, high-grade municipal bonds and the Moody’s BAA-rated corporate bonds, while being a decreasing function of the monetary base as a per cent of GDP and net financial capital inflows as a per cent of GDP. Finally, additional estimates reveal that the higher the budget deficit as a per cent of GDP, the higher the ex post real interest rate on AAA-rated long -term corporate bonds. Originality/value The author is unaware of a study that adopts this particular set of real interest rates along with net capital inflows and the monetary base as a per cent of GDP and net capital inflows. Also, the data run through 2013. There have been only studies of deficits and real interest rates in the past few years.
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Li, Tian. "Study on Mechanics of Special Materials against Oil Volatility Risk". Applied Mechanics and Materials 164 (kwiecień 2012): 356–61. http://dx.doi.org/10.4028/www.scientific.net/amm.164.356.
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Crude oil is the most important material for the modern industry, while its volatility risk’s threatening to the industry developments is increasing stronger and stronger. In 2008 and 2009, some Chinese corporations have suffered from huge losses from their earlier hedging operations on crude oil prices. These incidents reflected the shortage of management methods and experiences on risks. In fact, those corporations might hedge their short positions on the crude oil puts by longing the US Treasury Bonds puts so as to avoid the huge losses.
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Johnson, Jackie, i Mark Holub. "Corporate expatriations: loosening the bonds of control". Corporate Ownership and Control 5, nr 1 (2007): 202–13. http://dx.doi.org/10.22495/cocv5i1c1p4.
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Following criticism of former U.S. corporations for reincorporating offshore, legislation was proposed to remove any financial advantage gained. The move offshore has significant tax implications for the U.S. Treasury, so proposed legislation has tried to either retain some U.S. control over the companies or limit their U.S. government business. Results indicate that individual expatriates show little effect from two years of anti-expatriation proposals and are unlikely to reverse their reincorporation decision. With the Bush administration’s pro-corporate agenda there is little hope for a forceful anti-expatriation stance. Meanwhile the decline in corporate tax revenue continues to be a problem for the U.S. Treasury as they lose control of tax revenue as the budget is squeezed by needs at home and abroad
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Miroslav, Müller. "Analysis of production parameters of single-lap bonds adhesive bonded with composites based on aluminium filler". Research in Agricultural Engineering 63, No. 1 (28.03.2017): 36–44. http://dx.doi.org/10.17221/82/2015-rae.
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In the area of bonding of sheets of metals, mainly in construction of transport and agricultural machines, single-lap bonds are used. In manufacturing corporations focused on bonding of the metal sheets the technologies such as riveting, welding and adhesive bonding are particularly used. These methods are frequently combined. The aim of the research was the evaluation of lap length of alloy AlCu4Mg adhesively bonded using two component epoxy adhesive, which is commonly used in construction of machines and its modification based in addition of filler in form of aluminium microparticles. The secondary aim of the research was to ascertain the influence of microparticle volume of aluminium filler on mechanical properties of polymer particle composite. Strength of adhesively bonded joint depends on the thickness of the bonded material. Strength of the adhesively bonded joint is dependent on the lapping length of adhesively bonded material. The highest values of strength of adhesively bonded joint were reached with the coefficient of the proportional length 0.27 ± 0.01. The assumption about negative effect of filler on tensile strength during the experiments was not confirmed.
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Laux, Judy. "Topics In Finance Part IV - Valuation". American Journal of Business Education (AJBE) 3, nr 9 (1.09.2010): 1–6. http://dx.doi.org/10.19030/ajbe.v3i9.473.
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This article looks at security valuation from the perspective of the financial manager, accenting the relationships to stockholder wealth maximization (SWM), risk and return, and potential agency problems. It also covers some of the pertinent literature related to how investors and creditors price the stocks and bonds of corporations.
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Morhachov, I., Ye Ovcharenko, Ye Ivchenko, M. Buchniev i Yu Klius. "THE IMPACT OF FINANCIAL LEVERAGE IN THE COURSE OF INVESTMENT PROCESSES IN THE STOCK MARKET". Financial and credit activity: problems of theory and practice 2, nr 37 (30.04.2021): 171–79. http://dx.doi.org/10.18371/fcaptp.v2i37.229956.
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Abstract. The article clarifies the possibilities of using financial leverage in investment processes on the stock market. The main condition for obtaining such an effect is the acquisition of shares of leading US corporations through the issue of bonds. The US stock market is recognized as contributing to the effect of financial leverage. The possibility of issuing bonds only by legal entities (public companies) determines their exclusivity in the matter of obtaining the effect of financial leverage. The possibility of using the effect of financial leverage justifies the economic feasibility of creating investment funds. In working with using quantitative methods of estimation, the advantages of those corporations that use such an effect over competitors are proved. The basis of this valuation method is a comparison of the average annual growth rate of shares of representatives of two types of investment companies. Berkshire Hathaway and the Vanguard S & P 500 ETF investment fund were selected as these representatives. Berkshire Hathaway was a representative of corporations using financial leverage, and the Vanguard S & P 500 ETF was the opposite. In particular, regarding the investment company Berkshire Hathaway, it is determined that the use of financial leverage allows it to outperform the dynamics of the S & P 500 stock index in terms of the growth rate of its own shares. Moreover, such a result is achieved even when in the structure of the assets of Berkshire Hathaway there are many shares of companies that have lagged behind this stock index. It is clarified that in practice, the use of the effect of financial leverage is not common, since ETF funds dominate the stock market. Such entities do not have the practice of issuing bonds. The rare nature of the use of the effect of financial leverage in investment processes made it possible to identify not used reserves for intensifying these processes. Keywords: financial leverage, stocks, bonds, stock market, stock index, investment processes. JEL Classification G 30; G 31. Formulas: 5; fig.: 3; tabl.: 1; bibl.: 13.
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Grebenshchikov, E. "Securitization of Insured Risks and Insurance from Extreme Losses". World Economy and International Relations, nr 9 (2011): 51–60. http://dx.doi.org/10.20542/0131-2227-2011-9-51-60.
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Natural disasters are extremely destructive power and duration on the planet occur rather rarely, but in this case should build in advance of system protection and response, which includes immediate measures to assist victims by the State, a set of measures on risk management and the full participation of the insurance industry. For this purpose, since the mid-1990s insurance corporations resort to such a form of alternative financing upcoming and possible costs as a transfer of risks to the stock market through the issuance of catastrophe bonds. The article contains an analysis of these bonds.
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Sidorenko, Elena. "Social bonds as a tool for financing concession projects in the housing and communal services sector in Rostov oblast, Russia". E3S Web of Conferences 281 (2021): 08009. http://dx.doi.org/10.1051/e3sconf/202128108009.
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The article discusses the possibility of using social bonds as the additional sources of financing in the construction and operation of water supply and sanitation facilities under concession agreements. The specifics of social bonds in accordance with the requirements of the International Capital Markets Association (ICMA) to social impact projects has been clarified. It is proposed to use the social bonds’ circulation mechanism in the implementation of investment projects for the technological modernization of water supply and sewerage networks in the municipalities of the Rostov region. The liquidity of social bonds will be determined by collateral, which will be the government grants, which the investor will be able to receive only if the stated social goals are achieved. In order to reduce risks and increase the attractiveness of social impact projects, it is proposed to use the RR Regional Development Corporation as a project operator and guarantee fund.
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Hundt, Steffen, Björn Sprungk i Andreas Horsch. "Wealth transfer between owners and lenders of European stock corporations". Corporate Ownership and Control 14, nr 2 (2017): 147–64. http://dx.doi.org/10.22495/cocv14i2c1p1.
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Wealth transfer effects between company owners and lenders based on changes in a firm’s credit rating have primarily been examined a) for one type of security; b) on U.S. capital markets; and c) by applying standard event study methods. In contrast to these studies, we compared the price effects of stocks and corporate bonds of the same issuer using robust event study methods. Our findings indicated that downgrades cause negative price effects for owners and lenders of European firms, whereas upgrades only induced positive price effects for lenders. However, we did not find evidence for the existence of wealth transfer effects between owners and lenders on European capital markets.
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Deok-Jo Jang. "The Discounted Issuance of Convertible Bonds, Loss of Corporation, and Loss of Shareholders". Lawyers Association Journal 58, nr 5 (maj 2009): 79–122. http://dx.doi.org/10.17007/klaj.2009.58.5.003.
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Wallace, Jo-Ann. "Corporate Support for Legal Services". Daedalus 148, nr 1 (styczeń 2019): 136–39. http://dx.doi.org/10.1162/daed_a_00546.
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The gap in pro bono legal services provided by corporate legal departments and large private law firms is not surprising: The formalization of pro bono work by large firms has been underway on a significant scale for far longer than it has within corporations. This process has made large firm pro bono efforts more efficient and effective through improved practices. It has also led firm leaders and lawyers generally to expect more volunteerism of this sort. Companies that apply their resources, business experience, or other assets have successfully expanded the impact of their pro bono hours. Because of the scale of this need, and because legal-services lawyers have specialized expertise that corporate lawyers can't easily replicate, corporate pro bono efforts will not, on their own, close the justice gap. But these efforts have the potential to contribute significantly more to the ability of legal-aid organizations to serve their clients, and to help close this gap.
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Teichmann, Fabian Maximilian Johannes. "Incentive systems in anti-bribery whistleblowing". Journal of Financial Crime 26, nr 2 (1.04.2019): 519–25. http://dx.doi.org/10.1108/jfc-04-2018-0041.
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Purpose While existing literature focusses on the causes and negative consequences of corruption, this paper illustrates the potential use of whistleblowing incentives to combat bribery in multinational corporations. The purpose of the present study is to highlight that anti-bribery mechanisms, which have already been successfully applied in the public sector, may also be deployed in multinational organisations. Design/methodology/approach A two-step qualitative research process was used. Informal interviews were conducted with 35 corrupt public officials, followed by formal interviews with 35 compliance experts and law enforcement officers. During the interviews, the advantages and disadvantages of whistleblowing incentives in multinational corporations were discussed. The interviewees’ responses were subjected to content analysis. Findings The principal finding was that rewarding employees with significant monetary bonuses may help to increase anti-bribery whistleblowing. However, such bonus payments should be made in only major cases of bribery to safeguard multinational corporations, company cultures and trust among employees. Research limitations/implications The findings convey the perspectives of the 70 interviewees based in Austria, Germany, Liechtenstein and Switzerland. Practical implications The paper offers suggestions to multinational corporations on how to effectively combat corruption and other forms of white-collar crime. Originality/value While the empirical findings are based on a European sample, the results may be applied globally.
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Thompson, James H. "A Global Comparison of Insider Trading Regulations". International Journal of Accounting and Financial Reporting 3, nr 1 (16.02.2013): 1. http://dx.doi.org/10.5296/ijafr.v3i1.3269.
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As the business world continues to expand in global markets, trading of shares, bonds, derivatives and other instruments continues to increase. One form of trading that has received considerable interest in recent years is insider trading. Insider trading occurs when individuals with potential access to non-public information about a corporation buy or sell stock of that corporation. When the information is material and non-public, such trading is illegal. However, if the trading is done in a manner that does not take advantage of non-public information, it is often permissible. This study compares insider trading laws, penalties, and convictions in countries represented by the 14 largest securities markets throughout the world and provides data indicating that there are important differences.
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Symington, Kenneth E., Felix Martinez, Stephen C. Cohen, Larry J. Miller i Thomas E. Philbeck. "CT-Guided Biopsy Produces High Quality Specimens For Diagnosis: A Retrospective Analysis Of 64 Consecutive Cases Using a Powered Biopsy Device At a Community Based Hospital". Blood 122, nr 21 (15.11.2013): 5381. http://dx.doi.org/10.1182/blood.v122.21.5381.5381.
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Abstract Introduction For decades, the standard methods of performing bone marrow and bone biopsy procedures in patients with varying bone densities have remained unchanged; despite the fact that the manual method of performing these biopsies has significant limitations; including patient discomfort, needle-related adverse events, and operator physical ability. As a consequence, interventional radiologists are often asked to perform these procedures for patients with difficult-to-reach biopsy targets. In 2010, a new battery/rotary powered biopsy device was introduced, initially for bone marrow sampling; then for examination of focal lesions of bones; procedures often performed by interventional radiologists using image guidance. In a retrospective study sponsored by Vidacare Corporation, an examination of one radiology and one pathology groups' initial experience using the device at a single center was conducted to determine the performance characteristics of the new biopsy device. Methods Medical records at Holy Family Hospital from March 2010 to July 2012 were examined, and data for patients who had undergone biopsy procedures using the powered device (OnControl, Vidacare Corp, Shavano Park, TX) were compiled. Data included patient demographics, biopsy type, imaging type, analgesia/anesthesia type, anatomical location, number of passes, room time, procedure time, and complications. Pathology data included specimen dimensions, grading for crush and thermal artifact, presence of hemorrhage, overall quality, and ability to provide a definitive or descriptive diagnosis. Results 64 patients had biopsy procedures using the powered device by 11 clinicians. Mean patient age was 63.5±15.6; 61% were female. Eleven patients received bone marrow aspiration and biopsy (BMAB) to diagnose/rule out hematological disorders. For the bone marrow biopsy procedures, pathology examination revealed the mean specimen length was 14.8±6.8mm; mean specimen volume was 87.9±64.2mm3 (vs. mean length of 11.0±5.5mm and mean volume of 20.4±9.0mm3 reported for patients receiving manual biopies in a separate study*) Of those specimens, 54.5% were intact, 91.9% were graded excellent or good (compared to 80% rated excellent or good for patients receiving manual biopsies in a separate study*), and the pathologist was able to provide either definitive or descriptive diagnosis for 100% of the cases. For the remaining cases, patients received bone biopsy procedures for focal lesions. Procedures were performed on vertebrae and the ilium in 39% and 38% of the cases, respectively. Other bones included the sacrum, femur, pubis, humerus, rib, and tibia. For all procedures, the mean number of passes was 1.3±0.7, and mean procedure time was 17.8±9.8 minutes. There were no complications. Conclusions For random marrow sampling and focal lesions, the powered system yielded outstanding specimens, particularly with respect to volume. Use of the powered device resulted in increased yield rates and higher quality specimens compared to manual devices; as well as easier and faster performance of biopsies, a broader spectrum of potential users (due to the decreased physical requirements for the biopsy), and reduced radiation exposure to patients and operators. The powered devices were especially useful when sampling hard bones and difficult-to-reach bone lesions. Shorter procedure time and diminished physician effort using the new system vastly improved operator ergonomics. The system also transformed previously inaccessible focal lesions into viable biopsy targets. *Berenson JR, Yellin O, Blumenstein B, Bojanower D, Croopnick J, Aboulafia D, et al. Using a powered bone marrow biopsy system results in shorter procedures, causes less residual pain to adult patients, and yields larger specimens. Diagnostic Pathology 2011;6:23 Disclosures: Symington: Vidacare Corporation: Consultancy, Honoraria, Research Funding. Off Label Use: Not really off-label but could be interpreted as off-label. The study device has a specific indication to be used to biopsy bone marrow, bones of the iliac crest and vertebra and a general indication for bone lesions. Some specific bones other than iliac crest and vertebra were treated, studied and mentioned in this abstract, which could be interpreted as off-label use. Martinez:Vidacare Corporation: Research Funding. Cohen:Vidacare Corporation: Research Funding. Miller:Vidacare Corporation: Co-inventor of study device, Co-inventor of study device Patents & Royalties, Employment. Philbeck:Vidacare Corporation: Employment.
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Li, Peixin, Rongxi Zhou i Yahui Xiong. "Can ESG Performance Affect Bond Default Rate? Evidence from China". Sustainability 12, nr 7 (7.04.2020): 2954. http://dx.doi.org/10.3390/su12072954.
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Capturing determinants of bond default risks has aroused heated discussions ever since the “rigid payment” system collapsed in China. Within this context; this paper aims to clarify the relation between an issuer’s environmental; social; and corporate (ESG) performance and its bond default rate. We developed an ESG factors-embedded Logistic Regression model to empirically examine Chinese default bonds and outstanding industrial bonds from 2014 to 2019. Results indicate that the bond default rate is positively correlated with the company’s energy consumption and negatively correlated with its attention to social responsibilities; and corporate governance; in addition to its financial performances. In conclusion; to fully take ESG factors into consideration during the decision-making process and daily operations might improve stability and credibility of corporations in modern Chinese national context.
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Binderman, Zbigniew, Bolesław Borkowski i Wiesław Szczesny. "WYKORZYSTANIE WZORCÓW POŚREDNICH DO BUDOWY MIERNIKÓW SYNTETYCZNYCH". Metody Ilościowe w Badaniach Ekonomicznych 21, nr 3 (23.12.2020): 157–67. http://dx.doi.org/10.22630/mibe.2020.21.3.15.
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The work is a direct continuation of the series of authors articles concerning the construction of new indicators of classification. In the present paper, a manner of classification of objects which is based on three model objects is proposed. An example of the actual distribution of a bonus fund among business units in a large corporation demonstrates the usefulness of such an approach. Studies have shown that this method is very useful for organizing and grouping objects.
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Wezel, Filippo Carlo, i Martin Ruef. "Agents with Principles: The Control of Labor in the Dutch East India Company, 1700 to 1796". American Sociological Review 82, nr 5 (14.07.2017): 1009–36. http://dx.doi.org/10.1177/0003122417718165.
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Principal-agent problems plagued early modern corporations. The existing literature emphasizes the potential benefits provided by private trade in aligning the interests of company agents to those of their principals. We contribute to this line of work by analyzing the organizational and social mechanisms that may help address principal-agent problems in the presence of private trading opportunities. Drawing on personnel records of more than half a million seafarers employed by the Dutch East India Company (VOC) over nearly a century, we show that monitoring was effective in reducing desertion when private trade was conceived as a market activity subordinated to hierarchy. Social bonds were more effective in preventing desertion when the company elevated private trade above hierarchy. Our analysis clarifies how early corporations could maintain control over a geographically dispersed and diverse labor force in the absence of modern tools of organizational governance.
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Lima, Rodrigo, Lais Navarro, Fernando Cesani, Hal K. Hawkins, Frederick Huang, Daneshvari R. Solanki, Thomas Philbeck i Larry Miller. "Repeated Doses of Adriamycin May Be Safely Delivered through the Intraosseous Route In Different Bones In Swine". Blood 116, nr 21 (19.11.2010): 4344. http://dx.doi.org/10.1182/blood.v116.21.4344.4344.
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Abstract Abstract 4344 Background: Vascular access is critical to the management of patients undergoing chemotherapeutic treatments. Chemotherapy regimens are delivered via long-term vascular access, which are associated with increased rate of infection and vessel damage. The safety of intraosseous (IO) drug delivery of common cardiovascular drugs has been well established and is accepted as the primary alternative to IV access. The safety of multiple rounds of tissue disruptive chemotherapeutic agents via the IO route, however, is unknown. A 2007 study conducted by this group examined single dose administration of Mitomycin, Adriamycin, and CHOP (cyclophosphamide, doxorubicine hydrochloride, Oncovin, and prednisolone) through the IO route. Results suggested that the IO route of infusing chemotherapy agents could be a safe alternative to IV infusion, based on the short-term evaluation of 7 days. But in a 2008 follow-up study of Adriamycin administered through the IO route in the same bone 3 times over a 72-day period, 10 of 14 animals suffered osteomyelitis and/or fractures in the bones used for the infusions. The current study was designed to explore different drug administration regimens designed to prevent these complications. Method: This study consisted of two groups of swine, each receiving three rounds of Adriamycin infusions, in three different limbs spaced 21 days apart. Group 1: (High Dose-High Concentration, n = 6): 60mg/m2 of Adriamycin was delivered into the bone over 15 minutes (concentration 2mg/ml). Group 2: (Low Dose-Low Concentration, n=6): 25mg/m2 of Adriamycin was delivered into the bone over 15 minutes (concentration 0.4 mg/ml). Sedation was induced with Ketamine, Xylazine, and Telazol and maintained with Propofol. An IO needle (EZ IO, Vidacare Corporation, Shavano Park, TX) was aseptically placed into the left humerus (first infusion), or left tibia (second infusion), or right tibia (third infusion). Saline was delivered before (manual syringe flush of 10 ml) and after the IO drug infusion (10ml/min over 5 minutes via syringe pump) in both groups. Radiographic images were obtained before and after every drug infusion and prior to euthanasia. Animals were monitored daily for signs of pain, swelling, or tissue necrosis and treated as needed for the duration of the study. Thirty days after the last drug infusion, animals were anesthetized and euthanized. Bone samples were harvested and sent for histological evaluation. A scoring system, in which changes in morphology were scored on a 0 to 4 scale with 4 representing the most severe changes, was used for the histological evaluation. Result: The clinical complications observed were related to the usual adverse events of the drug, such as diarrhea and vomiting observed during the first week post injection in both groups. There was no clinical, radiological, or histological evidence of osteomyelitis or fracture. Radiological evaluation showed a delay of the healing process and an increase of the osteoblastic activity in the bones previously injected with Adriamycin in both groups. Histological evaluation showed higher scores for blood (p<0.001), scar (p=0.002), and edema (p=0.04) in the left tibia of the animals of Group 1 versus Group 2. There was a higher incidence of normal marrow tissue present in the left tibia of the animals of Group 2 (p=0.04) and a higher incidence of normal bone spicules was found in the right tibia of the animals of Group 2 versus Group 1 (p=0.04). Conclusion: The IO delivery of lower dose and diluted concentrations of Adriamycin was safer and resulted in less tissue abnormality when compared with higher dose/higher concentration. The IO route with rotation of sites for placement of IO needles may be a feasible option for Adriamycin or other vesicant delivery. Disclosures: Lima: Vidacare Corporation: Research Funding. Navarro:Vidacare Corporation: Research Funding. Philbeck:Vidacare Corporation: Employment. Miller:Vidacare Corporation: Employment, Equity Ownership.
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Fields, Joseph A., James B. Ross, Chinmoy Ghosh i Keith B. Johnson. "Junk bonds, life insurer insolvency, and stock market reactions: The case of first executive corporation". Journal of Financial Services Research 8, nr 2 (kwiecień 1994): 95–111. http://dx.doi.org/10.1007/bf01053809.
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Borges, Janaina Gonçalves. "A IMPORTÂNCIA DA RESPONSABILIDADE SOCIAL NA ALAVANCAGEM DA MARCA DAS EMPRESAS". RECIMA21 - Revista Científica Multidisciplinar - ISSN 2675-6218 2, nr 5 (28.06.2021): e25386. http://dx.doi.org/10.47820/recima21.v2i5.386.
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No mercado atual, a preocupação com questões sociais e ambientais tem aumentado cada vez mais, de modo que muitas empresas não têm somente prezado o lucro, mas também a sustentabilidade e o meio social. Dessa forma, muitas dessas empresas têm utilizado de ações de responsabilidade social, abraçando uma causa e se diferenciando em meio ao mercado empresarial. Nesse sentido, este estudo tem como objetivo geral refletir a respeito da importância da responsabilidade social corporativa na alavancagem de marcas empresariais. Tal objetivo é concluído abordando os seguintes pontos: conceituação da responsabilidade social corporativa; apresentação da construção de uma marca; e demonstração de ações de responsabilidade social nos contextos internos e externos às empresas. Para a elaboração deste estudo utilizou-se a metodologia de pesquisa bibliográfica, a qual baseou-se em estudos científicos provenientes das seguintes bases de dados presentes na Web: Google Scholar, SciELO e Scopus. Por fim, conclui-se que a responsabilidade social corporativa tem um grande poder de alavancagem das marcas empresariais, demonstrando que a empresa que faz uso deste meio de maneira correta, abraçando de fato a causa, conseguirá obter um maior destaque no mercado, obtendo bons retornos financeiros.
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Pizzurro, Joseph D. "Weltover, Inc. v. Republic Of Argentina". American Journal of International Law 85, nr 3 (lipiec 1991): 560–64. http://dx.doi.org/10.2307/2203115.
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Plaintiffs, two Panamanian corporations and a Swiss bank, brought an action against the Republic of Argentina and Banco Central de la República Argentina (Banco Central) for breach of obligations arising out of the issuance of certain bonds. The defendants moved to dismiss for lack of subject matter jurisdiction and lack of personal jurisdiction under the Foreign Sovereign Immunities Act of 1976 (28 U.S.C. §§1602-1611 (1988)) (FSIA). In the alternative, defendants moved for dismissal under the doctrine of forum non conveniens. The district court denied the motions and held that: (1) the acts of the defendants in issuing, and breaching the payment obligations under, certain bonds were commercial, and the failure to pay on those bonds, which contemplated payment in New York, constituted a direct effect in the United States even though the plaintiffs were non-U.S. entities; (2) the aggregate of the defendants’ contacts with the United States, together with the promise to pay the plaintiffs in New York, satisfied the minimum contacts requirement under the due process clause; and (3) the defendants had not made a sufficient showing to justify a dismissal of the case on the grounds of forum non conveniens.
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Guttmann, Robert. "Die strategische Rolle der Pensionsfonds". PROKLA. Zeitschrift für kritische Sozialwissenschaft 28, nr 113 (1.12.1998): 643–50. http://dx.doi.org/10.32387/prokla.v28i113.833.
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In the USA and in Britain pension funds have enjoyed spectacular growth in recent decades and they are about to emerge as a major force in the European economies and the »emerging markets« of Asia and Latin America. In the eighties, pension funds often backed hostile takeovers and even provided liquidity for junk bonds. But in the last decade the short term investment strategies of pension funds changed and they developed attitudes of »active« owners, interested in the management strategies of »their« corporations. Especially in the emerging markets of Latin America they could have a stabilizing function in the future.
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Evgenidis, Anastasios, i Costas Siriopoulos. "A robust pricing of specific structured bonds with coupons". Journal of Risk Finance 15, nr 3 (19.05.2014): 234–47. http://dx.doi.org/10.1108/jrf-01-2014-0005.
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Purpose – The purpose of this paper is to present an innovative model to evaluate the fair price of a subset of structured products for a hypothetical US structured bond. Design/methodology/approach – The authors assume that interest rates dynamics are described by the Cox–Ingersoll–Ross process. They conduct robustness checks by stress testing against parameter and model uncertainty. Findings – The fair value of the bond is robust under any parameter or model misspecification. In addition, a change in the price seems to be more sensitive to long-term yields rather than short-or mid-term yields. The authors provide a better understanding of the relationship between bond prices and business cycles: a slight change in the current structure would have a significant effect on the bond price only during economic expansions. Social implications – The recent global financial crisis has led policymakers and the financial press to blame financial innovation through accusations of structured products being highly complex. Much of the criticism is based on the fact that investors were not able to properly price and fully understand the risks of their investments. Regulators should ensure proper pricing of these products to protect both the investors and the system. Fair pricing is important for bond issuers, governments or corporations to design their product at an attractive price for investors. Originality/value – This paper fills a gap in the extant literature by providing an innovative model based on an Euler–Maruyama Monte Carlo scheme to price structured products.
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Lester, V. Markham. "The Effect of Southern State Bond Repudiation and British Debt Collection Efforts on Anglo-American Relations, 1840–1940". Journal of British Studies 52, nr 2 (kwiecień 2013): 415–40. http://dx.doi.org/10.1017/jbr.2013.58.
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AbstractBritish officials' largely negative impression of the United States caused by America's intransigence in allowing renegotiation of Britain's First World War debts must be viewed against a backdrop of a longstanding debtor-creditor relationship between the two nations. Since the mid-nineteenth century, British creditors, largely through the efforts of the London-based Corporation of Foreign Bondholders, vigorously yet unsuccessfully attempted to collect large debts on repudiated American state bonds. This article provides greater understanding of this history and shows that the nineteenth-century debt controversy might well have been avoided to the economic benefit of the British and particularly the American South.
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Roden, Peyton F., i Imre Karafaith. "In-Substance Defeasance And Shareholders Wealth". Journal of Applied Business Research (JABR) 4, nr 1 (27.10.2011): 87. http://dx.doi.org/10.19030/jabr.v4i1.6448.
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In November, 1983, the Financial Accounting Standards Board issued Statement No. 76: Extinguishment of Debt. The Statement permitted corporations completing an in-substance defeasance to recognize an increase in earnings and earnings per share. High interest rates in 1984 and the Statement encouraged corporate managers to in-substance defeasance debt and show the associated increase in earnings per share. In our examination of 19 companies defeasing bonds during the period 1983-1985, we found no impact on stock price. Although the process led to an accounting profit for each company, investors interpreted the change in capital structure to be transitory and/or too small to require altering their investment portfolios.
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Bidabad, Bijan. "Non-Usury Bank Corporation (NUBankCo): The Solution to Islamic Banking". International Journal of Shari'ah and Corporate Governance Research 2, nr 1 (27.03.2019): 53–66. http://dx.doi.org/10.46281/ijscgr.v2i1.276.
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In this paper, we are going to introduce a new Islamic financial institution with elaborated economic and financial characteristics. «Non-Usury Bank Corporation» (NUBankCo) is defined in a way that depositors are the shareholders of the Bank. This corporation is a new kind of shared ownership corporation which its shareholders are deposit holders and their deposits work as corporation’s equities. The defined bank can perform non-usury operations, and by designing a behavioral model, it is shown that NUBankCo can draw an environment that the welfare of society is to be maximized. Mobility of deposit resources in NUBankCo is less than conventional banks, and there are fewer conflicts between large and small shareholders/depositors and limits the emergence of shareholders’ cartels and thus huge sudden outflow of funds which creates bankruptcy crises.OECD’s corporate governance criteria are completely adaptable to this bank. Other pronouncements like Basel, AAOFI, IFSB, and FSF can be applied to this bank. NUBankCo can be established in different countries and can be adapted to different monetary, banking, foreign exchange, and commercial laws and regulations and can coexist in competition with conventional banks.NUbankCo will be Islamic in deposit mobilization side and will be Islamic in the loan/credit side for certain Islamic contracts and banking operations. Foreign currency exchange operations, bonds, commercial papers, and precious metals transactions, cash and draft operations, and credit and beneloan (non-interest loan) operations are characterized for NUBankCo to be fully Islamic.
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Johannes Teichmann, Fabian Maximilian. "An agency theory approach towards bribery". Journal of Financial Regulation and Compliance 27, nr 2 (13.05.2019): 160–68. http://dx.doi.org/10.1108/jfrc-03-2018-0041.
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Purpose This paper aims to discuss the role of agency theory in combatting bribery in multinational corporations. It is shown how a combination of bonus and malus payments could help to create the right incentives for agency. Design/methodology/approach Based on the analysis of 15 formal and 15 informal expert interviews with both prevention experts and corrupt individuals, concrete ways of more effectively combatting bribery have been developed. Findings As a result, it is suggested that matrix systems could help to adjust incentives systems to take compliance issues into account. It is found that multinational corporations should eliminate. Research limitations/implications This study’s findings are limited to the perspectives of 30 interviewees. Hence, it is possible that a study with a larger sample conducted in different countries or at a different time would have led to different results. Practical implications The identification of the potential role of incentive systems in compliance mechanisms is meant to provide compliance officers and legislators with valuable insights into why the current prevention schemes are ineffective. This can help to both improve compliance mechanisms. Originality/value While the empirical findings are based in Europe, the results could be applied globally.
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Lee, Myoung Soung, i Sang-Lin Han. "Establishing Relationship between Corporation and Customer-Contact Employees: Psychological Response of Customer-Contact Employees toward Relationship Bonds". korean management review 47, nr 1 (28.02.2018): 153–75. http://dx.doi.org/10.17287/kmr.2018.47.1.153.
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DeAngelo, Harry, Linda DeAngelo i Stuart C. Gilson. "The collapse of First Executive Corporation junk bonds, adverse publicity, and the ‘run on the bank’ phenomenon". Journal of Financial Economics 36, nr 3 (grudzień 1994): 287–336. http://dx.doi.org/10.1016/0304-405x(94)90008-6.
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Mazur, L. V., i M. A. Shatalov. "RESEARCH OF THE MARKET STRUCTURE OF RUSSIAN CORPORATE BONDS (EXAMPLE OF THE FUEL AND ENERGY COMPLEX AND HEAVY INDUSTRY)". Business Strategies, nr 11 (13.12.2018): 03–09. http://dx.doi.org/10.17747/2311-7184-2018-11-03-09.
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An important direction for the stabilization of economic development is the existence of effective mechanisms for attracting financial resources by business entities. Due to its investment capacity, Russia’s corporate securities market plays an important role in the financial system of the state. The need for economic recovery (after crisis, military-political, sanction and other force majeure circumstances) also requires the widespread use of corporate securities as equity capital raising instruments. The formation of the corporate securities market enables the financing of the needs of economic entities in the three institutional sectors – financial, non-financial corporations and households. In spite of the importance of access to financial resources of contractors of all institutional sectors, financing of the sector of non-financial corporations (enterprises-subjects of the real sector of economy) in today’s conditions determines the rates and proportions of economic development. Enterprises – market participants decide the issue of attracting the necessary resources through the issue of various equity and debt corporate securities. This determines their investment position in capital markets and, at the same time, reveals the ability to use the investment potential of the corporate securities market.In this regard, the article deals with the peculiarities of the formation of the market for Russian corporate bonds. Various indexes of corporate bonds of the Moscow Stock Exchange are considered. A detailed analysis of the placement of corporate bond loans in the sectors of the fuel and energy industry and heavy industry has been conducted. The main dominant industries, attractive for investors in recent years, as well as branches in which the investment decline is observed, are revealed.The conducted researches can serve as the basis for the development of practical recommendations for improving the efficiency of the functioning of the corporate securities market.
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Snarska, Aleksandra. "Budowanie marki jako performans". Literatura i Kultura Popularna 22 (6.09.2017): 111–25. http://dx.doi.org/10.19195/0867-7441.22.8.
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Brand Building as a PerformanceThe following article is an attempt of description phenomena of corporate spectacles in an anthropological perspective. It focuses on the roots of corporate performatics in terms of carnavalization of culture, play, entertainment, self-presentation, acting and also criticism of consumptionism — phenomena typical for contemporary culture related to part of company’s activities focused on brand building, in particular its subdomain: experiential marketing. The structure is based on 2 types of acting performed by the corporations: presenting oneself, and creation of spectacles. The author aims not only at underlining the strong bonds between brand building and anthropology of spectacles but also attempts to describe the ritual roots of most of branding activities.
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Ederhof, Merle. "Incentive Compensation and Promotion-Based Incentives of Mid-Level Managers: Evidence from a Multinational Corporation". Accounting Review 86, nr 1 (1.01.2011): 131–53. http://dx.doi.org/10.2308/accr.00000007.
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ABSTRACT: This study re-examines the hypothesis that explicit, compensation-based incentives of mid-level managers are adjusted to the level of implicit incentives provided by the possibility of moving to higher-level positions. Using compensation data from a large multinational corporation, I find that, after controlling for the position’s scope and level of accountability, bonus-based incentives are stronger for managers who (1) have fewer organizational levels left to climb, (2) face weaker implicit incentives from getting promoted to the next level, and (3) face weaker implicit incentives from getting promoted to the top of the organization. The findings are consistent with the notion that implicit incentives are taken into consideration in the design of explicit incentive contracts. In particular, the results support the prediction that explicit incentives are optimally stronger in situations with weaker implicit incentives.
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Cobb, Daniel M. "The Personal Politics of Action and Applied Anthropology". Ethnohistory 66, nr 3 (1.07.2019): 537–63. http://dx.doi.org/10.1215/00141801-7517940.
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Abstract Action anthropology came to the fore during the 1950s and 1960s, in part as a critical response to applied anthropology’s colonial and governmental entanglements, seeking to learn from communities by collaboratively pursuing solutions to practical problems. While critical assessments of theory, method, and efficacy abound, the everyday human bonds fostered through these approaches seldom receive mention. This essay focuses on the personal and intellectual relationships Robert K. Thomas and Murray L. Wax formed with Ponca activist Clyde Warrior via the Workshop on American Indian Affairs, Carnegie Corporation Cross-Cultural Education Project, and Kansas Indian Education Research Project during the 1960s. It illuminates some of the interior dimensions of these two expressions of public-facing engaged scholarship.1
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SHICHOR, DAVID. "Privatizing Correctional Institutions: An Organizational Perspective". Prison Journal 79, nr 2 (czerwiec 1999): 226–49. http://dx.doi.org/10.1177/0032885599079002006.
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The privatization of jails and prisons became a growth industry during the second half of the 1980s and the 1990s. Although the private sector has provided diverse services for adult correctional institutions for a long time during the 20th century, the operation and management of entire facilities is a relatively new phenomenon. This article analyzes, on a theoretical level, the organizational changes that occur when private corporations are contracted to operate adult correctional facilities. The major theoretical concepts reviewed are goal orientation, cui bono—who are the primary beneficiaries of the organization, the organization-set, and “steering versus rowing.” This article concludes with some suggestions that should be taken into consideration when correctional privatization decisions are being made.