Xem 1-20 trên 130 kết quả Agency problem
  • Just as the share ownership structure delineates a firm’s agency problem, it also impacts the firm’s reporting. When an owner effectively controls a firm, he/she also controls the production of the firm’s accounting information and reporting policies. When the controlling owner is entrenched by his/her voting power and there is a large separation of the voting and cash flow rights, the credibility of the accounting information is reduced.

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  • This research was supported at SRI htternational by the Defense Advanced Reseat~ch Projects Agency under contract N00039-79-C-0118 ~¢ith the Naval Electronic Systems Commaw t The views and conchtsions contained in this document are those of the author and should not be interpreted as representative of the official policiex either expressed or bnplied, of the Defense Advanced Research Projects Agency, or the U. S. Goverttment. The author is gratefid to Barbara Grosz, Gary ttendrix and Terry Winograd for comments on an earlier draa of this paper. ...

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  • Business financial decisions are not made in a vacuum. An ‘obvious’ decision may often have to be tempered by an appreciation of the restrictions imposed by the prevailing environment. Although it is beyond our scope to consider the full social, political and economic complexity of the financial decision-making context, we provide an overview of the key features of the UK financial and economic system. A sound grasp of the framework for financial decisions is essential if the reader is to appreciate fully the issues discussed in subsequent chapters of this book....

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  • Whether you’ve fallen behind on your bills, been sued, or even declared bankruptcy, this book can help you take simple and effective steps to repair your credit. As you read, keep in mind these four important points. You’re not alone. Economic ups and downs have affected many people. Disposable incomes are down and savings are evaporating. Millions of honest, hardworking people—the same ones who receive credit offers almost daily—are having problems paying their bills. And more than two million personal bankruptcy cases were filed in 2005....

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  • The ownership of listed companies in East Asia is typically concentrated in the hands of large shareholders. This concentrated control is achieved through complicated ownership arrangements, i.e., stock pyramids and cross-shareholdings.3 In this section, we discuss the forces that shape the ownership structure. We then discuss how the ownership structure shapes the firms’ agency problems, through its entrenchment and incentive alignment effects on controlling owners.

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  • We also examine the determinants of the return gap. We find that estimated trading costs are negatively related to the return gap. Also, most funds in our sample exhibit relatively large correlations between the hypothetical holdings returns and the investor returns, indicating that their actual investment strategies do not differ significantly from their disclosed strategies. However, some funds have relatively low correlations between holdings and investor returns.

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  • Economic literature often discusses that in the area of access to finance for SMEs, a market imperfection/failure is not only present during a deep recession but also on an ongoing basis as a fundamental structural issue. The reasons for the market failure relate to insufficient supply of capital (debt or equity) and inadequacies on the demand side.

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  • Whether you’ve fallen behind on your bills, been sued, or even declared bankruptcy, this book can help you take simple and effective steps to repair your credit. As you read, keep in mind these four important points. You’re not alone. Economic ups and downs have affected many people. Disposable incomes are down and savings are evaporating. Millions of honest, hardworking people—the same ones who receive credit offers almost daily—are having problems paying their bills. And

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  • Levy-Yeyati, Martinez Peria, and Schmukler show that systemic risk exerts a significant impact on the behavior of depositors, sometimes overshadowing their responses to standard bank fundamentals. Systemic risk can affect market discipline both regardless of and through bank fundamentals. First, worsening systemic conditions can directly threaten the value of deposits by way of dual agency problems. Second, to the extent that banks are exposed to systemic risk, systemic shocks lead to a future deterioration of fundamentals not captured by their current values.

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  • While microcredit has experienced impressive growth rates in the past decade and has been widely lauded for its potential in economic development, it is questionable whether it is able to overcome this problem by itself. Proponents of microfinance have long been arguing that there is a large unmet demand for small-scale loans in developing countries. Robinson (2001) argues that in the poor world, there might be as many as 1.

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  • This article argues that the crisis of 2007–2008 happened because of an explosive combination of agency problems, moral hazard, and “scientism”—the illusion that ostensibly scientific techniques would manage risks and predict rare events in spite of the stark empirical and theoretical realities that suggested otherwise. The authors analyze the varied behaviors, ideas and effects that in combination created a financial meltdown, and discuss the players responsible for the consequences.

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  • Switzerland's policy for improving air quality "must be pursued with determination," the agency added. "In particular, this means using more advanced technologies and introducing stricter norms for nitrogen oxide (NOx) and particulates." The agency said one reason for the smaller than anticipated decrease in polluting emissions is the projected increase in truck traffic despite the Swiss government's efforts to encourage trucks crossing through Switzerland to be put on rail cars through the use of road tolls and quotas on truck traffic.

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  • The World Health Organization was established in 1948 as a specialized agency of the United Nations serving as the directing and coordinating authority for international health matters and public health. One of WHO’s constitutional functions is to provide objective and reliable information and advice in the field of human health, a responsibility that it fulfils in part through its publications programmes. Through its publications, the Organization seeks to support national health strategies and address the most pressing public health concerns.

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  • Moreover, even if it were established that options increased risk taking, it is not clear whether such an outcome would be desirable or undesirable from the perspective of the shareholders. Risk-averse managers, who hold disproportionate amounts of their financial and human capital in the companies they manage, are likely to take fewer risks than are optimal. This is an agency problem that is likely magnified in companies where top executives enjoy substantial rents from their positions, and have strong incentives not to take risky actions that may get them removed from their positions.

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  • Congress has recognized the importance of respiratory health and has em- barked on programs to make a difference. From 1998–2003, Congress doubled the budget of the National Institutes of Health. We have strengthened the Centers for Disease Control and Prevention, granted the Food and Drug Administration the ability to regulate tobacco, improved pollution control through the Environmental Protection Agency, and funded tuberculosis programs throughout the world because we realize that in order to control tuberculosis at home, we need to control it worldwide.

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  • The application of technology to housing design, construction, and operation offers opportunities for improving affordability, energy efficiency, comfort, safety, and convenience for consumers. New technologies and production processes could help resolve serious problems facing housing producers, including labor shortages, interruptions due to inclement weather, quality control, and theft and vandalism losses.

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  • Governments and UN agencies have failed to meet their international commitments and should be called to account. Despite the relative ease of delivering the antiretroviral prophylaxis to prevent vertical transmission progress has been slow, with global coverage rising from 9 percent in 2004 to 33 percent coverage in 2007. At least three quarters of HIV-positive pregnant women in 61 countries, including Cameroon, Ethiopia, India and Nigeria, are still not receiving this intervention. Moreover, it is not enough merely to ensure access to ARV prophylaxis.

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  • While such controls may overcome the agency problem between government and bank owners, it must be asked how significant this problem is in reality. A cursory review of recent banking crises would suggest that many causes for concern relate to management decisions which reflect agency problems involving management. Management may have different risk preferences from those of other stakeholders including the government, owners, creditors, etc.

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  • While it is reasonable to believe that raising capital in public markets creates strong incentives to provide earnings that reflect economic performance, we recognize that there are many tradeoffs and potentially countervailing effects. For instance, Leuz et al. (2003) argue that private control benefits and expropriation from outside investors create hiding incentives for corporate insiders. That is, public firms with agency problems between controlling insiders and outside investors may mask firm performance by managing reported earnings to prevent outsider intervention.

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  • Key events have effectively accelerated this pace. First, there was the election of the Obama administration in 2008 on a platform that emphasized healthcare reform. Sec- ond, there was the contemporaneous global economic meltdown and the subsequent enactment of the American Recovery and Reinvestment Act (ARRA), including the sec- tion entitled Health Information Technology for Economic and Clinical Health (HITECH). HDOs, as well as state and federal legislative and regulatory agencies, are now entrants in an HIT compliance race.

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