When I set out to write this book, my topic was stock options.
Specifically, my intent was to explore the much debated issue of
expensing stock options. While that remains an essential theme of
this book, it is impossible to address stock options without looking
at the broader picture. Put another way, stock options are the trees;
executive compensation and effective corporate governance are the
Chapter 1 - Corporate governance. This chapter explain corporate governance, describe the objectives and core attributes of an effective corporate governance system, and evaluate whether a company’s corporate governance has those attributes.
In this chapter you will learn: Learn the free market system and business; understand the role and responsibility of business in society; understand the primary goal of corporate governance; recognize that effective corporate governance is established through power sharing among all participants, particularly shareholders, boards of directors, and management;...
Chapter 6 introduce the managerial function of corporate governance; understand the roles, responsibilities, and duties of corporate senior executives, including the CEO and CFO; identify the components of executive compensation and illustrate how each of these components relates to effective corporate governance; identify the financial reporting requirements of public companies and SOX provisions that pertain to management certifications of financial reports and internal controls;...
This chapter recognize the role independent auditors play in achieving effective corporate governance and reliable financial reports; understand the history of auditing, the traditional roles of auditors, and regulations recently placed on them; address the expectation gap regarding what auditors can provide in the way of reasonable assurance and the expectations of investors for a higher level of assurance;...
Pursuant to Article 1 of the Convention signed in Paris on 14th December 1960,
and which came into force on 30th September 1961, the Organisation for Economic
Co-operation and Development (OECD) shall promote policies designed...
This paper examines how corporate financial structure shapes the impact of a financial crisis on the real sector by way of its effects on flows of funds and on corporate real expenditures.
It is one of the first papers to utilize extensive cross-country flow and balance sheet data and also to examine
subcomponents of GDP in the wake of banking and currency crises rather than focusing exclusively on aggregate GDP.
The tax rules of the United States and of foreign countries affect multinational
corporations in a variety of ways. Researchers at the National Bureau of Eco-
nomic Research have been studying the impact of taxation on multinational
corporations for several years. From time to time, the results of this research
have been presented at NBER conferences and subsequently published in
NBER volumes. The papers in the current volume, which were presented at
such a conference in January 1994, were the result of studies during the previ-...
ESSAYS ON INTERNATIONAL CORPORATE FINANCE The stronger are parental preferences for effective schools (relative to
schools with other desired attributes), the more actively will high- xi families seek out
neighborhoods in effective districts, and the larger will θ * tend to be in Tiebout equilibrium.
The weaker are parental preferences for μ j relative to other factors, the smaller will θ *
tend to be.
THREE ESSAYS ON FINANCIAL DISTRESS AND CORPORATE CONTROL Chapter One develops this idea and implements tests of the hypothesis that school
effectiveness is an important determinant of residential choices among local-monopoly
school districts. I model a Tiebout-style housing market in which house prices ration
access to desirable schools, which may be desirable either because they are particularly
effective or because they enroll a desirable set of students.
To explain the role of public relations, sponsorships, and corporate advertising in relationship marketing and integrated marketing communications. By integrating public relations, event sponsorships, and institutional advertising with its general advertising activities, a company can improve the overall effectiveness of its marketing efforts.
This book provides a clear practical introduction to shareholder value analysis for the marketing professional. It gives them the tools to develop the marketing strategies that will create the most value for business. For top management and CFOs the book explains how marketing generates shareholder value. It shows how top management should evaluate strategies and stimulate more effective and relevant marketing in their companies.
The objective of the study was to identify the ways in which information assurance can be embedded into corporate risk management processes in the changing UK corporate governance environment. Corporate governance now calls for effective management of risks but board-level awareness is not yet being translated into effective controls.
However, there is no study to date that examines the informational eﬃciency of the
secondary market for loans relative to the market for bonds of the same corporation, largely
due to the unavailability (at least until now) of secondary market prices of loans. Our study
ﬁlls this gap in the literature. Speciﬁcally, we examine, using a unique dataset of secondary
market daily prices of loans from November 1, 1999 through July 31, 2002, whether the
loan market is informationally more eﬃcient than the bond market. Given the nature of our
sample period (i.e.
CROSS CUTURAL INTERPRETATIONS OF FRAUD: AN ATTITUDINAL STUDY IN A MIDDLE EASTERN MULTINATIONAL CORPORATION The alternative hypotheses that are consistent with the above results, that parental
valuations place a great deal of weight on peer group relative to effectiveness or that
administrative and instructional effectiveness is simply unimportant to the distribution of
educational outcomes, seem more plausible.
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This chapter is about how firms manage cash. The basic objective in cash management is to keep the investment in cash as low as possible while still keeping the firm operating efficiently and effectively. This goal usually reduces to the dictum “Collect early and pay late”. Accordingly, this chapter forcus discuss ways of accelerating collections and managing disbursements.
After studying this chapter, you should understand: How exchange rates are quoted, what they mean, and the difference between spot and forward exchange rates; purchasing power parity, interest rate parity, unbiased forward rates, uncovered interest rate parity, and the international Fisher effect and their implications for exchange rate changes; the different types of exchange rate risk and ways firms manage exchange rate risk; the impact of political risk on international business investing.
Chapter 13 - Leverage and capital structure. In this chapter you will understand the effect of financial leverage on cash flows and cost of equity, understand the impact of taxes and bankruptcy on capital structure choice, understand the basic components of bankruptcy.
Chapter 6 - Dividends and share repurchases: Basics. This chapter describe regular cash dividends, extra dividends, stock dividends, stock splits, and reverse stock splits, including their expected effect on a shareholder’s wealth and a company’s financial ratios.