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  • 1
    Electronic Resource
    Electronic Resource
    [s.l.] : Blackwell Publishers Ltd
    R & D management 31 (2001), S. 0 
    ISSN: 1467-9310
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: It is well known that costly reversibility complicates capital investment analysis to the point where closed form expressions for the value of a firm’s investment opportunities seldom exist. In such circumstances numerical evaluation is normally taken as the most practical (and often, the only) way of determining investment value. However, we demonstrate that power series expansions can often be used to obtain analytic expressions for the value of a firm’s investment opportunities. We use them in a research and development (R&D) setting to determine investment value when cash flows are generated by two well known stochastic processes. The first is based on the Cox, Ingersoll and Ross (1985) ‘square root’ process; the second on the Uhlenbeck and Ornstein (1930) mean reverting random walk. The criteria which lead to optimal investment decisions when the option to abandon or take up investment opportunities have the non-trivial values implied by these processes, are also briefly examined.
    Type of Medium: Electronic Resource
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  • 2
    ISSN: 0951-3574
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Examines the financial accountability implications arising from the adoption of accrual-based accounting principles by Australia's largest public sector employee pension fund manager, the State Authorities Superannuation Board of the Australian State of New South Wales (SASB), during its brief existence from 1988 to 1996. While the adoption of accrual-based accounting principles increased management's political accountability concerning the performance of SASB's commercially-managed asset portfolio, it reduced the level of generational accountability concerning the under-funding of its major pension fund, the State Authorities Superannuation Scheme (the SAS). Negative political visibility associated with management's voluntary compliance with a controversial financial reporting standard, together with government's adoption of accrual accounting, resulted in two major changes in the SASB's organizational structure. The impact of political visibility on the generational accountability behavior of SASB management is examined by comparing stock and flow funding trends of the SAS over time.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Publishing Ltd
    Economic affairs 23 (2003), S. 0 
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Type of Medium: Electronic Resource
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  • 4
    ISSN: 1468-0270
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper applies a stakeholder perspective to estimate various types of costs (taxes) and benefits (subsidies) affecting stakeholder groups whose constituents are most affected by recent, major reforms to the public regulation of the UK pensions industry. Both direct and indirect subsidies and taxes arising from regulation distinguishes groups representing both sophisticated and vulnerable investors. The analysis suggests that financial intermediaries, and industry regulators, are all effectively subsidised by other stakeholder groups.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers
    ISSN: 1468-0408
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: The financial sustainability of publicly funded health care systems is sensitive to the demographics of ageing populations, which have a significant bearing on their financial management, accountability and reporting of their financial performance. This paper examines historical and current trends in demographic structure of Australia's population that are likely to impact on the financial management and accountability practices affecting Australia'suniversal public health care system (‘Medicare’). The pay-as-you-go financed funding status of Medicare as represented under both currently required, cash-based accounting principles and proposed accrual-based accounting principles are criticised for not recognising the obligations of the Australian government under Medicare. An alternative system of generational accounting is proposed that projects the financial management costs of Medicare. Data are taken from both historical trends in expenditure and ageing as well as projected demographics. The analysis implies that there is significant intergenerational-inequity in the funding of Medicare, which is not recognised under accrual-based accounting principles that are now being used to evaluate the financial accountability and performance of government entities.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Oxford, UK; Malden, USA : Blackwell Publishing Ltd/Inc.
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Abstract:  We determine optimal investment criteria for a capital project whose cash flows evolve in terms of a ‘modified square root’ process. The modified square root process has properties similar to the Cox, Ingersoll and Ross (1985)‘square root’ process but in addition, encompasses the possibility of negative cash flows. Although closed form solutions for the valuation equations implied by the modified square root process are the exception rather than the rule we are able to show that analytic solutions, in the form of infinite power series expansions, will always exist. Furthermore, we also show that when a prescribed set of regularity conditions is satisfied, these power series expansions converge to closed form valuation functions. The optimality criteria for capital investment decisions are then simplified considerably.
    Type of Medium: Electronic Resource
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  • 7
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This study examines various factors that potentially explain cross-sectional variations in UK corporate managerial discretion to switch towards a market-based actuarial pension valuation method for pension funding and reporting purposes. Evidence is based on accounting, actuarial and share market data for an industry-matched pair sample of 90 UK firms. Consistent with our hypotheses we find that companies have a greater propensity to switch actuarial methods if they use lower discount rates, lower flow funding ratios and sponsor larger pension plans in the pre-switch valuation year. These findings are consistent with the traditional perspective, which implies that UK corporate switching decisions are explained by characteristics of their defined benefit pension funds. The results run contrary to the findings of earlier US based studies that find that such choices can be explained from an alternative corporate financial perspective.
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: Pension funds require the managerial expertise of financial intermediaries, who must be paid a fee or spread. The spread significantly reduces the value of the pension fund over longer holding periods, and implies significantly greater incentive conflicts for defined contribution-funded pension funds than for defined benefit-funded pension funds. The magnitude of the intermediary spread and those factors affecting the demand for financial intermediary reputation and the marginal fee for this reputation are examined for a sample of 66 defined contribution and 54 defined benefit Australian pension funds during 1991–93. The intermediary spread significantly reduces the average net return provided to individual investors, particularly for defined contribution pension funds. Agency-related factors affecting the demand for financial intermediary reputation and its marginal fee reflect underlying contract-based differences between these types of fund.
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Oxford, UK and Boston, USA : Blackwell Publishers Ltd
    ISSN: 1468-5957
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Economics
    Notes: This paper develops and tests a new measure of mutual fund performance, based on Brennan's (1993a) equilibrium model of the pricing of retail financial products, which assumes that search costs of investors are non-trivial and cause the demand for mutual funds to be inelastic, thus creating an intermediary spread. This implies that the marginal costs of the intermediary spread in the form of expenses and sales load must be explicitly traded off against the marginal benefits in terms of the fund's return relative to a benchmark. The measure is used to evaluate the performance of twelve USA, eight UK and five Australian-based internationally diversified equity funds over the period 1982–95, and provides new insights into their performance in ways that are not revealed by the Jensen measure.
    Type of Medium: Electronic Resource
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