Download or read book Recentrage strat gique structure du capital et volatilit financi re written by Jean-Étienne Palard and published by . This book was released on 2007 with total page 1246 pages. Available in PDF, EPUB and Kindle. Book excerpt: Depuis une vingtaine d'années, la transformation du périmètre d'activité des groupes européens a été marquée par un profond mouvement de recentrage des entreprises sur leur coeur de métier. L'objet de cette recherche vise à étudier et à tester l'influence du recentrage stratégique sur la modification de leur structure de financement et l'évolution de la volatilité de leur performance financière. L'échantillon testé regroupe les 250 principales sociétés cotées en Europe entre 1987 et 2003. La thèse est organisée en deux parties. La première partie est consacrée au cadre théorique. Une revue de la littérature portant sur les motifs et les conséquences des opérations de recentrage met en évidence deux insuffisances importantes dans la recherche académique. Les développements théoriques ont alors permis de formuler des hypothèses testables portant à la fois sur les déterminants stratégiques de la capacité d'endettement des firmes et les facteurs liés à l'augmentation de la volatilité financière. La seconde partie est consacrée à la démarche méthodologique et à l'analyse empirique. A partir d' analyses univariées et multivariées sur données de pannel, on observe que les entreprises spécialisées ou en phase de recentrage sont significativement moins endettées et à moins long terme que les firmes diversifiées. Par ailleurs, le mouvement de recentrage stratégique mis en évidence en Europe est positivement corrélé avec la réduction du niveau d'endettement. Deux mesures de volatilité financière basée sur sur la décomposition du MEDAF et le modèle de Campbell et al. (2001) ont ensuite été estimées indiquant une augmentation des composantes sectorielles et idiosyncratique de la volatilité alors que la composante liée au marché est demeurée relativement stable. Les résultats des régressions sur données de pannel montrent que l'augmentation de la volatilité propre à chaque firme est significativement corrélée avec la liquidité des titres, le mouvement de recentrage et le renforcement des investisseurs institutionnels.
Download or read book Recentrage strat gique structure du capital et volatilit financi re written by Jean-Étienne Palard and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Depuis une vingtaine d'années, la transformation du périmètre d'activité des groupes européens a été marquée par un profond mouvement de recentrage des entreprises sur leur coeur de métier. L'objet de cette recherche vise à étudier et à tester l'influence du recentrage stratégique sur la modification de leur structure de financement et l'évolution de la volatilité de leur performance financière. L'échantillon testé regroupe les 250 principales sociétés cotées en Europe entre 1987 et 2003. La thèse est organisée en deux parties. La première partie est consacrée au cadre théorique. Une revue de la littérature portant sur les motifs et les conséquences des opérations de recentrage met en évidence deux insuffisances importantes dans la recherche académique. Les développements théoriques ont alors permis de formuler des hypothèses testables portant à la fois sur les déterminants stratégiques de la capacité d'endettement des firmes et les facteurs liés à l'augmentation de la volatilité financière. La seconde partie est consacrée à la démarche méthodologique et à l'analyse empirique. A partir d' analyses univariées et multivariées sur données de pannel, on observe que les entreprises spécialisées ou en phase de recentrage sont significativement moins endettées et à moins long terme que les firmes diversifiées. Par ailleurs, le mouvement de recentrage stratégique mis en évidence en Europe est positivement corrélé avec la réduction du niveau d'endettement. Deux mesures de volatilité financière basée sur sur la décomposition du MEDAF et le modèle de Campbell et al. (2001) ont ensuite été estimées indiquant une augmentation des composantes sectorielles et idiosyncratique de la volatilité alors que la composante liée au marché est demeurée relativement stable. Les résultats des régressions sur données de pannel montrent que l'augmentation de la volatilité propre à chaque firme est significativement corrélée avec la liquidité des titres, le mouvement de recentrage et le renforcement des investisseurs institutionnels.
Download or read book Actions tra antes structure du capital et choix strat gique de restructuration written by Badreddine Msolli and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: La variété des situations auxquelles sont confrontés les acteurs de la vie des affaires, et l'importance des sommes en jeu, constituent un aiguillon particulièrement stimulant pour la réflexion des spécialistes dans le domaine financier et juridique. Un engouement s'enracine également dans la tendance des marchés financiers à exiger une plus grande transparence dans la gestion des groupes diversifiés, dont la lisibilité financière est souvent réduite. Une telle exigence de lisibilité est au cœur de la définition des actions traçantes. Apparues outre-Atlantique au début des années 80, elles ont bénéficié, avec l'avènement de la nouvelle économie, d'un regain d'intérêt notable et d'un volume d'émission élevé sur le marché financier américain depuis les années 90. L'émission d'actions traçantes, mis à part leur nature hybride, constitue une mesure de restructuration assez particulière qui vient compléter la base d'études déjà constituée sur le thème de la restructuration de capitaux. Cette recherche a pour ambition de montrer comment introduire les actions traçantes sur le marché financier français et plus particulièrement, elle permettra d'élargir le choix des formes de restructuration qui seront présentés pour des entreprises souhaitant chercher de nouvelles sources de financement, se procurer de nouveaux moyens d'acquisition et atteindre l'objectif fondamental qui est celui de la création de valeur. De ce fait, l'émission d'actions traçantes se trouvera en concurrence avec d'autres formes de restructuration (scission et apport partiel d'actif). Par conséquent, on présentera les facteurs dont les entreprises devront tenir compte dans le choix des restructurations envisagées.
Download or read book The Growth of Firms written by Alex Coad and published by Edward Elgar Publishing. This book was released on 2009-01-01 with total page 209 pages. Available in PDF, EPUB and Kindle. Book excerpt: Research into firm growth has been accumulating at a terrific pace, and Alex Coad s survey of this multifaceted field provides a detailed, comprehensive overview of the latest developments. Much progress has been made in empirical research into firm growth in recent decades due to factors such as the availability of detailed longitudinal datasets, more powerful computers and new econometric techniques. This book provides an up-to-date catalogue of empirical work, as well as a coherent theoretical structure within which these new results can be interpreted and understood. It brings together a large body of recent research on firm growth from a multidisciplinary perspective, providing an up-to-date synthesis of stylized facts and empirical regularities. Numerous empirical findings and theories of firm growth are also surveyed and compared in order to evaluate their validity. Drawing on a vast and diverse body of research, this book will prove invaluable to students, academics, policy makers and practitioners with a need to keep abreast of studies in industrial organization, firm growth and management.
Download or read book Financialization and Strategy written by Julie Froud and published by Routledge. This book was released on 2006-04-18 with total page 416 pages. Available in PDF, EPUB and Kindle. Book excerpt: Considering the recent impact of the capital market on corporate strategy, this text analyzes, through argument and supportive case studies, how pressures from the capital bull market of the 1990s and bear market of the early 2000s, have reshaped management action and calculation in large, publicly quoted US and UK corporations. Beginning with the dissatisfaction with classical strategy and its limited engagement with the processes of financialization, the book moves on to cover three detailed company case studies (General Electric, Ford and GlaxoSmithKline) which use long run financial data and analysis of company and industry narratives to illustrate and explore key themes. The book emphasizes the importance of company and industry narrative, while also analyzing long term financial results, and helps to explain the limits of management action and the burden of expectations placed on corporate governance. Presenting financial and market information on trajectory in an accessible way, this book provides a distinctive, critical social science account of management in large UK and US corporations, and it is a valuable resource for students, scholars and researchers of business, management, political economy and non-mainstream economics. short listed for the 2007 IPEG Book Prize
Download or read book Value Migration written by Adrian J. Slywotzky and published by Harvard Business Press. This book was released on 1996 with total page 327 pages. Available in PDF, EPUB and Kindle. Book excerpt: Argues that successful new companies are taking on established businesses by developing superior business designs, and argues that the key is anticipating customer priorities
Download or read book Interculturalism at the crossroads written by Mansouri, Fethi and published by UNESCO Publishing. This book was released on 2017-05-08 with total page 324 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Does Capital Regulation Matter for Bank Behaviour Evidence for German Savings Banks written by Frank Heid and published by . This book was released on 2016 with total page 41 pages. Available in PDF, EPUB and Kindle. Book excerpt: The aim of this paper is to assess how German savings banks adjust capital and risk.
Download or read book Dividends of Development written by Mary A. O'Sullivan and published by Oxford University Press. This book was released on 2016-10-20 with total page 360 pages. Available in PDF, EPUB and Kindle. Book excerpt: The unprecedented importance of finance in our societies, as well as its central role in provoking economic crises, has generated an enormous interest in understanding the historical origins and evolution of modern financial systems. Today the U.S. economy is seen as an archetype of a capitalist system in which securities markets play a central role. Moreover, these markets have had a high profile in some of the most dramatic moments in U.S. history, often in the context of crises. Dividends of Development: Securities Markets in the History of U.S. Capitalism, 1865-1922, explains how U.S. securities markets became central to the institutional fabric of U.S. capitalism. After the Civil War, these markets had a narrowly circumscribed relationship to the country's real economy, being largely dominated by railroad securities. Moreover, their role in the U.S. financial system was of limited significance given the relatively modest resources that financial institutions committed to investment in, and lending on, corporate securities. That situation was to undergo fundamental change from the Civil War through the end of World War 1 but the development of U.S. securities markets did not occur as a result of a smooth, or even, linear process. Instead, the book shows that the transformation of U.S. securities markets occurred through a process that was volatile and time-consuming, unscripted by powerful actors, and driven, above all else, by the dramatic but unstable character of the nation's economic development. These claims about the trajectory, the operation, and the underlying dynamics of the development of U.S. securities markets are brought together in a novel synthesis that portrays the historical evolution of securities markets in the United States as the "dividends" of the country's distinctive trajectory of economic development.
Download or read book Tribal Wisdom for Business Ethics written by Grace Ann Rosile and published by Emerald Group Publishing. This book was released on 2016-11-11 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this book, leading native and non-native scholars present a fascinating view of American Indian tribal values and indigenous cultures. This 'Tribal Wisdom' offers an ethic of business practice that is relationship-based and community-oriented, fostering a harmonious web of life which includes the natural environment.
Download or read book Creating Futures written by Michel Godet and published by . This book was released on 2006 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Edinburgh Gazette written by Stationery Office, The and published by . This book was released on 1990-12-31 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Company Law Official Notifications Supplement
Download or read book The Medieval Imagination written by Jacques Le Goff and published by University of Chicago Press. This book was released on 1992-12-15 with total page 308 pages. Available in PDF, EPUB and Kindle. Book excerpt: To write this history of the imagination, Le Goff has recreated the mental structures of medieval men and women by analyzing the images of man as microcosm and the Church as mystical body; the symbols of power such as flags and oriflammes; and the contradictory world of dreams, marvels, devils, and wild forests. "Le Goff is one of the most distinguished of the French medieval historians of his generation . . . he has exercised immense influence."—Maurice Keen, New York Review of Books "The whole book turns on a fascinating blend of the brutally materialistic and the generously imaginative."—Tom Shippey, London Review of Books "The richness, imaginativeness and sheer learning of Le Goff's work . . . demand to be experienced."—M. T. Clanchy, Times Literary Supplement
Download or read book Crying Out for Change written by Deepa Narayan-Parker and published by World Bank Publications. This book was released on 2000 with total page 342 pages. Available in PDF, EPUB and Kindle. Book excerpt: A multi-country research initiative to understand poverty from the eyes of the poor, the Voices of the Poor project was undertaken to inform the World Bank's activities and the upcoming World Development Report 2000/01. The research findings are being published in three books: "Can Anyone Hear Us?" gathers the voices of over 40,000 poor women and men in 50 countries from the World Bank's participatory poverty assessments (Deepa Narayan, Raj Patel, Kai Schafft, Anne Rademacher, and Sarah Koch-Schulte, authors). "Crying Out for Change" pulls together new field work conducted in 1999 in 23 countries (Deepa Narayan, Robert Chambers, Meera Shah, and Patti Petesch, authors). "From Many Lands" offers regional patterns and country case-studies (Deepa Narayan and Patti Petesch, editors). Voices of the Poor marks the first time such an exercise has been undertaken in so many developing countries and transition economies around the world. It provides a unique and detailed picture of the life of the poor and explains the constraints poor people face to escape from poverty in a way that more traditional survey techniques do not capture well. Each of the three volumes demonstrates the importance of voice and power in poor people's definition of poverty. Voices of the Poor concludes that we need to expand our conventional views of poverty which focus on income expenditure, education, and health to include measures of voice and empowerment.
Download or read book Capital Structure and Corporate Financing Decisions written by H. Kent Baker and published by John Wiley & Sons. This book was released on 2011-03-31 with total page 504 pages. Available in PDF, EPUB and Kindle. Book excerpt: A comprehensive guide to making better capital structure and corporate financing decisions in today's dynamic business environment Given the dramatic changes that have recently occurred in the economy, the topic of capital structure and corporate financing decisions is critically important. The fact is that firms need to constantly revisit their portfolio of debt, equity, and hybrid securities to finance assets, operations, and future growth. Capital Structure and Corporate Financing Decisions provides an in-depth examination of critical capital structure topics, including discussions of basic capital structure components, key theories and practices, and practical application in an increasingly complex corporate world. Throughout, the book emphasizes how a sound capital structure simultaneously minimizes the firm's cost of capital and maximizes the value to shareholders. Offers a strategic focus that allows you to understand how financing decisions relates to a firm's overall corporate policy Consists of contributed chapters from both academics and experienced professionals, offering a variety of perspectives and a rich interplay of ideas Contains information from survey research describing actual financial practices of firms This valuable resource takes a practical approach to capital structure by discussing why various theories make sense and how firms use them to solve problems and create wealth. In the wake of the recent financial crisis, the insights found here are essential to excelling in today's volatile business environment.
Download or read book Fictitious Capital written by Cédric Durand and published by Verso Books. This book was released on 2017-06-06 with total page 177 pages. Available in PDF, EPUB and Kindle. Book excerpt: How finance is a mechanism of social and political domination The 2007–08 credit crisis and the long recession that followed brutally exposed the economic and social costs of financialization. Understanding what lay behind these events, the rise of “fictitious capital” and its opaque logic, is crucial to grasping the social and political conditions under which we live. Yet, for most people, the operations of the financial system remain shrouded in mystery. In this lucid and compelling book, economist Cédric Durand offers a concise and critical introduction to the world of finance, unveiling the truth behind the credit crunch. Fictitious Capital moves beyond moralizing tales about greedy bankers, short-sighted experts and compromised regulators to look at the big picture. Using comparative data covering the last four decades, Durand examines the relationship between trends such as the rise in private and public debt and the proliferation of financial products; norms such as our habitual assumptions about the production of value and financial stability; and the relationship of all this to political power. Fictitious Capital offers a stark warning about the direction that the international economy is taking. Durand argues that the accelerated expansion of financial operations is a sign of the declining power of the economies of the Global North. The City, Wall Street and other centres of the power of money, he suggests, may already be caked with the frosts of winter.
Download or read book Sustainable Prosperity in the New Economy written by William Lazonick and published by W.E. Upjohn Institute. This book was released on 2009 with total page 377 pages. Available in PDF, EPUB and Kindle. Book excerpt: Lazonick explores the origins of the new era of employment insecurity and income inequality, and considers what governments, businesses, and individuals can do about it. He also asks whether the United States can refashion its high-tech business model to generate stable and equitable economic growth. --from publisher description.
