The purpose of the corporation: Shareholder-value maximization? Finance Working Paper N°. 95/2005 Revised version: February 2006 Petra Joerg Institut für Finanzmanagement‚ Universität Bern Claudio Loderer Institut für Finanzmanagement‚ Universität Bern Lukas Roth The Pennsylvania State University Urs Waelchli Institut für Finanzmanagement‚ Universität Bern © Petra Joerg‚ Claudio Loderer‚ Lukas Roth and Urs Waelchli 2006. All rights reserved. Short sections of text‚ not to
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What are ethics and values? Ethics and values can seem rather similar‚ but there is a basic difference. Values define one’s personal character while ethics stresses more of a system in which those values are applied or expected. In other words‚ ethics point to a standard of codes or rules expected to be followed by the group or organization to which the individual belongs. This could be anything from religion‚ clubs‚ the workplace or even family. So while a person’s values are usually unchanging
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| Abstract This document is concerned with the relationship between the financial crisis and fair value accounting. Its purpose is to make an understanding of the strengths and limitations of fair value accounting. The report also gives some examples of fair value accounting measures used in several Australian companies. In this report‚ City Weat Water LTD and JB HI-FI LTD are used to explain that. Introduction With the modern transportation and communication technology development‚ in the industrial
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People draw since ancient times‚ how do we determine the value of art? Art do not have any clear instruction‚ and we could never grade an artwork fairly as it depends on the viewer. Different people have different views and perspectives‚ I think that art can reflect feelings of artist‚ and to express the emotion of the artist‚ it also can be a mirror of the times‚ reflecting the situation of the age‚ or it might only be a kind art form‚ just presenting the technique of the artist. It is no doubt
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All the colonies that were founded in the seventeenth century contributed to the values of perennial America. The three colonies that made the most significant contributions were the colonies of Virginia‚ Pennsylvania‚ and Connecticut. These colonies displayed the democratic government that we are ruled under today‚ their educational opportunities were strong and sound‚ and the religious toleration of these colonies was strong and many religions shared the colonies in peace. Their social plurality
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Overview: Florence Kluckhohn Value Orientations R.S. Zaharna‚ Ed.D. American University In her seminal paper "Dominant and Variant Value Orientations‚" Florence Kluckhohn outlined five basic human problems that were common to all peoples at all times and all places (1953‚ p. 346). The value orientations Kluckhohn identified speak to the assumptions that we make about ourselves and our relationship to the world‚ which in turn‚ guide our actions. Table 1 (found at the END of this piece) provides
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strategy involves working in an industry and striving to make more money‚ usually by retaining customers and gaining new customers from competitors. To gain customers from competitors‚ business need to seem as though they have better quality and higher value. This is where marketing strategy comes in‚ using research in consumer behavior to identify needs and produce messages that tell consumers how the business’s product is better than competitors. Types of Corporate Competitive Strategy In a low-cost
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Value appropriation: vital in achieving sustained competitive advantage Table of contents 1 Introduction 3 2 The role of marketing 4 3 Measuring marketing productivity 5 3.1 Customer Satisfaction and future cash flows 7 3.2 Shareholder value 9 4 Creating sustained competitive advantage 10 4.1 Value creation versus value appropriation 10 4.2 Strategic emphasis in practice 11 5 How to prevent imitation? 13 6 Limitations
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definitive merger agreement‚ wherein Bharti will acquire African operations of Zain Group. The deal was valued at an enterprise value of USD 10.7 billion or on an 8.2x EBITDA Multiple. Goldman Sachs has invested USD 450 million in online social networking portal Facebook‚ which is valued as the number one social networking network at USD 50 billion. At an enterprise value of USD 50 billion‚ Facebook is trading at a multiple of about 100 times of its earnings. Newspapers and television channels make
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birth control activist‚ sex educator‚ and nurse. Sanger popularized the term birth control‚ opened the first birth control clinic in the United States‚ and established organizations that evolved into the Planned Parenthood Federation of America. Sanger ’s efforts contributed to several judicial cases that helped legalize contraception in the United States. Sanger is a frequent target of criticism by opponents of birth control and has also been criticized for supporting eugenics‚ but remains an iconic
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