Agency Costs of Free Cash Flow‚ Corporate Finance‚ and Takeovers Michael C. Jensen Harvard Business School MJensen@hbs.edu Abstract The interests and incentives of managers and shareholders conflict over such issues as the optimal size of the firm and the payment of cash to shareholders. These conflicts are especially severe in firms with large free cash flows—more cash than profitable investment opportunities. The theory developed here explains 1) the benefits of debt in reducing agency
Premium Corporate finance
There are several theories of the development of modern humans. The report discusses the most logical theories. In my view‚ the multi-region hypothesis is the most logical theory because it is better to prove facts of evolution. According to the multi-region hypothesis‚ the focus is on H. erectus‚ leaving Africa back and forth 2 million years back and developing into modern humanity. The focal point of the African hypothesis states that Homo sapiens originated through the evolution of H. erectus
Premium Africa Human Human evolution
official HHS website‚ the department works with almost one fourth of all federal government expenditures and administers more grant dollars than all other federal agencies combined. The Department’s programs are administered by 11 operating divisions composed of eight agencies in the U.S. Public Health Service and three human services agencies (TechTarget 2013). Unfortunately‚ there is a large population of Americans and legal citizens‚ alike‚ which do not have sufficient healthcare insurance or any
Premium Health care Barack Obama Health economics
Conclusion The purpose of our experiment was to determine if reading off words in various colors helped improve memory. Our hypothesis was that color helped memory and it was in fact proven by our experiments. According to data table 2‚ the average words remembered by the white control group was 6.4‚ while the other groups with the colors had averages of 6.8 and 8.2. Our hypothesis also proven in table 3‚ where the average words remembered by the control was 4.6 and the other two groups had averages
Premium Color Red Experiment
Regulatory Agency: Federal Bureau of Prisons Hannae Warren HCS / 430 March 18‚ 2013 Professor Vanessa Williams Regulatory Agency: Federal Bureau of Prisons Health care is defined as the maintaining and restoration of health by the treatment and prevention of disease especially by trained and licensed professionals in medicine‚ dentistry‚ clinical psychology‚ and public health (Merriam-Webster‚ 2013). Health care is important to every population even those who are incarcerated
Premium Health care Medicine Public health
source‚ socially essential concepts created from human mind‚ such as justice‚ would be undermined (responsibility implies freedom of choice) and‚ in short‚ civilization and human values would crumble. It is useful to compare the idea of moral agency with the legal doctrine of mens rea‚ which means guilty mind‚ and states that a person is legally responsible for what he does as long as he should know what he is doing‚ and his choices are deliberate. Some theorists discard any attempts to evaluate
Premium Free will Philosophy Metaphysics
Part one leadership and management effectiveness: a multi-frame‚ multi-sector analysis 1. What have I learned that I didn’t know before? From this article‚ I began to knew that many complex process and perspectives that I didn’t know before. For example‚ the human resources frame is a new perspective on the leadership. This frame believes that one person focuses on the values and personal feelings. Another symbolic frame (the symbolic frame) focuses on the establishment of myth‚ ritual and ceremony
Premium Management Scientific method Leadership
Kristina Hixon Multi-Paragraph Essay 2:00-3:20 P.M 10/24/11 In my opinion the subject of abortion for me is contradicting. I am for the most part against it. In some cases I am for it. Many people have to think of three harmful causes of abortion. The three leading causes are not being able to have children‚ physical complications of having an abortion‚ and lastly death. Those three things are very much an eye opener for me and the decision as to why I am Pro-life. Many people do not know
Premium Abortion Pregnancy Abortion law
Outline and evaluate the multi store model of memory (12 marks) The multi store model is made up of three different stores – the sensory store‚ short term store and long term store. It is an explanation of how memory processes (attention and rehearsal) function. The multi store model was described by Richard Atkinson and Richard Shiffrin in 1968. The first store is the sensory store. It is composed of many different stores such as the eyes‚ nose‚ tongue‚ fingers etc. and the consistent sections
Premium Hippocampus Memory Memory processes
Multi-agency and Integrated Working Multi-agency working and integrated working are extremely important as it benefits the child‚ their family and the practitioners in a huge way. Definitions of these ways of working are below. Multi-agency Working – This is where practitioners from different services and professions come together to provide integrated support for children and families with additional needs. Integrated Working – this is where different services‚ agencies‚ professional and practitioners
Premium Sociology Child Childhood