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
Building an Ethical Organization Part 1 Tonia M Woods HSM/230 Ethical Issues in Human Services Organizations October 19‚ 2014 Kristin Gage Building an Ethical Organization Part 1 The following counseling center description is a fictitious organization which has been modeled as if I were the director. The organization description provides for a mission statement and values statement which blueprints the ethical development of the organization. I have further modeled this organization on psychological
Premium Ethics Morality Business ethics
Summary This week’s reading examined how the theory of human capital provided a conceptual framework for various interventions that invested in individuals and contributed to development. The author stated how human capital theory provided range of programs and policies‚ which promoted the acquisition of skills and knowledge and improve people’s health and nutrition‚ improve their standard of living and facilitate their participation in the economy. The reading also illustrated how nutritional and
Premium Education School Teacher
noumenal self‚ can choose‚ we have no choice but to believe that we choose freely when we make a choice. This does not mean that we can control the effects of our actions. Some Indeterminists would argue we have no free will either. If‚ with respect to human behaviour‚ a so-called ’cause’ results in an indeterminate number of possible‚ so-called ’effects’‚ that does not mean the person had the free-thinking independent will to choose that ’effect’. More likely‚ it was the indeterminate consequence of his
Premium Free will Philosophy Metaphysics
Local Literature Crab shells polvoron By Dr. Dolores DG. Fernandez Chief SRS‚ PCAMRD Crabs are relished for their taste and texture. Low in fat and high in protein‚ crabs are excellent sources of minerals. The crab’s body is covered with a chitinous shell or carapace. This crab cover is simply thrown away. Professor Viden V. Elpos of the Northern Iloilo Polytechnic State College in Concepcion‚ Iloilo conducted a study on the acceptability of polvoron made from the carapace of different crab
Premium Maize
Local Motor Input from potential customers and car enthusiasts Community-help-> select the model to produce Create ideation contest Existing customer to bring new customer Involve customers to cars production->Customer assembles parts-> 60 hours of assembling- microfactory(local) Good ? Yes. Big players are bankrupt American market is moving to full-design and attentative No mass production->$50k (experimental) Are the designer customers? Are car enthusiasts customers? Do-it –yourself
Premium Economics Design Automobile
Local Lawsuit Shari Hart July 25‚ 2012 School of Business 1. Summarize the actions that lead to the lawsuit. 2. Discuss what management could have done in terms of risk management to have prevented the events that lead to the lawsuit. 3. Discuss the ethical considerations reflected in the laws applicable to this case. 4. Determine which sources
Premium Dictionary Human resource management Evaluation
Agency Issue no. 1 ABC company limited is a merchandising company that purchase good and sale it to others . the employees which load goods from the wear and reach their destination or customers wear house use a vehicle which is provided to employees for the transportation of goods .but they are using that transport facility for their personal use it is an agency issue which is facing ABC company . Solution Owner of company should observe and estimate the time which can be consumed during goods
Premium Manufacturing Working time
Basel II Credit Risk – Regulatory Capital Vivek Rastogi (Oski Cohort) EWMBA202: Individual Assignment Paper Submitted On: 12/04/2013 Table of Contents 3. Basel I Capital Accord 3 4. Basel II Capital Accord 5 4.1 Introduction 5 4.2 The three pillars of the new Accord 5 5. Value at Risk and other financial risk measures 7 5.2 VaR Approaches 8 5.3 Financial Risk Measures 9 6. Credit risk measurement under Basel II Capital Accord 9 6.1 Introduction 9 6.2 The Standardized
Premium Operational risk Risk
LOCAL PROVERBSBicol (Legazpi) | ENGLISH TRANSLATION | BIBLICAL COUNTERPART | COMMENT/S | “Gibohon mo an mawot mong gibohon man saimo.” | Treat people in the same way that you want them to treat you. | Luke 6:31Do to others as you would have them do to you. | This proverb is commonly used. This is also known as “The Golden Rule” | “An paghandusay kay buhay sa amigo ay urog nang gayo.” | Greater love has no man than this‚ that a man gives up his life for his friends. | John 15:13Greater love has
Premium Friendship Interpersonal relationship Love