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Judging by the sheer number of papers reviewed in this Handbook, the empirical analysis of firms' financing and investment decisions—empirical corporate finance—has become a dominant field in financial economics. The growing interest in everything "corporate is fueled by a healthy combination of fundamental theoretical developments and recent widespread access to large transactional data bases. A less scientific—but nevertheless important—source of inspiration is a growing awareness of the important social implications of corporate behavior and governance. This Handbook takes stock of the main empirical findings to date across an unprecedented spectrum of corporate finance issues, ranging from econometric methodology, to raising capital and capital structure choice, and to managerial incentives and corporate investment behavior. The surveys are written by leading empirical researchers that remain active in their respective areas of interest. With few exceptions, the writing style makes the chapters accessible to industry practitioners. For doctoral students and seasoned academics, the surveys offer dense roadmaps into the empirical research landscape and provide suggestions for future work.*The Handbooks in Finance series offers a broad group of outstanding volumes in various areas of finance*Each individual volume in the series should present an accurate self-contained survey of a sub-field of finance*The series is international in scope with contributions from field leaders the world over
A Fresh and Important New Way to Understand Why We Buy Why did the RAZR ultimately ruin Motorola? Why does Wal-Mart dominate rural and suburban areas but falter in large cities? Why did Starbucks stumble just when it seemed unstoppable? The answer lies in the ever-present tension between fidelity (the quality of a consumer’s experience) and convenience (the ease of getting and paying for a product). In Trade-Off, Kevin Maney shows how these conflicting forces determine the success, or failure, of new products and services in the marketplace. He shows that almost every decision we make as consumers involves a trade-off between fidelity and convenience–between the products we love and the products we need. Rock stars sell out concerts because the experience is high in fidelity-–it can’t be replicated in any other way, and because of that, we are willing to suffer inconvenience for the experience. In contrast, a downloaded MP3 of a song is low in fidelity, but consumers buy music online because it’s superconvenient. Products that are at one extreme or the other–those that are high in fidelity or high in convenience–-tend to be successful. The things that fall into the middle-–products or services that have moderate fidelity and convenience-–fail to win an enthusiastic audience. Using examples from Amazon and Disney to People Express and the invention of the ATM, Maney demonstrates that the most successful companies skew their offerings to either one extreme or the other-–fidelity or convenience-–in shaping products and building brands.
Presents information to create a trade-off analysis framework for use in government and commercial acquisition environments This book presents a decision management process based on decision theory and cost analysis best practices aligned with the ISO/IEC 15288, the Systems Engineering Handbook, and the Systems Engineering Body of Knowledge. It provides a sound trade-off analysis framework to generate the tradespace and evaluate value and risk to support system decision-making throughout the life cycle. Trade-off analysis and risk analysis techniques are examined. The authors present an integrated value trade-off and risk analysis framework based on decision theory. These trade-off analysis concepts are illustrated in the different life cycle stages using multiple examples from defense and commercial domains. Provides techniques to identify and structure stakeholder objectives and creative, doable alternatives Presents the advantages and disadvantages of tradespace creation and exploration techniques for trade-off analysis of concepts, architectures, design, operations, and retirement Covers the sources of uncertainty in the system life cycle and examines how to identify, assess, and model uncertainty using probability Illustrates how to perform a trade-off analysis using the INCOSE Decision Management Process using both deterministic and probabilistic techniques Trade-off Analytics: Creating and Exploring the System Tradespace is written for upper undergraduate students and graduate students studying systems design, systems engineering, industrial engineering and engineering management. This book also serves as a resource for practicing systems designers, systems engineers, project managers, and engineering managers. Gregory S. Parnell, PhD, is a Research Professor in the Department of Industrial Engineering at the University of Arkansas. He is also a senior principal with Innovative Decisions, Inc., a decision and risk analysis firm and has served as Chairman of the Board. Dr. Parnell has published more than 100 papers and book chapters and was lead editor of Decision Making for Systems Engineering and Management, Wiley Series in Systems Engineering (2nd Ed, Wiley 2011) and lead author of the Handbook of Decision Analysis (Wiley 2013). He is a fellow of INFORMS, the INCOSE, MORS, and the Society for Decision Professionals.
Companies are increasingly facing intense pressures to address stakeholder demands from every direction: consumers want socially responsible products; employees want meaningful work; investors now screen on environmental, social, and governance criteria; "clicktivists" create social media storms over company missteps. CEOs now realize that their companies must be social as well as commercial actors, but stakeholder pressures often create trade-offs with demands to deliver financial performance to shareholders. How can companies respond while avoiding simple "greenwashing" or "pinkwashing"? This book lays out a roadmap for organizational leaders who have hit the limits of the supposed win-win of shared value to explore how companies can cope with real trade-offs, innovating around them or even thriving within them. Suggesting that the shared-value mindset may actually get in the way of progress, bestselling author Sarah Kaplan shows in The 360° Corporation how trade-offs, rather than being confusing or problematic, can actually be the source of organizational resilience and transformation.
This paper examines the impact of thin capitalization rules that limit the tax deductibility of interest on the capital structure of the foreign affiliates of US multinationals. We construct a new data set on thin capitalization rules in 54 countries for the period 1982-2004. Using confidential data on the internal and total leverage of foreign affiliates of US multinationals, we find that thin capitalization rules significantly affect multinational firm capital structure. Specifically, restrictions on an affiliate’s debt-to-assets ratio reduce this ratio on average by 1.9%, while restrictions on an affiliate’s borrowing from the parent-to-equity ratio reduce this ratio by 6.3%. Also, restrictions on borrowing from the parent reduce the affiliate’s debt-to-assets ratio by 0.8%, which shows that rules targeting internal leverage have an indirect effect on the overall indebtedness of affiliate firms. The impact of capitalization rules on affiliate leverage is higher if their application is automatic rather than discretionary. Furthermore, thin capitalization regimes have aggregate firm effects: they reduce the firm’s aggregate interest expense but lower firm valuation. Overall, our results show than thin capitalization rules, which thus far have been understudied, have a substantial effect on the capital structure within multinational firms, with implications for the firm’s market valuation.
This textbook is about three key aspects of system design: decision making under uncertainty, trade-off studies and formal risk analyses. Recognizing that the mathematical treatment of these topics is similar, the authors generalize existing mathematical techniques to cover all three areas. Common to these topics are importance weights, combining functions, scoring functions, quantitative metrics, prioritization and sensitivity analyses. Furthermore, human decision-making activities and problems use these same tools. Therefore, these problems are also treated uniformly and modeled using prospect theory. Aimed at both engineering and business practitioners and students interested in systems engineering, risk analysis, operational management, and business process modeling, Tradeoff Decisions in System Design explains how humans can overcome cognitive biases and avoid mental errors when conducting trade-off studies and risk analyses in a wide range of domains. With generous use of examples as a common thread across chapters this book. “This book provides an excellent road map for designing and producing competitive products.”
Many studies predict massive job losses and real wage decline as a result of the ongoing widespread automation of production, a trend that may be further aggravated by the COVID-19 crisis. Yet automation is also expected to raise productivity and output. How can we share the gains from automation more widely, for the benefit of all? And what are the attendant equity-efficiency trade-offs? We analyze this issue by considering the effects of fiscal policies that seek to redistribute the gains from automation and address income inequality. We use a dynamic general equilibrium model with monopolistic competition, including a novel specification linking corporate power to automation. While fiscal policy cannot eliminate the classic equity-efficiency trade-offs, it can help improve them, reducing inequality at small or no loss of output. This is particularly so when policy takes advantage of novel, less distortive transmission channels of fiscal policy created by the empirically observed link between corporate market power and automation.
This study assesses the potential of new technology to reduce logistics support requirements for future Army combat systems. It describes and recommends areas of research and technology development in which the Army should invest now to field systems that will reduce logistics burdens and provide desired capabilities for an "Army After Next (AAN) battle force" in 2025.
The idea that business is only about the money doesn’t hold true in the twenty-first century, when companies around the world are giving up traditional distinctions in order to succeed. Yet our expectations for businesses remain under the sway of an outdated worldview that emphasizes profits for shareholders above all else. The Power of And offers a new narrative about the nature of business, revealing the focus on responsibility and ethics that unites today’s most influential ideas and companies. R. Edward Freeman, Kirsten E. Martin, and Bidhan L. Parmar detail an emerging business model built on five key concepts: prioritizing purpose as well as profits; creating value for stakeholders as well as shareholders; seeing business as embedded in society as well as markets; recognizing people’s full humanity as well as their economic interests; and integrating business and ethics into a more holistic model. Drawing on examples across companies, industries, and countries, they show that these values support persevering in hard times and prospering over the long term. Real-world success stories disprove the conventional wisdom that there are unavoidable trade-offs between acting ethically and succeeding financially. The Power of And presents a conceptual revolution about what it means for business to be responsible, providing a new story for us to tell in order to help all kinds of companies thrive.