Search

Your search yielded no results

  • Check if your spelling is correct.
  • Remove quotes around phrases to match each word individually: "blue smurf" will match less than blue smurf.
  • Consider loosening your query with OR: blue smurf will match less than blue OR smurf.

PDF Ebook Performance Evaluation for Cost Calculation of Business Processes

Submitted by antoq on Fri, 07/17/2009 - 07:11

Business processes (BP) are a chain of internal activities as well as activities across companies that result in an output [15]. Managing BP includes methods, instruments, and tools to support their design, enactment, management, and analysis [1]. Recently, BP have changed dramatically. Just-in-time production/delivery, outsourcing, B2B/B2C, virtual factories/companies are familiar terms denoting particular facets of this development. Consequently, an evaluation of BP nowadays cannot be done on static information only, but has to take the dynamics of systems into account. Besides, it is necessary to cost out such BP in order to evaluate them.

Cost accounting instruments support such cost-oriented evaluation of BP. Traditional cost accounting instruments are widely used in most companies. These instruments, however, usually sum up the costs accrued from the business activities without considering to what degree each of the products or services contribute to the total costs. In contrast, process oriented cost accounting instruments like activity based costing (ABC), which accurately allocate the accrued costs to each business activity and product, are attracting a great deal of attention. But in practice, companies seldom employ ABC because of the lack of available detailed information concerning cost causation.

»

Ebook Industrial Structure and Corporate Finance

Submitted by wulan on Mon, 01/25/2010 - 07:19

The conventional approach to corporate finance based on the principal agent model takes the single firm as its unit of analysis. We take a different tack in this paper. We will address the issue of how corporate financial decisions are arrived at as the result of the interaction among firms, and thus how corporate financial decisions and industrial structure are determined jointly.

When considering the composition of corporate balance sheets, our focus on the interactions among firms would be more than justified. In cross country empirical studies of corporate balance sheets, the assets and liabilities that reflect the interactions among firms (as suppliers and customers) constitute a very significant portion of a company’s balance sheet. Rajan and Zingales (1995, p. 1428) report that accounts receivable (money owed to the firm by others) constitute 18% of total assets for U.S. firms, and the figures are higher for Germany (27%), France (29%), Japan (23%), and the United Kingdom (22%).

»

Ebook Investment Options with Debt Financing Constraints

Submitted by puput on Sat, 01/30/2010 - 02:52

Firms may face debt constraints for various reasons. Exogenous debt constraints may be due for example to the compliance to minimum capital requirements set to financial institutions. Frictions due to moral hazard or asymmetric information (see Jensen and Meckling, 1976 and Myers and Majluf, 1984) may also create debt constraints. Asymmetric information can also justify why the suppliers of credit may engage in credit rationing (see for example Fazzari et al., 1988, Stiglitz and Weiss, 1981 and Pawlina and Renneboog, 2005). This study investigates the effect of debt financing constraints on firm value, the timing of investment and optimal default decision and other important variables like the credit spreads.

We use a contingent claim approach incorporating risky pre-investment R&D options and also investigate the tax raising and social welfare implications of debt financing constraints. Lensik and Sterken (2002) use a real options approach without incorporating a stochastic model for debt and optimal capital structure and discuss conditions under which credit rationing by banks may apply. We analyze the effect of exogenous debt constraints and we then also endogenize debt constraints focusing on differential information between equity and debt holders with respect to the growth rate or volatility of the underlying asset.

»

Get Updates By Email:

Enter your email address:

Delivered by FeedBurner