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This paper presents a simulation model for a Cash Concentration and Disbursements System (CCDS) seen as an inventory management system, based on difference equations and systems engineering techniques. The model assumes the existence of delays due to banking procedures and analyzes the application of the zero balance accounts concept. The case of a generic company whose agencies are geographically...
Listed company stock repurchase, using the accumulation of surplus income funds or debt financing, through certain legal procedures and efficient approach, buy back the outstanding common stock which the company has issued. This paper takes A-share stocks from January 1,2008 to June 30, 2014 which have stock repurchase announcement as samples. Then use the event study method to test the short-term...
The modes of supply chain finance are concrete embodiments of supply chain finance. Supply chain finance of property control is one of supply chain finance. First, this article analyses the structure of supply chain finance mode. Second, the characteristics of supply chain finance mode are discussed. Thirdly, the modes of supply chain finance of property control are studied. Finally, defensive measures...
Enterprise internal control system is an important component of the company administration. Internal control deficiencies have long been recognized as the main cause of accounting scandals and captured more and more attention both from regulators and the stakeholders. Through a literature review, this paper concludes that the current research mainly come from three aspects: first is about the disclosure...
This study adopts the method of factor analysis, and focuses on the asset quality of 16 listed banks in 2009–2013.This paper chooses 13 major indexes from four aspects: assets structure ratio, asset management effectiveness, profitability and risk to make the comprehensive analysis, and calculates F value of the quality of listed bank assets. By comparing the F value, we find that the scores of state-owned...
Information disclosure is a critical determinant of portfolio allocation in capital markets. Securities analysts as important “information traders”, their follow-up behavior and information disclosure of the firms they follow participate in an interaction relationship. This paper sheds light on the three different roles of analysts. Based on the perspective of role of analysts, we reviewed relevant...
This paper focuses on studies of the effects of information trading on stock excess returns. We try to illustrate the information trading effect on the stock excess returns with a sample of 176 stocks on Shenzhen GEM. Using empirical tests, the results show that there is a positive and statistically significant correlation between information trading and stock excess returns.
Indian power sector is facing the challenges in the area of fuel, policy issues and cost effectiveness. Thus country needs a sweeping reform to tackle these new challenges. Green Building scenario, peaking power plant and cost of the power served in Indian scenario are considered to address theses challenges. A regional approach for policy and innovative finance schemes is proposed and discussed for...
In Auctioning goods intelligent agents have been used in a collaborative manner. Many agents come together and make a fully communicable multiagent system. This system will take decision on behalf of bidders and will work on various goal and objective which was decided by bidders. This system will improve the efficiency and decision taking ability in more transparent manner. Auctioneers can auction...
Net Present Value (NPV), Weighted Average Cost of Capital (WACC), Internal Rate of Return (IRR), and Total-Life Cost of Capital (TLCC) are economic concepts widely used in capital budgeting to measure and compare the profitability of investments. More specifically, in the electricity sector these measures, with the Levelized Cost of Energy (LCOE), are very often used to assess investments in generation...
Long-term investors are interested in identifying the characteristics of companies that are likely to triple in value over the next five years, which equates to return of approximately 25 percent per year over the period. Such companies are known as compounders due to their high compounded rate of return. This paper reports on an analysis of corporate and market data undertaken with the goal of identifying...
The growth of micro, small and medium enterprises of fashion industry in Bandung is very rapidly and thus the industry has to face the growing competitiveness challenge. The implementation of ERP is considered to be a strategy to support sales growth, increase management ability, enhance marketing network and also strengthen the company competitiveness. In order to be effectively implemented to achieve...
Enterprises that approach uncertainty and risk in software development based on lean and agile methods [1] often do experience financial planning of projects as a restriction. Traditional budgeting and cost reporting is a system based on rigid frames, and it -- along with the process of project cost accounting -- burdens the lean and agile enterprise with unnecessary and counterproductive overhead...
This paper estimates how the capital structure of a company influences its stock price. To raise corporate valuation, which is better for the company, using equity capital or liabilities? To answer this question, we estimated the optimal amount of liabilities in terms of tax benefit. Then we analyzed how the gap between the optimal amount and the actual amount of liabilities influences stock price.
Micro finance is the process of formation of groups to support the poverty incapacitated people by extending money without any collateral security. Micro finance includes savings accounts, insurance products and credit provided to low income unbanked people to increase their economic status in the society. Micro-insurance is a shelter against the hazards of low-income people in exchange of a premium...
E-Business solutions may implement a lot of functions, and in this paper we target the following: offer, order, invoicing, and payment. Most SMEs (Small and Medium Entreprizes) demand solutions with such electronic automated processes and administration, integrated in a rather simple to use software as a service cloud environment. We present a new idea how to organise an e-Business solution with ticket...
We adopt the classical Fama and French (1992) [E.F. Fama, K.R. French, The Cross-Section of Expected Stock Returns, The Journal of Finance, 47 (1992) 427 -- 465.] approach to investigate the effect of Beta, size, leverage, book value to market value (B/P), and earnings to price (E/P) ratio on the average monthly returns in the China Stock Market (CSM) from July 1998 to June 2011. The phenomenon of...
This paper gives an empirical study on determinants of capital structure of Chinese-listed companies using firm-level panel data. The study employs a new database containing the accounting data from 89 non-financial companies listed on the Shanghai and Shenzhen Stock Exchange during the period time of 2003 to 2005. It employs six index variables as independent variables, and finds main affecting factors...
The paper details changes made to the assessment methods employed on two modules delivered on six MSc programmes in Engineering. The assessment altered from all coursework to a combination of a coursework and examination to meet Professional Body requirements. Further, the paper will highlight how student feedback was sought on the new assessment approach and how this feedback led to developments...
In the modern enterprise system, business management and ownership are separate. Thus, the agency relationship comes out. Under the asymmetric and insufficient information, the manager would be contrary to the pursuit of business objectives and maximize their own interests, resulting in agency costs. Western countries have been respected that debt financing plays very good constraint on managers,...
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