JUSTIFYING SHAREHOLDER WEALTH MAXIMISATION Alan D Morrison Programme Director‚ The Oxford Finance Programme for Senior Executives; Professor of Finance‚ Saïd Business School CORPORATE OBJECTIVES AND CORPORATE FINANCE The Role of the Corporation Corporate fi nance is the branch of economics that concerns itself with the ways in which corporations fi nance their activities. If we want to think clearly about this topic‚ we need a simple model of the corporation. Figure 1 is about the simplest
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NOTES ON TRANSLATION CRITICISM sources: House ‘Quality’‚ House Model‚ Newmark Textbook A criticism of a translation is different from a review of a translation. Review = comment on new translations‚ description and evaluation as to whether they are worth reading and buying Criticism = a broader activity‚ analysis in detail‚ evaluating old and new translations ‚ assuming that readers know the translation Translation criticism should take into account all the factors and elements in the process
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SHAREHOLDER WEALTH MAXIMISATION: SUMMARY ‘Business Finance’ assumes that the objective of a company is to maximise shareholder wealth. This means that companies should attempt to maximise the value of the shareholders’ investment in the company. This is achieved by maximising ‘Total Shareholder Returns’: dividends and share price appreciation. The most powerful basis for understanding and measuring shareholder wealth is the ‘economic valuation model’‚ under which the value of the shareholders’
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29‚ 2012 Martha Nussbaum: “Not for Profit: Why Democracy Needs the Humanities” Martha C. Nussbaum is the author of the book‚ “Not For Profit: Why Democracy Needs the Humanities.” The book begins by drawing the reader’s attention by explaining the “Silent Crisis.” She describes education in the eyes of the government‚ and in the eyes of the people. There is a connection made between education and the liberal arts. The title of the book‚ “Not For Profit‚” are three simple words that when put
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000($970‚000-$177‚000). The total implicit cost is $190‚000($175‚000+.15X$100‚000). The total economic costs is $983‚000($793‚000+$190‚000). b. The accounting profit in 2010 is $177‚000($970‚000-$793‚000) c. The economic profit in 2010 is $-13‚000($970‚000-$793‚000-$190‚000). d. The owner should not leave his job because the economic profit is negative‚ which means he will earn less if he does his own business. 2. a. The type of agency problem that is involved here is principal-agent problem. Marriott
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Redaction Criticism and Textual Criticism Introduction Imagine yourself excitedly waiting for a movie‚ about your favorite novel‚ to come out. Finally the day comes when it starts showing in the theatres. You used all your connections to be able to get premiere tickets for the movie. You are about to watch the movie about your favorite novel… Coming out of the theatres‚ you feel cheated. All the excitement‚ all the hype left you disappointed. You say to yourself‚ this isn’t what was in the
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Profit vs. Not-for-Profit Organization A nonprofit organization is formed for the common good of the public. Nonprofit organizations are usually formed for some specific religious‚ charitable or educational purpose. A for-profit organization may be formed to conduct any number of lawful business activities. The primary reason to form a for-profit organization is to earn a profit for the owners of the company. Use of Profits Since a not-for-profit organization is formed to accomplish a specific
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Nonprofit versus For-Profit Healthcare and Organizations Abstract This paper explores articles and research conducted on nonprofit versus For-Profit Healthcare and Organizations. There are three types of entities that own hospitals‚ which are: nonprofit‚ for-profit‚ and government. However‚ it can’t be determined if they specialize in different medical services or how their service profits affect certain specializations. More than likely‚ the for-profits offer profitable medical services that
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maximises profits has been at the forefront of economic theory. Cyert and Hedrick (1972) stated:"The unmodified neoclassical approach is characterised by an ideal market with firms for which profit maximisation is the single determinant of behaviour. Thus predictions can readily be made by combining the description of the market with the results of maximisation of the relevant Lagrangian."In recent years their has been extensive literature by economists questioning the theory of profit maximisation‚ given
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1 Translation Quality Assessment A case study of Ernest Hemingway’s ‘the Killers’ Translated by Najaf Daryabandari According to Newmark’s translation criticism Marjan Tavakoli Kerman Institute of Higher Education May 2014 2 Introduction "The Killers‚" Ernest Hemingway’s story about two hit men who come to a small town to kill a former prizefighter‚ was first published in the March 1927 issue of Scribner’s Magazine. Hemingway was paid two hundred dollars for the story‚ which was
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