Seminar paper from the year 2006 in the subject Economics - Industrial Economics, grade: 1,0, Helsinki School of Economics, course: Industrial Organisation, 18 entries in the bibliography, language: English, abstract: The main issue in the article is the derivation of a model in which prices can differ in equilibrium, even though the goods are homogeneous and there is asymmetric information in the market. The reason for this price dispersion is caused by consumer heterogeneity. Salop and Stiglitz explain, that "because of differences in preference or ability, some agents perform much better than others in market decisions." To model this kind of heterogeneity they assign different costs of gathering certain information to the consumers. For simplicity they part the consumers in two groups: The first one consists of low-cost information gatherer and the other group has higher cost to gain complete information. For further simplicity there are just two levels of information: to be completely informed or to be not informed at all. Furthermore the costs to become an informed consumer are fixed. The differences in information in this model regard the locations of the shops. All consumers know about all prices that are in the market, they just do not know where the shop with a certain (the lowest) price is. The shops on the other hand have complete information about the market. They know about the differences between the consumers and can compute the demand that will occur, when they ask a certain price. So they face a trade-off between higher prices and lower demand. It is important to state why there is a possibility of raising the price and not to loose all demand like it would be in a perfect market. When the rise in price is not too high, it does not pay for the high-cost information gatherer to become completely informed. Their expected loss by buying randomly either in low- or high-priced shops is lower than the fixed cost of gathering the information. All toget
Research Paper (undergraduate) from the year 2006 in the subject Business economics - Investment and Finance, grade: 1,0, Helsinki School of Economics, course: Corporate Finance, language: English, abstract: Conclusion [about question 1]: The exchange rate is very attractive for Warner’s shareholders, because they will get $515 million more than their original value of investment. For the same reason the exchange ratio is unattractive for Time’s old shareholders, because they have to suffer the loss of this $515 million. Moreover, the overall NPV of the merger is negative. As following table shows, after the merger Warner’s shareholders will be relatively better off than Time’s shareholders. This might be a reason why Warner’s managers have been ready to merge with Time and gave up their managerial jobs.
Seminar paper from the year 2006 in the subject Economics - Industrial Economics, grade: 1,0, Helsinki School of Economics, course: Industrial Organisation, language: English, abstract: The main issue in the article is the derivation of a model in which prices can differ in equilibrium, even though the goods are homogeneous and there is asymmetric information in the market. The reason for this price dispersion is caused by consumer heterogeneity. Salop and Stiglitz explain, that “because of differences in preference or ability, some agents perform much better than others in market decisions.” To model this kind of heterogeneity they assign different costs of gathering certain information to the consumers. For simplicity they part the consumers in two groups: The first one consists of low-cost information gatherer and the other group has higher cost to gain complete information. For further simplicity there are just two levels of information: to be completely informed or to be not informed at all. Furthermore the costs to become an informed consumer are fixed. The differences in information in this model regard the locations of the shops. All consumers know about all prices that are in the market, they just do not know where the shop with a certain (the lowest) price is. The shops on the other hand have complete information about the market. They know about the differences between the consumers and can compute the demand that will occur, when they ask a certain price. So they face a trade-off between higher prices and lower demand. It is important to state why there is a possibility of raising the price and not to loose all demand like it would be in a perfect market. When the rise in price is not too high, it does not pay for the high-cost information gatherer to become completely informed. Their expected loss by buying randomly either in low- or high-priced shops is lower than the fixed cost of gathering the information. All together this consumer heterogeneity and the fully informed shops can lead to price dispersion in equilibrium, even though the goods are homogeneous and there is the difference in information between the actors.
Diploma Thesis from the year 2008 in the subject Economy - Theory of Competition, Competition Policy, grade: 1,7, University of Bonn (Finanzwirtschaftliches Institut), language: English, abstract: The question if and how the ownership structure influences the market value of a firm is one of the most extensive studied subjects in corporate governance. Three main determinants were identified during more than 30 years of research: 1. The size of the block 2. The legal and regulatory environment 3. The type of blockholder This work uses the acquisition of voting blocks by different types of acquirers (point 3) to determine how the shareholder structure in Germany (point 2) influences the valuation of a firm. It is demonstrated that the heterogeneity between block acquirers has to be taken into account, i.e. the size of a block (acquisition) itself (point 1) is not a distinctive enough instrument to determine valuation aspects. The main results are that a block acquisition by banks in Germany results in a negative value effect. A cumulated abnormal return (CAR) of -2.7% in the event-period [-20,20] is the (average) consequence of a block-acquisition by a bank. A strong and highly significant result is the positive valuation effect when hedge funds acquire blocks in their targets. Average cumulated abnormal return is 5% in the period [-20,-1]. Corporations as block-acquirer cause also positive CAR’s (1%). No significant effects are found following the announcement by mutual funds, insurances and individual investors. The work proceeds as follows: In chapter 2 the literature on general corporate governance and especially the literature concerned with the relation between shareholder structure and valuation is reviewed. The data for this study and its legal sources is described in chapter 3 and chapter 4 gives a short descriptive statistic. The main chapter, chapter 5, starts with an explanation why the event-study methodology is especially eligible to answer the question of how blockholding influences valuation. Then the used methodology is described and the results of the empirical work presented. These are put in the context of the respective literature and research. Chapter 6 is a short summary of the most important findings and concludes the work.
Research Paper (undergraduate) from the year 2006 in the subject Business economics - Miscellaneous, grade: 1,7, Helsinki School of Economics, course: Business Strategies and East-West Cooperation in the Baltic Sea Region, language: English, abstract: A short introduction to Frankfurt (Oder) and Slubice Frankfurt (Oder) in Germany and Slubice in Poland are two towns with 64,000 and 17,000 inhabitants. They are located directly at the eastern border of Germany and western border of Poland and they are connected by three bridges over the river Oder. One is for trains, one for a highway and the last one for pedestrians. It takes just 10 minutes by foot to go from one city-center to the other. The cities are closely related to each other. That is the case because in history they haven’t been two separate cities at all. The distinction and separation in two separate units just happened after World War II (i.e. 1945) because it was decided that the river Oder is the border between Germany and Poland.[...]
Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University of Bonn (BWL 1 - Finanzwirtschaftliches Institut), course: Seminar "Corporate Governance", 48 entries in the bibliography, language: English, abstract: In this paper I outline the relationship between Corporate Governance (CG) and the valuation of a firm. Working through the huge body of empirical research I want to give a clear picture of the mechanisms and their relative importance in influencing the valuation. At first I clearly define what I am speaking about: What is Corporate Governance? What do I mean when I speak about "Corporate Valuation"? Once the terms are clear the main question is: Why are these two things connected? What are the theoretical arguments? To evaluate the empirical findings I shortly describe beforehand the statistical problems and pitfalls that arise within this research. With this stable fundament I describe, comprehend and evaluate the descriptive research that has been done until today. Throughout this part I also pay attention to the used methodology. The aim is to give the reader a comprehensive and clear answer to the question how does Corporate Governance influence the Corporate Valuation.
Research Paper (undergraduate) from the year 2006 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, Helsinki School of Economics, course: Vattenfall's entry into the polish market, 8 entries in the bibliography, language: English, abstract: Basic facts about the company Vattenfall is a state-owned company. It is wholly owned by the Swedish government. Today Vattenfall is the fifth largest electricity producer in Europe and the largest generator of heat.1 It acts in all parts of the electricity value chain: Vattenfall is active in electricity trading and generates, distributes and sells heat as well as it is active in services and consulting for the energy sector. Vattenfall has directly or indirectly 5 million customers and is active in Sweden and Finland as well as in Germany, the Baltic countries ...]
Research Paper (undergraduate) from the year 2006 in the subject Business economics - Business Management, Corporate Governance, grade: 1,7, Helsinki School of Economics, course: Vattenfall’s entry into the polish market, language: English, abstract: Basic facts about the company Vattenfall is a state-owned company. It is wholly owned by the Swedish government. Today Vattenfall is the fifth largest electricity producer in Europe and the largest generator of heat.1 It acts in all parts of the electricity value chain: Vattenfall is active in electricity trading and generates, distributes and sells heat as well as it is active in services and consulting for the energy sector. Vattenfall has directly or indirectly 5 million customers and is active in Sweden and Finland as well as in Germany, the Baltic countries [...]
One of the most important and celebrated works of premodern Korean prose fiction, Kŭmo sinhwa (New Tales of the Golden Turtle) is a collection of five tales of the strange artfully written in literary Chinese by Kim Sisŭp (1435–1493). Kim was a major intellectual and poet of the early Chosŏn dynasty (1392–1897), and this book is widely recognized as marking the beginning of classical fiction in Korea. The present volume features an extensive study of Kim and the Kŭmo sinhwa, followed by a copiously annotated, complete English translation of the tales from the oldest extant edition. The translation captures the vivaciousness of the original, while the annotations reveal the work’s complexity, unraveling the deep and diverse intertextual connections between the Kŭmo sinhwa and preceding works of Chinese and Korean literature and philosophy. The Kŭmo sinhwa can thus be read and appreciated as a hybrid work that is both distinctly Korean and Sino-centric East Asian. A translator’s introduction discusses this hybridity in detail, as well as the unusual life and tumultuous times of Kim Sisŭp; the Kŭmo sinhwa’s creation and its translation and transformation in early modern Japan and twentieth-century (especially North) Korea and beyond; and its characteristics as a work of dissent. Tales of the Strange by a Korean Confucian Monk will be welcomed by Korean and East Asian studies scholars and students, yet the body of the work—stories of strange affairs, fantastic realms, seductive ghosts, and majestic but eerie beings from the netherworld—will be enjoyed by academics and non-specialist readers alike.
Seminar paper from the year 2007 in the subject Business economics - Business Management, Corporate Governance, grade: 1,0, University of Bonn (BWL 1 - Finanzwirtschaftliches Institut), course: Seminar "Corporate Governance", language: English, abstract: In this paper I outline the relationship between Corporate Governance (CG) and the valuation of a firm. Working through the huge body of empirical research I want to give a clear picture of the mechanisms and their relative importance in influencing the valuation. At first I clearly define what I am speaking about: What is Corporate Governance? What do I mean when I speak about “Corporate Valuation”? Once the terms are clear the main question is: Why are these two things connected? What are the theoretical arguments? To evaluate the empirical findings I shortly describe beforehand the statistical problems and pitfalls that arise within this research. With this stable fundament I describe, comprehend and evaluate the descriptive research that has been done until today. Throughout this part I also pay attention to the used methodology. The aim is to give the reader a comprehensive and clear answer to the question how does Corporate Governance influence the Corporate Valuation.
The Wisconsin Story: 150 People, Places, and Turning Points that Shaped the Badger State offers readers engaging vignettes about everything Wisconsin. From portraits of significant figures like Robert and Belle La Follette, Golda Meir, and Edna Ferber, to stories of important events like the Black Hawk War, 1960s campus protests, and oleo smuggling, The Wisconsin Story takes readers on a fun and informative ride all across the Badger State. Where was Calvin Coolidge’s summer White House? What was the “anti-corset resolution?” And why was a cow named Ollie milked on an airplane? Award-winning newspaper columnist Dennis McCann’s talent for distilling complex subjects into brief stories that pack a punch makes this collection the perfect answer to the question “what makes Wisconsin, Wisconsin?”
This is a new edition of the first comprehensive text to show how the advances in molecular and cellular biology and in the basic neurosciences have brought the revolution in molecular medicine to the field of psychiatry. The book begins with a review of basic neuroscience and methods for studying neurobiology in human patients then proceeds to discussions of all major psychiatric syndromes with respect to knowledge of their etiology, pathophysiology, and treatment. Emphasis is placed on synthesizing information across numerous levels of analysis, including molecular biology and genetics, cellular physiology, neuroanatomy, neuropharmacology, and behavior, and in translating information from the basic laboratory to the clinical laboratory and finally to clinical treatment. Editors Dennis Charney and Eric Nestle, along with their six section editors and over 150 contributors, have revised and updated all 80 chapters from the previous edition and have added new chapters on topics relating to, for example, genetics, experimental therapeutics, and late-life mood disorders. Both a textbook and a reference book, Neurobiology of Mental Illness is intended for psychiatrists, neuroscientists, and upper level students.
Seminar paper from the year 2006 in the subject Economics - Industrial Economics, grade: 1,0, Helsinki School of Economics, course: Industrial Organisation, language: English, abstract: The main issue in the article is the derivation of a model in which prices can differ in equilibrium, even though the goods are homogeneous and there is asymmetric information in the market. The reason for this price dispersion is caused by consumer heterogeneity. Salop and Stiglitz explain, that “because of differences in preference or ability, some agents perform much better than others in market decisions.” To model this kind of heterogeneity they assign different costs of gathering certain information to the consumers. For simplicity they part the consumers in two groups: The first one consists of low-cost information gatherer and the other group has higher cost to gain complete information. For further simplicity there are just two levels of information: to be completely informed or to be not informed at all. Furthermore the costs to become an informed consumer are fixed. The differences in information in this model regard the locations of the shops. All consumers know about all prices that are in the market, they just do not know where the shop with a certain (the lowest) price is. The shops on the other hand have complete information about the market. They know about the differences between the consumers and can compute the demand that will occur, when they ask a certain price. So they face a trade-off between higher prices and lower demand. It is important to state why there is a possibility of raising the price and not to loose all demand like it would be in a perfect market. When the rise in price is not too high, it does not pay for the high-cost information gatherer to become completely informed. Their expected loss by buying randomly either in low- or high-priced shops is lower than the fixed cost of gathering the information. All together this consumer heterogeneity and the fully informed shops can lead to price dispersion in equilibrium, even though the goods are homogeneous and there is the difference in information between the actors.
Fuzzy Logic has gained increasing acceptance as a way to deal with complexity and uncertainty in many areas of science and engineering. This book is the first to address its practical applications to chemical systems. Ten distinguished authors discuss the role of fuzzy logic in the characterization of a variety of chemical concepts, including chirality, quantum systems, molecular engineering and design, and hierarchical classification methods. Fuzzy Logic in Chemistry will appeal to both students and professionals who are seeking to learn more about theory and applications in an area of growing importance to the physical sciences. The first book on the applications of fuzzy logic in chemistry Covers a topic relevant to many disciplines, including molecular design Discusses applications of fuzzy logic to the physical sciences, a rapidly growing area Features chapters from highly distinguished authors in the physical sciences
The Juvenile Justice and Residential Care Treatment Plannerprovides all the elements necessary to quickly and easily developformal treatment plans that satisfy the demands of HMOs, managedcare companies, third-party payers, and state and federal reviewagencies. Saves you hours of time-consuming paperwork, yet offers thefreedom to develop customized treatment plans for juvenileclients Organized around 28 main presenting problems, from depressionand abandonment issues to truancy, substance abuse, familyinstability, and others Over 1,000 well-crafted, clear statements describe thebehavioral manifestations of each relational problem, long-termgoals, short-term objectives, and educational interventions Easy-to-use reference format helps locate treatment plancomponents by behavioral problem or DSM-IV-TR(TM) diagnosis Includes a sample treatment plan that conforms to therequirements of most third-party payers and accrediting agencies(including HCFA, JCAHO, and NCQA
Widely regarded as major visible field monuments of the Iron Age, hillforts are central to an understanding of later prehistoric communities in Britain and Europe. Harding reviews the changing perceptions of hillforts and the future prospects for hillfort research, highlighting aspects of contemporary investigation and interpretation.
The Pacific Coast League enjoyed a reputation as one of the premier minor leagues in organized baseball. Joe DiMaggio, Ted Williams, Lefty Gomez, the Waner brothers and Ernie Lombardi were among the future Hall of Famers who played in its cozy parks. Legendary minor leaguers such as Smead Jolley, Buzz Arlett, Lefty O'Doul and Frank Shellenback made their marks in the PCL. This reference work is a season-by-season guide to the glory days of the PCL. It includes a listing of starters and primary reserves for all teams from 1903 through 1957, as well as playoff results, managerial records, and statistical leaders for each season. Complete PCL records for over 500 of the circuit's most notable players are also provided.
Completely updated edition, written by a close-knit author team Presents a unique approach to stroke - integrated clinical management that weaves together causation, presentation, diagnosis, management and rehabilitation Includes increased coverage of the statins due to clearer evidence of their effectiveness in preventing stroke Features important new evidence on the preventive effect of lowering blood pressure Contains a completely revised section on imaging Covers new advances in interventional radiology
This paper analyzes the extent to which the degree of international economic integration, both financial and trade, affects corporate tax rates. It explores this issue in the context of strategic behavior by countries, taking into account other global and domestic political economy factors. Tax rates are analyzed using a unique tax dataset for advanced and developing economies extending over five decades. We report a number of novel results: there is no general negative relationship between financial globalization and corporate tax rates and revenues—results vary according to country grouping with OECD countries showing a positive relationship; the United States exhibits a “Stackelberg” type of leadership on other countries; trade integration is inversely correlated with tax rates; and public sentiment and ideology affect tax rates. The policy implications of these findings, particularly given budgetary pressures in the aftermath of the global crisis, are noted.
For nearly three decades, a series of rapes and murders occurred around Western New York by a nameless, faceless man dubbed “The Bike Path Rapist” by local media. Authorities had his DNA and knew his tendency to use a ligature, but could never capture the elusive criminal. His first known attacks were in the mid-1980s, continuing regularly through 1994. After a twelve-year gap, in September 2006, he returned by strangling and killing a 45-year-old mother along a rural bike path. While investigating the case, Buffalo Homicide Detective and task force member Dennis Delano reviewed unsolved rape cases from the past thirty years. He concluded that the Bike Path Rapist’s span of attacks stretched back even further, into the 1970s. Delano learned that a different man, Anthony Capozzi, had been convicted of two rapes in 1985 and was still imprisoned 22 years later. Members of the task force interviewed Capozzi, who is schizophrenic. Delano and his colleagues believed the wrong man was in jail, but had no hard evidence to secure a release. After working tirelessly on behalf of a convicted man, DNA slides were discovered at a local medical center. Capozzi was exonerated and released before Easter 2007. Bike Path Rapist: A Cop's Firsthand Account of Catching the Killer Who Terrorized a Community will examine the complex and compelling story inside the investigation of a thirty-year string of serial rapes and killings. With detailed information culled from interviews, police reports and insights from Delano and his colleagues on an elite task force that solved the crime, the book will blend the drama of Cold Case and CSI with a behind-the-scenes look at investigative techniques and angles examined by investigators.
This is a truly magisterial work of scholarship. By pulling all this material together in one place, and by organizing it so accessibly, Pluchinsky has performed an invaluable service for researchers and counter-terrorism practitioners alike … the real selling point is the factual content. Pluchinsky has written the definitive contextual history of US counter-terrorism policy and these volumes, and I confidently expect the two companion volumes still to come, deserve a place in every serious library of terrorism.'Critical Studies on TerrorismVolume I examined the policies and actions in the Eisenhower, Kennedy, and Johnson administrations that contributed to the creation of anti-American grievances which in turn fueled the rise of anti-American terrorism overseas and domestically during the Nixon, Ford, and Carter administrations. Volume II chronicles the high-water mark of anti-American terrorism overseas that occurred during the Reagan administration. The litany of terrorist attacks on US targets overseas during this period is well known and unmatched in American history: 1983 suicide attack on US Embassy Beirut, 1983 suicide attack on US Marine Barracks Beirut, 1983 suicide attack on US Embassy Kuwait, 1984 suicide attack on US Embassy Beirut, 1985 assault on the TWA counter at Rome airport, 1985 hijacking of TWA 847, 1986 mid-air bombing of TWA 840, 1988 mid-air bombing of Pan Am 103, and the 1982-1988 kidnappings of 18 Americans in Lebanon. This wave of anti-American terrorist attacks demanded an appropriate response. The Reagan administration proceeded to construct the most ambitious and costly counter-terrorism program in the pre-9/11 era. Although the terrorist threat was perceived to be in decline during the George H W Bush administration, it still had to deal with the potential terrorist threat emanating from the first Gulf War in 1990-1991, two assassination attempts on the president, and the ramifications of the Pan Am 103 bombing.
Thank you for visiting our website. Would you like to provide feedback on how we could improve your experience?
This site does not use any third party cookies with one exception — it uses cookies from Google to deliver its services and to analyze traffic.Learn More.