Michael S. Long and Thomas A. Bryant
- Published in print:
- 2007
- Published Online:
- January 2008
- ISBN:
- 9780195301465
- eISBN:
- 9780199867288
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195301465.001.0001
- Subject:
- Economics and Finance, Financial Economics
A closely held firm is not a smaller version of a large public firm, anymore than a child is a miniature adult. While realizing that like large corporations, value comes from a business' ability to ...
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A closely held firm is not a smaller version of a large public firm, anymore than a child is a miniature adult. While realizing that like large corporations, value comes from a business' ability to generate future cash flows, this book emphasize the differences between the two. The primary question is does a separate entity exist or is the business just an extension of its principal owner or manager? If yes, how does this business vary from a large publicly traded firm with market and not management control? This book gets to the fundamental differences between the two and the adjustments made to value correctly. It avoids the traditional multiples of earnings or multiple of sales and other cookie-cutter approaches, to focus on the basic ability to create value. The book also avoids specifics in tax laws as they change and vary between countries.Less
A closely held firm is not a smaller version of a large public firm, anymore than a child is a miniature adult. While realizing that like large corporations, value comes from a business' ability to generate future cash flows, this book emphasize the differences between the two. The primary question is does a separate entity exist or is the business just an extension of its principal owner or manager? If yes, how does this business vary from a large publicly traded firm with market and not management control? This book gets to the fundamental differences between the two and the adjustments made to value correctly. It avoids the traditional multiples of earnings or multiple of sales and other cookie-cutter approaches, to focus on the basic ability to create value. The book also avoids specifics in tax laws as they change and vary between countries.
Lawrence Stone
- Published in print:
- 1992
- Published Online:
- October 2011
- ISBN:
- 9780198202530
- eISBN:
- 9780191675386
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198202530.003.0009
- Subject:
- History, British and Irish Early Modern History
This chapter presents a case study on forced marriage by a seducer or suitor, focusing on the court case Houghton v. Cash which was filed in 1703. The case involved James Cash who allegedly seduced ...
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This chapter presents a case study on forced marriage by a seducer or suitor, focusing on the court case Houghton v. Cash which was filed in 1703. The case involved James Cash who allegedly seduced his domestic servant Ellen, made her pregnant, and asked her to attribute the paternity of her child to bachelor blacksmith Thomas Houghton. The court ruled in favour of Houghton having proved that the ascription of paternity to him was the result of an ingenious seduction plot planned by Cash and carried out by Ellen.Less
This chapter presents a case study on forced marriage by a seducer or suitor, focusing on the court case Houghton v. Cash which was filed in 1703. The case involved James Cash who allegedly seduced his domestic servant Ellen, made her pregnant, and asked her to attribute the paternity of her child to bachelor blacksmith Thomas Houghton. The court ruled in favour of Houghton having proved that the ascription of paternity to him was the result of an ingenious seduction plot planned by Cash and carried out by Ellen.
John Kay
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198292227
- eISBN:
- 9780191596520
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292228.003.0008
- Subject:
- Economics and Finance, Microeconomics
This chapter describes financial relationships between competitive advantage, economic rent, added value, and various other measures of firm performance.
This chapter describes financial relationships between competitive advantage, economic rent, added value, and various other measures of firm performance.
John Kay
- Published in print:
- 1996
- Published Online:
- November 2003
- ISBN:
- 9780198292227
- eISBN:
- 9780191596520
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198292228.003.0009
- Subject:
- Economics and Finance, Microeconomics
Discussing the irrelevance of corporate finance to firm valuation, this chapter provides support for the assertion that the profitability of a business can only be the result of its underlying ...
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Discussing the irrelevance of corporate finance to firm valuation, this chapter provides support for the assertion that the profitability of a business can only be the result of its underlying competitive advantage.Less
Discussing the irrelevance of corporate finance to firm valuation, this chapter provides support for the assertion that the profitability of a business can only be the result of its underlying competitive advantage.
Lorenzo Preve and Virginia Sarria-Allende
- Published in print:
- 2010
- Published Online:
- May 2010
- ISBN:
- 9780199737413
- eISBN:
- 9780199775637
- Item type:
- book
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199737413.001.0001
- Subject:
- Economics and Finance, Financial Economics
Working capital management is one of the most important topics in corporate finance: it relates to the operating investment of a firm and the way managers choose to finance it. This topic, mostly ...
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Working capital management is one of the most important topics in corporate finance: it relates to the operating investment of a firm and the way managers choose to finance it. This topic, mostly ignored by academics for years, is now gaining importance as we realize that financial markets are not as efficient as they were assumed to be, especially as firms expand outside the developed economies. This book provides a general framework that helps to understand working capital in a comprehensive approach, linking operating decisions to their financial implications and to the overall business strategy.Less
Working capital management is one of the most important topics in corporate finance: it relates to the operating investment of a firm and the way managers choose to finance it. This topic, mostly ignored by academics for years, is now gaining importance as we realize that financial markets are not as efficient as they were assumed to be, especially as firms expand outside the developed economies. This book provides a general framework that helps to understand working capital in a comprehensive approach, linking operating decisions to their financial implications and to the overall business strategy.
Lotte Meinert
- Published in print:
- 2021
- Published Online:
- May 2021
- ISBN:
- 9780197266830
- eISBN:
- 9780191938160
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197266830.003.0014
- Subject:
- Anthropology, Social and Cultural Anthropology
Based on fieldwork among the elderly in the Ik community in Northern Uganda, this chapter argues that the two apparently opposite concepts of vulnerability and human security are closely related in ...
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Based on fieldwork among the elderly in the Ik community in Northern Uganda, this chapter argues that the two apparently opposite concepts of vulnerability and human security are closely related in the sense that both phenomena fundamentally hinge on other people. Elderly Ik are often very vulnerable and dependent on family care. Cash transfers for elderly people are a mixed blessing in this overall fragile context of poverty and insecurity because the balance in intimate generational interdependence changes and this often creates friction in families. Following the cases of two elderly Ik who receive cash transfers, and the effect these have in their families, the chapter argues for relationality as a starting point for understanding vulnerability and human security.Less
Based on fieldwork among the elderly in the Ik community in Northern Uganda, this chapter argues that the two apparently opposite concepts of vulnerability and human security are closely related in the sense that both phenomena fundamentally hinge on other people. Elderly Ik are often very vulnerable and dependent on family care. Cash transfers for elderly people are a mixed blessing in this overall fragile context of poverty and insecurity because the balance in intimate generational interdependence changes and this often creates friction in families. Following the cases of two elderly Ik who receive cash transfers, and the effect these have in their families, the chapter argues for relationality as a starting point for understanding vulnerability and human security.
Devi Sridhar
- Published in print:
- 2008
- Published Online:
- January 2009
- ISBN:
- 9780199549962
- eISBN:
- 9780191720499
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199549962.003.0006
- Subject:
- Political Science, International Relations and Politics, Political Economy
This chapter explores the wider implications of the analysis of choice and circumstance to hunger reduction strategies. It first outlines the two viewpoints that are currently being used to design ...
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This chapter explores the wider implications of the analysis of choice and circumstance to hunger reduction strategies. It first outlines the two viewpoints that are currently being used to design nutrition interventions. It then examines the rationale behind growth monitoring and promotion, the cornerstone of community nutrition schemes, as well as issues of its implementation in three areas: as a communication tool, as an educational strategy, and as a screening device. The second half of the chapter examines possible alternatives by discussing different strategies to reduce rates of undernutrition such as economic growth, improved infrastructure, and conditional cash transfer schemes. Given alternatives to the TINP model, the question is why the approach to nutrition by the Bank goes unchanged. The chapter concludes by discussing the institutional drivers within the Bank at disciplinary, institutional, and personal levels that nutrition advocates face that limit their ability to pursue new strategies.Less
This chapter explores the wider implications of the analysis of choice and circumstance to hunger reduction strategies. It first outlines the two viewpoints that are currently being used to design nutrition interventions. It then examines the rationale behind growth monitoring and promotion, the cornerstone of community nutrition schemes, as well as issues of its implementation in three areas: as a communication tool, as an educational strategy, and as a screening device. The second half of the chapter examines possible alternatives by discussing different strategies to reduce rates of undernutrition such as economic growth, improved infrastructure, and conditional cash transfer schemes. Given alternatives to the TINP model, the question is why the approach to nutrition by the Bank goes unchanged. The chapter concludes by discussing the institutional drivers within the Bank at disciplinary, institutional, and personal levels that nutrition advocates face that limit their ability to pursue new strategies.
Duane Swank
- Published in print:
- 2001
- Published Online:
- November 2003
- ISBN:
- 9780198297567
- eISBN:
- 9780191600104
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198297564.003.0008
- Subject:
- Political Science, Comparative Politics
The first of three chapters on the implications of electoral politics and the design of political institutions for welfare state adjustment. Swank first provides an overview of two key domestic and ...
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The first of three chapters on the implications of electoral politics and the design of political institutions for welfare state adjustment. Swank first provides an overview of two key domestic and international pressures on developed welfare states: domestic fiscal stress and international capital mobility. He then outlines the theoretical argument that democratic institutions fundamentally determine government responses to domestic and international structural change, focusing on formal and informal institutions and drawing on and fusing insights from ‘power resources’ theory, the new institutionalism, and new cultural arguments about the determinants of social policy in advanced capitalist democracies. The next two sections utilize new data on social welfare effort, national political institutions, and internationalization to provide an econometric assessment of the social policy impacts of domestic fiscal stress and capital mobility during the period 1965 to 1995, looking first at the direct impacts of rises in public sector debt and in international capital mobility on social welfare provision, and second at the welfare state effects of fiscal stress and global capital flows across nationally and temporally divergent democratic institutional contexts; the initial focus is on total social welfare effort and then the analysis is shifted to changes in cash income maintenance and social services. The conclusion assesses the implications of the arguments and findings for the future course of social policy in developed democracies, and potentially bolsters the evidence for the central assertion that domestic institutions systematically determine the direction of welfare state restructuring.Less
The first of three chapters on the implications of electoral politics and the design of political institutions for welfare state adjustment. Swank first provides an overview of two key domestic and international pressures on developed welfare states: domestic fiscal stress and international capital mobility. He then outlines the theoretical argument that democratic institutions fundamentally determine government responses to domestic and international structural change, focusing on formal and informal institutions and drawing on and fusing insights from ‘power resources’ theory, the new institutionalism, and new cultural arguments about the determinants of social policy in advanced capitalist democracies. The next two sections utilize new data on social welfare effort, national political institutions, and internationalization to provide an econometric assessment of the social policy impacts of domestic fiscal stress and capital mobility during the period 1965 to 1995, looking first at the direct impacts of rises in public sector debt and in international capital mobility on social welfare provision, and second at the welfare state effects of fiscal stress and global capital flows across nationally and temporally divergent democratic institutional contexts; the initial focus is on total social welfare effort and then the analysis is shifted to changes in cash income maintenance and social services. The conclusion assesses the implications of the arguments and findings for the future course of social policy in developed democracies, and potentially bolsters the evidence for the central assertion that domestic institutions systematically determine the direction of welfare state restructuring.
Philippe Van Parijs
- Published in print:
- 1997
- Published Online:
- November 2003
- ISBN:
- 9780198293576
- eISBN:
- 9780191600074
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198293577.003.0003
- Subject:
- Political Science, Political Theory
As a first cut, how close a society's institutions are to the ideal of a free society is determined by how high an unconditional basic income it manages to sustainably give to all its members. There ...
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As a first cut, how close a society's institutions are to the ideal of a free society is determined by how high an unconditional basic income it manages to sustainably give to all its members. There are good reasons to give this income in the form of a demogrant rather than of a negative income tax, to distribute it in the form of regular instalments rather than as a one‐off capital grant, and to give part of it in kind, in particular, in the form of free education and health insurance rather than as a cash benefit.Less
As a first cut, how close a society's institutions are to the ideal of a free society is determined by how high an unconditional basic income it manages to sustainably give to all its members. There are good reasons to give this income in the form of a demogrant rather than of a negative income tax, to distribute it in the form of regular instalments rather than as a one‐off capital grant, and to give part of it in kind, in particular, in the form of free education and health insurance rather than as a cash benefit.
Keith Brainard
- Published in print:
- 2009
- Published Online:
- February 2010
- ISBN:
- 9780199573349
- eISBN:
- 9780191721946
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780199573349.003.0012
- Subject:
- Business and Management, Public Management, Pensions and Pension Management
Retiree benefits for US employees of state and local governments have been traditionally paid via defined benefit (DB) plans, but this arrangement has been neither monolithic nor static. This chapter ...
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Retiree benefits for US employees of state and local governments have been traditionally paid via defined benefit (DB) plans, but this arrangement has been neither monolithic nor static. This chapter provides examples of variants on the traditional DB model and presents recent developments in retirement benefits for public employees, focusing on the incorporation of DC plan elements into or alongside DB plan structures.Less
Retiree benefits for US employees of state and local governments have been traditionally paid via defined benefit (DB) plans, but this arrangement has been neither monolithic nor static. This chapter provides examples of variants on the traditional DB model and presents recent developments in retirement benefits for public employees, focusing on the incorporation of DC plan elements into or alongside DB plan structures.
Colin Thain and Maurice Wright
- Published in print:
- 1995
- Published Online:
- October 2011
- ISBN:
- 9780198277842
- eISBN:
- 9780191684203
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198277842.003.0003
- Subject:
- Political Science, UK Politics, Political Economy
The Public Expenditure Survey Committee (PESC) system originated in the 1950s and its development is traced in this chapter emphasising the system's context in the planning and controlling of public ...
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The Public Expenditure Survey Committee (PESC) system originated in the 1950s and its development is traced in this chapter emphasising the system's context in the planning and controlling of public expenditure in Britain. This is referenced through the publication of the Plowden Report in 1961 and also includes an introduction to the proposed cash planning in 1982. This chapter argues that the process was a gradual one and the new planning and control system's principles were rooted in the official Treasury's response to changing government objectives in the 1950s. The gradual development of PESC was abruptly halted in the middle of 1970s as the need to cut expenditure and restore control coincided with the Keynesian principle's crumble. After the planning of how PESC was to be done and implemented, monitoring and cash control were then the dominant characteristics of the process.Less
The Public Expenditure Survey Committee (PESC) system originated in the 1950s and its development is traced in this chapter emphasising the system's context in the planning and controlling of public expenditure in Britain. This is referenced through the publication of the Plowden Report in 1961 and also includes an introduction to the proposed cash planning in 1982. This chapter argues that the process was a gradual one and the new planning and control system's principles were rooted in the official Treasury's response to changing government objectives in the 1950s. The gradual development of PESC was abruptly halted in the middle of 1970s as the need to cut expenditure and restore control coincided with the Keynesian principle's crumble. After the planning of how PESC was to be done and implemented, monitoring and cash control were then the dominant characteristics of the process.
Michael Bromwich
- Published in print:
- 2004
- Published Online:
- January 2005
- ISBN:
- 9780199260621
- eISBN:
- 9780191601668
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0199260621.003.0002
- Subject:
- Economics and Finance, Financial Economics
Some arguments are examined for incorporating into accounting reports further estimates or predictions of the future, and items that embed future cash flows. After an introduction (Section 1), ...
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Some arguments are examined for incorporating into accounting reports further estimates or predictions of the future, and items that embed future cash flows. After an introduction (Section 1), Section 2 outlines some of the common concerns of standard-setters with decision-orientated accounting (the essence of which is that accounting items should be measured using their economic values, which are founded on the cash flows they are expected to generate), and considers some of the general arguments for incorporating future-orientated accounting items into accounting reports. Looks at the strong movement toward ‘fair-value’ accounting in which asset and liability carrying values are based on the market prices that would result from arm’s length transactions between well-informed participants. In Section 3, as an example of this market value approach, some problems with suggestions for accounting for financial instruments (assets) are considered. Section 4 looks more briefly at the use of fair values with non-financial assets, and the final section gives a brief conclusion.Less
Some arguments are examined for incorporating into accounting reports further estimates or predictions of the future, and items that embed future cash flows. After an introduction (Section 1), Section 2 outlines some of the common concerns of standard-setters with decision-orientated accounting (the essence of which is that accounting items should be measured using their economic values, which are founded on the cash flows they are expected to generate), and considers some of the general arguments for incorporating future-orientated accounting items into accounting reports. Looks at the strong movement toward ‘fair-value’ accounting in which asset and liability carrying values are based on the market prices that would result from arm’s length transactions between well-informed participants. In Section 3, as an example of this market value approach, some problems with suggestions for accounting for financial instruments (assets) are considered. Section 4 looks more briefly at the use of fair values with non-financial assets, and the final section gives a brief conclusion.
Francie Lund
- Published in print:
- 2012
- Published Online:
- January 2014
- ISBN:
- 9780197265314
- eISBN:
- 9780191760402
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197265314.003.0019
- Subject:
- History, World Modern History
In April 1998, the post-apartheid South African government introduced a monthly cash transfer for children in poor households. A requirement for getting the grant was that the birth of the child had ...
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In April 1998, the post-apartheid South African government introduced a monthly cash transfer for children in poor households. A requirement for getting the grant was that the birth of the child had to be registered, and the adult primary caregiver had to have the citizen identity document. The success of the system of support was contingent on the new democratic government's ability to integrate into one national welfare system what had been fragmented under apartheid into many racially separated systems; it also, ironically, built on the apartheid-era state pension delivery system. Within a decade the grant reached more than ten million children, and was associated with a rapid increase in birth registrations, marking the poorest children's first step into citizenship, and opening up the possibility of later access to other programmes and entitlements.Less
In April 1998, the post-apartheid South African government introduced a monthly cash transfer for children in poor households. A requirement for getting the grant was that the birth of the child had to be registered, and the adult primary caregiver had to have the citizen identity document. The success of the system of support was contingent on the new democratic government's ability to integrate into one national welfare system what had been fragmented under apartheid into many racially separated systems; it also, ironically, built on the apartheid-era state pension delivery system. Within a decade the grant reached more than ten million children, and was associated with a rapid increase in birth registrations, marking the poorest children's first step into citizenship, and opening up the possibility of later access to other programmes and entitlements.
James Ferguson
- Published in print:
- 2012
- Published Online:
- January 2014
- ISBN:
- 9780197265314
- eISBN:
- 9780191760402
- Item type:
- chapter
- Publisher:
- British Academy
- DOI:
- 10.5871/bacad/9780197265314.003.0020
- Subject:
- History, World Modern History
Key contemporary mechanisms of distribution are routed through the ‘social assistance’ programmes provided by states. While we still often think of such programmes on the model of the well-known ...
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Key contemporary mechanisms of distribution are routed through the ‘social assistance’ programmes provided by states. While we still often think of such programmes on the model of the well-known ‘welfare states’ of the global North, new forms of state and international transfers to the poor (in Africa and elsewhere in the global South) suggest a need to rethink the question of social assistance from a less Eurocentric perspective. With a special focus on southern Africa, this chapter reviews the meaning of ‘social assistance’ in a region where the domain of ‘the social’ was never securely established in the first place. It reflects on the possibility that new rationalities and techniques of social assistance may be calling into question the assumed dependence of social service provision on traditional forms of population registration and documentation.Less
Key contemporary mechanisms of distribution are routed through the ‘social assistance’ programmes provided by states. While we still often think of such programmes on the model of the well-known ‘welfare states’ of the global North, new forms of state and international transfers to the poor (in Africa and elsewhere in the global South) suggest a need to rethink the question of social assistance from a less Eurocentric perspective. With a special focus on southern Africa, this chapter reviews the meaning of ‘social assistance’ in a region where the domain of ‘the social’ was never securely established in the first place. It reflects on the possibility that new rationalities and techniques of social assistance may be calling into question the assumed dependence of social service provision on traditional forms of population registration and documentation.
William E. Nelson
- Published in print:
- 2008
- Published Online:
- September 2008
- ISBN:
- 9780195327281
- eISBN:
- 9780199870677
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780195327281.003.0008
- Subject:
- History, American History: early to 18th Century
By 1660, two regional bodies of law had begun to emerge in the continental English colonies—one in the North and one in the South. The North's law was more egalitarian; the South's, more ...
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By 1660, two regional bodies of law had begun to emerge in the continental English colonies—one in the North and one in the South. The North's law was more egalitarian; the South's, more hierarchical. The South treated its underclasses brutally, with the economic interest of the master class as the sole restraint on that brutality. The men of the North may not always have treated their women, children, or servants kindly, but the law required them to display greater moderation. The South's economy depended on the export of a cash crop, and its law reflected that economic reality. New England law, in contrast, promoted family farms in tight-knit communities. But elements of English common law were in use everywhere in America, and the common legal culture that all the colonists shared had begun to set them on a common political course.Less
By 1660, two regional bodies of law had begun to emerge in the continental English colonies—one in the North and one in the South. The North's law was more egalitarian; the South's, more hierarchical. The South treated its underclasses brutally, with the economic interest of the master class as the sole restraint on that brutality. The men of the North may not always have treated their women, children, or servants kindly, but the law required them to display greater moderation. The South's economy depended on the export of a cash crop, and its law reflected that economic reality. New England law, in contrast, promoted family farms in tight-knit communities. But elements of English common law were in use everywhere in America, and the common legal culture that all the colonists shared had begun to set them on a common political course.
Raymond G. Batina and Toshihiro Ihori
- Published in print:
- 2000
- Published Online:
- October 2011
- ISBN:
- 9780198297901
- eISBN:
- 9780191685361
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/acprof:oso/9780198297901.003.0010
- Subject:
- Economics and Finance, Financial Economics
This chapter focuses on the relationship between money and taxation. Several models of money generate different results concerning the patterns of distortions of different tax systems. Income tax ...
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This chapter focuses on the relationship between money and taxation. Several models of money generate different results concerning the patterns of distortions of different tax systems. Income tax will affect the consumption decision. If cash balances are taxed under the consumption tax, consumers prefer the accumulation of capital and people will hold less cash when the tax is implemented. It is difficult to assume that a consumption tax is perfectly neutral because money plays two roles: as liquidity and as a store of value. In this chapter the case where cash reserves are being taxed under a consumption tax is presented. It is predicted that cash balance decisions will be distorted by the consumption tax. In general, the impact of different tax systems on the economy will depend on the model of money one uses, and consumption and income tax are distorting.Less
This chapter focuses on the relationship between money and taxation. Several models of money generate different results concerning the patterns of distortions of different tax systems. Income tax will affect the consumption decision. If cash balances are taxed under the consumption tax, consumers prefer the accumulation of capital and people will hold less cash when the tax is implemented. It is difficult to assume that a consumption tax is perfectly neutral because money plays two roles: as liquidity and as a store of value. In this chapter the case where cash reserves are being taxed under a consumption tax is presented. It is predicted that cash balance decisions will be distorted by the consumption tax. In general, the impact of different tax systems on the economy will depend on the model of money one uses, and consumption and income tax are distorting.
Ruben Lee
- Published in print:
- 2011
- Published Online:
- October 2017
- ISBN:
- 9780691133539
- eISBN:
- 9781400836970
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691133539.003.0006
- Subject:
- Economics and Finance, Macro- and Monetary Economics
The chapter provides an overview of how market infrastructure institutions in the cash equity markets around the world were governed as of September 2006. The 90 member exchanges of the World ...
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The chapter provides an overview of how market infrastructure institutions in the cash equity markets around the world were governed as of September 2006. The 90 member exchanges of the World Federation of Exchanges, and their associated clearing and settlement entities, were examined. For exchanges, the dominant control model, at 40 percent of the population, was that of a private company; 27.8 percent of the population were under mutual control, 16.7 percent were listed, and 15.6 percent were government controlled. For clearing institutions, the dominant control models were exchange control at 37.9 percent of the population and user control at 40.2 percent. Government control was low at 13.8 percent, as was control by independent entities at 7.8 percent. For settlement entities, user control was the dominant model at 45.1 percent of the population, with exchange control still common at 28.1 percent, although less important than for clearing entities.Less
The chapter provides an overview of how market infrastructure institutions in the cash equity markets around the world were governed as of September 2006. The 90 member exchanges of the World Federation of Exchanges, and their associated clearing and settlement entities, were examined. For exchanges, the dominant control model, at 40 percent of the population, was that of a private company; 27.8 percent of the population were under mutual control, 16.7 percent were listed, and 15.6 percent were government controlled. For clearing institutions, the dominant control models were exchange control at 37.9 percent of the population and user control at 40.2 percent. Government control was low at 13.8 percent, as was control by independent entities at 7.8 percent. For settlement entities, user control was the dominant model at 45.1 percent of the population, with exchange control still common at 28.1 percent, although less important than for clearing entities.
Mauricio Drelichman and Hans-Joachim Voth
- Published in print:
- 2014
- Published Online:
- October 2017
- ISBN:
- 9780691151496
- eISBN:
- 9781400848430
- Item type:
- chapter
- Publisher:
- Princeton University Press
- DOI:
- 10.23943/princeton/9780691151496.003.0008
- Subject:
- Economics and Finance, Economic History
This chapter analyzes the role of contingent scenarios and nature of the defaults. Over the last 800 years, many periods of debt accumulation have been followed by default. Despite these disruptions, ...
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This chapter analyzes the role of contingent scenarios and nature of the defaults. Over the last 800 years, many periods of debt accumulation have been followed by default. Despite these disruptions, the market for sovereign debt did not disappear. At least, in the case of asiento lending to Philip II, excusable defaults were an important factor. Studying the loan documents directly, the chapter shows that a significant share of short-term loans contained contingency clauses. It then explores the different types of loan modifications along with their impact on cash flows and loan maturity. These modifications allowed effective risk sharing between king and bankers—an institutional solution that offered many of the desirable properties that contingent debt would have today.Less
This chapter analyzes the role of contingent scenarios and nature of the defaults. Over the last 800 years, many periods of debt accumulation have been followed by default. Despite these disruptions, the market for sovereign debt did not disappear. At least, in the case of asiento lending to Philip II, excusable defaults were an important factor. Studying the loan documents directly, the chapter shows that a significant share of short-term loans contained contingency clauses. It then explores the different types of loan modifications along with their impact on cash flows and loan maturity. These modifications allowed effective risk sharing between king and bankers—an institutional solution that offered many of the desirable properties that contingent debt would have today.
Jean Drèze and Amartya Sen
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198283652
- eISBN:
- 9780191596193
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283652.003.0006
- Subject:
- Economics and Finance, Development, Growth, and Environmental
Some of the deficiencies of direct delivery strategies as a means of preventing famines are noted before the part that markets can play in precipitating or relieving famine is explored. The ...
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Some of the deficiencies of direct delivery strategies as a means of preventing famines are noted before the part that markets can play in precipitating or relieving famine is explored. The relationship of food availability and prices to individual entitlements is studied. The argument then moves to the role of transactions, both interregional (private trade) and intertemporal (hoarding), on famine vulnerability and how the government could intervene in each case. The last part discusses the merits and limitations of cash support, and recommends its greater use.Less
Some of the deficiencies of direct delivery strategies as a means of preventing famines are noted before the part that markets can play in precipitating or relieving famine is explored. The relationship of food availability and prices to individual entitlements is studied. The argument then moves to the role of transactions, both interregional (private trade) and intertemporal (hoarding), on famine vulnerability and how the government could intervene in each case. The last part discusses the merits and limitations of cash support, and recommends its greater use.
Jean Drèze and Amartya Sen
- Published in print:
- 1991
- Published Online:
- November 2003
- ISBN:
- 9780198283652
- eISBN:
- 9780191596193
- Item type:
- chapter
- Publisher:
- Oxford University Press
- DOI:
- 10.1093/0198283652.003.0009
- Subject:
- Economics and Finance, Development, Growth, and Environmental
The problem of public action in combating persistent undernutrition and endemic deprivation is raised. The argument is made for broadening the attention from food self‐sufficiency to food adequacy, ...
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The problem of public action in combating persistent undernutrition and endemic deprivation is raised. The argument is made for broadening the attention from food self‐sufficiency to food adequacy, from food adequacy to food entitlements, and from the latter to nutritional and related capabilities, always observing the link between these variables. The role of diversification and the potential process of industrialisation is considered, giving some attention to cash crops.Less
The problem of public action in combating persistent undernutrition and endemic deprivation is raised. The argument is made for broadening the attention from food self‐sufficiency to food adequacy, from food adequacy to food entitlements, and from the latter to nutritional and related capabilities, always observing the link between these variables. The role of diversification and the potential process of industrialisation is considered, giving some attention to cash crops.
