The Effect Of Geography On Firm s Characteristics And...

The paper relates to three sets of literature: the capital structure, the location effect, and the peer effects literature. In the classical capital structure context, Fischer, Heinkel, and Zech-ner (1989) and Leland (1994), (1998), Hovakimian, Opler, and Titman (2001) show that firms periodically readjusts their capital structures toward a target ratio. Lemmon, Roberts, Zender (2008) show that the majority of changes in leverage ratio is caused â€Å"by an unobserved time-invariant effect that generates surprisingly stable capital structures.† Lemmon, Roberts, Zender (2008) show that this factor is present before the IPO. They conclude that â€Å"variation in capital structures is primarily determined by factors that remain stable for long†¦show more content†¦They show that level of information asymmetry is higher for rural firms. Rural firm issue fewer seasoned equity offerings, it takes them more time to do an IPO, and they use more debt. Ivkovic and Weisbenner (2005) examine the stock investments of over 30,000 households in the U.S. between 1991 and 1996. They find that the â€Å"average household invests 31% of its portfolio in stocks located within 250 miles. If investors had held the market portfolio instead, only 13% of the average household’s investments would be this close.† Geography will affect coverage by security analyst, which in turn will affect the firm’s ability to attract investors in the market. Malloy (2005) concludes that analysts are more accurate when they cover geographically close firms. There is also an established literature on the effect of headquarters’ location on the firm’s ability to finance itself through debt. In general, conditions of loan are related to the distance between the borrower and the lender on one hand and the distance between the borrower and the closest competitor on the other hand. Arena and Dewally (2011) show that firm’s geographical location has a significant effect on corporate debt policies. They show that rural firms have higher debt yield spreads and attract smaller and less prestigious bank syndicates, compared with urban firms. As a result, the rural firmsShow MoreRelatedThe Development Of Electric Cars1591 Words   |  7 Pagestogether by a network of shared advantages which has created regional innovation clusters as well systems of connection globally that brought about long-term economic prosperity, productivity, and growth. These geographic innovation has had profound effects on our society with the invention of the automobile undeniably a standout. However, there are over one billion vehicles in the world today (Plumer, 2011), releasing potentially catastrophic amount of greenhouse gas. Hence the interest in a cleanerRead MoreIdentify and discuss different criteria of segmenting consumer markets. Using valid examples explain how differ ent organizations may implement target market strategies4493 Words   |  18 Pagesconsumer markets according to the breakdown method can broadly classified into: i. Background customer characteristics ii. Customer attitudes iii. Customer behaviour The first two refer to a consumer’s inclination to certain actions that and not related to the market place. The third refers to the consumer’s behaviour while in the act of purchasing a product. BACKGROUND CONSUMER CHARACTERISTICS FOR SEGMENTING MARKETS Background information is not malleable, that is they do not change from oneRead More Varieties of Capitalism Essay2378 Words   |  10 Pagescapitalism’ is a firm-centered approach where firm is placed as a key actor and is being considered relational. 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Effective risk management involves risk assessment, risk evaluation, risk treatment and risk reportingRead MoreInternational Enterprise With Economic Development And Global Popularity2240 Words   |  9 Pagesand increase the company s sales, also conducive to global companies seeking cheaper labour on a global scale, they can find cheaper recourse, reducing the company s production cost (TAST, 2014). At this time, the location decision is particularly important when the company open a new company in the overseas, the company has a lot of issues to be considered, for example whether convenient transportation, labour, the purchasing power of local political, economic, geography, humanities, and so on(ROBINSONRead MoreBusiness Opportunities14520 Words   |  59 PagesHow ever, such layered approaches have been encouraged in theoretical studies of entrepreneurship. 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Need for a New Health Care System Essay examples - 1425 Words

Need for a New Health Care System One of the major problems nagging America is the need for a new health care system. The number of uninsured Americans needing medical treatment is rising. Medicare, a major part of the American health care system, is projected to go broke in 2019 according to USA Today?s article, Congress refuses to swallow cures for ailing Medicare. I have seen this ruin people?s pursuit of happiness. I worked in a nursing home for the past five years. Many elderly patients run out of money to support themselves for their long term care. When they go on Medicare, only certain treatments and prescription drugs are available. This causes them to worsen in condition physically and mentally. I believe that with a†¦show more content†¦With the implementation of a national health care system, uninsured Americans will be eliminated, prescription drug costs will be lower, and Medicare will be revived in a different form. National health care systems have shown great results in several different cou ntries. National health care systems have been criticized due to exaggeration of minute problems, where critics look for radical results but do not look for the actual benefits of the system (Axworthy and Spiegel 2). To this effect there is no evidence supporting that privatized health care systems are more efficient (Axworthy and Spiegel 2). They are in fact less efficient due to the number of uninsured people. One example of the inefficiency of privatized health care is that the Canadian version of Medicare is less expensive than the American model of Medicare (Axworthy and Spiegel 2). The problem does not exist in the lack of money in the system, rather the inefficient use of the funds. We already spend twice as much per person on health care as other advanced countries that still manage to cover all their citizens (McCarthy 1). 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Piercing On Corporate Groups In Australia †Myassignmenthelp.Com

Question: Discuss About The Piercing On Corporate Groups In Australia? Answer: Introducation Directing mind and will is a phrase that is associated with the officers of the company who are considered to be the minds of a company. When any company is formed then it acquires all the features of a natural person and is established in (Salomon v A Salomon Co Ltd, 1896). The officers of the company are distinct from the company and the acts of the company are considered to be its own and no repercussion falls upon the officers who acts as the agents of the company and is held in (Lee v Lee's Air Farming Ltd , 1960). (Tomasic, Bottomley, McQueen, 2002) But, whether every person who is acting on behalf of company can be considered as the directing mind and will of the company. Can every employee or client who is associated with the company is the directing mind and will of the company. The answer is No. It is held in (Krakowski v Eurolynx Properties Ltd, 1995), that those officers who encompass and acts in order to fulfill the objects and aims of the company are considered to be the directing mind and will of the company. These are the persons who are authorized to achieve the purpose of the company and are entitled to undertake actions on behalf of the company. The acts that are carried out by theses directing mind and will official are binding upon the company and the company must honor such acts considering the same as its own. (Tunstall, 2008) Piercing the Corporate Veil Piercing the corporate veil is the phrase which symbolizes a situation where in the distinct personality of the company is disregarded by the court and the distinction amid the company and its officers is mitigated and the acts of the directors are held to be his acts personally and not the acts of the company.(Eroglu, 2008) When a company is formed then it has a distinct legal personality, that is, the acts of the directors are considered as the acts of the company and any liability arising there from will be considered as the acts of the company (Lennards Carrying Co Ltd v Asiatic Petroleum Co Ltd, 1915). But, when there are cases of fraud or sham or presence of enemy element or corporate group or agency, then, this distinct personality is disregarded by the courts and the veil that makes a distinction amid the company and its officers is distended and the veil is pierced (Industrial Equity Ltd v Blackburn , 1977) and (James Hardie, 1989). (Helen, 2009) When the veil is pierced the repercussion of the acts of the company does not fall upon the company and the director is held personally liable for the same. The acts of the company become the acts of the directors and they can beheld personally liable to make the good the loss caused by them. Thus, the piercing of corporate veil is a very important concept in order to bring justice. References Eroglu, M. (2008). Multinational Enterprises and Tort Liabilities: An Interdisciplinary and Comparative Examination. Edward Elgar Publishing. Helen, A. (2009). Piercing the Veil on Corporate Groups in Australia: The Case for Reform" . Industrial Equity Ltd v Blackburn (1977). James Hardie (1989). Krakowski v Eurolynx Properties Ltd (1995). Lee v Lee's Air Farming Ltd (1960). Lennards Carrying Co Ltd v Asiatic Petroleum Co Ltd (1915). Salomon v A Salomon Co Ltd (1896). Tomasic, R., Bottomley, S., McQueen, R. (2002). Corporations Law in Australia. Federation Press. Tunstall. (2008). Corporate Responsibility: The duties and liabilities of the corporation.

The Apparel Shopper free essay sample

Comprhensive Case The Apparel Shopper 1. What overall conclusions do you reach after reading this case? The information in the case gave the overall conclusion that the apparel industry is a very competitive field to get into and in order to prosper companies must find their own personal niche within the industry. A company cannot survive in the apparel industry by providing what is already available in other stores. It is important to define a target market and appeal to their needs and wants. For instance, Wal-Mart appeals to low income individuals, Target and Old Navy appeal to more fashion sensitive customers, and so on. Ultimately, stores must relate and direct efforts towards specific apparel shoppers demographics and preferences. 2. How can apparel retailers compete with Wal-Mart? To compete with Wal-Mart you need to think of Wal-Marts competitive advantage: price. Your stores competitive advantages MUST stand out, and be in demand. You must have a style clothing that appeals to your target market if you want to compete with Wal-Mart. We will write a custom essay sample on The Apparel Shopper or any similar topic specifically for you Do Not WasteYour Time HIRE WRITER Only 13.90 / page This means marketing based on style, name brand, and higher quality clothing. Wal-Mart cant offer any of these things. Also, if you try to market to another demographic such as Hispanic Americans or Asian Americans you might find a niche that has not yet been tapped into. 3 Does cross-shopping affect apparel retailing? Is this good or bad? Why? I think cross-shopping definitely affects apparel retailing. People will go to different stores and shopping centers in one shopping trip to look for a specific item, the best prices or just a different look. Low income shoppers may shop around for the best bargains. For retailers, cross shopping can be a good thing and a bad thing. If a person starts out at a particular store and doesnt find anything they really want they may buy something somewhere else just because they are tired of looking. Stores also have to stay competitive with their prices in order to keep loyal shoppers. 4. What are the retail implications of this statement: American consumers are not trendy either at work or play Do you agree with the statement? Why or why not? The retail implications are that most stores tend to follow the trends and not necessarily set them. Americans are more conservative than Europeans in their apparel so if a new retailer is trying to break into the market, he/she should consider how they want to market their clothing. If they want to stand out, maybe they should invest in newer, trendier clothing. If not, then they should keep their target market in mind. I dont agree with that statement however, I do believe Americans are trendy themselves. Many people I know rely on celebrities, magazines, talk shows, and television to figure out the latest styles and how to wear certain styles. I believe Americans acually focus quite a bit on trends.. especially younger generations. Older generations tend not to follow this idea however. 5. How could the information cited in the case be used in a retail information system? The information in this case could be used by a retailer to help dicover how to cater to their target market. Their retail information system can keep track of information on the types of customers that shop at their stores, such as income level, gender, race, age, ethnicity, and clothing preferences. The retailer then knows if they are targeting the right customers for their product line and price range or if they need to change their target market. 6 What additional consumer-related information would you like to review about apparel shoppers besides that stated in the case? I would like to see a comparison based upon different locations within the United States. Income, age, gender, and ethnicity all play important factors regarding where consumers shop. However, I feel that the location and surroundings of the consumer will also play an important role when deciding where to shop. For instance, two different employees, who are both earning the same salary and working for the same company in different locations, will probably tend to dress differently. A standard dress code is usually enforced no matter where the company is located; however, how people adhere and dress in regards to the dress code will probably differ. The employee in New York City will probably dress on a more upscale and trendier level. This is due to the fact that these employees have access to several upscale, specialty store locations. On the other hand, an employee working in Lancaster may not be wearing Prada shoes or carrying Louis Vuitton briefcases. As stated on page 201, â€Å"consumer lifestyles are based on social and psychological factors, and influenced by demographics. † In addition, consumer demographics on page 199 states within the definition that consumers can be identified by place of residence. Stores such as Hollister, which bases their style on a California trend; and Abercrombie, which demonstrates styles of the east coast are realizing these differences and are now basing the styles of their stores off of these locations.