This study investigates the stock price reaction for companies that added ".com" to their names between 1998-1999. It finds:
- Companies experienced large positive stock returns, on average 74%, surrounding the announcement date of their name change. This "dotcom effect" resulted in large and permanent increases in firm value.
- The positive stock reaction occurred regardless of the firm's actual involvement in Internet business. A mere association with the Internet through the name change was enough to increase values, driven by investor mania rather than fundamentals.
- The gains were most pronounced for smaller, lower priced firms. Larger firms with an existing Internet presence also saw stock increases but to a lesser degree.
The document discusses various aspects of global business environment including the nature of globalization, reasons why companies go global, manifestations of globalization, strategic responses to the environment, competitive environment, and Porter's five forces model for competitive analysis. Specifically, it notes that globalization has integrated developing economies, reduced trade barriers, and allowed companies to compete globally. Companies go global to access new markets, lower costs, and recover R&D expenditures. Globalization is also manifest in areas like privatization, infrastructure resources at international prices, and regional economic blocks. Businesses must respond strategically to opportunities and threats in the dynamic environment. Porter's five forces model is used to analyze industry competition from suppliers, buyers, new entrants, substitutes
This presentation by Belgium was prepared for the break-out Session 1, “Quantitative Evidence”, in the discussion “Economic Analysis in Merger Investigations” at the 19th OECD Global Forum on Competition on 9 December 2020. More papers and presentations on the topic can be found at http://oe.cd/eami.
This presentation was uploaded with the author’s consent.
1a kno how on mkt structure conduct & performancepjvicary
This document provides an introduction to market structure and the different types of market structures. It discusses how the number and size of firms in a market can affect competition and pricing decisions. The main types of market structures discussed are perfect competition, monopolistic competition, oligopoly, and monopoly, ranging from high competition to high market power. The document also examines how market structure can influence the conduct and performance of firms in terms of pricing, output, innovation, and efficiency.
The document discusses restoring public trust in corporate reporting. It proposes a three-tiered model for corporate transparency consisting of global accounting standards, industry standards, and company-specific information. Recent scandals have undermined trust in executives, boards, auditors, and analysts that produce corporate information. To rebuild trust, all participants must embrace transparency, accountability, and integrity. New technologies like XBRL can improve access and analysis of reported information across the three tiers. The future of corporate reporting relies on cooperation across industries to establish comprehensive transparency standards.
The document discusses transfer pricing within multinational enterprises (MNEs). It provides background on transfer pricing guidelines from organizations like the OECD. One study found that penalties for deviating from proper transfer pricing lowered the valuations of Japanese MNEs in the US. MNEs spend significant effort setting transfer prices and defending their positions during audits. The document also discusses the increasing offshoring of business services and challenges around setting appropriate transfer prices for services between affiliates.
1) Walmart is proposing a business process change to improve its warranty and claims process. Currently, claims are handled by customer service representatives with no standardized process.
2) The proposed change would implement a repeatable and documented process for handling claims at each stage of the Capability Maturity Model. This would involve defining documentation, managing data collection, and continuously optimizing the process.
3) Diagrams show the current process with claims handled by individual representatives, and the proposed new process which would automate claims logging and integrate it into the sales system using software applications. This aims to standardize and streamline the warranty and claims process.
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
Data management, data visualisation, predictive modelling, data mining, forecasting simulation, and optimisation are some of the tools used to create insights from data.
The document discusses various aspects of global business environment including the nature of globalization, reasons why companies go global, manifestations of globalization, strategic responses to the environment, competitive environment, and Porter's five forces model for competitive analysis. Specifically, it notes that globalization has integrated developing economies, reduced trade barriers, and allowed companies to compete globally. Companies go global to access new markets, lower costs, and recover R&D expenditures. Globalization is also manifest in areas like privatization, infrastructure resources at international prices, and regional economic blocks. Businesses must respond strategically to opportunities and threats in the dynamic environment. Porter's five forces model is used to analyze industry competition from suppliers, buyers, new entrants, substitutes
This presentation by Belgium was prepared for the break-out Session 1, “Quantitative Evidence”, in the discussion “Economic Analysis in Merger Investigations” at the 19th OECD Global Forum on Competition on 9 December 2020. More papers and presentations on the topic can be found at http://oe.cd/eami.
This presentation was uploaded with the author’s consent.
1a kno how on mkt structure conduct & performancepjvicary
This document provides an introduction to market structure and the different types of market structures. It discusses how the number and size of firms in a market can affect competition and pricing decisions. The main types of market structures discussed are perfect competition, monopolistic competition, oligopoly, and monopoly, ranging from high competition to high market power. The document also examines how market structure can influence the conduct and performance of firms in terms of pricing, output, innovation, and efficiency.
The document discusses restoring public trust in corporate reporting. It proposes a three-tiered model for corporate transparency consisting of global accounting standards, industry standards, and company-specific information. Recent scandals have undermined trust in executives, boards, auditors, and analysts that produce corporate information. To rebuild trust, all participants must embrace transparency, accountability, and integrity. New technologies like XBRL can improve access and analysis of reported information across the three tiers. The future of corporate reporting relies on cooperation across industries to establish comprehensive transparency standards.
The document discusses transfer pricing within multinational enterprises (MNEs). It provides background on transfer pricing guidelines from organizations like the OECD. One study found that penalties for deviating from proper transfer pricing lowered the valuations of Japanese MNEs in the US. MNEs spend significant effort setting transfer prices and defending their positions during audits. The document also discusses the increasing offshoring of business services and challenges around setting appropriate transfer prices for services between affiliates.
1) Walmart is proposing a business process change to improve its warranty and claims process. Currently, claims are handled by customer service representatives with no standardized process.
2) The proposed change would implement a repeatable and documented process for handling claims at each stage of the Capability Maturity Model. This would involve defining documentation, managing data collection, and continuously optimizing the process.
3) Diagrams show the current process with claims handled by individual representatives, and the proposed new process which would automate claims logging and integrate it into the sales system using software applications. This aims to standardize and streamline the warranty and claims process.
FellowBuddy.com is an innovative platform that brings students together to share notes, exam papers, study guides, project reports and presentation for upcoming exams.
We connect Students who have an understanding of course material with Students who need help.
Benefits:-
# Students can catch up on notes they missed because of an absence.
# Underachievers can find peer developed notes that break down lecture and study material in a way that they can understand
# Students can earn better grades, save time and study effectively
Our Vision & Mission – Simplifying Students Life
Our Belief – “The great breakthrough in your life comes when you realize it, that you can learn anything you need to learn; to accomplish any goal that you have set for yourself. This means there are no limits on what you can be, have or do.”
Like Us - https://www.facebook.com/FellowBuddycom
Data management, data visualisation, predictive modelling, data mining, forecasting simulation, and optimisation are some of the tools used to create insights from data.
Impact Evaluation Step by Step Evaluating the Impact of Formality_GRADEthinktankinitiative
This document summarizes a study that evaluated the impact of formality on micro enterprise performance in Lima, Peru. The study used an encouragement design where 300 micro enterprises were randomly selected to receive an incentive to obtain an operating license, while the remaining 304 firms served as the comparison group. Surveys were conducted with all firms at baseline and over two and a half years to measure outcomes. The results found that operating with a municipal license had no statistically significant effect on firm performance measures like revenues, profits, employment levels, or access to credit. This suggests that simply providing licenses may not be enough to improve firm performance, and that formalization programs require a broader scope. The findings provide relevant evidence for policymakers on the limited impacts of
EdExcel Economics Unit 3 Micro - 16 Mark Data Questiontutor2u
This is a suggested answer plan to a 16-mark EdExcel Unit 3 data response question on: "To what extent does the threat of competition affect a firm’s behaviour. Use an industry of your choice."
This document discusses the concept of business environment and its key factors. It defines business environment as the aggregate of all conditions, events, and influences that surround and affect a business, according to Keith Davis. There are internal/controllable factors and external/uncontrollable factors. Major external factors discussed include social, economic, technological, legal, environmental, political, and competitive factors. Understanding the business environment is important for developing strategies, analyzing competitors, and keeping the business dynamic by anticipating socioeconomic changes and their impacts.
1) The document discusses various valuation methods that can be applied to mergers and acquisitions, including relative valuation methods like comparable company analysis and recent transactions methods, asset-based methods like tangible book value and liquidation value, and real options valuation.
2) It provides an example of valuing Repsol YPF using comparable integrated oil companies and determining whether Basic Energy Service or Composite Production Services is a more attractive acquisition target using the PEG ratio method.
3) Key things to remember include considering market-based, asset-based, and replacement cost methods, adjusting for non-operating items, and accounting for real options when identifiable and value-adding.
20120628 building the sfdc business case-ar-madFlorian Zink
1) The document outlines Salesforce's six-step approach to building a business case for implementing their social enterprise solution at Customer X, including identifying key value drivers, defining metrics, benchmarking, and validating assumptions.
2) It provides an overview of Customer X's value drivers around visibility, collaboration, and IT rationalization, and how Salesforce's solution could help achieve benefits in areas like revenue, costs, and productivity.
3) Metrics are defined to measure potential improvements and benchmarks from other companies are presented showing significant gains, with Customer X expected to validate the opportunity.
This document discusses how life insurance companies can escape the challenges of legacy policy administration systems. It describes how legacy systems with embedded code make it difficult and time-consuming to bring new products to market, often taking years and millions of dollars. This is an ongoing problem in the industry, with carriers typically maintaining 4 or more legacy systems. The document advocates for a new approach that allows non-technical users to easily update rates and business rules without needing to modify complex embedded code.
This document provides an introduction to strategic management. It discusses key concepts like strategic competitiveness, competitive advantage, the strategic management process, and above-average returns. It also examines models for achieving above-average returns, including the industrial organization model and resource-based model. Additional topics covered include vision and mission, stakeholders, the role of strategic leaders, and analyzing profit pools. The overall document provides a high-level overview of strategic management principles and frameworks.
Coursework ProjectCompanies are paying out too much in dividenCruzIbarra161
This document provides information about a coursework project evaluating a company's dividend policy and its impact on share price. It includes instructions for completing four parts of the project: a) evaluating dividend policy theories; b) analyzing the dividend policy and share price of a selected company over 11 years; c) using the Fisher-Hirshleifer model to examine investment and consumption decisions; and d) discussing the importance of mergers and acquisitions. Additional context and data tables are provided about a company called Motomart for use in completing the project analysis.
1. Business surveys collect qualitative data through simple questionnaires sent to businesses and households. They ask for opinions on current conditions and future expectations using multiple choice answers.
2. The data is weighted based on firm size and aggregated to determine balances that show whether responses are positive, neutral, or negative. Balances track business cycles well and respond quickly to changes.
3. Surveys are low-cost and provide timely results, complementing official quantitative economic data. Core questions focus on production, orders, stocks, and prices to gauge early stages of the business cycle.
Role of Technology in Long-Term CareUsing Scholarly Library and .docxjoellemurphey
Role of Technology in Long-Term Care
Using Scholarly Library and the Internet, find three articles describing the role technology will play in addressing the challenges ahead in long-term care. Summarize your findings and based on your learning, respond to the following questions:
· Which challenges in long-term care system remain unmet? Why?
· What changes can we expect to occur with the influx of baby boomers entering into the long-term care system?
· Why do you think technology is important to long-term care? Support your answer with relevant examples.
· What are the pros and cons of the implementation of technology in long-term care? Consider both providers and consumers while describing.
· How does technology improve the type and quality of care received by long-term care consumers?
· How important is the commitment by top management for the use of information technology in long-term care to be successful? Why?
· How can the challenges be proactively addressed as opposed to being reactive?
Legal and Ethical Issues: Case Study
Cathy Smith, an eighty-eight-year-old woman, was admitted to the emergency room from the nursing facility with acute respiratory distress. Although Smith does not have a living will, her daughter Rose, a health care professional, has the power of attorney (POA) to make her mother's health decisions.
Smith suffers from end-stage Alzheimer's disease and recently experienced congestive heart failure. Her condition is alarming. The doctors want to place her on life-support equipment, including a ventilator. Smith's son, Andrew, agrees with the doctor's decision. However, Rose states her mother would never want to be placed on life-support machines to prolong her life.
Analyze the scenario and answer the following questions:
· What are the autonomy-beneficial conflicts between Rose and Andrew related to placing their mother on life support in this case? Who has the right to make the decision on behalf of the client? Why?
· What are the ethical issues related to the competency and decision-making capacity of the client while making the health care decisions? Do these issues impact the services offered in long-term care? How?
· What are some of the critical issues related to informed consent? Who has the right to assume this responsibility? Why?
ECO 500 FINAL EXAMS
The main role of economic profits is to:
signal where resources are most highly valued by society
allow firms to cover their production costs
allow consumers to cover their opportunity cost
None of the statements associated with this question are correct
If the interest rate is 3 percent, the present value of $900 received at the end of three years is:
$891.
$823.63.
$799.64
$983.45
The optimal amount of exercise is determined by comparing:
marginal benefit and the total cost of exercise.
total benefit and the marginal cost of exercise.
marginal benefit and the marginal cost of exercise.
total benefit and the total cost of exercise.
Suppose the ma ...
This document examines how a firm's prior strategic commitments influence the impact of customer relationship management (CRM) investments on customer satisfaction. It finds that:
1) Firms with moderate bricks-and-mortar experience (>5 years) see stronger positive effects of CRM on satisfaction than firms with low or high experience.
2) Firms with moderate online experience (~4.5 years) see stronger positive effects of CRM than firms with low or high experience.
3) A firm's market orientation CRM capability impacts satisfaction independently of strategic commitments like experience.
Mercer Capital's Value Focus: FinTech Industry | Second Quarter 2015Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
The study investigated determinant factors affecting sales revenue of Ethiotelecom- to reach more customers and subscribers by keeping their interest because of that it is important to develop the sales revenue of the company.
The study used descriptive approach to examine the issue and used raw data obtained from the WAAZ for the period 2016-2022 that were already used on ERP/CRM and primary data from shops employees.
A secondary data of sales revenue from Zonal finance office and the demand and supply data for sales activities from WAAZ sales division of Ethiotelecom were obtained in quantitative form for the study.
Collected data were paneled to analysis the issues specified in study.
This document provides an overview of Jim Collins' book "Good to Great". It summarizes the research process, findings and conclusions. The research involved identifying companies that showed sustained great performance after a period of good performance. 11 companies were identified as "good-to-great". Their performance was compared to direct competitors and companies that saw only temporary improvements. Through extensive coding and analysis of these companies, insights were uncovered about what distinguishes companies that go from good to great. The key conclusion was that any organization can substantially improve and become great by applying the framework from this research.
Internet today or the Information Technology industry has changed the entire scenario of all the different industries in the market. Communication today has become way easier also exchange of information, media and ideas is much faster and safer. All these can be attributes to the rapid development in the IT industry. E-marketing is one important feature of the IT industry. Environment in different parts of the globe and different people from different parts of the world has been connected with each other to a great with the help of the developing IT industry. Using this connection through the internet for a globalization in marketing is called e-marketing
1) The document analyzes IT outsourcing practices of two large global organizations, Firm-1 and Firm-2.
2) For Firm-1, the main objectives of IT outsourcing are cost reduction, focusing on core activities, and gaining access to professional services. Main benefits realized are cost savings, optimal resource allocation, and improved flexibility.
3) Key risks for Firm-1 include protecting core knowledge and clearly defining project scope. Main challenges are deciding what to outsource, ongoing vendor management, and governance. Best practices include stakeholder buy-in and prioritizing action items.
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
There are three major influences on pricing decisions: customers, competitors, and costs. Short-run pricing decisions have a time horizon of less than one year and consider relevant variable costs, while long-run decisions consider fixed costs and aim to earn a reasonable return on investment. Target costing sets a target price and derives the maximum allowable cost, while cost-plus pricing adds a markup to total costs to determine price.
The document discusses the macro environment factors that entrepreneurs must consider when starting a new venture. It covers historical economic contexts from the Industrial Revolution through modern times. Key processes for analyzing the business environment are scanning, monitoring, forecasting, and assessing trends. Scanning involves looking for changes, monitoring tracks critical events over time, and forecasting develops projections for variables like prices and interest rates. Finally, the document outlines analyzing political, technological, social, and ecological factors that shape industry structure and influence stakeholders.
[To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
This presentation is a curated compilation of PowerPoint diagrams and templates designed to illustrate 20 different digital transformation frameworks and models. These frameworks are based on recent industry trends and best practices, ensuring that the content remains relevant and up-to-date.
Key highlights include Microsoft's Digital Transformation Framework, which focuses on driving innovation and efficiency, and McKinsey's Ten Guiding Principles, which provide strategic insights for successful digital transformation. Additionally, Forrester's framework emphasizes enhancing customer experiences and modernizing IT infrastructure, while IDC's MaturityScape helps assess and develop organizational digital maturity. MIT's framework explores cutting-edge strategies for achieving digital success.
These materials are perfect for enhancing your business or classroom presentations, offering visual aids to supplement your insights. Please note that while comprehensive, these slides are intended as supplementary resources and may not be complete for standalone instructional purposes.
Frameworks/Models included:
Microsoft’s Digital Transformation Framework
McKinsey’s Ten Guiding Principles of Digital Transformation
Forrester’s Digital Transformation Framework
IDC’s Digital Transformation MaturityScape
MIT’s Digital Transformation Framework
Gartner’s Digital Transformation Framework
Accenture’s Digital Strategy & Enterprise Frameworks
Deloitte’s Digital Industrial Transformation Framework
Capgemini’s Digital Transformation Framework
PwC’s Digital Transformation Framework
Cisco’s Digital Transformation Framework
Cognizant’s Digital Transformation Framework
DXC Technology’s Digital Transformation Framework
The BCG Strategy Palette
McKinsey’s Digital Transformation Framework
Digital Transformation Compass
Four Levels of Digital Maturity
Design Thinking Framework
Business Model Canvas
Customer Journey Map
Impact Evaluation Step by Step Evaluating the Impact of Formality_GRADEthinktankinitiative
This document summarizes a study that evaluated the impact of formality on micro enterprise performance in Lima, Peru. The study used an encouragement design where 300 micro enterprises were randomly selected to receive an incentive to obtain an operating license, while the remaining 304 firms served as the comparison group. Surveys were conducted with all firms at baseline and over two and a half years to measure outcomes. The results found that operating with a municipal license had no statistically significant effect on firm performance measures like revenues, profits, employment levels, or access to credit. This suggests that simply providing licenses may not be enough to improve firm performance, and that formalization programs require a broader scope. The findings provide relevant evidence for policymakers on the limited impacts of
EdExcel Economics Unit 3 Micro - 16 Mark Data Questiontutor2u
This is a suggested answer plan to a 16-mark EdExcel Unit 3 data response question on: "To what extent does the threat of competition affect a firm’s behaviour. Use an industry of your choice."
This document discusses the concept of business environment and its key factors. It defines business environment as the aggregate of all conditions, events, and influences that surround and affect a business, according to Keith Davis. There are internal/controllable factors and external/uncontrollable factors. Major external factors discussed include social, economic, technological, legal, environmental, political, and competitive factors. Understanding the business environment is important for developing strategies, analyzing competitors, and keeping the business dynamic by anticipating socioeconomic changes and their impacts.
1) The document discusses various valuation methods that can be applied to mergers and acquisitions, including relative valuation methods like comparable company analysis and recent transactions methods, asset-based methods like tangible book value and liquidation value, and real options valuation.
2) It provides an example of valuing Repsol YPF using comparable integrated oil companies and determining whether Basic Energy Service or Composite Production Services is a more attractive acquisition target using the PEG ratio method.
3) Key things to remember include considering market-based, asset-based, and replacement cost methods, adjusting for non-operating items, and accounting for real options when identifiable and value-adding.
20120628 building the sfdc business case-ar-madFlorian Zink
1) The document outlines Salesforce's six-step approach to building a business case for implementing their social enterprise solution at Customer X, including identifying key value drivers, defining metrics, benchmarking, and validating assumptions.
2) It provides an overview of Customer X's value drivers around visibility, collaboration, and IT rationalization, and how Salesforce's solution could help achieve benefits in areas like revenue, costs, and productivity.
3) Metrics are defined to measure potential improvements and benchmarks from other companies are presented showing significant gains, with Customer X expected to validate the opportunity.
This document discusses how life insurance companies can escape the challenges of legacy policy administration systems. It describes how legacy systems with embedded code make it difficult and time-consuming to bring new products to market, often taking years and millions of dollars. This is an ongoing problem in the industry, with carriers typically maintaining 4 or more legacy systems. The document advocates for a new approach that allows non-technical users to easily update rates and business rules without needing to modify complex embedded code.
This document provides an introduction to strategic management. It discusses key concepts like strategic competitiveness, competitive advantage, the strategic management process, and above-average returns. It also examines models for achieving above-average returns, including the industrial organization model and resource-based model. Additional topics covered include vision and mission, stakeholders, the role of strategic leaders, and analyzing profit pools. The overall document provides a high-level overview of strategic management principles and frameworks.
Coursework ProjectCompanies are paying out too much in dividenCruzIbarra161
This document provides information about a coursework project evaluating a company's dividend policy and its impact on share price. It includes instructions for completing four parts of the project: a) evaluating dividend policy theories; b) analyzing the dividend policy and share price of a selected company over 11 years; c) using the Fisher-Hirshleifer model to examine investment and consumption decisions; and d) discussing the importance of mergers and acquisitions. Additional context and data tables are provided about a company called Motomart for use in completing the project analysis.
1. Business surveys collect qualitative data through simple questionnaires sent to businesses and households. They ask for opinions on current conditions and future expectations using multiple choice answers.
2. The data is weighted based on firm size and aggregated to determine balances that show whether responses are positive, neutral, or negative. Balances track business cycles well and respond quickly to changes.
3. Surveys are low-cost and provide timely results, complementing official quantitative economic data. Core questions focus on production, orders, stocks, and prices to gauge early stages of the business cycle.
Role of Technology in Long-Term CareUsing Scholarly Library and .docxjoellemurphey
Role of Technology in Long-Term Care
Using Scholarly Library and the Internet, find three articles describing the role technology will play in addressing the challenges ahead in long-term care. Summarize your findings and based on your learning, respond to the following questions:
· Which challenges in long-term care system remain unmet? Why?
· What changes can we expect to occur with the influx of baby boomers entering into the long-term care system?
· Why do you think technology is important to long-term care? Support your answer with relevant examples.
· What are the pros and cons of the implementation of technology in long-term care? Consider both providers and consumers while describing.
· How does technology improve the type and quality of care received by long-term care consumers?
· How important is the commitment by top management for the use of information technology in long-term care to be successful? Why?
· How can the challenges be proactively addressed as opposed to being reactive?
Legal and Ethical Issues: Case Study
Cathy Smith, an eighty-eight-year-old woman, was admitted to the emergency room from the nursing facility with acute respiratory distress. Although Smith does not have a living will, her daughter Rose, a health care professional, has the power of attorney (POA) to make her mother's health decisions.
Smith suffers from end-stage Alzheimer's disease and recently experienced congestive heart failure. Her condition is alarming. The doctors want to place her on life-support equipment, including a ventilator. Smith's son, Andrew, agrees with the doctor's decision. However, Rose states her mother would never want to be placed on life-support machines to prolong her life.
Analyze the scenario and answer the following questions:
· What are the autonomy-beneficial conflicts between Rose and Andrew related to placing their mother on life support in this case? Who has the right to make the decision on behalf of the client? Why?
· What are the ethical issues related to the competency and decision-making capacity of the client while making the health care decisions? Do these issues impact the services offered in long-term care? How?
· What are some of the critical issues related to informed consent? Who has the right to assume this responsibility? Why?
ECO 500 FINAL EXAMS
The main role of economic profits is to:
signal where resources are most highly valued by society
allow firms to cover their production costs
allow consumers to cover their opportunity cost
None of the statements associated with this question are correct
If the interest rate is 3 percent, the present value of $900 received at the end of three years is:
$891.
$823.63.
$799.64
$983.45
The optimal amount of exercise is determined by comparing:
marginal benefit and the total cost of exercise.
total benefit and the marginal cost of exercise.
marginal benefit and the marginal cost of exercise.
total benefit and the total cost of exercise.
Suppose the ma ...
This document examines how a firm's prior strategic commitments influence the impact of customer relationship management (CRM) investments on customer satisfaction. It finds that:
1) Firms with moderate bricks-and-mortar experience (>5 years) see stronger positive effects of CRM on satisfaction than firms with low or high experience.
2) Firms with moderate online experience (~4.5 years) see stronger positive effects of CRM than firms with low or high experience.
3) A firm's market orientation CRM capability impacts satisfaction independently of strategic commitments like experience.
Mercer Capital's Value Focus: FinTech Industry | Second Quarter 2015Mercer Capital
Mercer Capital’s quarterly newsletter, FinTech Watch, provides an overview of the FinTech industry, including public market performance, valuation multiples for public FinTech companies, and articles of interest from around the web. This newsletter focuses on FinTech segments, including payment processors, technology, and solutions companies, examining general economic and industry trends as well as a summary of M&A and venture capital activity.
The study investigated determinant factors affecting sales revenue of Ethiotelecom- to reach more customers and subscribers by keeping their interest because of that it is important to develop the sales revenue of the company.
The study used descriptive approach to examine the issue and used raw data obtained from the WAAZ for the period 2016-2022 that were already used on ERP/CRM and primary data from shops employees.
A secondary data of sales revenue from Zonal finance office and the demand and supply data for sales activities from WAAZ sales division of Ethiotelecom were obtained in quantitative form for the study.
Collected data were paneled to analysis the issues specified in study.
This document provides an overview of Jim Collins' book "Good to Great". It summarizes the research process, findings and conclusions. The research involved identifying companies that showed sustained great performance after a period of good performance. 11 companies were identified as "good-to-great". Their performance was compared to direct competitors and companies that saw only temporary improvements. Through extensive coding and analysis of these companies, insights were uncovered about what distinguishes companies that go from good to great. The key conclusion was that any organization can substantially improve and become great by applying the framework from this research.
Internet today or the Information Technology industry has changed the entire scenario of all the different industries in the market. Communication today has become way easier also exchange of information, media and ideas is much faster and safer. All these can be attributes to the rapid development in the IT industry. E-marketing is one important feature of the IT industry. Environment in different parts of the globe and different people from different parts of the world has been connected with each other to a great with the help of the developing IT industry. Using this connection through the internet for a globalization in marketing is called e-marketing
1) The document analyzes IT outsourcing practices of two large global organizations, Firm-1 and Firm-2.
2) For Firm-1, the main objectives of IT outsourcing are cost reduction, focusing on core activities, and gaining access to professional services. Main benefits realized are cost savings, optimal resource allocation, and improved flexibility.
3) Key risks for Firm-1 include protecting core knowledge and clearly defining project scope. Main challenges are deciding what to outsource, ongoing vendor management, and governance. Best practices include stakeholder buy-in and prioritizing action items.
A market can be defined as a group of firms willing and able to sell a similar product or service to the same potential buyers.
Imperfect competition covers all situations where there is neither pure competition nor pure monopoly.
Perfect competition and pure monopoly are very unlikely to be found in the real world.
In the real world, it is the imperfect competition lying between perfect competition and pure monopoly.
The fundamental distinguishing characteristic of imperfect competition is that average revenue curve slopes downwards throughout its length, but it slopes downwards at different rates in different categories of imperfect competition.
Monopoly refers to the market situation where there is a
Single seller selling a product which has no close substitutes.
Monopolies are characterized by a lack of economic competition to produce the good or service, a lack of viable substitute goods, and the existence of a high monopoly price well above the firm's marginal cost that leads to a high monopoly profit
The word “oligopoly” comes from the Greek “oligos” meaning "little or small” and “polein” meaning “to sell.” When “oligos” is used in the plural, it means “few” ,few firms or few sellers.
DEFINATION:
Oligopoly is that form of market where there are few firms and there is natural interdependence among the firms regarding price and output policy.
There are three major influences on pricing decisions: customers, competitors, and costs. Short-run pricing decisions have a time horizon of less than one year and consider relevant variable costs, while long-run decisions consider fixed costs and aim to earn a reasonable return on investment. Target costing sets a target price and derives the maximum allowable cost, while cost-plus pricing adds a markup to total costs to determine price.
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1. A Rose.com by Any Other Name
Michael J. Cooper, Orlin Dimitrov & P. Raghavendra Rau
17-Jun-2022
2. • This study investigates the valuation effects of one particular form of corporate name change—those of
companies who add “.com” to their names
• This study talks about positive stock price reaction to the announcement of corporate name changes to
Internet-related dotcom names
• This “dotcom” effect produces cumulative abnormal returns on the order of 74 percent for the 10 days
surrounding the announcement day
• The effect does not appear to be transitory (existing only for a short time)
• There is no evidence of a post announcement negative drift
• The announcement day effect is also similar across all firms, regardless of the firm’s level of involvement
with the Internet
• A mere association with the Internet seems enough to provide a firm with a large and permanent value
increase (driven by a degree of investor mania)
• Evidence in this paper lends more support to the investor mania hypothesis than to the rational pricing
hypothesis.
In a Gist
3. • Analysts claim that investors prefer certain types of names, and that the value of a company’s name
should be reflected in the stock price
• However, the academic literature has found little evidence that the announcement of a name change
results in a positive stock price reaction for the firm
• Karpoff and Rankine (1994) find that companies changing their names earn a statistically insignificant
excess return of 0.4 percent over a 2-day window around the announcement date
• Along the similar lines, Bosch and Hirschey (1989) report that firms announcing name changes earn a
statistically insignificant excess return of 1.62 percent in a 21-day period around the announcement date.
• They find a positive preannouncement effect followed by a negative post announcement drift, which
largely cancels the announcement effect
Do all corporate name changes provides excess returns?
4. • As per Emshwiller (1999), the large premiums for dotcom name changes are in fact related to a speculative
mania
• The common feature in all the manias that have happened in the past, appears to be that the industries
are new “glamour” industries with both an enormous growth potential and uncertainty
• This paper examines the average changes in firm value across 95 firms that announced dotcom name
changes during 1998 and 1999
• Findings: Market participants appear to apply a similar positive price premium across all companies
changing their names to dotcom names, regardless of a company’s level of involvement with the Internet.
This can be attributed to certain degree of investor irrationality
Impact of corporate name changes to .com
5. • Sampling Technique: All Publicly traded companies on the NYSE, AMEX, NASDAQ, and the OTC Bulletin
Board (OTCBB) that changed their names between June 1, 1998, and July 31, 1999
• The new name has to be either a dot com name , a dot net name or has to include the word Internet in it
• Total Sample Size : 147 ; Effectively : 95 (stocks have been excluded that experience a contaminating news
event such as a merger, issuance of stock, earning announcement, and so forth during the event window
period.
• Firms were further divided into subcategories based on their level of involvement with the Internet. The
categories are:
– Category 1: Pure Internet companies; (29)
– Category 2: Companies that have some prior involvement in the Internet and change their names to better reflect this
involvement; (31)
– Category 3: Companies which change their focus completely from non-Internet to Internet; (25)
– Category 4: Companies whose core business is not Internet related.(10)
• Assumption : Announcement day is taken as day zero as the first available information on the name
change, whether from an announcement or effective trading day
Data & Methodology
6. • Stock prices and volumes are adjusted for stock splits ( Adjusted Closing Price)
• Price and volume data collected for the 151-day period from T= -30 to T = +120 for the sample of 95 firms
• Computation of Abnormal Returns
Methodology 1 :
– Abnormal returns are computed relative to a price-matched control group of firms selected from all OTCBB
Internet firms that did not change their names between June 1998 and August 1999
– 207 Internet firms that did not change their names over this period. ( Internet Control Group)
– For each of the 95 firms in dotcom sample, they are matched with the closest firm in the Internet non-name-
change sample on price over a two-week window around the event date for the dotcom sample firm
– (Abnormal Return)it = (Dotcom Firm)it Return – (Price Matched Control Firm )it Return
Methodology 2:
– Market-adjusted abnormal returns relative to the AMEX Inter@ctive Week Internet index
– ARit = Rit - Rmt , t = -30, . . . ,+30 where Rit is the return for firm i for day t and Rmt is the index return for that day.
Continued…
7. Continued…
• Cumulative abnormal return (CAR) is calculated for various event windows.
• For example, the event window from t = -15 to t = -2 is
where N is the number of firms
• The corresponding t-statistics that measure whether the CAR is significantly different from zero over the
t = l to t = k window are calculated using the dependence adjustment method as described by Brown and
Warner (1985!) with a holdout period t = -30 to t = -16
where Sigma-square holdout is the variance of the abnormal return computed over the holdout period and M is the
number of days from t = l to k
8. • Abnormal returns and t-statistics for the Internet-control group adjustment are computed similarly, except
that ARt is calculated on the aggregate level:
• where Rit and Rjt are the return on the dotcom firm i and its corresponding matched firm j from the Internet
control sample for day t, and N is the number of firms
• p-values are used for tests of the null hypothesis of equality of means across firm categories
• For testing equality of medians across firm categories : F-test and Kruskal and Wallis Chi-sq test
Continued…
9. • The majority of dotcom name-change firms are firms that have some Internet-related business already and
are changing their names to better reflect this focus (category 2) followed closely by category 1 firms that
are pure Internet companies
• Companies divided into quartiles based on price per share / average daily trading volume
• Both the price per share and the average daily trading volume increase dramatically from before to after
the name change, especially for the firms in the lowest price and volume quartiles
• The average price per share for all firms 15 days before the announcement of the name change is $2.79,
increasing to $4.20 on day +15 (50.5% up)
• The average volume of shares traded for all firms is 58,943 on day (-15), rising to 70,971 shares on day +15
(20% up)
• Most of these price increases come from our lowest price and volume firms
Findings of the study
Quartiles based on Price/share -15 Day Price +15 Day Price Returns (30 Day Window)
Highest-price Quartile 6.9$ 7.32$ 7.8%
Next highest-price Quartile 1.76$ 3.19$ 81%
Lowest-price Quartile 0.41$ 1.11$ 170%
10. Continued…
Quartiles based on average daily trading volume -15 Day Price +15 Day Price Returns (30 Day Window)
Highest-price Quartile (Q4) 4.24$ 5.20$ 23%
Pre Lowest price Quartile (Q2) 3.44$ 4.59$ 33%
Lowest-price Quartile (Q1) 1.7$ 3.25$ 91%
This Table provides the data in the
following format
• Event Window (seven in total)
• Each firm category (four in total)
• Each of the two panels (adjusting
returns by the Internet control
sample and the AMEX Inter@ctive
Week Internet index)
11. • The dotcom effect is remarkably strong across all firms
• The cumulative abnormal returns are positive and significant across event windows surrounding the
announcement date, for firms announcing name changes between June 1998 and July 1999
• For example, in Panel A of Table II, over the five-day period from day -2 to day +2, all firms earn a strongly
statistically significant abnormal return of 53 percent
• Over the entire 61-day period from day -30 to day +30, all firms earn a significant 89 percent, with a t-
statistic of 6.2
• Similar striking abnormal returns in all periods surrounding the announcement day is also observed
• There is no significant reduction in CAR from day +1 to day +120, suggesting that the firms do indeed
experience a permanent value increase
• There is no post-announcement negative drift, implying that the increase in value due to the name change
is permanent
• This is in contrast to Karpoff and Rankine (1994) & Bosch and Hirschey (1989)
Continued…
12. • Type 1 Error
– One method to control for a Type I error—the false rejection of the null hypothesis of zero abnormal returns—is to
perform a Bonferroni adjustment on the event study t-statistics.
– In this study , many of the t-statistics that has been reported exceeds the magnitude of the Bonferroni five percent
t-statistic critical value of 3.82. Thus, the Bonferroni adjustments suggest that the results do not appear to be
attributable to a Type I error
• Outlier Issue
– Trimming methodology - To exclude outliers on price or volume or CAR , all firms above the 90th percentile and
below the 10th percentile
• Name Change Effect or Simply a Tiny Firm Effect?
– To address this concern, a similar group of non-Internet related companies were selected that changed their
names/ ticker symbols and the price effects of these changes was looked into
– These firms create a control group, referred as “non- Internet name-change” control group
– This control group earns an insignificant abnormal return of 2% over the -30 to +30 event window
– 120 days after the name change, the difference between the two samples is a statistically significant 180 %
– Thus, these results suggest that the dotcom name change effect is not simply attributable to the arrival of any
news for small firms, but rather an Internet-related dotcom effect
Robustness Checks
13. • Problem of Stocks have High Betas
– Using the AMEX Inter@ctive Week Internet index, the betas are computed for 95 firm sample from days -90 to -31
– Average (median) beta is 0.74 (0.85), and the AMEX Inter@ctive market-model adjusted CAR for the -2 to +2
window is 35 % (t-statistic = 5.48) and 62 % (t-statistic = 6.42) for the -5 to +5 window
• Is this effect caused by Momentum?
– Alternate explanation for high abnormal returns earned by our name change firms may be due to momentum
– To check this , the correlation is computed between the AMEX Inter@ctive Week Internet index-adjusted CAR
earned by the firms over the day -30 to day 0 and the day +1 to day +30 period to be -0.059 (p-value = 0.571)
– Thus momentum does not seem to be driving the results
• Is this effect caused by the Bid-Ask Bounce ?
– The high abnormal returns earned by the name change firms may be driven by an upward bias in calculated CARs
This bias may be attributable to two sources: 1) failure to adjust for transaction costs emanating from the bid-ask
spread, and 2) bid-ask bounce effect
– The event-day average (median) relative bid-ask spread is a fairly large 24 % (10.8 %)
– However , the inversely weighted bid-ask spread CARs are still quite large, at 158 % (t-statistic = 5.73) for the day
-30 to +30 window
– These results suggest that the dotcom effect is robust to a micro-structure induced upward bias in returns
Continued…
14. • Is the Dotcom Effect Robust Across Shifts in Investor Sentiment?
– During most of our sample period, from June 1998 to July 1999, the returns to Internet firms were on average
quite high
– Forty-five firms announced name changes in “up” months, while 50 firms announced name changes in “down”
months.
– Over an 11-day window surrounding the name change, the firms earn 96 percent in the up months and 47 percent
in the down months.
– The difference, although large in magnitude, is not significant, with a p-value of 0.4.
Continued…
15. • We might expect that firms whose core business is not Internet-related (category 4) should exhibit much
lower returns than other firms
• Alternatively, if investors are rational but computationally constrained, they might not focus their attention
on pure Internet firms unless these are brought to their attention due to the news coverage generated by
the name change. Hence pure Internet companies (category 1) Might earn the highest abnormal returns
• Findings : There is no consistent pattern across different firm categories for different short-horizon event
windows
• When we formally test the null hypothesis of equality of CARs across firm categories, we are unable to
reject the null
• Across each short-horizon event window, we unanimously fail to reject the null for the F-test and only
once reject it for the medians test
• But when we examine longer horizon returns, a clearer pattern emerges
• We find that in two of the event windows, days 11 to 160 and days 11 to 1120, we are able to strongly
reject the null that all categories of firms have the same excess returns
The Dotcom Effect: Is It a Rational Response or an Irrational Bubble?
16. • In the +1 to +60 and +1 to +120 windows, category 4 firms, which we expected to earn the least returns,
instead earn much higher returns whereas Category 2 and 3 firms earn the lowest returns
• Overall, the results across different firm categories suggest that in the shorter horizons, market
participants appear to apply a similar positive price premium across all companies changing their names
to dotcom names, regardless of a company’s level of involvement with the Internet.
• Whereas in the longer horizon, firms that have less involvement with the Internet have the greatest returns
following a dotcom name change
• Overall, a mere association with the Internet seems enough to provide a firm with a large and permanent
value increase
• This suggests that managers may also perceive the existence of hot market periods in investor sentiment
for Internet stocks and cluster their name changes in these periods.
Continued…
The announcement effect assumes that the behavior of systems (such as financial markets) or people (such as individual investors)
can change merely by announcing a future policy change or divulging a newsworthy item.
The news may come in the form of a press release or report.