This document outlines a discussion on financialization and measuring the labor share. It explores how financialization may impact the labor share through various channels, such as the growth of the financial sector, financialization of non-financial firms, and financialization of labor. It also examines measurement issues in calculating the labor share related to specific sectors, treatment of multinational corporations, and defining labor income. The discussion aims to conceptualize the relationship between financialization and the labor share and identify key areas of concern in accurately measuring this relationship.
This document provides an overview of intellectual capital reporting in Europe. It discusses efforts in Europe to develop guidelines for reporting on intangible assets and knowledge resources, which are important drivers of organizational performance but often not captured in traditional financial reporting. Two major reporting frameworks discussed are the MERITUM guidelines from Europe, which classify intangibles into human, organizational, and customer capital, and the Danish guidelines, which emphasize the dynamic interactions and narratives around knowledge resources. The document also outlines what types of intellectual resources and indicators companies could potentially report on to provide insight into their knowledge assets and management challenges.
World bank - Doing business turkey 2012 (Tax, Turkey, VAT, company, business...Unialta
The document provides an overview of Turkey's business environment and regulations based on the World Bank's Doing Business indicators. Some key points:
- Turkey ranked 71st out of 183 economies on the ease of doing business, up from 73rd the previous year.
- Starting a business takes 6 procedures and 6 days, with costs amounting to 11.2% of income per capita.
- Dealing with construction permits requires 24 procedures and takes 189 days, costing 197.7% of income per capita.
- Getting electricity involves 5 procedures and takes 70 days, costing 624.4% of income per capita.
- Registering property requires 6 procedures and takes 6 days, cost
This document provides an economy profile of China that analyzes its business environment and regulations based on the World Bank's Doing Business study. Some key points:
- China ranks 91 out of 183 economies on the ease of doing business, falling 4 places from its 2011 ranking.
- It examines how regulations and their enforcement across 10 indicators impact domestic small and medium businesses in China, including starting a business, dealing with construction permits, getting electricity, and others.
- The profile compares China's regulatory environment to other selected economies to identify challenges and opportunities for reform based on good practices elsewhere.
Doing Business In Kazakhstan 2012 The World Bank ReportAlexanderJRogan
The Doing Business Project provides objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level.
The Doing Business Project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each country.
Doing Business In Belarus 2012 The World Bank ReportAlexanderJRogan
The Doing Business Project provides objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level.
The Doing Business Project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each country.
Uruguay ranks 90 out of 183 economies on the ease of doing business according to the World Bank's Doing Business report. This represents an improvement of 17 places over its 2011 ranking of 107. Key factors in Uruguay's business environment include regulations around starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Uruguay's performance on indicators in these areas are benchmarked against other economies in the Doing Business sample to calculate its aggregate ease of doing business ranking.
Doing Business In Russia 2012 The World Bank ReportAlexanderJRogan
The Doing Business Project provides objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level.
The Doing Business Project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each country.
This document provides an overview of intellectual capital reporting in Europe. It discusses efforts in Europe to develop guidelines for reporting on intangible assets and knowledge resources, which are important drivers of organizational performance but often not captured in traditional financial reporting. Two major reporting frameworks discussed are the MERITUM guidelines from Europe, which classify intangibles into human, organizational, and customer capital, and the Danish guidelines, which emphasize the dynamic interactions and narratives around knowledge resources. The document also outlines what types of intellectual resources and indicators companies could potentially report on to provide insight into their knowledge assets and management challenges.
World bank - Doing business turkey 2012 (Tax, Turkey, VAT, company, business...Unialta
The document provides an overview of Turkey's business environment and regulations based on the World Bank's Doing Business indicators. Some key points:
- Turkey ranked 71st out of 183 economies on the ease of doing business, up from 73rd the previous year.
- Starting a business takes 6 procedures and 6 days, with costs amounting to 11.2% of income per capita.
- Dealing with construction permits requires 24 procedures and takes 189 days, costing 197.7% of income per capita.
- Getting electricity involves 5 procedures and takes 70 days, costing 624.4% of income per capita.
- Registering property requires 6 procedures and takes 6 days, cost
This document provides an economy profile of China that analyzes its business environment and regulations based on the World Bank's Doing Business study. Some key points:
- China ranks 91 out of 183 economies on the ease of doing business, falling 4 places from its 2011 ranking.
- It examines how regulations and their enforcement across 10 indicators impact domestic small and medium businesses in China, including starting a business, dealing with construction permits, getting electricity, and others.
- The profile compares China's regulatory environment to other selected economies to identify challenges and opportunities for reform based on good practices elsewhere.
Doing Business In Kazakhstan 2012 The World Bank ReportAlexanderJRogan
The Doing Business Project provides objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level.
The Doing Business Project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each country.
Doing Business In Belarus 2012 The World Bank ReportAlexanderJRogan
The Doing Business Project provides objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level.
The Doing Business Project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each country.
Uruguay ranks 90 out of 183 economies on the ease of doing business according to the World Bank's Doing Business report. This represents an improvement of 17 places over its 2011 ranking of 107. Key factors in Uruguay's business environment include regulations around starting a business, dealing with construction permits, getting electricity, registering property, getting credit, protecting investors, paying taxes, trading across borders, enforcing contracts and resolving insolvency. Uruguay's performance on indicators in these areas are benchmarked against other economies in the Doing Business sample to calculate its aggregate ease of doing business ranking.
Doing Business In Russia 2012 The World Bank ReportAlexanderJRogan
The Doing Business Project provides objective measures of business regulations and their enforcement across 183 economies and selected cities at the subnational and regional level.
The Doing Business Project, launched in 2002, looks at domestic small and medium-size companies and measures the regulations applying to them through their life cycle.
By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages countries to compete towards more efficient regulation; offers measurable benchmarks for reform; and serves as a resource for academics, journalists, private sector researchers and others interested in the business climate of each country.
Assessing the effect of liquidity on profitability of commercial banks in kenyaAlexander Decker
This document discusses factors that affect the profitability of commercial banks in Kenya. It provides background on the banking sector in Kenya and reviews various theories on factors that influence bank profitability, including market power theory, efficiency structure theory, and the Modigliani-Miller theorem. The study aimed to determine the effect of internal factors like liquidity on the profitability of commercial banks in Kenya. It found that liquidity has a statistically significant and positive relationship with bank profitability.
Côte d'Ivoire ranks 167 out of 183 economies on the ease of doing business. Starting a business and dealing with construction permits are particularly difficult, taking over a month and over 500 days respectively. While getting credit has relatively strong legal rights, the depth of credit information and coverage of public registries are low compared to the best performers globally.
Why XBRL - Preparing for the Future of Your BusinessBrian Hill
The document discusses the benefits and requirements of XBRL (eXtensible Business Reporting Language) filing for public companies. It notes that the SEC now requires public companies to tag financial reports with XBRL by 2011. There are three main options for companies to file in XBRL: outsource tagging, use independent software, or integrate a software solution. The document recommends an integrated software solution as it can automate tagging, reduce filing time by 30%, and provide long term benefits by linking tags to source data and facilitating reporting across systems.
This document summarizes a study that analyzes and compares the performance of public sector banks and private/foreign banks in India using the CAMELS framework from 2003-2008. The CAMELS framework evaluates six factors: Capital adequacy, Asset quality, Management soundness, Earnings/profitability, Liquidity, and Sensitivity to market risk. Various financial ratios are used to evaluate each factor. The results found that private/foreign banks generally had better Capital adequacy, Management soundness, and Earnings/profitability, while public sector banks had better Asset quality and Liquidity. Overall CAMELS ratings are provided for each bank.
Meet fall conference investor presentation (ex appendix)MeetMe, Inc
The document provides an investor presentation for MeetMe, Inc. It summarizes MeetMe's position as the #1 social network for meeting new people in the US, its strong mobile growth, international expansion plans, and differentiated revenue streams. MeetMe reports 46% revenue growth in Q2 2012 with positive adjusted EBITDA. The presentation outlines catalysts for further growth such as expanding internationally and increasing mobile monetization.
"...as long as the music is playing, you've got to get up and dance. We're still dancing." /Financial Times in July 2007: Charles Prince, Citigroup (former) chief executive/
Impact of accounts receivable management on the profitability during the fina...Instansi
This document discusses a study examining the impact of accounts receivable management on the profitability of Serbian companies during the 2008-2011 financial crisis. The study uses a sample of 108 publicly listed Serbian companies. Descriptive statistics show the average return on total assets was 4.7% and average operating profit margin was 3.2% for the sample firms during the crisis period. The study aims to test the relationship between accounts receivables and these two measures of profitability to see if receivables management policies need to change during an economic recession.
Impact analysis of interest rate on the net assets of multinational businesse...Alexander Decker
This document summarizes a research study that examined the impact of interest rates on the net assets of multinational businesses in Nigeria from 1995 to 2010. A regression model was used to analyze the relationship between net asset value index and interest rates based on financial data from 7 randomly sampled multinational companies. The regression analysis showed that increases in interest rates resulted in reductions in net assets. Therefore, interest rates provide important information for multinational companies about profitability and maintaining the right debt-equity mix to remain competitive.
Norway ranks 9th overall in the ease of doing business. It has a regulatory environment conducive to operating a business according to the World Bank report. Specifically, Norway's ranking improved slightly from 7th to 9th place between 2013 and 2014. Its distance to frontier score, which measures the extent to which regulatory practices are in line with the best practices, increased slightly from 83.06 to 83.16 over this period. Norway has created a largely business-friendly regulatory environment according to its high rankings and scores on the key indicators measured.
For a class I recently posited the idea of using a layaway retail model to meet the savings needs of the world's poor (the ~3 billion living on less than $2.50 per day). Savings, and credit, have been shown in a few studies to shift consumption towards durable goods, raising the consumers' quality of life and potentially spurring growh by increasing domestic demand for higher-value-added goods. Financial inclusion however has proven two-fold difficult as the poor face both institutional and psychological impediments to saving. In the former case, account management costs don't scale well with the amount saved, making microsavings a losing proposition (a 2012 McKinsey study estimated that even mobile savings accounts cost $40 per year to manage, making the minimum account size to turn a profit at a typical ROA of $4k). In the latter case, as Duflo, Banerjee, Karlan, and Appel have highlighted in their books Poor Economics and More Than Good Intentions, the lower your income is the harder it is to resist spending your savings, either on the few small pleasures in life or more serious but survivable demands such as family illness or home repair. As a result, over 70% of the populations in the World Bank's categories of low and low-middle income countries are unbanked. Layaway - where the consumer puts money towards a product and receives the product when it's paid off - is a potential solution to this conundrum, providing de facto savings at negative management costs (because the 'invested' money can be reinvested as negative working capital, as in insurance models). The lack of flexibility (can't withdraw money) may eliminate the cost while also potentially adding value to customers who are looking for ways to enforce savings (cf. the famous Cemex example).
Korean economy undergoes pre-modernized corporate governance. Financial-market imperfections assumed to be incorporated in equity ratio affect the sensitivity of internal funds to physical investment. Empirical analyses show that the effects of asymmetric information are significant. Theories predict that internal finance is less costly than borrowing or issuing equity. Higher cash flow from higher profits affects investment ratio. But, this marginal effect is decreased by equity ratio. If we assume that more imperfect financial market requires more equity than borrowing, we can see that agency costs change the way economic variables like cash flow affect physical investment. Cash flow plays two opposite roles for implementing investment. In the case of financial-imperfections, we can expect that firms with higher profits invest more. But, according to free cash flow hypothesis by Jensen (1986), managers with only a small ownership interest have an incentive for wasteful management. We can expect to see more wasteful activity in a firm with large cash flows. Our regression result shows that the former dominates the latter, so we get positive coefficient for cash flow variable on the physical investment.
The document discusses the upcoming 2012 federal and Ontario budgets that will be released later in the week. It is anticipated that both budgets will implement changes to R&D tax credits and other innovation programs that fund private sector R&D. Specifically, the federal budget is expected to reduce SR&ED tax credits and divert some of the savings to direct funding programs. Ontario's budget may also cut certain technology tax credits or see reductions if the federal government limits eligible SR&ED expenditures. The document provides analysis of possible strategies for adjusting the R&D tax credits and programs to watch for changes to in the upcoming budgets.
Ben Taylor has been commissioned by Darlington TV (The BOX) to produce a documentary about the hardcore music scene for 16-25 year olds in the North East of England. He plans to follow the band All At Sea, a melodic hardcore band trying to break into the local music scene. His documentary will include interviews with All At Sea, other local bands, venue owners, and promoters. It will be fast paced and use archive footage and b-roll shots of gigs to keep a young audience engaged. The budget is £10,000 which will be split between production and post-production. Advertising revenue will come from local music shops and venues.
The document provides a list of 9 qualities that whoever a person marries must have, including being in love with Jesus, having a good work ethic, not having uncontrolled anger, addictions, bitterness, being selfish, greedy, possessive, or a liar. It emphasizes finding a partner who has these qualities and leaving the choice of a marriage partner up to God. Discussion questions are also provided to reflect on the qualities and choosing a marriage partner.
This document discusses communication in organizations. It defines communication and differentiates between interpersonal and organizational communication. The functions of communication are described as control, motivation, emotional expression, and information. Methods of interpersonal communication including verbal, nonverbal, and barriers are outlined. Techniques for overcoming barriers like using feedback and active listening are provided. Direction of communication flows within organizations are explained. The impact of technology on managerial communication and contemporary issues are also summarized.
Assessing the effect of liquidity on profitability of commercial banks in kenyaAlexander Decker
This document discusses factors that affect the profitability of commercial banks in Kenya. It provides background on the banking sector in Kenya and reviews various theories on factors that influence bank profitability, including market power theory, efficiency structure theory, and the Modigliani-Miller theorem. The study aimed to determine the effect of internal factors like liquidity on the profitability of commercial banks in Kenya. It found that liquidity has a statistically significant and positive relationship with bank profitability.
Côte d'Ivoire ranks 167 out of 183 economies on the ease of doing business. Starting a business and dealing with construction permits are particularly difficult, taking over a month and over 500 days respectively. While getting credit has relatively strong legal rights, the depth of credit information and coverage of public registries are low compared to the best performers globally.
Why XBRL - Preparing for the Future of Your BusinessBrian Hill
The document discusses the benefits and requirements of XBRL (eXtensible Business Reporting Language) filing for public companies. It notes that the SEC now requires public companies to tag financial reports with XBRL by 2011. There are three main options for companies to file in XBRL: outsource tagging, use independent software, or integrate a software solution. The document recommends an integrated software solution as it can automate tagging, reduce filing time by 30%, and provide long term benefits by linking tags to source data and facilitating reporting across systems.
This document summarizes a study that analyzes and compares the performance of public sector banks and private/foreign banks in India using the CAMELS framework from 2003-2008. The CAMELS framework evaluates six factors: Capital adequacy, Asset quality, Management soundness, Earnings/profitability, Liquidity, and Sensitivity to market risk. Various financial ratios are used to evaluate each factor. The results found that private/foreign banks generally had better Capital adequacy, Management soundness, and Earnings/profitability, while public sector banks had better Asset quality and Liquidity. Overall CAMELS ratings are provided for each bank.
Meet fall conference investor presentation (ex appendix)MeetMe, Inc
The document provides an investor presentation for MeetMe, Inc. It summarizes MeetMe's position as the #1 social network for meeting new people in the US, its strong mobile growth, international expansion plans, and differentiated revenue streams. MeetMe reports 46% revenue growth in Q2 2012 with positive adjusted EBITDA. The presentation outlines catalysts for further growth such as expanding internationally and increasing mobile monetization.
"...as long as the music is playing, you've got to get up and dance. We're still dancing." /Financial Times in July 2007: Charles Prince, Citigroup (former) chief executive/
Impact of accounts receivable management on the profitability during the fina...Instansi
This document discusses a study examining the impact of accounts receivable management on the profitability of Serbian companies during the 2008-2011 financial crisis. The study uses a sample of 108 publicly listed Serbian companies. Descriptive statistics show the average return on total assets was 4.7% and average operating profit margin was 3.2% for the sample firms during the crisis period. The study aims to test the relationship between accounts receivables and these two measures of profitability to see if receivables management policies need to change during an economic recession.
Impact analysis of interest rate on the net assets of multinational businesse...Alexander Decker
This document summarizes a research study that examined the impact of interest rates on the net assets of multinational businesses in Nigeria from 1995 to 2010. A regression model was used to analyze the relationship between net asset value index and interest rates based on financial data from 7 randomly sampled multinational companies. The regression analysis showed that increases in interest rates resulted in reductions in net assets. Therefore, interest rates provide important information for multinational companies about profitability and maintaining the right debt-equity mix to remain competitive.
Norway ranks 9th overall in the ease of doing business. It has a regulatory environment conducive to operating a business according to the World Bank report. Specifically, Norway's ranking improved slightly from 7th to 9th place between 2013 and 2014. Its distance to frontier score, which measures the extent to which regulatory practices are in line with the best practices, increased slightly from 83.06 to 83.16 over this period. Norway has created a largely business-friendly regulatory environment according to its high rankings and scores on the key indicators measured.
For a class I recently posited the idea of using a layaway retail model to meet the savings needs of the world's poor (the ~3 billion living on less than $2.50 per day). Savings, and credit, have been shown in a few studies to shift consumption towards durable goods, raising the consumers' quality of life and potentially spurring growh by increasing domestic demand for higher-value-added goods. Financial inclusion however has proven two-fold difficult as the poor face both institutional and psychological impediments to saving. In the former case, account management costs don't scale well with the amount saved, making microsavings a losing proposition (a 2012 McKinsey study estimated that even mobile savings accounts cost $40 per year to manage, making the minimum account size to turn a profit at a typical ROA of $4k). In the latter case, as Duflo, Banerjee, Karlan, and Appel have highlighted in their books Poor Economics and More Than Good Intentions, the lower your income is the harder it is to resist spending your savings, either on the few small pleasures in life or more serious but survivable demands such as family illness or home repair. As a result, over 70% of the populations in the World Bank's categories of low and low-middle income countries are unbanked. Layaway - where the consumer puts money towards a product and receives the product when it's paid off - is a potential solution to this conundrum, providing de facto savings at negative management costs (because the 'invested' money can be reinvested as negative working capital, as in insurance models). The lack of flexibility (can't withdraw money) may eliminate the cost while also potentially adding value to customers who are looking for ways to enforce savings (cf. the famous Cemex example).
Korean economy undergoes pre-modernized corporate governance. Financial-market imperfections assumed to be incorporated in equity ratio affect the sensitivity of internal funds to physical investment. Empirical analyses show that the effects of asymmetric information are significant. Theories predict that internal finance is less costly than borrowing or issuing equity. Higher cash flow from higher profits affects investment ratio. But, this marginal effect is decreased by equity ratio. If we assume that more imperfect financial market requires more equity than borrowing, we can see that agency costs change the way economic variables like cash flow affect physical investment. Cash flow plays two opposite roles for implementing investment. In the case of financial-imperfections, we can expect that firms with higher profits invest more. But, according to free cash flow hypothesis by Jensen (1986), managers with only a small ownership interest have an incentive for wasteful management. We can expect to see more wasteful activity in a firm with large cash flows. Our regression result shows that the former dominates the latter, so we get positive coefficient for cash flow variable on the physical investment.
The document discusses the upcoming 2012 federal and Ontario budgets that will be released later in the week. It is anticipated that both budgets will implement changes to R&D tax credits and other innovation programs that fund private sector R&D. Specifically, the federal budget is expected to reduce SR&ED tax credits and divert some of the savings to direct funding programs. Ontario's budget may also cut certain technology tax credits or see reductions if the federal government limits eligible SR&ED expenditures. The document provides analysis of possible strategies for adjusting the R&D tax credits and programs to watch for changes to in the upcoming budgets.
Ben Taylor has been commissioned by Darlington TV (The BOX) to produce a documentary about the hardcore music scene for 16-25 year olds in the North East of England. He plans to follow the band All At Sea, a melodic hardcore band trying to break into the local music scene. His documentary will include interviews with All At Sea, other local bands, venue owners, and promoters. It will be fast paced and use archive footage and b-roll shots of gigs to keep a young audience engaged. The budget is £10,000 which will be split between production and post-production. Advertising revenue will come from local music shops and venues.
The document provides a list of 9 qualities that whoever a person marries must have, including being in love with Jesus, having a good work ethic, not having uncontrolled anger, addictions, bitterness, being selfish, greedy, possessive, or a liar. It emphasizes finding a partner who has these qualities and leaving the choice of a marriage partner up to God. Discussion questions are also provided to reflect on the qualities and choosing a marriage partner.
This document discusses communication in organizations. It defines communication and differentiates between interpersonal and organizational communication. The functions of communication are described as control, motivation, emotional expression, and information. Methods of interpersonal communication including verbal, nonverbal, and barriers are outlined. Techniques for overcoming barriers like using feedback and active listening are provided. Direction of communication flows within organizations are explained. The impact of technology on managerial communication and contemporary issues are also summarized.
The document discusses the limitations of native print spoolers that come with operating systems, including lack of functionality, errors, and inability to automatically recover failed print jobs. It introduces OM Plus Delivery Manager software as an alternative that provides advanced print management features like confirmation, reprinting, load balancing, and reporting. The software replaces the native spooler and allows routing of documents to multiple destinations beyond just printers.
Designate is a full-service creative agency that offers a wide range of services including strategy, creative development, production, and delivery. They work across various marketing channels including online, offline, social media, mobile, TV, print, radio, and apps. Designate prides itself on great thinking, compelling strategy, engaging creative work, and impressive results for its clients.
Enhancing Functionality on Epic OMS: New Features for OM Plus DMPlus Technologies
When it comes to print management, Epic users are confronted with a range of frustrating problems. Version 2.5.0 of OM Plus DM includes several upgrades that further enhance the print management capabilities on Epic systems.
Los neurotransmisores son mensajeros químicos que las células nerviosas usan para comunicarse a través de las sinapsis. Un desequilibrio de neurotransmisores puede causar varios trastornos como depresión, fibromialgia, problemas de atención y aprendizaje, y demencia. Factores como el estrés, la dieta, los traumas y las toxinas pueden causar este desequilibrio. Algunos neurotransmisores importantes son la serotonina, dopamina, noradrenalina, GABA y acetilcolina.
Cloud computing allows users to access applications hosted on remote servers rather than local devices. This reduces costs for the user as the cloud provider handles hardware, software updates, and maintenance. Users pay based on usage rather than large upfront license fees. However, there are also security and connectivity issues to consider if relying on cloud applications and data centers. Overall cloud computing provides scalability, simplicity and knowledgeable vendors but also security concerns that must be addressed.
This document provides step-by-step instructions for setting up and using Dropbox. It details how to download and install the Dropbox application, set up a Dropbox account by providing name, email and password, log in to the account, add files by dragging and dropping, create folders, upload photos, share files and folders via links or social media, add contacts from Gmail, take screenshots, and capture screens to share via Dropbox links. The tutorial covers the basic functions for getting started with and utilizing a Dropbox account.
The document discusses India's trade balance with foreign countries from April 2013 to February 2014. It notes that while India's total trade increased slightly, exports declined by 4% while imports increased by 0.3%, leading to a 9.2% rise in the trade deficit to a record $182.1 billion. The deficit and collapse of the rupee in 2013 were attributed to unfavorable global market conditions for India's core export products and the second wave of the financial crisis in Europe.
5 Trends in Economic Development You Can't IgnoreGIS Planning
Economic development is changing rapidly and dramatically. It's reshaping our work, how we work with our customers, and even who our customers are. If it feels like you're operating under new rules, it's because you are - and you might not even know what they are. Learn 5 ways our profession is changing and how you can come out on top. For more information visit http://www.gisplanning.com
Kieso Ch01 Financial Reporting and Accounting StandardsAhmad Rudi
This document provides an overview of financial reporting and accounting standards. It discusses the objectives of financial reporting which is to provide useful information to present and potential equity investors and creditors. It also outlines the major financial statements and additional financial reports companies provide. Furthermore, it explains the need for high-quality standards due to globalization and identifies the International Accounting Standards Board and IOSCO as the two major standard-setting organizations.
Factors explaining the innefficient valuation of intangiblesaccounting2010
The document discusses the inefficient valuation of intangible assets in capital markets and the problems that result. It identifies three main causes of inefficient valuation: 1) The quality of financial information provided does not adequately disclose information about intangible assets. 2) Market imperfections like information asymmetry allow insider gains. 3) Financial analysts have limitations that can lead to biases in their earnings forecasts, like cognitive biases, incentives, and time constraints. The document suggests improved disclosure requirements and market regulations could help address these issues.
The document discusses the macroeconomic surveillance procedure and early warning mechanisms used in the European Union. It describes the two-step Macroeconomic Imbalances Procedure, including the preventive arm which uses an alert mechanism and scoreboard to identify countries for in-depth review, and the corrective arm which can impose sanctions if imbalances are deemed excessive. It also notes some statistical issues and challenges with the indicators used in the scoreboard, and discusses Italy's position under the preventive arm in 2012.
The Beige Book summarizes economic trends in the 12 Federal Reserve districts based on anecdotal data gathered from regional banks. It is released ahead of each Federal Open Market Committee meeting to provide a short overview of economic conditions. The Beige Book covers sectors like retail, manufacturing, banking, and real estate. While it lacks quantitative data, it helps the FOMC understand economic challenges facing different parts of the country.
This document discusses taxation of foreign firms and development. It begins by outlining the importance of foreign direct investment for developing countries and their reliance on corporate income tax revenues. It then estimates the potential losses from international tax avoidance and evasion, drawing on several studies that estimate illicit financial flows, hidden wealth held offshore, and income shifting by multinational enterprises. The document concludes that while tax avoidance is a serious problem, domestic revenue sources must continue to be the main focus for developing countries due to the scale of losses compared to tax revenues.
The document provides an overview of 3M Company, a diversified technology company with over 35 business units organized into six sectors. In 2011, 3M reported $30 billion in global sales, with 66% from international markets. Key financial objectives include 9-11% earnings growth and 4-6% organic revenue growth through 2020. 3M aims to increase innovation through R&D investments averaging 5.3% of sales annually and derive 30% of sales from new products. Risks include currency volatility and weak economic conditions in some markets. 3M maintains a strong financial position with over $4.5 billion in cash flows and low debt.
IDC Manufacturing Insights Accelerating Business Change Through Next Generati...Anthony Robinson
EXECUTIVE SUMMARY
IDC Manufacturing Insights recently conducted a worldwide study of over 375 enterprises, across multiple discrete manufacturing sectors covering 12 countries, on behalf of Infor. The survey showed that:
● Complexity is dramatically growing, with market, operational aspects, and IT the main business areas that will grow significantly in complexity over the next three years. To beat complexity, manufacturers will need to improve and speed up their decision-making capability.
● Ineffective or inadequate IT is emerging as the single most critical barrier to mastering complexity. Discrete manufacturers also recognize that their current ERP systems have a number of limitations or weaknesses that hamper their ability to improve decision making.
Other findings were that:
● Modernizing IT architectures and business applications used to support new, customer-driven operating models is a priority for companies across all industry segments. Manufacturers now have the opportunity to simplify IT architectures by leveraging the four IT forces of mobility, social technologies, big data analytics, and cloud computing. We believe that those companies that are currently investing aggressively in these four areas will soon enjoy the benefits of higher revenue growth, improved profitability, and customer-led innovation.
● New, enterprisewide "operational ERP" is needed as opposed to mere "financial ERP." Operational ERP will encapsulate the most critical operational processes — customer order management, manufacturing operations management, and supply chain execution — in a tight, integrated, and coordinated environment based on the four IT forces.
● Manufacturers may be in for a shock when it comes to managing this IT change. They will realize that past investments in traditional technologies are now rapidly becoming redundant.
The document discusses accounting in the knowledge economy. It covers topics such as the definition of a knowledge economy, types of intangible assets, current methods for measuring intangibles like direct, market capitalization, and return on assets methods, and the need for updated accounting principles to properly account for intangible assets which make up most of companies' current market value. It also compares traditional accounting income formulas to ideal formulas for knowledge businesses.
This document discusses how investment management principles can be applied to evaluate performance in the IT industry. It proposes constructing a benchmark using financial data from peer IT companies to compare sector allocation and returns. A hypothetical example shows how an IT company's performance can be attributed to factors like sector weighting and client selection within sectors. Several enhancements are identified, such as accounting for exchange rate fluctuations and using risk-return analysis to optimize sector allocation. The document argues that both strategic long-term allocation and tactical short-term adjustments are important to achieve business goals.
The document discusses factors to consider when developing a business case for an IT investment. It outlines challenges in federal IT acquisitions and questions to address, such as how much to invest and how to allocate budgets. It also discusses determining an IT budget and evaluating investments based on financial and non-financial criteria to select projects that maximize benefits. A case study example is provided to demonstrate applying these concepts.
The document discusses the banking industry in India. It outlines objectives like identifying market share and competition. It describes the market structure in India and globally, with public sector banks, private sector banks, and foreign banks in India. The top 10 banks in India and worldwide are listed. Industry concentration is examined using the Herfindahl Index. Technological changes, demand conditions, pricing, advertising, and mergers and acquisitions in the industry are analyzed. The future outlook is positive due to India's growing population and incomes.
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Similar to Ns umass 2012 financialization an d measuring the labor share (20)
2. Research Questions
2
What are the implications of financialization for
the labor share?
Conceptualizing the Financialization – Labor
Share Nexus
What are the measurement issues of the labor
share associated with this task?
Outlining the main areas of concern
Financialization and Measuring the Labor Share 11/3/2012
3. Outline
3
Explaining the Labor Share
Sectoral Composition
Technology and Skills
Labor and Product Market Characteristics
Financialization (?)
Measuring the Labor Share
Sectoral Measuring Issues and Multinationals
Labor Income in National Accounts
Financialization and Measuring the Labor Share 11/3/2012
4. Relevance of the Labor Share
4
Traditional measure of distribution
Bridging national and household level analysis
Aggregate demand and growth implications
LS – Productivity nexus important for inflation
Associations with employment/unemployment
Relevant for personal income distribution
Useful to verify assumptions about production
Financialization and Measuring the Labor Share 11/3/2012
5. Outline
5
Explaining the Labor Share
Sectoral Composition
Technology and Skills
Labor and Product Market Characteristics
Financialization (?)
Measuring the Labor Share
Sectoral Measuring Issues and Multinationals
Labor Income in National Accounts
Financialization and Measuring the Labor Share 11/3/2012
6. Explaining the Labor Share
6
Sectoral Composition
To what extent does it determine the labor share?
Variation of labor shares between and within
industries
Conceptually straight forward, empirically not
so much
De Serres et al. (2002) and Glyn (2009)
Gollin (2002), Young (2010) and OECD (2012)
Level of aggregation and measurement key
Financialization and Measuring the Labor Share 11/3/2012
7. Outline
7
Explaining the Labor Share
Sectoral Composition
Technology and Skills
Labor and Product Market Characteristics
Financialization (?)
Measuring the Labor Share
Sectoral Measuring Issues and Multinationals
Labor Income in National Accounts
Financialization and Measuring the Labor Share 11/3/2012
8. Explaining the Labor Share II
8
Technology and Skills
Labor or capital-augmenting technology
Skilled vs. unskilled Workers
Long- vs. medium-run, Acemoglu (2003)
Shift in the 1980’s
Determining the substitution between
Capital and labor
Skilled and unskilled labor
Evidence in the neoclassical literature
Measurement of technology and skills?
Financialization and Measuring the Labor Share 11/3/2012
9. Outline
9
Explaining the Labor Share
Sectoral Composition
Technology and Skills
Labor and Product Market Characteristics
Financialization (?)
Measuring the Labor Share
Sectoral Measuring Issues and Multinationals
Labor Income in National Accounts
Financialization and Measuring the Labor Share 11/3/2012
10. Explaining the Labor Share III
10
Product Market Characteristics
Bargaining Power of the Firm
Product Market Regulation
Privatization
Globalization
Labor Market Characteristics
BargainingPower
Labor Market Regulation
Financialization and Measuring the Labor Share 11/3/2012
11. Outline
11
Explaining the Labor Share
Sectoral Composition
Technology and Skills
Labor and Product Market Characteristics
Financialization
Measuring the Labor Share
Sectoral Measuring Issues and Multinationals
Labor Income in National Accounts
Financialization and Measuring the Labor Share 11/3/2012
12. Explaining the Labor Share IV
12
Financialization
Financial Sector Growth
Output and profits
Financializing Non-Financial Sector
Shareholder-value orientation
Financialization of Labor
Retirement tied to financial market performance
Changing employment characteristics
Pay based on financial performance
Financial Market Exposure of Households
Consumer credit, mortgage credit, student loans etc.
Macroeconomic Instability and Public Finance
Financialization and Measuring the Labor Share 11/3/2012
13. Explaining the Labor Share V
13
Growth of FIRE
Bigger weight in sectoral aggregation: LS↓
Higher share of “skilled” workers: LS↓
Financialization of Non-financial Businesses
Retained Profits vs. Rentier Income AD
Labor vs. Capital Income
Shift to more capital intensive production: LS↓
Reduced bargaining power of labor: LS↓
Increased mobility, reallocation of production: LS↓
Tax avoidance and transfer pricing: LS ↑
Financialization of Labor
Employer-based pensions: LS~, non-wage LS~
Changing employment characteristics: LS~
Employee Stock Options and Bonuses: LS~, wage LS ↑
Financialization and Measuring the Labor Share 11/3/2012
14. Outline
14
Explaining the Labor Share
Sectoral Composition
Technology and Skills
Labor and Product Market Characteristics
Financialization (?)
Measuring the Labor Share
Sectoral Measuring Issues and Multinationals
Labor Income in National Accounts
Financialization and Measuring the Labor Share 11/3/2012
15. Measuring the Labor Share I
15
Sectoral Measuring Issues
Government Sector
VA= Wages & Salaries + Fixed Capital Consumption
No Capital Income
Indirect Taxes and Subsidies?
Housing/Real Estate
Owner-occupied housing
Imputed rents are capital income
No imputation for labor income
Mining
Almost no labor income
Capital Income determined by current commodity prices
Financialization and Measuring the Labor Share 11/3/2012
16. Measuring the Labor Share II
16
Financial Services
Measurement of Implicit Services (FISIM)
User-Cost Method
Reference Interest Rate
Risk-free or equivalent risk?
Securitization: off-balance sheet items not in NA
Treatment of Hedge Funds
International Differences
Not in NA in UK, part of the household sector in USA
Measurement of Constant-Price Output
Deflated Balances
Counts
Treatment as Intermediate Input of Final Consumption
Mortgage Credits
Financialization and Measuring the Labor Share 11/3/2012
17. Measuring the Labor Share III
17
Financial Services II
Risk-free interest rates
20-40 % overstatement of financial services VA
0.16-0.3 % overstatement of GDP
For US: Basu, Inklaar, and Wang 2011
For Euro-Zone: Colangelo and Inklaar 2010
Implications for LS
Changing sectoral weights: LS ↑
Turn to consumer finance: larger output effect of finance
Missing financial crises?
Absence of securitized items, mortgages as (final
consumption) and certain financial institutions
Caution with international comparisons
Financialization and Measuring the Labor Share 11/3/2012
18. Measuring the Labor Share IV
18
Multinationals
Global allocation of production profits via
Global Supply Chains and Transfer Pricing: LS↓
$53 billion lost tax revenue in 2002 due to transfer pricing
(Pak and Zdanowicz 2002)
Special Purpose Entities & Offshore Tax Havens: LS↓
25 % of German financial assets abroad in top 7 tax
havens (Hebous, 2011)
U.S. multinational firms had about $639 billion of untaxed
earnings offshore (Financial Times, 03/27/2004)
International Transactions of Intellectual Property: LS↓
Financialization and Measuring the Labor Share 11/3/2012
19. Outline
19
Explaining the Labor Share
Sectoral Composition
Technology and Skills
Labor and Product Market Characteristics
Financialization (?)
Measuring the Labor Share
Sectoral Measuring Issues and Multinationals
Labor Income in National Accounts
Financialization and Measuring the Labor Share 11/3/2012
20. Measuring the Labor Share V
20
Labor Income in National Accounts
Self-Employment Income
Debate about Labor Income Imputations
Human Capital
Raw Labor Share vs. Human Capital Share
IntangibleCapital
Top Income Shares
Deducting top incomes: top 1%, supervisory workers
Employee Stock Options
Insurance Contributions
Financialization and Measuring the Labor Share 11/3/2012
21. Measuring the Labor Share VI
21
Intangible Capital
Intermediate Consumption Investment
Business investment in computerized information
Innovative property
“Economic competencies”
Investment in firm-specific human and structural
resources
Adds another dimension to capital income
Implications for LS
Reduction of current LS by 10%points, and growing
Financialization and Measuring the Labor Share 11/3/2012
22. Measuring the Labor Share VII
22
Employee Stock Options
Almost perfect correlation between
Top 1%’s wage share
CEO compensation
Stock market performance
(and regional inequality)
In 2000 2.5% of total employee compensation
90.5 % went to employees below the top 5 executives
Counted as labor income at time of exercise
Should be counted at time and level of granting
Difference should be capital gains (Moylan, 2008)
Implications for the Labor Share
Changes based on stock market performance volatility
Hybrid Income
Financialization and Measuring the Labor Share 11/3/2012
23. Wrap Up
23
Numerous untested relations between
financialization and the labor share
Measuring finance and sectoral composition
MNCs, financialized non-financial firms and LS
Intangible Capital and the capital share
Employee Stock Options and LS
Financialization and Measuring the Labor Share 11/3/2012
24. 24 Thank you for your attention!
Contact:
Bert Azizoglu
bertazizoglu@gmail.com
Financialization and Measuring the Labor Share 11/3/2012