摘要:

Based upon an extensive analysis of the published financial reports of one hundred of the largest companies in Britain, this paper comments on the degree of disclosure of business combinations and disposals during the last decade. It reveals a situation of significant variability, apparently requiring a radical change in approach from almost complete flexibility to rational uniformity.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00848.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

The article critically examines two methods of acquisition valuation. The first concentrates on a comparison of the earnings per share of the combined companies with that of the acquiror alone on a present value basis. The second method is discounted cash flow model which is based on several established normative models of share price valuation. The article concludes that because of the difficulties in computing an accurate weighted average cost of capital for the combined group and the differences in cash flow and reported earnings, the earnings per share approach is not valid, and therefore the cash flow approach is to be preferred and adopted.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00849.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

Mathematical programming approaches to the choice of capital expenditure projects under conditions of funds constraint have been widely advocated in the literature of finance. The present paper takes exception to such suggestions, and concludes that programming is not only excessively costly and complex for most practical applications, but is frequently incorrect in the decisions it implies. A technique for allocating funds via an adjusted Excess Present Value Index is developed and proposed as a superior analytical framework.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00850.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

Typically the evaluation of a large capital project may take a number of years, during which time information is being continually received from a variety of sources. This paper describes an analysis procedure that recognizes the sequential nature of the information and uses it to construct a simple decision model as an aid to the evaluation. The application of this method to a large mining project is described with the conclusion that the evaluation process could have been reduced by a third.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00851.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

Although it has long been recognized that a stock split merely changes the packaging of an investor's claim to earnings, there is widespread belief in the financial community that the split confers some substantive benefits on stockholders. This paper describes an empirical investigation of the effect of split action on stock price. The split action was found to have an insignificant effect, even at a 10% level, on changes in market price over the 12 month period surrounding the split.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00852.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

Social and political opinion in the United Kingdom has been moving in the direction of greater disclosure by companies of financial and economic information of interest to employees and trade union negotiators. This article examines the arguments which surround the issue. In particular, the role of information in the collective bargaining context is investigated in the light of a fairly simple bargaining model, The tactical and strategic impact of greater disclosure is indicated with the aid of the model. Finally the article highlights some implications for companies, trade unions and accountants.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00853.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

The conventional solutions to the corporate investment decision have been seriously challenged by recent developments in portfolio theory. In this paper, the author argues that, assuming the security market is composed of efficient diversifiers, there is no need, in the evaluation of investment projects, to adjust the time value of money to take account of risk. He concludes that the appropriate cut‐off rate for any investment is equal to the yield on a ‘risk‐free’ security such as undated or long‐dated Governm

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00854.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

This note comments on the doubtful application of an economic concept of personal income to the non‐personal business enterprise situatio

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00855.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

F. M. Wilkes has argued that unadjusted cash flows and monetary opportunity costs be used when evaluating capital projects in an inflationary environment (Journal of Business Finance, Volume 4, No. 3). His conclusions are, however, that alternative approaches to net present value are probably necessary, This note examines Wilkes' analysis and argues that his initial model, using net present value techniques, is acceptable in practice on the adoption of fairly conventional assumptions.

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00856.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY

摘要:

Book reviewed in this article:CORPORATE FINANCIAL REPORTING: THE ISSUES, THE OBJECTIVES AND SOME NEW PROPOSALS, Alfred Rappaport and Lawrence Revsine (Editors)SECURITY PRICES IN A COMPETITIVE MARKET, Richard A. BrealeyMATHEMATICS IN THE STOCK EXCHANGETHE ECONOMICS OF CORPORATION FINANCE, S. P. DobrovolskyTHE FUNDS STATEMENT: CURRENT PRACTICES IN CANADA, THE UNITED KINGDOM AND THE UNITIED STATES

ISSN:0306-686X    

DOI:10.1111/j.1468-5957.1974.tb00857.x

出版商:Blackwell Publishing Ltd    

年代:1974

数据来源: WILEY