...Douglas W. Elmendorf Federal Reserve Board Jeffrey B. Liebman Harvard University and NBER David W. Wilcox Federal Reserve Board Revised July 2001 This paper was presented at a conference on “American Economic Policy in the 1990s” held June 27 to 30, 2001 at the John F. Kennedy School of Government, Harvard University. The views expressed in this paper are those of the authors and are not necessarily shared by any of the institutions with which they are affiliated. We thank Al Davis, Peter Diamond, Edward Gramlich, Peter Orszag, Gene Sperling, and Lawrence Summers for comments on an earlier draft. Elmendorf was formerly Deputy Assistant Secretary of the Treasury in the Office of Economic Policy, and prior to that Senior Economist at the Council of Economic Advisers; Liebman was formerly Special Assistant to the President for Economic Policy at the National Economic Council; and Wilcox was formerly Assistant Secretary of the Treasury for Economic Policy. Table of Contents Page 1. Introduction 2. Budget Outcomes and Projections Improved Budget Picture Sources of Improvement 3. Budget Deficit Reduction: 1990 through 1997 OBRA90 OBRA93 What Did Deficit Reduction Ultimately Accomplish? The Republican-Controlled Congress BBA97 4. Entitlement Reform and Saving Social Security First Entitlement Commissions Social Security Saving Social Security First 5. Social Security Reform Options Using Projected Budget Surpluses as Part of Social Security Reform Investments in Private Financial...
Words: 25267 - Pages: 102
...HUMAN RESOURCE the comany assets Tax-deferred - Investment earnings such as interest, dividends or capital gains that accumulate tax free until the investor withdraws and takes possession of them. The most common types of tax-deferred investments include those in individual retirement accounts (IRAs) and deferred annuities. 360 Survey: An employee feedback program whereby an employee is rated by surveys distributed to his or her co-workers, customers, and managers. HR departments may use this feedback to help develop an individual's skill or they may integrate it into performance management programs. 401(k) Plan: An employer-sponsored retirement plan that has become an expected benefit and is therefore important in attracting and retaining employees. A 401(k) plan allows employees to defer taxes as they save for retirement by placing before-tax dollars directly into an investment account. Employers also contribute to the plan tax-free, for instance by matching contributions. Some plans enable employees to direct their own investments. These plans can be expensive and complex to manage. It is common for companies to outsource all or part of their plan. No tax is levied until the employee withdraw the amount. A Absenteeism Policy: A policy about attendance requirements, scheduled and unscheduled time off, and measures for dealing with workplace absenteeism. Repeated absenteeism can lead to termination. * Scheduled time off: Excused absences from regular...
Words: 10690 - Pages: 43
...Glossary of HR terms For the benefit of human resources professionals, both new and seasoned, we present a Glossary of Terms. If, having read the Glossary, you feel that there are any omissions, then contact us . Absolute ratings A rating method where the rater assigns a specific value on a fixed scale to the behavior or performance of an individual instead of assigning ratings based on comparisons between other individuals. Affirmative action Also : Positive discrimination. Carried out on behalf of women and disadvantaged groups and members of such groups are placed in dominant positions. Appraisal See Performance planning. Attrition A term used to describe voluntary and involuntary terminations, deaths, and employee retirements that result in a reduction to the employer's physical workforce. Autocratic leadership Leader determines policy of the organization, instructs members what to do/make, subjective in approach, aloof and impersonal. Balanced Scorecard A popular strategic management concept developed in the early 1990's by Drs. Robert Kaplan and David Norton, the balanced scorecard is a management and measurement system which enables organizations to clarify their vision and strategy and translate them into action. The goal of the balanced scorecard is to tie business performance to organizational strategy by measuring results in four areas: financial performance, customer knowledge, internal business processes, and learning and growth. Behaviorally...
Words: 15364 - Pages: 62
...1990s. Growth was steady and profits strong. Yet, Pensions and Investments ranked DFA a mere 96th in size among investment companies (see Exhibit 1). While DFA had never viewed maximizing assets under management as a goal, the ranking did suggest that it might be possible for DFA to achieve more as a firm than it currently was. Should Booth and DFA continue on the path that had brought them this far? Or was this the time for a major initiative that could catapult DFA to a status among the largest firms in the business? The Company and its Clients DFA was an investment firm based in Santa Monica, California. Founded in 1981 by Booth and Rex Sinquefield, two former students at the University of Chicago Graduate School of Business, DFA was dedicated to the principle that the stock market was “efficient”—that is, while over any given period some investors by luck would outperform the market and others would underperform, no one had the ability to consistently pick stocks that would beat the market. Such beliefs were associated with proponents of index funds, and, indeed, Sinquefield had run one of the very first S&P 500 index funds while at another firm. But DFA was not simply an index fund manager. In addition to efficient markets, DFA’s founders believed passionately in two other principles: the value of sound academic research, and the ability of skilled traders to contribute to a fund’s profits even when the investment was inherently passive. At its founding, DFA surmised that acting...
Words: 8100 - Pages: 33
...pocket-size dictionary • Easy-to-understand definitions • Written by a leading authority in the field Wit Kate Mooney Accoun ting T and Phra erms ses 300O h MORE TH AN The ESSENTIAL ACCOUNTING DICTIONARY es·sen·tial ADJ. Of the utmost importance. The ESSENTIAL ACCOUNTING DICTIONARY es·sen·tial ADJ. Of the utmost importance. Kate Mooney AN IMPRINT OF SOURCEBOOKS, INC.® NAPERVILLE, ILLINOIS SPHINX PUBLISHING ® www.SphinxLegal.com Copyright © 2008 by Kate Mooney Cover and internal design © 2008 by Sourcebooks, Inc.® All rights reserved. No part of this book may be reproduced in any form or by any electronic or mechanical means including information storage and retrieval systems—except in the case of brief quotations embodied in critical articles or reviews—without permission in writing from its publisher, Sourcebooks, Inc.® All brand names and product names used in this book are trademarks, registered trademarks, or trade names of their respective holders. Sourcebooks and the colophon are registered trademarks of Sourcebooks, Inc.® First Edition: 2008 Published by: Sphinx® Publishing, An imprint of Sourcebooks, Inc.® Naperville Office P.O. Box 4410 Naperville, Illinois 60567-4410 (630) 961-3900 Fax: (630) 961-2168 www.sourcebooks.com www.sphinxlegal.com This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not...
Words: 156997 - Pages: 628
...A Blueprint for Corporate Governance Fred R. Kaen AMACOM AMERICAN MANAGEMENT ASSOCIATION A Blueprint for Corporate Governance This Page Intentionally Left Blank A Blueprint for Corporate Governance Strategy, Accountability, and the Preservation of Shareholder Value Fred R. Kaen American Management Association New York • Atlanta • Brussels • Buenos Aires • Chicago • London • Mexico City San Francisco • Shanghai • Tokyo • Toronto • Washington, D. C. Special discounts on bulk quantities of AMACOM books are available to corporations, professional associations, and other organizations. For details, contact Special Sales Department, AMACOM, a division of American Management Association, 1601 Broadway, New York, NY 10019. Tel.: 212-903-8316. Fax: 212-903-8083. Web site: www.amacombooks.org This publication is designed to provide accurate and authoritative information in regard to the subject matter covered. It is sold with the understanding that the publisher is not engaged in rendering legal, accounting, or other professional service. If legal advice or other expert assistance is required, the services of a competent professional person should be sought. Library of Congress Cataloging-in-Publication Data Kaen, Fred R. A blueprint for corporate governance : strategy, accountability, and the preservation of shareholder value / Fred R. Kaen. p. cm. Includes bibliographical references and index. ISBN 0-8144-0586-X 1. Corporate governance. 2. Corporate governance—United...
Words: 62038 - Pages: 249
...infancy, the Group started in humble way with jute trading which was known as the golden fiber of the country, earning highest amount of foreign exchange. Akij Group's ceaseless efforts with dynamic management and support from our numerous clients have led our Group in diversifying its business activities. In the second phase, the Group went into manufacturing handmade cigarettes popularly known as bidis. This sector gave a real boost to the revenue earning of the Group as well as making a substantial contribution to government exchequer. With the passage of time, the Group undertook new ventures and presently there are 15 units of industries under its umbrella like cigarettes, handmade cigarettes, printing & packaging, textiles, hand board, pharmaceutical, leather processing and real-estate business are in operation, catering jobs for more that 32,000 people in various categories. The Group has plans for setting up more projects. The projects are already in pipeline. Foreign investors have shown keen interest in joining with us for joint ventures. The matter is under our active consideration and will hopefully soon mature. This will also help the nation's economy growth and will create job opportunities to various professionals. Akij Group is also involved in socio-cultural activities. The Group has been operating a sizeable orphanage free of charge in district town. The Group has also acquired a modern mother & children hospital previously owned by Save the Children...
Words: 14023 - Pages: 57
...Fixed Income Securities Tools for Today’s Markets Second Edition BRUCE TUCKMAN John Wiley & Sons, Inc. Copyright © 2002 by Bruce Tuckman. All rights reserved. Published by John Wiley & Sons, Inc., Hoboken, New Jersey. Published simultaneously in Canada. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, 978-750-8400, fax 978-750-4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, 201-748-6011, fax 201-748-6008, e-mail: permcoordinator@wiley.com. Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies...
Words: 146024 - Pages: 585
...in any form or by any means without the permission of the publishers A CIP record for this book is available from the British Library eISBN-13: 978-1-4081-0221-3 Text Production and Proofreading Heather Bateman, Katy McAdam A & C Black uses paper produced with elemental chlorine-free pulp, harvested from managed sustainable forests. Text typeset by A & C Black Printed in Italy by Legoprint Preface Economics is the basis of our daily lives, even if we do not always realise it. Whether it is an explanation of how firms work, or people vote, or customers buy, or governments subsidise, economists have examined evidence and produced theories which can be checked against practice. This book aims to cover the main aspects of the study of economics which students will need to learn when studying for examinations at various levels. The book will also be useful for the general reader who comes across these terms in the financial pages of newspapers as well as in specialist magazines. The dictionary gives succinct explanations of the 3,000 most frequently found terms. It also covers the many abbreviations which are often used in writing on economic subjects. Entries are also given for prominent economists, from Jeremy Bentham to John Rawls, with short biographies and references to their theoretical works. Where necessary cross-references are given so that the reader can refer to other comparable entries. I am grateful to the following for their valuable comments on the...
Words: 81933 - Pages: 328
...Glossary Notes: Note 1: CPA Canada Handbook Part I applies to publicly accountable enterprises, CPA Canada Handbook Part II ASPE applies to private enterprises; CPA Canada Handbook Part III ASNFPO applies to not-for-profit organizations. CPA Canada Handbook Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CPA Canada Handbook – Accounting. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Abnormal earnings Also referred to as unexpected earnings. Differences between the expected value of earnings and the actual realized. Absorption costing Absorption costing is a method of assigning costs to inventory. It includes fixed overhead costs in addition to variable overhead costs added to direct materials and direct labour to calculate unit cost. Accelerated depreciation Accelerated depreciation is a method of allocating the cost of an asset in which the annual depreciation amounts are larger in an asset’s early years and decrease over time. An example of accelerated depreciation would be the double-declining balance method. Access controls Procedures designed to restrict access to online terminal devices, programs, and data. Access controls consist of ”user authentication” and ”user authorization.” Account Place within an accounting system where the increases and decreases in a specific...
Words: 116560 - Pages: 467
...Glossary Notes: Note 1: CICA Part I applies to publicly accountable enterprises, CICA Part II ASPE applies to private enterprises; CICA Part III ASNFPO applies to not-for-profit organizations. CICA Part IV ASPP applies to pension plans. For governments and government organizations, see under Public Sector Accounting (PSA) Handbook for details of what applies. Note 2: Part II and V Definitions may not be identical — check the CICA Handbook — Accounting. A B C D E F G H I J K L M N O P Q R S T U V W X Y Z Abnormal earnings Also referred to as unexpected earnings. Differences between the expected value of earnings and the actual realized. Absorption costing Absorption costing is a method of assigning costs to inventory. It includes fixed overhead costs in addition to variable overhead costs added to direct materials and direct labour to calculate unit cost. Accelerated amortization Accelerated amortization is a method of allocating the cost of an asset in which the annual amortization amounts are larger in an asset’s early years and decrease over time. An example of accelerated amortization would be the double-declining balance method. Access controls Procedures designed to restrict access to online terminal devices, programs, and data. Access controls consist of ”user authentication” and ”user authorization.” Account Place within an accounting system where the increases and decreases in a specific asset, liability, owner’s equity, revenue, or expense are recorded...
Words: 115733 - Pages: 463
...utexas.edu Abstract This survey provides a synthesis of the empirical capital structure literature. Our synthesis is divided into three parts. The first part examines the evidence that relates to the cross-sectional determinants of capital structure. This literature identifies and discusses the characteristics of firms that tend to be associated with different debt ratios. In the second part, we review the literature that examines changes in capital structure. The papers in this literature explore factors that move firms away from their target capital structures as well as the extent to which future financing choices move firms back toward their targets. Finally, we complete our review with a set of studies that explore the consequences of leverage, rather than its determinants. These studies are concerned with feedback from financing to real decisions. For example, we explore how a firm’s financing choices influences its incentive to invest in its workers, price its products, form relationships with suppliers, or compete aggressively with competitors. 1 Introduction Corporations fund their operations by raising capital from a variety of distinct sources. The mix between the various sources, generally referred to as the firm’s capital structure, has attracted considerable attention from both academics and practitioners. The empirical capital structure literature explores both the cross-sectional determinants of capital structure as well as time-series changes. This survey reviews...
Words: 32172 - Pages: 129
...decision-makers. CEPR’s guiding principle is ‘Research excellence with policy relevance’. A registered charity since it was founded in 1983, CEPR is independent of all public and private interest groups. It takes no institutional stand on economic policy matters and its core funding comes from its Institutional Members and sales of publications. Because it draws on such a large network of researchers, its output reflects a broad spectrum of individual viewpoints as well as perspectives drawn from civil society. CEPR research may include views on policy, but the Executive Committee of the Centre does not give prior review to its publications. The opinions expressed in this report are those of the authors and not those of CEPR. Chair of the Board President Director Research Director Guillermo de la Dehesa Richard Portes Richard Baldwin Kevin Hjortshøj O’Rourke Contents Introduction Richard Baldwin and Coen Teulings 1 Opening the debate 1 Reflections on the ‘New Secular Stagnation...
Words: 47021 - Pages: 189
...STRICTLY PRIVATE AND CONFIDENTIAL Serial No. NNNNNNNNNN UNITED GROWTH BERHAD (Company No. 739648-W) Islamic Medium Term Notes pursuant to an Islamic Medium Term Notes Programme of RM2.2 billion under the Shariah principle of Musharakah Joint Lead Arrangers and Joint Lead Managers CIMB Investment Bank Berhad HSBC Amanah Malaysia Berhad (Company No: 18417-M) (Company No: 807705-X) 13 June 2012 IMPORTANT NOTICE Responsibility Statements This Information Memorandum has been approved by the directors of United Growth Berhad (Company No: 739648-W) (“UG” or “Issuer”) and UEM Group Berhad (Company No: 6551-K) (“UEM” or “Obligor”) and UG and UEM accept full responsibility for the accuracy of the information contained in this Information Memorandum. UG and UEM, after having made all reasonable enquiries, confirm that this Information Memorandum contains all information with respect to UG and UEM which is material in the context of the Islamic medium term notes programme of RM2.2 billion (“Programme”) and the offering of the Islamic medium term notes (“Sukuk”) under the Programme. The opinions and intentions expressed in this Information Memorandum in relation to UG and UEM are honestly held, have been reached after considering all relevant circumstances and are based on reasonable assumptions and there are no other facts in relation to UG and UEM or the Programme the omission of which would, in the context of the Sukuk issue, make any statement...
Words: 101090 - Pages: 405
...Mexico City Sao Paulo Sydney Hong Kong Seoul Singapore Taipei Tokyo The Prentice Hall Series in Finance Alexander/Sharpe/Bailey Fundamentals of Investments Bear/Moldonado-Bear Free Markets, Finance, Ethics, and Law Berk/DeMarzo Corporate Finance* Berk/DeMarzo Corporate Finance: The Core* Berk/DeMarzo/Harford Fundamentals of Corporate Finance* Bierman/Smidt The Capital Budgeting Decision: Economic Analysis of Investment Projects Bodie/Merton/Cleeton Financial Economics Click/Coval The Theory and Practice of International Financial Management Copeland/Weston/Shastri Financial Theory and Corporate Policy Cox/Rubinstein Options Markets Dietrich Financial Services and Financial Institutions: Value Creation in Theory and Practice Dorfman Introduction to Risk Management and Insurance Dufey/Giddy Cases in International Finance Eakins Finance in .learn Eiteman/Stonehill/Moffett Multinational Business Finance Emery/Finnerty/Stowe Corporate Financial Management Fabozzi Bond Markets: Analysis and Strategies Fabozzi/Modigliani Capital Markets: Institutions and Instruments Fabozzi/Modigliani/Jones/Ferri Foundations of Financial Markets and Institutions Finkler Financial Management for Public, Health, and Not-for-Profit Organizations Francis/Ibbotson Investments: A Global Perspective Fraser/Ormiston Understanding Financial Statements Geisst Investment Banking in the Financial System Gitman Principles of Managerial Finance* Gitman Principles of...
Words: 195133 - Pages: 781
