scholarly journals Is the US Public Corporation in Trouble?

2017 ◽  
Vol 31 (3) ◽  
pp. 67-88 ◽  
Author(s):  
Kathleen M. Kahle ◽  
René M. Stulz
Keyword(s):  
Cash Holdings ◽  
Capital Expenditures ◽  
Public Firms ◽  
The Public ◽  
Public Corporations ◽  
Current State ◽  
Public Company ◽  
The Us ◽  
Public Corporation

We examine the current state of the US public corporation and how it has evolved over the last 40 years. After falling by 50 percent since its peak in 1997, the number of public corporations is now smaller than 40 years ago. These corporations are now much larger and over the last twenty years have become much older; they invest differently, as the average firm invests more in R&D than it spends on capital expenditures; and compared to the 1990s, the ratio of investment to assets is lower, especially for large firms. Public firms have record high cash holdings and, in most recent years, the average firm has more cash than long-term debt. Measuring profitability by the ratio of earnings to assets, the average firm is less profitable, but that is driven by smaller firms. Earnings of public firms have become more concentrated—the top 200 firms in profits earn as much as all public firms combined. Firms' total payouts to shareholders as a percent of earnings are at record levels. Possible explanations for the current state of the public corporation include a decrease in the net benefits of being a public company, changes in financial intermediation, technological change, globalization, and consolidation through mergers.

Financial Strategies of Small, Public Firms: A Comparative Analysis with Small, Private Firms and Large, Public Firms

1995 ◽  
Vol 20 (1) ◽  
pp. 29-41 ◽  
Author(s):  
Howard E. Van Auken ◽  
Tom Holman
Keyword(s):  
Balance Sheet ◽  
Private Business ◽  
Publicly Traded ◽  
Public Firms ◽  
Public Corporations ◽  
Accounts Payable ◽  
Concurrent Use ◽  
Public Corporation ◽  
Unique Individual

This study uses canonical correlation analysis to examine the Interrelationships among balance sheet accounts for 190 small, publicly traded corporations. The results suggest that small, public corporations manage risk with the concurrent use of cash and equity, use long-term assets as collateral for long-term debt, and use accounts payable and other current debt to finance receivables and Inventories. Small, public corporations have characteristics similar to both small, private businesses and large corporations, while having unique, Individual qualities. These findings can be attributed to the small, public corporation having greater access to the capital markets than the small, private business, but facing greater constraints than the large corporation In accessing those markets. These results Increase the understanding of the sources and uses of funds for the small, public corporations and Indicates that financing strategies tend to evolve as firms grow.

Public Agencies and Private Agencies

1924 ◽  
Vol 18 (1) ◽  
pp. 34-48
Author(s):  
James D. Barnett
Keyword(s):  
Public Agencies ◽  
Public And Private ◽  
The Public ◽  
Public Corporations ◽  
Public Corporation ◽  
Fundamental Distinction ◽  
Private Corporations ◽  
Legal Entities

Is there any fundamental distinction between so-called “public” and “private” agencies, officers, institutions, corporations, associations, persons—legal entities and quasi-entities of all sorts? It is the theory of the courts that such a distinction exists, but their attempts through a maze of decisions logically to establish a principle of distinction have been futile.Several bases of distinction have been adopted by the courts, including, first, the purpose or interest involved. “An office … seems to comprehend every charge or employment in which the public is interested.” Thus “private corporations are those which are created for the immediate benefit and advantage of individuals…. Public corporations are those which are created for public purposes.”However, it is held that the whole interest in the corporation must be public to make it a public corporation. “Public corporations are political corporations or such as are founded wholly for public purposes and the whole interest in which is in the public. The fact of the public having an interest in the works or property or the object of a corporation, does not make it a public corporation.”

scholarly journals Continuous improvement in patient safety and quality in neurological surgery: the American Board of Neurological Surgery in the past, present, and future

2020 ◽  
pp. 1-7
Author(s):  
Marjorie C. Wang ◽  
Frederick A. Boop ◽  
Douglas Kondziolka ◽  
Daniel K. Resnick ◽  
Steven N. Kalkanis ◽  
...  
Keyword(s):  
Self Regulation ◽  
Real Life ◽  
Health And Safety ◽  
Full Spectrum ◽  
Medical Specialties ◽  
The Public ◽  
Current State ◽  
The Us ◽  
Future Direction ◽  
Neurological Surgery

The American Board of Neurological Surgery (ABNS) was incorporated in 1940 in recognition of the need for detailed training in and special qualifications for the practice of neurological surgery and for self-regulation of quality and safety in the field. The ABNS believes it is the duty of neurosurgeons to place a patient’s welfare and rights above all other considerations and to provide care with compassion, respect for human dignity, honesty, and integrity. At its inception, the ABNS was the 13th member board of the American Board of Medical Specialties (ABMS), which itself was founded in 1933. Today, the ABNS is one of the 24 member boards of the ABMS.To better serve public health and safety in a rapidly changing healthcare environment, the ABNS continues to evolve in order to elevate standards for the practice of neurological surgery. In connection with its activities, including initial certification, recognition of focused practice, and continuous certification, the ABNS actively seeks and incorporates input from the public and the physicians it serves. The ABNS board certification processes are designed to evaluate both real-life subspecialty neurosurgical practice and overall neurosurgical knowledge, since most neurosurgeons provide call coverage for hospitals and thus must be competent to care for the full spectrum of neurosurgery.The purpose of this report is to describe the history, current state, and anticipated future direction of ABNS certification in the US.

State Rail Plans: The Integration of Freight and Passenger Rail Planning

2011 ◽  
Author(s):  
Kevin Keller
Keyword(s):  
Implementation Strategies ◽  
The State ◽  
Rail Transportation ◽  
Department Of Transportation ◽  
The Public ◽  
Rail Network ◽  
Passenger Rail ◽  
The Us ◽  
Rail Service

The Passenger Rail Investment and Improvement Act of 2008 (PRIIA) was created to reauthorize the National Railroad Passenger Corporation, better known as Amtrak, and strengthen the US passenger rail network by tasking Amtrak, the U.S. Department of Transportation (US DOT), Federal Railroad Administration (FRA), States, and other stakeholders in improving service, operations, and facilities. PRIIA also tasks States with establishing or designating a State rail transportation authority that will develop Statewide rail plans to set policy involving freight and passenger rail transportation within their boundaries, establish priorities and implementation strategies to enhance rail service in the public interest, and serve as the basis for Federal and State rail investments within the State. In order to comply with PRIIA, State rail plans are required to address a broad spectrum of issues, including an inventory of the existing rail transportation system, rail services and facilities within the State. They must also include an explanation of the State’s passenger rail service objectives, an analysis of rail’s transportation, economic, and environmental impacts in the State, and a long-range investment program for current and future freight and passenger infrastructure in the State. The plans are to be coordinated with other State transportation planning programs and clarify long-term service and investment needs and requirements. This paper and presentation will illustrate the steps required in preparing a State rail plan and the benefits of having a properly developed plan.

Cash Holdings: Determining Factors and Impact on Future Operating Performance for Listed versus Unlisted Firms

2013 ◽  
Vol 16 (02) ◽  
pp. 1350013 ◽  
Author(s):  
Seraina C. Anagnostopoulou
Keyword(s):  
Corporate Governance ◽  
Operating Performance ◽  
Cash Holdings ◽  
Cash Flows ◽  
Capital Expenditures ◽  
Public Firms ◽  
Listed Firms ◽  
Determining Factors ◽  
Precautionary Motive ◽  
Unlisted Firms

Research suggests that the cash ratios of private firms are lower than the ones of public firms, which is not consistent with an expectation for increased importance of the precautionary motive for firms with fewer funding options. The study provides a significant explanation on these lower ratios, attributed to differences in leverage, capital expenditures, internally generated cash flows, and corporate governance. The study finally testifies that excess cash holdings are positively associated with future operating performance for private, but not public firms, a finding which is interpreted as a manifestation of capital raising constraints for unlisted versus listed firms.

The consequences of escalated politicization in the US regulatory process

2019 ◽  
Vol 20 (3) ◽  
pp. 207-217 ◽  
Author(s):  
Kenneth William Costello
Keyword(s):  
Public Interest ◽  
Regulatory Process ◽  
Public Utility ◽  
Positive Aspect ◽  
Utility Regulation ◽  
The Public ◽  
Essential Services ◽  
The Us ◽  
Public Utility Regulation

To some observers, public utility regulation has expanded its domain far beyond its original mandate and what is socially optimal. Their view is that regulators should stick to setting just and reasonable rates and taking other actions that improve the long-term welfare of utility consumers. After all the raison d’etre for public utility regulation is to protect consumers from “monopoly” utilities. Utilities provide essential services to both individuals and society. When left unregulated, these services would presumably be excessively priced with no guarantee of availability for those who want it and willing to pay for it. Diverting from this focus—driven by escalating politics—risks regulators’ ability to achieve their core objective of protecting consumers. One positive aspect of politicization is that it allows regulators to have access to more diversified information from stakeholders that could result in better decisions. One criticism of regulation is that it tends to stay with its policies and practices too long in spite of changing market and technological conditions. Additional stakeholders in the regulatory process could push regulators toward changes that are in the public interest but would not pursue on their own.

An assessment of the 2011 Spanish pension reform using the Swedish system as a benchmark

2013 ◽  
Vol 13 (3) ◽  
pp. 297-333 ◽  
Author(s):  
CARLOS VIDAL-MELIÁ
Keyword(s):  
Pension System ◽  
Pension Reform ◽  
Lessons Learned ◽  
Short Term ◽  
The Public ◽  
Public Pension System ◽  
Actuarial Fairness ◽  
The Us ◽  
Quantitative Analyses

AbstractThe aim of this paper is to make an assessment of the 2011 reform of the public pension system in Spain using the Swedish pension system as a benchmark, although some reference to the US pension system is also made. The paper focuses on the reform, explaining its aims, breaking down the main contents, critically examining the official view and describing the expected ageing of the Spanish population. This approach complements the quantitative analyses performed by other researchers and will enable us to assess the reformed system with the focus on four main areas: actuarial fairness, actuarial transparency, solvency and communication with the public. The main conclusion is that the reform was a wasted opportunity given that Spain did not take advantage of the lessons learned in Sweden, it did not include any elements for improving the management of pay-as-you-go systems, and there is no sound basis for claiming that the system's sustainability is assured in the medium term, the long term or even the short term. The new parametric reforms currently under consideration in Spain are targeted to correct some of the pension system's design faults that have been highlighted in this paper.

scholarly journals TRANSFORMATION OF THE SYSTEM OF PUBLIC ADMINISTRATION IN A NETWORK ECONOMY

2021 ◽  
Vol 39 (3) ◽  
Author(s):  
Natalya Metelenko ◽  
Liudmyla Pashko ◽  
Nataliia Grynchuk ◽  
Volodymyr Vakulenko ◽  
Oksana Babenko ◽  
...  
Keyword(s):  
Public Administration ◽  
Organizational Transformation ◽  
Economic Systems ◽  
Network Economy ◽  
Administration System ◽  
The Public ◽  
Current State ◽  
Networked Economy ◽  
Transformation Processes

A networked economy is an environment in which any company or individual in any economic system can contact with minimal cost with any other company or individual about teamwork, trade, exchange of ideas, or just for fun. The networked economy sets the vector along which socio-economic systems of micro, meso, macro levels will develop in the long term, which necessitates research and comprehensive analysis of digital transformation processes. The authors analyzed the essence of the network economy and its impact on the sphere of management, analyzed the current state of the Ukrainian system of public administration in the network economy's conditions and identified the main problematic tasks. Based on the analysis, the authors identified goals for the main areas of public administration and proposed a scheme for the organizational transformation of the public administration system in a networked economy. The authors also proposed a system of indices to assess the state of transformation of the public administration system in a networked economy and identify development trends.

Russian economy on the background of global pandemics: the basic contours of «new reality»

2020 ◽  
pp. 4-15
Author(s):  
I.I. Smotritskaya
Keyword(s):  
World Economy ◽  
Russian Economy ◽  
Current State ◽  
The Us ◽  
The World ◽  
Economic Reality ◽  
Short And Long Term ◽  
Characteristic Features ◽  
The Eu

The article deals with conceptual issues related to the adaptation of the Russian economy to the new financial and economic reality that is emerging as a result of the COVID-19 epidemic. The current state of the world economy is studied, the main characteristic features of the «new reality» are highlighted, and the complex of anti-crisis measures implemented in the US and the EU is considered. The results of forecast assessments of the consequences of the pandemic for the economy of our country in the short and long term are analyzed; the principles, priorities and vectors of post-crisis development of the Russian economy are substantiated.

Behavioral and Rational Explanations of Stock Price Performance around SEOs: Evidence from a Decomposition of Market-to-Book Ratios

2010 ◽  
Vol 45 (4) ◽  
pp. 935-958 ◽  
Author(s):  
Michael G. Hertzel ◽  
Zhi Li
Keyword(s):  
Research And Development ◽  
Stock Returns ◽  
Stock Price ◽  
Cash Holdings ◽  
Capital Expenditures ◽  
Growth Opportunities ◽  
Growth Option ◽  
Price Performance ◽  
Investment Opportunities

AbstractWe examine the extent to which investment opportunities and/or mispricing motivate equity issuance and contribute to post-issue stock underperformance. We decompose market-to-book ratios into misvaluation and growth option components and find that issuing firms are both overvalued and have greater growth opportunities relative to nonissuers. Firms with greater growth opportunities invest more in capital expenditures and research and development (R&D) after issuance but do not experience lower post-issue stock returns. In contrast, issuing firms with greater mispricing tend to decrease long-term debt and/or increase cash holdings and do earn lower returns. Our findings are consistent with behavioral explanations for post-issue stock price underperformance.

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