The Impact of International Takeover Laws on Corporate Resource Adjustments: Evidence from the Asymmetric Behavior of Selling, General, and Administrative Costs

2016 ◽  
Author(s):  
Bingbing Hu ◽  
Jay Junghun Lee ◽  
Daoguang Yang
Keyword(s):  
Administrative Costs ◽  
Asymmetric Behavior ◽  
The Impact

Recreation User Fees: An Australian Empirical Investigation

1995 ◽  
Vol 1 (1) ◽  
pp. 5-15 ◽  
Author(s):  
Bruce Knapman ◽  
Natalie Stoeckl
Keyword(s):  
National Parks ◽  
Pricing Policy ◽  
The Public ◽  
Administrative Costs ◽  
Empirical Estimates ◽  
Demand Curves ◽  
Public Resources ◽  
Good Potential ◽  
Taxation System ◽  
The Impact

It is widely acknowledged that increasing tourism and recreation usage of natural resources in Australia has placed heavy demands on those responsible for visitor management. The consequent need for more revenue has led local government and national park management to contemplate extended implementation of the ‘user pays' principle. However, user pays may be rejected on the grounds that it is not a first-best pricing policy, and/or on the grounds that public resources funded out of the public purse should be freely available. It has been suggested in the case of entry fees to national parks that they penalize the poor. This paper uses empirical estimates of demand curves for two World-Heritage-listed national parks — Kakadu and Hinchinbrook Island — to investigate the impact of entry fees on visitation and revenue, and the efficiency of fees as a revenue-raising device. An examination of visitors' socio-economic characteristics allows some comment on the equity issue. It is concluded that modest entry fees would have little impact on visitor numbers; that, provided the administrative costs of fee imposition are not prohibitive, entry fees are not only a good potential source of revenue, but also impose smaller efficiency costs than the income taxation system; and that fees may well constitute a progressive tax.

scholarly journals Risk-Adjusted Impact of Administrative Costs on the Distribution of Terminal Wealth for Long-Term Investment

2014 ◽  
Vol 2014 ◽  
pp. 1-12 ◽  
Author(s):  
Montserrat Guillén ◽  
Søren Fiig Jarner ◽  
Jens Perch Nielsen ◽  
Ana M. Pérez-Marín
Keyword(s):  
Mutual Funds ◽  
Risk Adjustment ◽  
Hedge Funds ◽  
Time Horizon ◽  
Simple Formula ◽  
Investment Funds ◽  
Terminal Wealth ◽  
Administrative Costs ◽  
The Impact

The impact of administrative costs on the distribution of terminal wealth is approximated using a simple formula applicable to many investment situations. We show that the reduction in median returns attributable to administrative fees is usually at least twice the amount of the administrative costs charged for most investment funds, when considering a risk-adjustment correction over a reasonably long-term time horizon. The example we present covers a number of standard cases and can be applied to passive investments, mutual funds, and hedge funds. Our results show investors the potential losses they face in performance due to administrative costs.

scholarly journals Effectiveness of Control and Enforcement Activities in Selected Areas: Statistics and Sociology

2020 ◽  
Vol 15 (1) ◽  
pp. 90-107
Keyword(s):  
Significant Variation ◽  
Statistical Data ◽  
Comprehensive Evaluation ◽  
Government Control ◽  
Public Values ◽  
Data Manipulation ◽  
Administrative Costs ◽  
Emergency Situations ◽  
The Impact ◽  
Cultural Monuments

The ongoing reform of control and enforcement is aimed at improving the protection of public values such as life and health, property, environment, and historical and cultural monuments while simultaneously reducing the administrative burden on businesses. The first evaluations of the reform demonstrate that achievements have been modest so far. Administrative costs for businesses have slightly decreased. While the share of citizens rating their safety from major risks as sufficient has somewhat increased, most citizens still rate the extent of their safety as rather low or very low. The article aims to conduct a comprehensive evaluation of control and enforcement performance in selected areas characterized by intensive activities of government control bodies, namely the Ministry of Emergency Situations, the Federal Service for Labour and Employment, and the Federal Consumer Protection Service. Both statistical sources, including court statistics, and sociological data are used for this purpose. The paper demonstrates a significant variation between the statistical data and the outcomes of sociological surveys in terms of scale and frequency of cases of harm to public values in the respective fields. The statistical data used by control and enforcement bodies are not oriented at evaluating the outcomes of their activities and do not allow the estimation of the real extent of public value protection and its dynamics. To evaluate the situation as it is and develop recommendations for improving control and enforcement activities, data from various sources, including sociological ones, should be used. Such an approach would allow one to evaluate the impact of control and enforcement activities at the level of relevant risks and to reduce the probability of data manipulation.

ARE FINANCIAL INVESTORS PRONE TO EXOGENOUS (CRICKET) SENTIMENTS THAT AFFECTS EQUITY INVESTMENT DECISION AND INDUCES VOLATILITY IN STOCK MARKET?

2020 ◽  
Vol 38 (2) ◽  
Author(s):  
Muhammad Kashif ◽  
Asra Shaikh ◽  
Mobeen Ur Rehman
Keyword(s):  
Stock Returns ◽  
Stock Exchange ◽  
Investment Decision ◽  
Negative Influence ◽  
Bad News ◽  
Equity Investment ◽  
Auto Correlation ◽  
Asymmetric Behavior ◽  
Auto Regressive ◽  
The Impact

This paper examines the volatility in stock returns due to mood-swings of financial investors affected by the outcome of one-day international (ODI) cricket matches played by Pakistan against cricketing nations. The impact of matches is analyzed on same-day and for next-day volatility in returns by using Generalized Auto-Regressive Conditional Heteroskedasticity (GARCH 1,1) and Glosten, Jagannathan & Runkle (GJR 1,1) methodology, supported by Engle (arch), L-Jung Q-stats (auto-correlation) and Jarque-Bera (normality) tests. Empirical time-series results show volatility can be predicted through past volatility and can be generalized. The win or loss position of Pakistan in ODI has a significant influence on next day volatility of stock returns. However, GJR analysis provides strong evidence of asymmetric behavior on next day in Karachi Stock Exchange (KSE)-100 index, states bad-news resulting from ODI matches has a significant negative influence on the next-day volatility of stock returns, due to less trading on the subsequent day of the match.

QUO VADIS?

PEDIATRICS ◽  
1989 ◽  
Vol 84 (4) ◽  
pp. A100-A100
Author(s):  
Student
Keyword(s):  
Medical Care ◽  
Case Managers ◽  
Administrative Costs ◽  
Physician Autonomy ◽  
Medical Care Costs ◽  
The Us ◽  
Private And Public ◽  
Quo Vadis ◽  
Professional Review ◽  
The Impact

There are growing concerns, among physicians and others in the US, about the impact of [present] policies on medical care costs, on the commercialisation of medicine, and on physician autonomy. As a result of the new market-oriented policies, physicians in the US are now the most litigated-against, second-guessed, and paperwork-laden physicians in western industrialised democracies. Physicians' day-to-day clinical decisionmaking—commonly referred to as clinical freedom—is increasingly subject to review and appoval by "case managers" working for employers, insurance carriers, and government financed and regulated professional review organisations. Malpractice suits and administrative costs are multiplying. The growing adversarial relationship with private and public payers and loss of physican autonomy are closely related to the growing view that medical care should be treated like any other private business.

Management expenses in the context of Federal Accounting Standard (FSBU) 5/2019 – Inventories

2021 ◽  
Vol 22 (4) ◽  
pp. 392-406
Author(s):  
Tat'yana Yu. SEREBRYAKOVA
Keyword(s):  
Systems Approach ◽  
Cost Effective ◽  
Accounting Standard ◽  
Administrative Costs ◽  
Top Managers ◽  
Study Results ◽  
Logical Notion ◽  
Definition Of ◽  
The Impact ◽  
Methodological Guidelines

Subject. This article deals with the issues of accounting and write-offs of management costs and disclosure in reporting, their role for top managers, as well as improving the delineation and qualification of the types of costs to be accounted for as managerial, and the impact of the proposed approaches on reporting performance. Objectives. The article aims to justify the need for a clearer definition of management costs and a more logical, cost-effective division of costs into production and management ones. Methods. For the study, I used the systems approach, logical generalization and abstraction. Results. The study shows that not all expenses that organizations account for as the management ones are actual. Many of the costs relate to production activities. Since the methodological guidelines for accounting for material and operational costs have been abolished in connection with the adoption of FSBU 5 – Inventories, they may not be applied any more. Conclusions and Relevance. The subject terminology and a clear concept of management costs need to be defined. IFRS 2 – Inventories gives a more logical notion of management costs in combination with administrative costs. This makes it possible to adapt the accounting according to the Russian standards to the running accounting practice with a minimum recalculation. The presented study results are intended to develop theoretical views on the formation of the actual cost of finished products, the full cost of implementation and interpretation of these indicators for management. The results can be used for scientific and practical activities related to financial and management accounting research.

An End User Perspective: The Impact of FSMA on Restaurants

2017 ◽  
Vol 59 (1) ◽  
pp. 85-92
Author(s):  
Mark Johnson
Keyword(s):  
Supply Chain ◽  
Food Safety ◽  
Food Supply ◽  
The United States ◽  
End Users ◽  
Food Supply Chain ◽  
President Obama ◽  
Record Keeping ◽  
Administrative Costs ◽  
The Impact

On January 4, 2011, President Obama signed into law the Food Safety Modernization Act (FSMA or P.L. 111-353). This act may be the most far-reaching food safety legislation since the Food, Drug and Cosmetics Act (FDCA) of 1938. FSMA aims to ensure that the U.S. food supply is safe by shifting the focus of regulation from contamination response to prevention. This legislation imposes administrative costs on the food supply chain in the United States by requiring additional record keeping and safety procedures. Previous research has shown that the value of food processing, wholesale and grocery firms was reduced by the passage of this legislation. We hypothesize that the negative value effects caused by the legislation may be partially passed on to end users of food products, specifically, restaurants. Consistent with this hypothesis, we find that passage of FSMA reduced the market value of publicly traded restaurants by approximately 5%. This result is roughly one half of the impact borne by other firms in the food supply chain. That is, we find evidence that a portion of the supply chain costs of FSMA are passed on to restaurant firms and possibly other end users such as consumers. We conclude that federal legislation that is not specifically directed at the hospitality industry may still have significant effects for hospitality firms.

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