This book is a study of earnings management, aimed at scholars and professionals in accounting, finance, economics, and law. The authors address research questions including: Why are earnings so important that firms feel compelled to manipulate them? What set of circumstances will induce earnings management? How will the interaction among management, boards of directors, investors, employees, suppliers, customers and regulators affect earnings management? How to design empirical research addressing earnings management? What are the limitations and strengths of current empirical models?

In capital investing, as in life, you always have options. In today's extremely turbulent world, managers recognize how risky the most valuable investment opportunities often are, and how useful a flexible strategy can be. That's why they want to know all their options. Yet many current financial assessment tools fail to identify what investors can do to capitalize on future uncertain events. Martha Amram and Nalin Kulatilaka suggest a smarter new way to think about strategic investments in terms of real options. By applying options thinking--the concept behind the recent Nobel Prize-winning work on financial options--to the evaluation of nonfinancial assets, this innovative approach brings a financial market discipline to the evaluation of a company's opportunities. Using real options theory, managers can more effectively target crucial opportunities to redeploy, delay, modify, or even abandon capital-intensive projects as events unfold. Corporate executives in finances, investments, and project management should share this book with decision makers in information technology, strategic planning, corporate restructuring, venture capital, and law. Through timely case studies, the authors show managers how to use real options to evaluate investments and create exit strategies in R&D, product design, contracts, and information technology. By linking strategic vision and tactical project decisions, Real Options helps to improve capital investment planning and results.

This book brings together a selection of June Pallot's most significant work. Written from a country (New Zealand) that led the world in many aspects of its financial management reforms, this work provides thoughtful comment on matters that remain of crucial importance today, especially the constitutional need to carefully monitor and respond to the reform initiatives and motives of executive government. Revisiting accounting issues and developments in the public sector, and reminding readers that the fundamental purpose of government accounting is different from that for the business sector, this book provides a timely reminder of the need for caution when considering the application in the public sector of accounting techniques devised for business purposes. June Pallot's legacy challenges accountants in the public sector to find better ways of addressing "collective decision-making under new governance approaches," proposes ways forward and offers suggestions for future research. This book, prepared by her colleague Susan Newberry, is a tribute to June's work.

Responding to a critical need in government for ways to manage costs better and improve productivity, The author gives practitioners and advanced students of public administration not just the statistical methods they require but also the hands-on skills they need and will use daily. His book introduces cost and management accounting, shows how to use decision-making tools in solid problem-solving situations, and lays out measures to help manage an organization's productivity. Also covered are such topics as cost estimation, benefit-cost analysis, simulation, inventory analysis, network modeling, mathematical programming, game theory, and more. The result is a readable and focused resource that facilitates the reader's grasp of two of the most critical elements in the successful operation of any organization: cost and optimization.

The book is organized in three parts. Part I deals with costs in government and emphasizes cost behavior, cost analysis, and cost accounting. Part II treats basic optimization techniques that are useful in cost management. Included are classical optimization, network analysis, mathematical programming, and games and decisions. In Part III the author deals with special cases in cost and optimization, particularly multivariate analysis, productivity management, and some related topics in general management. The book succeeds in presenting these complex issues clearly and in an accessible manner, and adds examples from public sector experience which will resonate with practitioners and students alike.

The maths, the formulas, and the problems associated with corporate finance can be daunting to the uninitiated, but help is at hand. Corporate Finance For Dummies, UK Edition covers all the basics of corporate finance, including: accounting statements; cash flow; raising and managing capital; choosing investments; managing risk; determining dividends; mergers and acquisitions; and valuation. It also serves as an excellent resource to supplement corporate finance coursework and as a primer for exams. Inside you ll discover: * The tools and expert advice you need to understand corporate finance principles and strategies * Introductions to the practices of determining an operating budget, calculating future cash flow, and scenario analysis - in plain English * Information on the risks and rewards associated with corporate finance and lending * Easy to understand explanations and examples * Help to pass your corporate finance exam!

An authoritative guide for effective investment management and oversight of endowments, foundations and other nonprofit investors

"Nonprofit Asset Management" is a timely guide for managing endowment, foundation, and other nonprofit assets. Taking you through each phase of the process to create an elegant and simple framework for the prudent oversight of assets, this book covers setting investment objectives; investment policy; asset allocation strategies; investment manager selection; alternative asset classes; and how to establish an effective oversight system to ensure the program stays on track.Takes you through each phase of the process to create an elegant and simple framework for the prudent oversight of nonprofit assetsA practical guide for fiduciaries of endowment, foundation, and other nonprofit fundsOffers step-by-step guidance for the effective investment management of assets

Created as a practical guide for fiduciaries of nonprofit funds--board members and internal business managers--"Nonprofit Asset Management" is a much-needed, step-by-step guide to the effective investment management of nonprofit assets.

The authors argue that lean production should be driven by the desire to achieve optimal customer service by sensing and responding to the customer. The customer is at the center of the process and the organization needs to respond in a holistic way so that the customer can impact on the design and delivery of products and processes. The book is based upon substantial research and practice by leading practitioners and heralds a paradigm shift in thinking on these issues.

All too often, books on accounting are written for accountants. In this unique book, accounting is used as a means, not as an end unto itself. Heely and Nersesian have written a guide for managers of multinational companies who wish to better understand the complex workings of a global business.

The book describes the globalization of business, the increasing complexity and related accounting treatments of doing business internationally. Recent developments in the standardization and harmonization of accounting practices around the world are discussed, accompanied by numerous examples from annual reports of both foreign and domestic companies. The process by which a parent company consolidates its results from foreign affiliates is described, along with the accounting which would accompany typical business transactions. Emphasis is placed on the connection between transfer pricing and taxation, including a discussion of the considerations which management must face when setting transfer prices. Accounting practices for inflation, along with currency exchange fluctuations, are dealt with from both accounting and risk management perspectives.

Umapathy, in conjunction with the National Association of Accountants, surveyed over 400 companies nationwide to compile a profile of budgeting practices and budget manager qualifications. He also sought to determine whether there are significant variations in practices in different industries, different management philosophies and between financially successful and unsuccessful companies. In the last two chapters he provides a number of suggestions for improving budgetary practices by examining those used by successful companies and exploring the implications of the research for managers and academics. He briefly describes a model of effective planning and control systems taht combines the perspectives of accounting, organizational beharior, and strategic policy. Accountants in industry will find this an interesting work with a lot of useful information to help appraise the relative state of their companies' budgetary practices. Academic accountants will encounter much interesting data and a good syntheses of recent research on the subject. "Journal of Accountancy"

It was not that long ago that it might have been possible to cover the topic of venture capital in one paper. Now, it is not possible to provide comprehensive coverage in even one book. The industry has flourished, as variations of he initial venture capital funds have been developed and now operates in most developing and developed economies. This is clearly reflected in this volume, which has a strong focus on Europe and Asia. Each of the papers is a stand alone effort. However, a full reading of the volume provides a panoramic picture of the global extent of venture capital, some of its challenges, and the likely direction of future efforts. Venture capital and the venture capitalist have been shown to have a positive impact on performance in many cases. This is clearly the reason why some many emerging economies want to increase the level of venture capital investment in their country.

The globalization and the associated development of truly global product and financial markets has led to a severe change of the corporate environment. New products and markets now evolve faster than ever, and new competitors, technologies and substitution products impose additional competition. These developments have led to an increasingly uncertain and dynamic competitive situation. This book discusses the impact of this changing environment on the role and responsibilities of the CFO. To manage the consequences of this changing environment, the CFO requires a more holistic view that integrates business and financial decisions. By mastering this new role, he becomes vital for a firm's value creation. The book details this management approaches and gives examples how this new "strategic" CFO-role be implemented

In this timely book, political scientist, Mark Duckenfield explores how British and German business associations formed their political attitudes towards Economic and Monetary Union from 1988 through 1998. He makes the provocative argument that business associations are not mere transmission belts for their members' economic interests, rather, they are political entities in their own right. Consequently they act strategically in order to promote their members specific interests, and are particularly attentive to the configuration of partisan political forces in their national legislatures.

"Corporate Governance" is a new text which considers the problems surrounding governance and proposes solutions to help restore investor confidence in the corporate world. The book is intended for board members, corporate executives, regulators, auditors, creditors and analysts seeking a concise analysis of the governance issues facing financial and nonfinancial corporations round the world. The book is fully international in context and includes real life examples and cases to emphasize the practical nature of governance problems and solutions.

This book examines the theory and practice of performance budgeting, which aims to make the government more effective by linking the funding of government agencies to the results they deliver. In a combination of thematic studies and case studies, it clearly presents the diverse range of contemporary performance budgeting models and examines their effectiveness. Its coverage is truly international, spanning developed, developing and middle-income countries. Implementation strategy and the supporting accounting, performance measurement and other systems are systematically treated.

This book provides a new point of view on the field of financial engineering, through the application of multicriteria intelligent decision aiding systems. The aim of the book is to provide a review of the research in the area and to explore the adequacy of the tools and systems developed according to this innovative approach in addressing complex financial decision problems, encountered within the field of financial engineering. Audience: Researchers and professionals such as financial managers, financial engineers, investors, operations research specialists, computer scientists, management scientists and economists.

This book is about managing the task of forecasting profit. It builds a case for using multiple methods, providing examples of each method, and suggesting practical techniques to use in dealing with the issues and problems of accuracy in profit forecasts. All the elements that infringe on profits (costs, sales, budgeting, investment, and loan default) are examined within this framework. In addition to synthesizing the research, Professor Metcalfe has applied his own research work on forecast modeling and judgmental methods. The final result is a practical reference book for making more accurate profit forecasts.

The book features eight studies related to governance and risk. It provides a critical evaluation of Basel II, and questions the significance of corruption in country risk analysis and investors' decision making. It offers a reliable model of early warning credit signals that helps managers to detect default risks, and provides a risk-based analysis of alternative production systems in Pakistan. It analyzes the effects of market liberalization on volatility spill-over across the globe, and examines past and future prospects for the Iraqi stock exchange. Finally, it proposes securitization as a means to finance costs of reconstruction in Iraq.

Presenting a vision of the luxury sector and its management, this edited book describes "the new luxury" through a comprehensive view of the value chain, from concept to market. The authors argue that the main characteristics of "luxury" are linked to specific resources and competencies found throughout the value chain and that value is a result of the interaction between the brand and stakeholders, and more precisely with their clients. Taking an interdisciplinary approach, New Luxury Management encompasses both strategic and functional aspects of luxury management, providing innovative solutions to the successful creation and management of value across the organization, from leadership, human resources, financial management, marketing and economic perspectives.

This practical book is written by an internationally renowned expert, who guides the reader through the pitfalls, explaining clearly and concisely the foreign exchange consequences of trading transactions, how to cover longer-term exposures, the tax treatment of interest, the problems caused by the rapidly developing financial instruments which outplace tax legislation and the opportunities to be exploited. The United Kingdom, the United States and Canada are given special coverage highlighting their tax issues as are individual countries from continental Europe, Australasia and the Far East.

"Tax Efficient Foreign Exchange Management "will be invaluable reading for all finance directors, treasurers, corporate planners, bankers, accountants, tax practitioners, lawyers and anyone concerned with managing foreign exchange transactions tax efficiently.

Will American academic and research libraries be able to cope with the current technological, economic, and organizational issues that are bringing about rapid changes in information services or must fundamental changes first take place within these libraries? The twelve essays collected by Spyers-Duran and Mann attempt to answer this question. Section I: "Problems," contains essays on the precarious financial environment of today's academic institutions; the erosion of funding levels in British university libraries; and realistic suggestions for financial planning in academic libraries. Section II: "Changing Approaches," offers discussions on the importance of sharing scholarly resources; the discrepancy between library budgets and services offered; the growing role of the library in the information industry; a review of funding formulas in the academic library; and the changing needs, sources, and styles of financial planning. The final section of the book explores new opportunities for academic and research libraries, and includes information on current library automation; information-sharing among member libraries; external contracting for library services; and grantsmanship.

The purpose of this book is to help bankers in their task of establishing, developing, and supervising foreign exchange departments. The essays included provide insightful and explanatory comments of a general nature in an area where no two institutions are likely to have similar needs or opportunities. The scarcity of books on foreign exchange departments is largely due to this diversity. Rudi Weisweiller's edited collection will appeal to the bankers who want to collaborate closely and successfully with personnel in foreign exchange departments and also to those actually engaged in the day-to-day work of those departments.

This is partly a book for foreign exchange dealers and partly a book about them. Each contributor to this book is experienced and still active in the field of foreign exchange. Their accumulated experience has led to this knowledgeable volume, which will be useful to present and future practitioners as a general overview of the foreign exchange department in the modern financial institution.