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Do Small Firm Leveraged Buyouts Add Value to the U.S. Economy?
Following a discussion of the theory of entrepreneurship, this article explains why small firm leveraged buyouts are likely to produce more innovative, efficient, and profitable organizations than those which existed prior to the change in ownership. The article concludes that, unlike the recent hostile acquisitions of publicly traded corporations, small firm leveraged buyouts add value […]
Is In-Substance Defeasance of Debt Too Good To Be True?
Many managers have taken advantage of the benefits associated with engaging in in-substance defeasance of debt. For example, defeasance can generate accounting gains that result in higher reported income and earnings per share without a corresponding change in cash flows. Since the inception of this transaction in 1982, controversy over the accounting treatment of defeasance […]
An MIS Design Framework for Financial Planning and Budgeting System
Virtually all businesses must perform financial planning and budgeting. The paper presents a normative design framework for developing a management information system to support these activities. The design sustains planning processes across organizational levels. The system may be evoked with either a modeling or budgeting orientation which supports bottom-up, top-down, or inside-out planning. An analysis […]
Criteria For Excellence In Organization Development: Perceptions and Actualities
This article presents a comparative survey of organizations of criteria for management excellence and their relevance to developing business organizations. The relationship between managers’ ranking of criteria, their perceptions of the best well-managed corporations’ rankings of the same criteria, and what excellent organizations’ actually value, discloses critical areas of agreement among managers and discrepant […]
Union Officer Perspectives on Quality of Worklife
Analysis of the responses of 131 local union officers to a questionnaire found that a number of variables are related to the attitudes of union leaders toward quality of worklife (QWL). Unions are more likely to participate in a QWL program if local officers feel that unions can influence government policy, their members expect them […]
Difficult Management Training: Will it Fly in the USA?
Building on the work of Berlew and Hall (1966), who found significant positive relationships between the difficulty of first jobs and later managerial success, this study of graduating seniors in business administration explores the attitudes of business graduates toward difficult training characterized by qualified trainee failures. Murkinson (1986) reported positive relationships between training in […]
A Financial Profile of Firms Favored by Institutional Investors
For years institutional investors have concentrated their holdings of common stock in a relatively small group, the “institutional favorites.” While the market performance and changes in the composition of institutional favorites were reported in financial literature from the 1950s, no recent studies concerning the characteristics of firms classified as institutional favorites have been presented. […]
Patterns of Error and Neglect in Security Analyst Forecasts
It is well documented that firms that are neglected by analysts and large institutions provide superior investment performance. This paper studies whether that effect is caused by an upward bias in analyst earning forecasts. The idea is that the more popular firms are the ones with the greatest earnings estimation bias. It was found that […]
