Solutions for Chapter 17 Payout Policy

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Corporate finance (6)

• Ex-Dividend Date
• Date that determines when stockholder is entitled to
dividend payment
• Record Date
• Person who owns stock on this date receives dividend
by number of outstanding shares
• Calculate Value of Dividends Per Share
• Account for increased dividend growth rate per share • Caused by declining number of shares as shares are
FIGURE 16.3 DIVIDEND POLICY SURVEY 2004
16-8
16-2 INFORMATION CONTENT OF DIVIDEND AND REPURCHASES
• Payout Decision
• Managers are reluctant to make dividend
repurchased
16-17
16-3 DIVIDENDS OR REPURCHASES? PAYOUT CONTROVERSY
16-18
16-3 DIVIDENDS OR REPURCHASES? PAYOUT CONTROVERSY
Change EPS/price at t = 0 as %
• Payout Decision
• To avoid risk of reduction in payout, managers

customized solutions

customized solutionsCustomized SolutionsIntroduction:In today's rapidly evolving business landscape, companies are increasingly recognizing the importance of customized solutions to meet their unique needs. Customized solutions refer to tailor-made strategies, products, or services designed specifically for a particular client or organization. This article aims to explore the benefits and applications of customized solutions in various industries.Benefits of Customized Solutions:1. Improved Efficiency: By customizing solutions, companies can optimize workflows, streamline processes, and eliminate unnecessary steps. This leads to increased efficiency and productivity, ultimately resulting in cost savings.2. Enhanced Customer Experience: Customized solutions allow companies to provide personalized experiences to their customers. By understanding individual preferences and needs, businesses can deliver products and services that meet specific requirements, leading to higher customer satisfactionand loyalty.3. Competitive Advantage: Offering customized solutions can differentiate a company from its competitors. By providing unique and specialized offerings, organizations can attract new customers and retain existing ones, giving them a distinct edge in the market.4. Flexibility and Scalability: Customized solutions are adaptable and can be easily modified as per changing business requirements. This flexibility allows companies to scale their operations, expand into new markets, and adapt to evolving industry trends.Applications of Customized Solutions:1. Technology Industry: In the technology sector, customized solutions are widely used to develop software, applications, and IT infrastructure tailored to specific business needs. This ensures seamless integration, optimized performance, and enhanced security.2. Manufacturing Sector: Customized solutions play a crucial role in the manufacturing industry, where companies often require specialized machinery, equipment, or productionprocesses. T ailoring solutions to specific manufacturing requirements improves efficiency, quality, and safety.3. Healthcare Sector: In the healthcare industry, customized solutions are essential for providing personalized patient care. From electronic medical records to telehealth platforms, healthcare providers rely on customized solutions to streamline operations, improve diagnostics, and enhance patient outcomes.4. Financial Services: Customized solutions are increasingly prevalent in the financial services sector. Banks and financial institutions offer tailored investment portfolios, insurance policies, and financial planning services to meet individual client needs. Customization improves risk management, investment returns, and customer satisfaction.5. Marketing and Advertising: Customized solutions are extensively used in marketing and advertising campaigns. Through data-driven insights, companies can create targeted advertisements, personalized messages, and customized offers to effectively engage their target audience and drive conversion rates.6. E-commerce: Customized solutions are integral to the success of e-commerce platforms. By leveraging customer data and preferences, online retailers can provide personalized product recommendations, customized shopping experiences, and tailored promotions, leading to increased sales and customer loyalty.Conclusion:Customized solutions have become a necessity for businesses across industries to thrive in today's competitive landscape. From improving efficiency and customer experience to gaining a competitive advantage, the benefits of customization are undeniable. By leveraging customized solutions, companies can align their strategies, products, and services with specific needs and requirements, ultimately driving growth and success. As industries continue to evolve, the demand for customized solutions will only increase, making it a crucial element for businesses to stay ahead in the market.。

SolutionsManualChapter1

CHAPTER 1INTRODUCTION TO CORPORATE FINANCEAnswers to Concept Questions1. In the corporate form of ownership, the shareholders are the owners of the firm. Theshareholders elect the directors of the corporation, who in turn appoint the firm’s management. This separation of ownership from control in the corporate form of organization is what causes agency problems to exist. Management may act in its own or someone else’s best interests, rather than those of the shareholders. If such events occur, they may contradict the goal of maximizing the share price of the equity of the firm.2.Such organizations frequently pursue social or political missions, so many different goals areconceivable. One goal that is often cited is revenue minimization; i.e., provide whatever goods and services are offered at the lowest possible cost to society. A better approach might be to observe that even a not-for-profit business has equity. Thus, one answer is that the appropriate goal is to maximize the value of the equity.3.Presumably, the current stock value reflects the risk, timing, and magnitude of all future cashflows, both short-term and long-term. If this is correct, then the statement is false.4.An argument can be made either way. At the one extreme, we could argue that in a marketeconomy, all of these things are priced. There is thus an optimal level of, for example, ethical and/or illegal behavior, and the framework of stock valuation explicitly includes these. At the other extreme, we could argue that these are non-economic phenomena and are best handled through the political process. A classic (and highly relevant) thought question that illustrates this debate goes something like this: “A firm has estimated that the cost of improving the safety of one of its products is $30 million. However, the firm believes that improving the safety of the product will only save $20 million in product liability claims.What should the firm do?”5.The goal will be the same, but the best course of action toward that goal may be differentbecause of differing social, political, and economic institutions.6.The goal of management should be to maximize the share price for the current shareholders.If management believes that it can improve the profitability of the firm so that the share price will exceed $35, then they should fight the offer from the outside company. If management believes that this bidder or other unidentified bidders will actually pay more than $35 per share to acquire the company, then they should still fight the offer. However, if the current management cannot increase the value of the firm beyond the bid price, and no other higher bids come in, then management is not acting in the interests of the shareholders by fighting the offer. Since current managers often lose their jobs when the corporation is acquired, poorly monitored managers have an incentive to fight corporate takeovers in situations such as this.7.We would expect agency problems to be less severe in other countries, primarily due to therelatively small percentage of individual ownership. Fewer individual owners should reduce the number of diverse opinions concerning corporate goals. The high percentage of institutional ownership might lead to a higher degree of agreement between owners and managers on decisions concerning risky projects. In addition, institutions may be better able to implement effective monitoring mechanisms on managers than can individual owners, based on the institutions’ deeper resources and experiences with their own ma nagement.8.The increase in institutional ownership of stock in the United States and the growingactivism of these large shareholder groups may lead to a reduction in agency problems for U.S. corporations and a more efficient market for corporate control. However, this may not always be the case. If the managers of the mutual fund or pension plan are not concerned with the interests of the investors, the agency problem could potentially remain the same, or even increase since there is the possibility of agency problems between the fund and its investors.9. How much is too much? Who is worth more, Jack Welch or Tiger Woods? The simplestanswer is that there is a market for executives just as there is for all types of labor. Executive compensation is the price that clears the market. The same is true for athletes and performers.Having said that, one aspect of executive compensation deserves comment. A primary reason executive compensation has grown so dramatically is that companies have increasingly moved to stock-based compensation. Such movement is obviously consistent with the attempt to better align stockholder and management interests. In recent years, stock prices have soared, so management has cleaned up. It is sometimes argued that much of this reward is simply due to rising stock prices in general, not managerial performance. Perhaps in the future, executive compensation will be designed to reward only differential performance, i.e., stock price increases in excess of general market increases.10. Maximizing the current share price is the same as maximizing the future share price at anyfuture period. The value of a share of stock depends on all of the future cash flows of company. Another way to look at this is that, barring large cash payments to shareholders, the expected price of the stock must be higher in the future than it is today. Who would buya stock for $100 today when the share price in one year is expected to be $80?。

根本解决方案英语

根本解决方案英语《The Ultimate Solution》In today's world, we often find ourselves searching for solutions to various problems that seem to have no end. From environmental issues to social conflicts, the need for a definitive and lasting solution is imperative. However, it is often difficult to find a solution that addresses the root cause of a problem, rather than just treating the symptoms.The concept of an ultimate solution implies a remedy that gets to the crux of the issue, effectively eliminating it once and for all. This approach involves a comprehensive understanding of the problem, as well as the willingness to make drastic changes in order to achieve sustainable results.One area in particular that could benefit from an ultimate solution is environmental conservation. By addressing the systemic issues that contribute to climate change and environmental degradation, we can develop long-term strategies that will have a lasting impact on the health of the planet. This may involve rethinking our approach to energy production, consumption, and waste management, as well as challenging unsustainable practices that have become deeply ingrained in our society.Similarly, social and political conflicts could also benefit from an ultimate solution. By addressing the root causes of inequality, injustice, and discrimination, we can work towards a more equitable and peaceful society. This may involve challenging existing power structures, reevaluating outdated policies, andpromoting empathy and understanding among diverse communities.Ultimately, the pursuit of an ultimate solution requires a collective effort, as well as a commitment to continuous improvement. It involves asking difficult questions, challenging the status quo, and being open to new ideas and perspectives. While the road to an ultimate solution may be long and arduous, the potential rewards are undeniable.In conclusion, the concept of an ultimate solution is a powerful and transformative idea that has the potential to create positive change on a global scale. By addressing the root causes of our most pressing problems, we can work towards a more sustainable and equitable future for generations to come. Let us strive for the ultimate solution, and never settle for anything less.。

chap17-solutions

Solution to Exercise17.1-3Let c i D cost of i th operation.c i D(i if i is an exact power of2;1otherwise:Operation Cost<3.#operationsBy aggregate analysis,the amortized cost per operation D O.1/.17-2Selected Solutions for Chapter17:Amortized Analysisc i D(i if i is an exact power of2;1otherwise:Charge each operation$3(amortized cost y c i).If i is not an exact power of2,pay$1,and store$2as credit.If i is an exact power of2,pay$i,using stored credit.Operation Cost Actual cost Credit remainingSolution to Exercise17.2-3We introduce a newﬁeld A:max to hold the index of the high-order1in A.Initially,A:max is set to 1,since the low-order bit of A is at index0,and there are initiallyno1’s in A.The value of A:max is updated as appropriate when the counter isincremented or reset,and we use this value to limit how much of A must be lookedat to reset it.By controlling the cost of R ESET in this way,we can limit it to anamount that can be covered by credit from earlier I NCREMENT s.Selected Solutions for Chapter17:Amortized Analysis17-3I NCREMENT.A/i D0while i<A:length and AŒi ==1AŒi D0i D i C1if i<A:lengthAŒi D1//Additions to book’s I NCREMENT start here.if i>A:maxA:max D ielse A:max D 1R ESET.A/for i D0to A:maxAŒi D0A:max D 1As for the counter in the book,we assume that it costs$1toﬂip a bit.In addition, we assume it costs$1to update A:max.Setting and resetting of bits by I NCREMENT will work exactly as for the original counter in the book:$1will pay to set one bit to1;$1will be placed on the bit that is set to1as credit;the credit on each1bit will pay to reset the bit during incrementing.In addition,we’ll use$1to pay to update max,and if max increases,we’ll place an additional$1of credit on the new high-order1.(If max doesn’t increase,we can just waste that$1—it won’t be needed.)Since R ESET manipulates bits at positions only up to A:max,and since each bit up to there must have become the high-order1 at some time before the high-order1got up to A:max,every bit seen by R ESET has$1of credit on it.So the zeroing of bits of A by R ESET can be completely paid for by the credit stored on the bits.We just need$1to pay for resetting max. Thus charging$4for each I NCREMENT and$1for each R ESET is sufﬁcient,so the sequence of n I NCREMENT and R ESET operations takes O.n/time.。

Computer Organization and Design CH03_Solution 计算机组成与设计第五版第三章答案

Solutions3Computer Organizationand Design5th EditionChapter 3 Solutions S-33.1 57303.2 57303.3 0101111011010100Th e attraction is that each hex digit contains one of 16 diff erent characters(0–9, A–E). Since with 4 binary bits you can represent 16 diff erent patterns,in hex each digit requires exactly 4 binary bits. And bytes are by defi nition 8bits long, so two hex digits are all that are required to represent the contentsof 1 byte.3.4 7533.5 7777 (3777)3.6 Neither (63)3.7 Neither (65)3.8 Overfl ow (result 179, which does not fi t into an SM 8-bit format)3.9 105 42 128 (147)3.10 105 42 633.11 151 214 255 (365)3.12 6212Step Action Multiplier Multiplicand Product0Initial Vals001 010000 000 110 010000 000 000 000lsb=0, no op001 010000 000 110 010000 000 000 0001Lshift Mcand001 010000 001 100 100000 000 000 000Rshift Mplier000 101000 001 100 100000 000 000 000Prod=Prod+Mcand000 101000 001 100 100000 001 100 1002Lshift Mcand000 101000 011 001 000000 001 100 100Rshift Mplier000 010000 011 001 000000 001 100 100lsb=0, no op000 010000 011 001 000000 001 100 1003Lshift Mcand000 010000 110 010 000000 001 100 100Rshift Mplier000 001000 110 010 000000 001 100 100Prod=Prod+Mcand000 001000 110 010 000000 111 110 1004Lshift Mcand000 001001 100 100 000000 111 110 100Rshift Mplier000 000001 100 100 000000 111 110 100lsb=0, no op000 000001 100 100 000000 111 110 1005Lshift Mcand000 000011 001 000 000000 111 110 100Rshift Mplier000 000011 001 000 000000 111 110 100lsb=0, no op000 000110 010 000 000000 111 110 1006Lshift Mcand000 000110 010 000 000000 111 110 100Rshift Mplier000 000110 010 000 000000 111 110 100S-4Chapter 3 Solutions3.13 6212Step Action Multiplicand Product/Multiplier0Initial Vals110 010000 000 001 0101lsb=0, no op110 010000 000 001 010 Rshift Product110 010000 000 000 1012Prod=Prod+Mcand110 010110 010 000 101 Rshift Mplier110 010011 001 000 0103lsb=0, no op110 010011 001 000 010 Rshift Mplier110 010001 100 100 0014Prod=Prod+Mcand110 010111 110 100 001 Rshift Mplier110 010011 111 010 0005lsb=0, no op110 010011 111 010 000 Rshift Mplier110 010001 111 101 0006lsb=0, no op110 010001 111 101 000 Rshift Mplier110 010000 111 110 1003.14 For hardware, it takes 1 cycle to do the add, 1 cycle to do the shift , and 1to decide if we are done. So the loop takes (3 A) cycles, with each cyclebeing B time units long.For a soft ware implementation, it takes 1 cycle to decide what to add, 1 cyc to do the add, 1 cycle to do each shift , and 1 cycle to decide if we are done.the loop takes (5 A) cycles, with each cycle being B time units long.(38)4tu 96 time units for hardware(58)4tu 160 time units for soft ware3.15 It takes B time units to get through an adder, and there will be A 1 addersWord is 8 bits wide, requiring 7 adders. 74tu 28 time units.3.16 It takes B time units to get through an adder, and the adders are arrangedin a tree structure. It will require log2(A) levels. 8 bit wide word requires 7 adders in 3 levels. 34tu 12 time units.3.17 0x33 0x55 0x10EF. 0x33 51, and 51 321621. We can shift 0x55left 5 places (0xAA0), then add 0x55 shift ed left 4 places (0x550), then ad 0x55 shift ed left once (0xAA), then add 0x55. 0xAA00x5500xAA0x550x10EF. 3 shift s, 3 adds.(Could also use 0x55, which is 641641, and shift 0x33 left 6 times, addto it 0x33 shift ed left 4 times, add to that 0x33 shift ed left 2 times, and ad that 0x33. Same number of shift s and adds.)Chapter 3 Solutions S-53.18 74/21 3 remainder 9Step Action Quotient Divisor Remainder0Initial Vals000 000010 001 000 000000 000 111 1001Rem=Rem–Div000 000010 001 000 000101 111 111 100 Rem<0,R+D,Q<<000 000010 001 000 000000 000 111 100 Rshift Div000 000001 000 100 000000 000 111 1002Rem=Rem–Div000 000001 000 100 000111 000 011 100 Rem<0,R+D,Q<<000 000001 000 100 000000 000 111 100 Rshift Div000 000000 100 010 000000 000 111 1003Rem=Rem–Div000 000000 100 010 000111 100 101 100 Rem<0,R+D,Q<<000 000000 100 010 000000 000 111 100 Rshift Div000 000000 010 001 000000 000 111 1004Rem=Rem–Div000 000000 010 001 000111 110 110 100 Rem<0,R+D,Q<<000 000000 010 001 000000 000 111 100 Rshift Div000 000000 001 000 100000 000 111 1005Rem=Rem–Div000 000000 001 000 100111 111 111 000 Rem<0,R+D,Q<<000 000000 001 000 100000 000 111 100 Rshift Div000 000000 000 100 010000 000 111 1006Rem=Rem–Div000 000000 000 100 010000 000 011 010 Rem>0,Q<<1 000 001000 000 100 010000 000 011 010 Rshift Div000 001000 000 010 001000 000 011 0107Rem=Rem–Div000 001000 000 010 001000 000 001 001 Rem>0,Q<<1 000 011000 000 010 001000 000 001 001 Rshift Div000 011000 000 001 000000 000 001 0013.19. In these solutions a 1 or a 0 was added to the Quotient if the remainder was greater than or equal to 0. However, an equally valid solution is to shift in a 1 or 0, but if you do this you must do a compensating right shift of the remainder (only the remainder, not the entire remainder/quotient combination) aft er the last step. 74/21 3 remainder 11Step Action Divisor Remainder/Quotient0Initial Vals010 001000 000 111 1001R<<010 001000 001 111 000 Rem=Rem–Div010 001111 000 111 000 Rem<0,R+D010 001000 001 111 0002R<<010 001000 011 110 000 Rem=Rem–Div010 001110 010 110 000 Rem<0,R+D010 001000 011 110 0003R<<010 001000 111 100 000 Rem=Rem–Div010 001110 110 110 000 Rem<0,R+D010 001000 111 100 0004R<<010 001001 111 000 000 Rem=Rem–Div010 001111 110 000 000 Rem<0,R+D010 001001 111 000 000S-6Chapter 3 SolutionsStep Action Divisor Remainder/Quotient5R<<010 001011 110 000 000 Rem=Rem–Div010 001111 110 000 000 Rem>0,R0=1010 001001 101 000 0016R<<010 001011 010 000 010 Rem=Rem–Div010 001001 001 000 010 Rem>0,R0=1010 001001 001 000 0113.20 201326592 in both cases.3.21 jal 0x000000003.220×0C000000 = 0000 1100 0000 0000 0000 0000 0000 0000= 0 0001 1000 0000 0000 0000 0000 0000 000sign is positiveexp = 0×18 = 24 127 = 103there is a hidden 1mantissa = 0answer = 1.0 × 21033.23 63.25 100 111111.01 20normalize, move binary point 5 to the left1.1111101 25sign positive, exp 1275132Final bit pattern: 0 1000 0100 1111 1010 0000 0000 0000 0000100 0010 0111 1101 0000 0000 0000 0000 0x427D00003.24 63.25 100 111111.01 20normalize, move binary point 5 to the left1.1111101 25sign positive, exp 102351028Final bit pattern:0 100 0000 0100 1111 1010 0000 0000 0000 0000 0000 0000 0000 0000 0000000x404FA00000000000Chapter 3 Solutions S-73.25 63.25 100 111111.01 20 3F.40 160move hex point 2 to the left.3F40 162sign positive, exp 642Final bit pattern: 010000100011111101000000000000003.26 1.5625 101 .15625 100.00101 20move the binary point 2 to the right.101 22exponent 2, fraction .101000000000000000000000answer: 1111111111101011000000000000000000003.27 1.5625 101 .15625 100.00101 20move the binary point 3 to the right, 1.01 23exponent 3 315 12, fraction .010*******answer: 10110001000000003.28 1.5625 101 .15625 100.00101 20move the binary point 2 to the right.101 22exponent 2, fraction .1010000000000000000000000000answer: 101100000000000000000000000001013.29 2.6125 1014.150390625 1012.6125 101 26.125 11010.001 1.1010001000 244.150390625 101 .4150390625 .011010100111 1.101010011122Shift binary point 6 to the left to align exponents,S-8Chapter 3 SolutionsGR1.1010001000 001.0000011010 10 0111 (Guard 5 1, Round 5 0,Sticky 5 1)-------------------1.1010100010 10In this case the extra bit (G,R,S) is more than half of the least signifi cant bit (0)Th us, the value is rounded up.1.1010100011 24 11010.100011 20 26.546875 2.6546875 1013.30 8.0546875 1.79931640625 1018.0546875 1.0000000111 231.79931640625 101 1.0111000010 23Exp: 3 3 0, 016 16 (10000)Signs: both negative, result positiveFraction:1.00000001111.0111000010------------00000000000100000001110000000000000000000000000000000000000000000010000000111100000001111000000011100000000000100000001111.011100110000010011101.0111001100 00 01001110 Guard 0, Round 0, Sticky 1:NoRndChapter 3 Solutions S-9 1.0111001100 20 0100000111001100 (1.0111001100 1.44921875)8.0546875 .179931640625 1.4492931365966796875Some information was lost because the result did not fi t into the available 10-bitfi eld. Answer (only) off by .00007438659667968753.31 8.625 101 /4.875 1008.625 101 1.010******* 264.875 1.0011100000 22Exponent 62 4, 415 19 (10011)Signs: one positive, one negative, result negativeFraction:1.0001101100010011110011100000. | 10101100100.000000000000000010011100000.--------------10000100.00001001110.0000-------------1100110.00000100111.00000--------------1111.00000001001.1100000-------------101.01000000100.11100000-------------000.011000000000.010*********--------------.000100100000000.000010011100000-----------------.0000100001000000.0000010011100000------------------.00000011011000000.00000010011100000--------------------.00000000110000000S-10Chapter 3 Solutions1.000110110001001111 Guard0, Round1, Sticky1: No Round, fi xsign1.0001101100 24 1101000001101100 10001.101100 17.687586.25 / 4.875 17.692307692307Some information was lost because the result did not fi t into the available 10-bfi eld. Answer off by .004807692303.32 (3.984375 101 3.4375 101) 1.771 103)3.984375 101 1.1001100000 223.4375 101 1.0110000000 221.771 103 1771 1.1011101011 210shift binary point of smaller left 12 so exponents match(A) 1.1001100000(B) 1.0110000000-------------10.1111100000 Normalize,(AB) 1.0111110000 21(C) 1.1011101011(AB) .0000000000 10 111110000 Guard 1,Round 0, Sticky 1---------------(AB)C 1.1011101011 10 1 Round up(AB)C 1.1011101100 210 0110101011101100 17723.33 3.984375 101 (3.4375 101 1.771 103)3.984375 101 1.1001100000 223.4375 101 1.0110000000 221.771 103 1771 1.1011101011 210shift binary point of smaller left 12 so exponents match(B) .0000000000 01 0110000000 Guard 0,Round 1, Sticky 1(C) 1.1011101011-------------(BC) 1.1011101011Chapter 3 Solutions S-11(A) .0000000000 011001100000--------------A(BC) 1.1011101011 No roundA(BC) 1.1011101011 210 0110101011101011 17713.34 No, they are not equal: (AB)C 1772, A(BC) 1771 (steps shownabove).Exact: .398437 .34375 1771 1771.7421873.35 (3.41796875 103 6.34765625 103) 1.05625 102(A) 3.41796875 103 1.1100000000 29(B) 4.150390625 103 1.0001000000 28(C) 1.05625 102 1.1010011010 26Exp: 98 17Signs: both positive, result positiveFraction:(A) 1.1100000000(B) 1.0001000000--------------1110000000011100000000----------------------1.11011100000000000000AB 1.1101110000 00 00000000Guard 0, Round 0, Sticky 0: No RoundAB 1.1101110000 217 UNDERFLOW: Cannot represent number3.36 3.41796875 103 (6.34765625 103 1.05625 102)(A) 3.41796875 103 1.1100000000 29(B) 4.150390625 103 1.0001000000 28(C) 1.05625 102 1.1010011010 26Exp: 86 2S-12Chapter 3 SolutionsSigns: both positive, result positiveFraction:(B) 1.0001000000(C) 1.1010011010-------------100010000001000100000010001000000100010000001000100000010001000000-----------------------1.1100000011101000000001.1100000011 10 100000000 Guard 5 1, Round 5 0, Sticky5 1: RoundBC 1.1100000100 22Exp: 92 11Signs: both positive, result positiveFraction:(A) 1.1100000000(B x C) 1.1100000100-------------11100000000111000000001110000000011100000000---------------------11.00010001110000000000 Normalize, add 1 to exponent1.1000100011 10 0000000000 Guard=1, Round=0, Sticky=0:Round to evenA(BC) 1.1000100100 210Chapter 3 Solutions S-133.37 b) No:AB 1.1101110000 217 UNDERFLOW: Cannot representA(BC) 1.1000100100 210A andB are both small, so their product does not fi t into the16-bit fl oating point format being used.3.38 1.666015625 100 (1.9760 104 1.9744 104)(A) 1.666015625 100 1.1010101010 20(B) 1.9760 104 1.0011010011 214(C) 1.9744 104 1.0011010010 214Exponents match, no shift ing necessary(B) 1.0011010011(C) 1.0011010010----------------(BC) 0.0000000001 214(BC) 1.0000000000 24Exp: 04 4Signs: both positive, result positiveFraction:(A) 1.1010101010(BC) 1.0000000000------------11010101010-----------------------1.10101010100000000000A(BC) 1.1010101010 0000000000 Guard 0, Round0, sticky 0: No roundA(BC) 1.1010101010 243.39 1.666015625 100 (1.9760 104 1.9744 104)(A) 1.666015625 100 1.1010101010 20(B) 1.9760 104 1.0011010011 214S-14Chapter 3 Solutions(C) 1.9744 104 1.0011010010 214Exp: 014 14Signs: both positive, result positiveFraction:(A) 1.1010101010(B) 1.0011010011------------110101010101101010101011010101010110101010101101010101011010101010-------------------------------10.0000001001100001111 Normalize, add 1 toexponentAB 1.0000000100 11 00001111 Guard 1, Round 1,Sticky 1: RoundAB 1.0000000101 215Exp: 01414Signs: one negative, one positive, result negativeFraction:(A) 1.1010101010(C) 1.0011010010------------1101010101011010101010110101010101101010101011010101010-------------------------10.0000000111110111010Normalize, add 1 to exponentAC 1.0000000011 11 101110100Guard 1, Round 1, Sticky 1: RoundAC 1.0000000100 215AB 1.0000000101 215AC 1.0000000100 215--------------ABAC .0000000001 215ABAC 1.0000000000 25Chapter 3 Solutions S-153.40 b) No:A(BC) 1.1010101010 24 26.65625, and (AB)(AC)1.0000000000 25 32Exact: 1.666015625 (19,760 19,744) 26.656253.41Answer sign exp Exact?1 01111101 00000000000000000000000–2Y es3.42 bbbb 1b4 1Th ey are the same3.43 0101 0101 0101 0101 0101 0101No3.44 0011 0011 0011 0011 0011 0011No3.45 0101 0000 0000 0000 0000 00000.5Y es3.46 01010 00000 00000 000000.AY es3.47 Instruction assumptions:(1) 8-lane 16-bit multiplies(2) sum reductions of the four most signifi cant 16-bit values(3) shift and bitwise operations(4) 128-, 64-, and 32-bit loads and stores of most signifi cant bitsOutline of solution:load register F[bits 127:0] = f[3..0] & f[3..0] (64-bitload)load register A[bits 127:0] = sig_in[7..0] (128-bit load)S-16Chapter 3 Solutionsfor i = 0 to 15 doload register B[bits 127:0] = sig_in[(i*8+7..i*8](128-bit load)for j = 0 to7 do(1) eight-lane multiply C[bits 127:0] = A*F(eight 16-bit multiplies)(2) set D[bits 15:0] = sum of the four 16-bit valuesin C[bits 63:0] (reduction of four 16-bit values)(3) set D[bits 31:16] = sum of the four 16-bitvalues in C[bits 127:64] (reduction of four 16-bit values)(4) store D[bits 31:0] to sig_out (32-bit store)(5) set A = A shifted 16 bits to the left(6) set E = B shifted 112 shifts to the right(7) set A = A OR E(8) set B = B shifted 16 bits to the leftend forend for。

《股权激励对公司绩效的影响研究的文献综述4500字》

股权激励对公司绩效的影响研究的国内外文献综述目录股权激励对公司绩效的影响研究的国内外文献综述 (1)1.1 股权激励的动因分析 (1)1.2 股权激励的模式分析 (2)1.3 股权激励对公司绩效的影响评价 (3)1.4 文献评述 (4)参考文献 (5)1.1 股权激励的动因分析国内外相关文献对于股权激励实施动因的观点，大致可以概括为激励型动因和福利型动因两种，激励型动因认为提出股权激励是为了降低代理成本，解决经营者和股东因为利益不一致而产生的冲突，福利型动因认为提出股权激励是作为一种对员工奖励机制的完善补充、激励和吸引员工的。

刘思芸（2020）认为人才密集型上市企业连续多期股权激励的动因包括人力资本升值、解决委托代理问题的需要、强化激励模式的需要、前期股权激励成功实施的经验以及福利型动因[1]。

罗杰明（2020）提出企业之间的竞争归根结底是人才的竞争，若想保持核心竞争力，企业必须重视人才，通过股权激励机制对核心人员的激励可以有效降低人才流失率[2]。

彭茶芳（2019）研究提出，股权激励实施的动因之一是将激励机制与监督机制相结合，协调公司内部利益相关者的关系，规范公司治理结构[3]。

陈艳艳（2017）通过试验研究激励员工、吸引员工和融资约束的三种假设动机，得出实施股权激励被广泛认可的动因是吸引员工和挽留员工，以激励员工和融资约束作为动机受到一定的质疑，此外提出以税收优惠为动因的研究较少[4]。

Zhang Q（2018）认为公司实施股权激励的目标是引进新高管并和激励实施多元化战略，来降低核心员工流失率，改善公司治理[5]。

X.Chang、K.Fu和A.Low （2015）研究中指出，股权激励可以显著提升管理层的风险承担水平，激发他们对髙风险、高收益项目的投资，进而加大研发投入、延长投资期限、提髙创新能力，最终达到提升企业的业绩水平的目的[6]。

Morrell D L（2011）研究认为，股权激励实施具有留住人才和降低委托代理成本的双重目的[7]。

Cost15EChapter17_Solutions

CHAPTER 17PROCESS COSTING17-1Industries using process costing in their manufacturing areas include chemical processing, oil refining, pharmaceuticals, plastics, brick and tile manufacturing, semiconductor chips, beverages, and breakfast cereals.17-2Process costing systems separate costs into cost categories according to the timing of when costs are introduced into the process. Often, only two cost classifications, direct materials and conversion costs, are necessary. Direct materials are frequently added at one point in time, often the start or the end of the process. All conversion costs are added at about the same time but in a pattern different from direct materials costs. Conversion costs are often added throughout the process, which can of any length of time, lasting from seconds to several months. 17-3Equivalent units is a derived amount of output units that takes the quantity of each input (factor of production) in units completed or in incomplete units in work in process and converts the quantity of input into the amount of completed output units that could be made with that quantity of input. Each equivalent unit is comprised of the physical quantities of direct materials or conversion costs inputs necessary to produce output of one fully completed unit. Equivalent unit measures are necessary because all physical units are not completed to the same extent at the same time.17-4The accuracy of the estimates of completion depends on the care and skill of the estimator and the nature of the process. Semiconductor chips may differ substantially in the finishing necessary to obtain a final product. The amount of work necessary to finish a product may not always be easy to ascertain in advance.17-5The five key steps in process costing follow:Step 1: Summarize the flow of physical units of output.Step 2: Compute output in terms of equivalent units.Step 3: Summarize total costs to account for.Step 4: Compute cost per equivalent unit.Step 5: Assign total costs to units completed and to units in ending work in process.17-6Three inventory methods associated with process costing are∙weighted average.∙first-in, first-out.∙standard costing.17-7The weighted-average process-costing method calculates the equivalent-unit cost of all the work done to date (regardless of the accounting period in which it was done), assigns this cost to equivalent units completed and transferred out of the process, and to equivalent units in ending work-in-process inventory.17-8FIFO computations are distinctive because they assign the cost of the previous accounting period’s equivalent units in beginning work-in-process inventory to the first units completed and transferred out of the process and assign the cost of equivalent units worked on during the current period first to complete beginning inventory, next to start and complete new units, and finally to units in ending work-in-process inventory. In contrast, the weighted-average method costs units completed and transferred out and in ending work in process at the same average cost.17-9FIFO should be called a modified or departmental FIFO method because the goods transferred in during a given period usually bear a single average unit cost (rather than a distinct FIFO cost for each unit transferred in) as a matter of convenience.17-10 A major advantage of FIFO is that managers can judge the performance in the current period independently from the performance in the preceding period.17-11The journal entries in process costing are basically similar to those made in job-costing systems. The main difference is that, in process costing, there is often more than one work-in-process account––one for each process.17-12 Standard-cost procedures are particularly appropriate to process-costing systems where there are various combinations of materials and operations used to make a wide variety of similar products as in the textiles, paints, and ceramics industries. Standard-cost procedures also avoid the intricacies involved in detailed tracking with weighted-average or FIFO methods when there are frequent price variations over time.17-13There are two reasons why the accountant should distinguish between transferred-in costs and additional direct materials costs for a particular department:(a) All direct materials may not be added at the beginning of the department process.(b) The control methods and responsibilities may be different for transferred-in items and materials added in the department.17-14No. Transferred-in costs or previous department costs are costs incurred in a previous department that have been charged to a subsequent department. These costs may be costs incurred in that previous department during this accounting period or a preceding accounting period.17-15Materials are only one cost item. Other items (often included in a conversion costs pool) include labor, energy, and maintenance. If the costs of these items vary over time, this variability can cause a difference in cost of goods sold and inventory amounts when the weighted-average or FIFO methods are used.A second factor is the amount of inventory on hand at the beginning or end of an accounting period. The smaller the amount of production held in beginning or ending inventory relative to the total number of units transferred out, the smaller the effect on operating income, cost of goods sold, or inventory amounts from the use of weighted-average or FIFO methods.17-16 (25 min.) Equivalent units, zero beginning inventory.1. Direct materials cost per unit ($800,000 ÷ 5,000) $ 160.00Conversion cost per unit ($805,000 ÷ 5,000) 161.00Assembly Department cost per unit $321.002a. Solution Exhibit 17-16A calculates the equivalent units of direct materials and conversion costs in the Assembly Department of Candid, Inc. in February 2014.Solution Exhibit 17-16B computes equivalent unit costs.2b. Direct materials cost per unit $ 160Conversion cost per unit 175Assembly Department cost per unit $3353. The difference in the Assembly Department cost per unit calculated in requirements 1 and 2 arises because the costs incurred in January and February are the same but fewer equivalent units of work are done in February relative to January. In January, all 5,000 units introduced are fully completed resulting in 5,000 equivalent units of work done with respect to direct materials and conversion costs. In February, of the 5,000 units introduced, 5,000 equivalent units of work is done with respect to direct materials but only 4,600 equivalent units of work is done with respect to conversion costs. The Assembly Department cost per unit is, therefore, higher. SOLUTION EXHIBIT 17-16ASummarize the Flow of Physical Units and Compute Output in Equivalent Units;Assembly Department of Candid, Inc., for February 2014.(Step 2)(Step 1) Equivalent UnitsPhysical Direct Conversion Flow of Production Units Materials CostsWork in process, beginning (given) 0Started during current period (given) 5,000To account for 5,000Completed and transferred outduring current period 4,000 4,000 4,000Work in process, ending* (given) 1,0001,000 ⨯ 100%; 1,000 ⨯ 60% 1,000 600 Accounted for 5,0005,000 4,600*Degree of completion in this department: direct materials, 100%; conversion costs, 60%.SOLUTION EXHIBIT 17-16BCompute the Cost per Equivalent Unit,Assembly Department of Candid, Inc., for February 2014.TotalProduction CostsDirectMaterialsConversionCosts(Step 3) Costs added during February $1,605,000 $800,000 $805,000 Divide by equivalent units of work donein current period (Solution Exhibit 17-l6A) ÷ 5,000 ÷ 4,600 Cost per equivalent unit $ 160 $ 175 17-17 (20 min.) Journal entries (continuation of 17-16).1. Work in Process––Assembly 800,000Accounts Payable 800,000 To record $800,000 of direct materialspurchased and used in production duringFebruary 20142. Work in Process––Assembly 805,000Various accounts 805,000 To record $805,000 of conversion costsfor February 2014; examples include energy,manufacturing supplies, all manufacturinglabor, and plant depreciation3. Work in Process––Testing 1,340,000Work in Process––Assembly 1,340,000 To record 4,000 units completed andtransferred from Assembly to Testingduring February 2014 at$335 ⨯ 4,000 units = $1,340,000Postings to the Work in Process––Assembly account follow.Ending inventory, Feb. 28 265,00017-18 (25 min.) Zero beginning inventory, materials introduced in middle of process.1. Solution Exhibit 17-18A shows equivalent units of work done in the current period of Chemical P, 100,000; Chemical Q, 70,000; Conversion costs, 90,000.2. Solution Exhibit 17-18B summarizes the total Mixing Department costs for July 2014, calculates cost per equivalent unit of work done in the current period for Chemical P, Chemical Q, and conversion costs, and assigns these costs to units completed (and transferred out) and to units in ending work in process.SOLUTION EXHIBIT 17-18ASummarize the Flow of Physical Units and Compute Output in Equivalent Units;Mixing Department of Pilar Chemicals for July 2014.(Step 1) (Step 2)Equivalent UnitsPhysical Conversion Flow of Production Units Chemical P Chemical Q Costs Work in process, beginning (given)0Started during current period (given) 100,000To account for 100,000Completed and transferred outduring current period 70,000 70,000 70,000 70,000 Work in process, ending* (given) 30,00030,000 ⨯ 100%; 30,000 ⨯ 0%;30,000 ⨯ 66 2/3% 30,000 0 20,000 Accounted for 100,000Equivalent units of work donein current period 100,000 70,000 90,000 *Degree of completion in this department: Chemical P, 100%; Chemical Q, 0%; conversion costs, 66 2/3%.SOLUTION EXHIBIT 17-18BSummarize the Total Costs to Account for, Compute the Cost per Equivalent Unit, and Assign Costs to the Units Completed and Units in Ending Work-in-Process Inventory; Mixing Department of Pilar Chemicals for July 2014.TotalProductionCosts Chemical P Chemical Q Conversion Costs(Step 3) Costs added during July $1,100,000 $600,000 $140,000 $360,000 Total costs to account for $1,100,000 $600,000 $140,000 $360,000 (Step 4) Costs added in current period $600,000 $140,000 $360,000 Divide by equivalent units of workdone in current period(Solution Exhibit 17-l8A) ÷ 100,000 ÷70,000 ÷ 90,000 Cost per equivalent unit $ 6 $ 2 $ 4 (Step 5) Assignment of costs:Completed and transferred out(50,000 units)$840,000 (70,000* ⨯ $6) + (70,000* ⨯ $2) + (70,000* ⨯ $4) Work in process, ending(30,000 units) 260,000 (30,000†⨯ $6) + (0†⨯ $2) + (20,000† ⨯ $4) Total costs accounted for $1,100,000 $600,000 + $140,000 + $360,000 *Equivalent units completed and transferred out from Solution Exhibit 17-18A, Step 2.†Equivalent units in ending work in process from Solution Exhibit 17-18A, Step 2.17-19 (15 min.) Weighted-average method,equivalent units.Under the weighted-average method, equivalent units are calculated as the equivalent units of work done to date. Solution Exhibit 17-19 shows equivalent units of work done to date for the Assembly Division of Fenton Watches, Inc., for direct materials and conversion costs.SOLUTION EXHIBIT 17-19Summarize the Flow of Physical Units and Compute Output in Equivalent Units;Weighted-Average Method of Process Costing, Assembly Division of Fenton Watches, Inc., for May 2014.(Step 2)(Step 1) Equivalent UnitsPhysical Direct Conversion Flow of Production Units Materials CostsWork in process beginning (given) 80Started during current period (given) 500To account for 580Completed and transferred out during current period 460 460Work in process, ending* (120 ⨯ 60%; 120 ⨯ 30%) 120 72 36 Accounted for 580 ___ ___ Equivalent units of work done to date 532 496*Degree of completion in this department: direct materials, 60%; conversion costs, 30%.17-20 (20 min.) Weighted-average method, assigning costs (continuation of 17-19).Solution Exhibit 17-20 summarizes total costs to account for, calculates cost per equivalent unit of work done to date in the Assembly Division of Fenton Watches, Inc., and assigns costs to units completed and to units in ending work-in-process inventory.SOLUTION EXHIBIT 17-20Summarize the Total Costs to Account for, Compute the Cost per Equivalent Unit, and Assign Costs to the Units Completed and Units in Ending Work-in-Process Inventory;Weighted-Average Method of Process Costing, Assembly Division of Fenton Watches, Inc., for May 2014.TotalProduction CostsDirectMaterialsConversionCosts(Step 3) Work in process, beginning (given) $ 584,400 $ 493,360 $ 91,040 Costs added in current period (given) 4,612,000 3,220,000 1,392,000 Total costs to account for $5,196,400 $3,713,360 $1,483,040 (Step 4) Costs incurred to date $3,713,360 $1,483,040 Divide by equivalent units of work done to date(Solution Exhibit 17-19) ÷ 532 ÷ 496Cost per equivalent unit of work done to date $ 6,980 $ 2,990 (Step 5) Assignment of costs:Completed and transferred out (460 units) $4,586,200 (460*⨯ $6,980) + (460* ⨯ $2,990) Work in process, ending (120 units) 610,200 (72†⨯ $6,980) + (36† ⨯ $2,990) Total costs accounted for $5,196,400 $3,713,360 + $1,483,040 *Equivalent units completed and transferred out from Solution Exhibit 17-19, Step 2.† Equivalent units in work in process, ending from Solution Exhibit 17-19, Step 2.17-21 (15 min.) FIFO method, equivalent units.Under the FIFO method, equivalent units are calculated as the equivalent units of work done in the current period only. Solution Exhibit 17-21 shows equivalent units of work done in May 2014 in the Assembly Division of Fenton Watches, Inc., for direct materials and conversion costs.SOLUTION EXHIBIT 17-21Summarize the Flow of Physical Units and Compute Output in Equivalent Units;FIFO Method of Process Costing, Assembly Division of Fenton Watches, Inc., for May 2014. (Step 1) (Step 2)Equivalent UnitsFlow of Production Physical Units Direct Materials ConversionCostsWork in process, beginning (given) Started during current period (given) To account for 80 500 580 (work done before current period) Completed and transferred out during current period: From beginning work in process §80(100% - 90%); 80(100% - 40%)80 848 Started and completed 380 100%, 380 100% 380†380 380Work in process, ending *(given) 120 60%; 120 30% 120 ___ 72 36 Accounted for 580 Equivalent units of work done in current period 460 464§Degree of completion in this department: direct materials, 90%; conversion costs, 40%.†460 physical units completed and transferred out minus 80 physical units completed and transferred out from beginning work-in-process inventory.*Degree of completion in this department: direct materials, 60%; conversion costs, 30%.⨯⨯⨯⨯⨯⨯17-22(20 min.) FIFO method, assigning costs (continuation of 17-21).Solution Exhibit 17-22 summarizes total costs to account for, calculates cost per equivalent unit of work done in May 2014 in the Assembly Division of Fenton Watches, Inc., and assigns total costs to units completed and to units in ending work-in-process inventory.SOLUTION EXHIBIT 17-22Summarize the Total Costs to Account for, Compute the Cost per Equivalent Unit, and Assign Costs to the Units Completed and Units in Ending Work-in-Process Inventory;FIFO Method of Process Costing, Assembly Division of Fenton Watches, Inc., for May 2014.TotalProduction CostsDirectMaterialsConversionCosts(Step 3) Work in process, beginning (given) $ 584,400 $ 493,360 $ 91,040 Costs added in current period (given) 4,612,000 3,220,000 1,392,000 Total costs to account for $5,196,400 $3,713,360 $1,483,040 (Step 4) Costs added in current period $3,220,000 $1,392,000 Divide by equivalent units of work done incurrent period (Solution Exhibit 17-21)÷ 460 ÷ 464 Cost per equiv. unit of work done in current period $ 7,000 $ 3,000 (Step 5) Assignment of costs:Completed and transferred out (460 units):Work in process, beginning (80 units)Costs added to beginning work in process in current period $ 584,400200,000$493,360 + $91,040(8*⨯ $7,000) + (48*⨯ $3,000)Total from beginning inventoryStarted and completed (380 units)Total costs of units completed and transferred outWork in process, ending (120 units)Total costs accounted for 784,4003,800,0004,584,400612,000$5,196,400(380† ⨯ $7,000) + (380† ⨯ $3,000)(72# ⨯ $7,000) + (36#⨯ $3,000)$3,713,360 + $1,483,040*Equivalent units used to complete beginning work in process from Solution Exhibit 17-21, Step 2. †Equivalent units started and completed from Solution Exhibit 17-21, Step 2.#Equivalent units in work in process, ending from Solution Exhibit 17-21, Step 2.17-23(20-25 min.) Operation costing.1. To obtain the conversion-cost rates, divide the budgeted cost of each operation by the number of packages that are expected to go through that operation.Budgeted ConversionCostBudgetedNumber ofPackagesConversionCost perPackageMixing $18,080 22,600 $0.80Shaping 3,250 13,000 0.25Cutting 1,440 9,600 0.15Baking 14,690 22,600 0.65Slicing 1,300 13,000 0.10Packaging 16,950 22,600 0.752.Work Order Work Order#215 #216Bread type: Dinner Roll Multigrain LoavesQuantity: 2,400 2,800Direct MaterialsMixing 1,920 2,240Shaping 0 700Cutting 360 0Baking 1,560 1,820Slicing 0 280Packaging 1,800 2,100Total $ 6,960 $9,660The direct materials costs per unit vary based on the type of bread ($5,280 ÷ 9,600 = $0.55 for the dinner rolls, and $11,700 ÷ 13,000 = $0.90 for the multigrain loaves). Conversion costs are charged using the rates computed in part (1), taking into account the specific operations that each type of bread actually goes through.3. Work order #215 (Dinner rolls): Work order #216 (Multigrain loaves):Total cost $ 6,960 Total cost: $9,660 Divided by number of Divided by number ofpackages: ÷ 2,400 packages: ÷2,800 Cost per package Cost per packageof dinner rolls: $ 2.90 of multigrain loaves: $ 3.4517-24(25 min.) Weighted-average method, assigning costs.1. &2. Solution Exhibit 17-24A shows equivalent units of work done to date for Tomlinson Corporation for direct materials and conversion costs.Solution Exhibit 17-24B summarizes total costs to account for, calculates the cost per equivalent unit of work done to date for direct materials and conversion costs, and assigns these costs to units completed and transferred out and to units in ending work-in-process inventory. SOLUTION EXHIBIT 17-24ASummarize the Flow of Physical Units and Compute Output in Equivalent Units; Weighted-Average Method of Process Costing, Tomlinson Corporation for July 2014.(Step 2)(Step 1) Equivalent UnitsPhysical Direct Conversion Flow of Production Units Materials Costs Work in process, beginning (given) 8,700Started during current period (given) 34,500To account for 43,200Completed and transferred out during current period 32,000 32,000 Work in process, ending* (given) 11,20011,200 ⨯ 100%; 11,200 ⨯ 70% 11,200 7,840 Accounted for 43,200Equivalent units of work done to date 43,200 39,840*Degree of completion: direct materials, 100%; conversion costs, 70%.SOLUTION EXHIBIT 17-24BSummarize the Total Costs to Account for, Compute the Cost per Equivalent Unit, and Assign Costs to the Units Completed and Units in Ending Work-in-Process Inventory; Weighted-Average Method of Process Costing for Tomlinson Corporation for July 2014.TotalProduction CostsDirectMaterialsConversionCosts(Step 3) Work in process, beginning (given) $104,700 $ 61,500 $ 43,200 Costs added in current period (given) 800,004 301,380 498,624Total costs to account for $904,704 $362,880 $541,824 (Step 4) Costs incurred to date $362,880 $541,824 Divide by equivalent units of work done todate (Solution Exhibit 17-24A) ÷ 43,200 ÷ 39,840Cost per equivalent unit of work done to date $ 8.40 $ 13.60 (Step 5) Assignment of costs:Completed and transferred out (32,000 units) $704,000 (32,000* ⨯ $8.40) + (32,000* ⨯ $13.60) Work in process, ending (11,200 units) 200,704 (11,200†⨯ $8.40) + (7,840†⨯ $13.60) Total costs accounted for $904,704 $362,880 + $541,824*Equivalent units completed and transferred out (given).†Equivalent units in ending work in process (given).17-25 (30 min.) FIFO method, assigning costs.1. Solution Exhibit 17-25A calculates the equivalent units of work done in the current period. Solution Exhibit 17-25B summarizes total costs to account for, calculates the cost per equivalent unit of work done in the current period for direct materials and conversion costs, and assigns these costs to units completed and transferred out and to units in ending work-in-process inventory.SOLUTION EXHIBIT 17-25ASummarize the Flow of Physical Units and Compute Output in Equivalent Units; FIFO Method of Process Costing, Tomlinson Corporation for July 2014.(Step 1) (Step 2) Equivalent UnitsFlow of ProductionPhysical UnitsDirect Materials Conversion Costs Work in process, beginning (given) Started during current period (given) To account for8,700 34,500 43,200 (work done before current period)Completed and transferred out during current period: From beginning work in process §8,700 ⨯ (100% - 100%); 8,700 ⨯ (100% – 25%) 8,700 0 6,525Started and completed23,300 100%, 23,300 100% 23,300† 23,30023,300Work in process, ending* (given) 11,200 100%; 11,200 70% 11,200 11,200 7,840 Accounted for43,200Equivalent units of work done in current period34,50037,665§Degree of completion in this department: direct materials, 100%; conversion costs, 25%.†32,000 physical units completed and transferred out minus 8,700 physical units completed and transferred out from beginning work-in-process inventory.*Degree of completion in this department: direct materials, 100%; conversion costs, 70%.⨯⨯⨯⨯SOLUTION EXHIBIT 17-25BSummarize the Total Costs to Account for, Compute the Cost per Equivalent Unit, and Assign Costs to the Units Completed and Units in Ending Work-in-Process Inventory; FIFO Method of Process Costing, Tomlinson Corporation for July 2014.TotalProduction CostsDirectMaterialsConversionCosts(Step 3) Work in process, beginning (given) $104,700 $ 61,500 $ 43,200 Costs added in current period (given) 800,004 301,380 498,624 Total costs to account for $904,704 $362,880 $541,824 (Step 4) Costs added in current period $301,380 $498,624 Divide by equivalent units of work done incurrent period (Solution Exhibit 17-25A) ÷ 34,500 ÷ 37,665 Cost per equivalent unit of work done in current period $ 8.74 $ 13.24 (Step 5) Assignment of costs:Completed and transferred out (33,000 units):Work in process, beginning (8,500 units)Cost added to beginning work in process in current period $104,70086,381$61,500 + $43,200(0*⨯ $8.74) + (6,525*⨯ $13.24)Total from beginning inventoryStarted and completed (24,500 units)Total costs of units completed and transferred out Work in process, ending (10,500 units)191,081511,995703,076201,628(23,300†⨯ $8.74) + (23,300†⨯ $13.24)(11,200# ⨯ $8.74) + (7,840# ⨯ $13.24)Total costs accounted for $904,704 $362,880 + $541,824 *Equivalent units used to complete beginning work in process from Solution Exhibit 17-25A, Step 2.†Equivalent units started and completed from Solution Exhibit 17-25A, Step 2.#Equivalent units in ending work in process from Solution Exhibit 17-25A, Step 2.17-132. Using the weighted average method will result in a greater degree of cost smoothing because the cost of beginning inventory is mixed together with costs added each period. This will produce a more consistent cost per equivalent unit than the FIFO method.In the case of Tomlinson Corporation, note that the direct material cost per equivalent unit went from $7.07 in the prior period ($61,500 ÷8,700 units) to $8.74 in July, while the conversion cost per equivalent unit decreased from $19.86 ($43,200 ÷ 2,175 equivalent units in opening work-in-process) to $13.24 in July. Under the weighted-average method, these costs and equivalent units are combined into consistent, blended rates of $8.40 and $13.60 for direct materials and conversion costs, respectively.17-26 (35–40 min.) Transferred-in costs, weighted-average method.1, 2. & 3. Solution Exhibit 17-26A calculates the equivalent units of work done to date. Solution Exhibit 17-26B summarizes total costs to account for, calculates the cost per equivalent unit of work done to date for transferred-in costs, direct materials, and conversion costs, and assigns these costs to units completed and transferred out and to units in ending work-in-process inventory.SOLUTION EXHIBIT 17-26ASummarize the Flow of Physical Units and Compute Output in Equivalent Units; Weighted-Average Method of Process Costing, Finishing Department of Trendy Clothing for June 2014.(Step 1) (Step 2)Equivalent UnitsFlow of Production PhysicalUnitsTransferred-in CostsDirectMaterialsConversionCostsWork in process, beginning (given) 60Transferred in during current period (given) 100To account for 160Completed and transferred outduring current period 120 120 120 120 Work in process, ending* (given) 4040 ⨯ 100%; 40 ⨯ 0%; 40 ⨯ 75% 40 0 30 Accounted for 160Equivalent units of work done to date 160 120 150*Degree of completion in this department: transferred-in costs, 100%; direct materials, 0%; conversion costs, 75%.SOLUTION EXHIBIT 17-26BSummarize the Total Costs to Account for, Compute the Cost per Equivalent Unit, and Assign Costs to the Units Completed and Units in Ending Work-in-Process Inventory; Weighted-Average Method of Process Costing, Finishing Department of Trendy Clothing for June 2014.TotalProduction Costs Transferred-inCostsDirectMaterialsConversionCosts(Step 3) Work in process, beginning (given) $84,000 $ 60,000 $ 0 $24,000 Costs added in current period (given) 206,400 117,000 27,000 62,400Total costs to account for $290,400 $ 177,000 $27,000 $86,400 (Step 4)Costs incurred to date $ 117,000 $27,000 $86,400 Divide by equivalent units of work done to date(Solution Exhibit 17-26A) ÷ 160 ÷ 120 ÷ 150 Cost per equivalent unit of work done to date $1,106.25 $ 225 $ 576 (Step 5) Assignment of costs:Completed and transferred out (120 units) $228,870 (120 a⨯ $1,106.25) + (120 a⨯ $225) + (120a⨯ $576) Work in process, ending (40 units): 61,530 (40b⨯ $1,105.25) + (0b⨯ $225) + (30b⨯ $576)Total costs accounted for $290,400 $ 177,000 + $27,000 + $86,400a Equivalent units completed and transferred out from Sol. Exhibit 17-26A, step 2.b Equivalent units in ending work in process from Sol. Exhibit 17-26A, step 2.17-1517-27(35–40 min.) Transferred-in costs, FIFO method.Solution Exhibit 17-27A calculates the equivalent units of work done in the current period (for transferred-in costs, direct-materials, and conversion costs) to complete beginning work-in-process inventory, to start and complete new units, and to produce ending work in process. Solution Exhibit 17-27B summarizes total costs to account for, calculates the cost per equivalent unit of work done in the current period for transferred-in costs, direct materials, and conversion costs, and assigns these costs to units completed and transferred out and to units in ending work-in-process inventory.SOLUTION EXHIBIT 17-27ASummarize the Flow of Physical Units and Compute Output in Equivalent Units; FIFO Method of Process Costing, Finishing Department of Trendy Clothing for June 2014.(Step 1) (Step 2)Equivalent UnitsFlow of Production PhysicalUnitsTransferred-inCostsDirectMaterialsConversionCostsWork in process, beginning (given) 60 (work done before current period) Transferred-in during current period (given) 100To account for 160Completed and transferred out during current period:From beginning work in process a 60[60 ⨯(100% – 100%); 60 ⨯(100% – 0%); 60 ⨯(100% – 50%)] 0 60 30 Started and completed 60b(60 ⨯100%; 60 ⨯100%; 60 ⨯100%) 60 60 60 Work in process, ending c (given) 40(40 ⨯100%; 40 ⨯ 0%; 40 ⨯ 75%) ___ 40 0 30 Accounted for 160 ___ ___ ___ Equivalent units of work done in current period 100 120 120 a Degree of completion in this department: Transferred-in costs, 100%; direct materials, 0%; conversion costs, 50%.b120 physical units completed and transferred out minus 60 physical units completed and transferred out from beginningwork-in-process inventory.c Degree of completion in this department: transferred-in costs, 100%; direct materials, 0%; conversion costs, 75%.。

Chap001-Solutions

SOLUTIONS MANUALChapter OneAnswers to Chapter 1 Questions:1. a. primaryb. primaryc. secondaryd. secondarye. secondary2. a. money marketb. money marketc. capital marketd. capital markete. capital marketf. money marketg. money marketh. money marketi. capital marketj. money market3. The capital markets are more likely to be characterized by actual physical locations such as the New York Stock Exchange or the American Stock Exchange. Money market transactions are more likely to occur via telephone, wire transfers, and computer trading.4. According to Figure 1-3, the money market instrument that has had the largest growth is the Federal funds and repurchase agreements which grew from 18.1% of the total value of money market securities outstanding in 1990 to 25.6% in 2010.5. The major instruments traded in capital markets are corporate stocks, securitized mortgages, corporate bonds, Treasury notes and bonds, state and local government bonds, U.S. government owned and sponsored agencies, and bank and consumer loans.6. According to Figure 1-4, the capital market instrument that has had the largest growth is the corporate stocks which grew from 23.6% of the total value of money market securities outstanding in 1990 to 43.4% in 2000 and was still at 31/3% in 2010. One reason for the sharp increase in the amount of equities outstanding is the bull market in stock prices in the 1990s. Stock values fell in the early 2000s as the U.S. economy experienced a downturn—partly because of 9-11 and partly because interest rates began to rise―and stock prices fell. Stock prices in most sectors subsequently recovered and, by 2007, even surpassed their 1999 levels. Stock prices fell precipitously in during the financial crisis of 2008-2009. As of mid-March 2009, the Dow Jones Industrial Average (DJIA) had fallen in value 53.8 percent in less than 1 ½ year’s time, larger than thedecline during the market crash of 1937-1938 when it fell 49 percent. However, stock prices recovered along with the economy in the last half of 2009, rising 71.1 percent between March 2009 and April 2010.7. The bank would fear a depreciation of the yen against the dollar.8. Financial institutions consist of:Commercial banks - depository institutions whose major assets are loans and major liabilities are deposits. Commercial banks’ loans are broader in range, in cluding consumer, commercial, and real estate loans, than other depository institutions. Commercial banks’ liabilities include more nondeposit types of nondeposit sources of funds, such as subordinate notes and debentures, than other depository institutions.Thrifts - depository institutions in the form of savings and loans, savings banks, and credit unions. Thrifts generally perform services similar to commercial banks, but they tend to concentrate their loans in one segment, such as real estate loans or consumer loans.Insurance companies - financial institutions that protect individuals and corporations (policyholders) from adverse events. Life insurance companies provide protection in the event of untimely death, illness, and retirement. Property casualty insurance protects against personal injury and liability due to accidents, theft, fire, etc.Securities firms and investment banks - financial institutions that underwrite securities and engage in related activities such as securities brokerage, securities trading, and making a market in which securities can trade.Finance companies - financial intermediaries that make loans to both individual and businesses. Unlike depository institutions, finance companies do not accept deposits but instead rely on short- and long-term debt for funding.Mutual funds - financial institutions that pool financial resources of individuals and companies and invest those resources in diversified portfolios of asset.Pension funds - financial institutions that offer savings plans through which fund participants accumulated savings during their working years before withdrawing them during their retirement years. Funds originally invested in and accumulated in a pension fund are exempt from current taxation.9. If there were no FIs then the users of funds, such as corporations in the economy, would have to approach the savers of funds, such as households, directly in order to fund their investment projects and fill their borrowing needs. This would be extremely costly because of the up-front information costs faced by potential lenders. These include costs associated with identifying potential borrowers, pooling small savings into loans of sufficient size to finance corporate activities, and assessing risk and investment opportunities. Moreover, lenders would have to monitor the activities of borrowers over each loan's life span, which is compounded by the freerider problem. The net result is an imperfect allocation of resources in an economy.10. There are at least three reasons for this. First, once they have lent money in exchange for financial claims, suppliers of funds need to monitor or check the use of their funds. They must be sure that the user of funds neither absconds with nor wastes the funds on projects that have low or negative returns, since this would lower the chances of being repaid and/or earning a positive income on their investment (such as dividends or interest). Such monitoring actions are often extremely costly for any given fund supplier because they require considerable time, expense, and effort to collect this information relative to the size of the average fund supplier’s investment.Second, the relatively long-term nature of some financial claims (e.g., mortgages, corporate stock, and bonds) creates a second disincentive for suppliers of funds to hold the direct financial claims issued by users of funds. Specifically, given the choice between holding cash andlong-term securities, fund suppliers may well choose to hold cash for liquidity reasons, especially if they plan to use savings to finance consumption expenditures in the near future and financial markets are not very deep in terms of active buyers and sellers.Third, even though real-world financial markets provide some liquidity services, by allowing fund suppliers to trade financial securities among themselves, fund suppliers face a price risk upon the sale of securities. In addition, the secondary market trading of securities involves various transaction costs. The price at which investors can sell a security on secondary markets such as the New York Stock Exchange (NYSE) may well differ from the price they initially paid for the security either because investors change their valuation of the security between the time it was bought and when it was sold and/or because dealers, acting as intermediaries between buyers and sellers, charge transaction costs for completing a trade.11. A suppler of funds who directly invests in a fund user’s financial claims faces a high cost of monitoring the fund user’s actions in a timely and complete fashion after purchasing securities. One solution to this problem is for a large number of small investors to place their funds with a single FI serving as a broker between the two parties. When acting as a pure broker, the FI acts as an agent for the fund suppliers in providing information about the fund users. The FI groups the fund suppliers’ funds together and invests them in the direct or primary financial claims issued by fund users. This aggregation of funds resolves a number of problems. First, the large FI now has a much greater incentive to collect information and monitor the fund user’s actions because the FI has far more at stake than any small individual fund supplier. This alleviates the problem that exists when small fund suppliers leave it to each other to collect information and monitor a fund user’s use of the funds it raises. In a sense, fund suppliers have appointed the FI as a delegated monitor to act on their behalf.12. In addition to information costs, FIs also help small savers alleviate liquidity risk. Liquidity risk occurs when savers are not able to sell their securities at demand. Commercial banks, for example, are able to offer deposits that can be withdrawn at any time. Yet they are able to make long-term loans or invest in illiquid assets because of two reasons: 1) they are able to diversify their portfolios; 2) they are able to better monitor the performance of firms that have been given the loans or who have issued securities. The less diversified the assets of the FI, the more likely it will hold illiquid assets.13. As long as the returns on different investments are not perfectly positively correlated, by spreading their investments across a number of assets, FIs can diversify away significant amounts of their portfolio risk. Further, for equal investments in different securities, as the number of securities in an FI’s asset portfolio increases portfolio risk falls, albeit at a diminishing rate. What is really going on here is that FIs can exploit the law of large numbers in making their investment decisions, whereas due to their smaller wealth size, individual fund suppliers are constrained to holding relatively undiversified portfolios. As a result, diversification allows an FI to predict more accurately its expected return and risk on its investment portfolio so that it can credibly fulfill its promises to the suppliers of funds to provide highly liquid claims with little price risk. A good example of this is a bank’s ability to offer highly liquid, instantly withdrawable demand deposits as liabilities while investing in risky, nontradable, and often illiquid loans as assets. As long as an FI is sufficiently large, to gain from diversification and monitoring on the asset side of its balance sheet, its financial claims (it issues as liabilities) are likely to be viewed as liquid and attractive to small savers, especially when compared to direct investments in the capital market. A mutual fund invested in a diverse group of stocks and fixed income securities will best provide diversification for an investor.14. If net borrowers and net lenders have different optimal time horizons, FIs can service both sectors by matching their asset and liability maturities. That is, the FI can offer the relatively short-term liabilities desired by households (say, in the form of bank deposits) and also satisfy the demand for long-term loans (say, in the form of home mortgages). By investing in a portfolio of long-and short-term assets and liabilities, the FI can both reduce risk exposure through diversification and manage risk exposure by centralizing its hedging activities.15. Because they are sold in very large denominations, many assets are either out of reach of individual savers or would result in savers holding highly undiversified asset portfolios. For example, the minimum size of a negotiable CD is $100,000; commercial paper (short-term corporate debt) is often sold in minimum packages of $250,000 or more. Individual savers may be unable to purchase such instruments directly. However, by buying shares in a mutual fund with other small investors, household savers overcome the constraints to buying assets imposed by large minimum denomination sizes. Such indirect access to these markets may allow small savers to generate higher returns on their portfolios as well.16. Other services provided by FIs that benefit the overall economy include:Money Supply Transmission - Depository institutions are the conduit through which monetary policy actions impact the rest of the financial system and the economy in general.Credit Allocation - FIs are often viewed as the major, and sometimes only, source of financing for a particular sector of the economy, such as farming and residential real estate.Intergenerational Wealth Transfers - FIs, especially life insurance companies and pension funds, provide savers the ability to transfer wealth from one generation to the next.Payment Services - The efficiency with which depository institutions provide payment services directly benefits the economy.17. FIs provide various services to sectors of the economy. Failure to provide these services, or a breakdown in their efficient provision, can be costly to both the ultimate suppliers (households) and users (firms) of funds as well as the overall economy. For example, bank failures may destroy household savings and at the same time restrict a firm’s access to credit. Insurance company failures may leave households totally exposed in old age to catastrophic illnesses and sudden drops in income on retirement. In addition, individual FI failures may create doubts in savers’ minds regarding the stability and solvency of FIs in general and cause panics and even runs on sound institutions. FIs are regulated in an attempt to prevent these types of market failures.18. A major event that changed and reshaped the financial services industry was the financial crisis of the late 2000s. As FIs adjusted to regulatory changes brought about by the likes of the FSM Act, one result was a dramatic increase in systemic risk of the financial system, caused in large part by a shift in the banking model from that of “originate and hold” to “originate to distribute.” In the traditional model, banks take short term depo sits and other sources of funds and use them to fund longer term loans to businesses and consumers. Banks typically hold these loans to maturity, and thus have an incentive to screen and monitor borrower activities even after a loan is made. However, the traditional banking model exposes the institution to potential liquidity, interest rate, and credit risk. In attempts to avoid these risk exposures and generate improved return-risk tradeoffs, banks shifted to an underwriting model in which they originated or warehoused loans, and then quickly sold them. Indeed, most large banks organized as financial service holding companies to facilitate these new activities. These innovations removed risk from the balance sheet of financial institutions and shifted risk off the balance sheet and to other parts of the financial system. Since the FIs, acting as underwriters, were not exposed to the credit, liquidity, and interest rate risks of traditional banking, they had little incentive to screen and monitor activities of borrowers to whom they originated loans. Thus, FIs failed to act as specialists in risk measurement and management.19. The boom (“bubble”) in the housing markets began building in 2001, particularly after the terrorist attacks of 9/11. The immediate response by regulators to the terrorist attacks was to create stability in the financial markets by providing liquidity to FIs. For example, the Federal Reserve lowered the short-term money market rate that banks and other financial institutions pay in the Federal funds market and even made lender of last resort funds available to non-bank FIs such as investment banks. Perhaps not surprisingly, low interest rates and the increased liquidity provided by Central banks resulted in a rapid expansion in consumer, mortgage, and corporate debt financing. Demand for residential mortgages and credit card debt rose dramatically. As the demand for mortgage debt grew, especially among those who had previously been excluded from participating in the market because of their poor credit ratings, FIs began lowering their credit quality cut-off points. Moreover, to boost their earnings, in the market now popularly known as the “subprime market,” banks and other mortgage-supplying institutions often offered relatively low “teaser” rates on adjustable rate mortgages (ARMs) at exceptionally low initial interest rates, but with substantial step-up in rates after the initial rate period expired two or three year later and if market rates rose in the future. Under the traditional banking structure, banks might have been reluctant to so aggressively pursue low credit quality borrowers for fear that the loans would default. However, under the originate-to-distribute model of banking, asset securitization and loan syndication allowed banks to retain little or no part of the loans, and hence the default risk on loans that they originated. Thus, as long as the borrower did not default within the first months after a loan’s issuance and the loans were sold or securitized without recourse back to the bank, the issuing bank could ignore longer term credit risk concerns. The result was deterioration in credit quality, at the same time as there was a dramatic increase in consumer and corporate leverage.20. Measured as more than $1trillion in international debt outstanding the biggest issuers are France, Germany, Italy, the Netherlands, Spain, the United Kingdom, and the United States. 21. France, Germany, Japan, Switzerland, the United Kingdom, and the United States have the biggest banks (in terms of total assets).。

公司理财(双语)10payout policy

18-10
Test
17- 11
True or false: dividends are irrelevant
True or false: d来自vidends policy are irrelevant
Low Payout Please
Why might a low payout be desirable?
18-16
Stock Repurchase
Company buys back its own shares of stock
– Tender offer – company states a purchase price and a desired number of shares – Open market – buys stock in the open market
17- 15
18-15
Example – Residual Dividend Policy
Given
– Need $5 million for new investments – Target capital structure: D/E = 2/3 – Net Income = $4 million
17- 2
17-2
Figure 17.1 Uses of Free Cash Flow
17- 3
A firm can retain its free cash flow, either investing or accumulating it, or pay out its free cash flow through a dividend or share repurchase. The choice between these options is determined by the firm’s payout policy.

未成年球员国际转会制度与儿童权益保护——以《儿童权利公约》为视角

1.1 RSTP下的未成年球员国际流动当前国际足联保护未成年人足球监管制度的核
心是RSTP第19条,其中第1款是第19条的主要实质性规定,它确立了严格禁止未成年球员国际转会的一般规则。依照国际足联的禁止性规定，只有在法定例外情形下未成年球员才能够进行国际转会。转会规则最初仅规定了三种例外情形：（1）球员的父母因与足球无关的原因搬到新俱乐部所在的国家（父母例外）；（2）该转会发生在欧盟或欧洲经济区境内，且该
• 22 •
从上述条文来看,RWI似乎加强了对于未成年球员代表权的监管力度，但RWI的其他条文似乎又将原已收紧的监管网络再一次放松了。首先,RWI放弃了施行近15年的经纪人牌照制，代之以更宽松简便的中介制,新规之下任何没有犯罪记录的人都可以注册成为足球中介。同时，伴随着牌照制的废除,RWI将监督足球中介行为的责任下放给各国的足球协会，进而实质上放宽了对足球中介的监管。其次，尽管条例禁止足球中介向未成年球员收取佣金，但是RWI并没有对球员和中介之间的代表合同的最长期限进行限制，也没有对球员签署经纪合同的最低年龄作出要求。因此，在实践中,足球中介可以不受任何限制地与未成年人签订长期合同，并在经纪合同中设置18周岁以后激活支付佣金的条款。 1.3《未成年球员国际转会申请指南》
根据《公约》第1条，儿童是指18岁以下的任何人，这与国际足联对未成年球员的定义相一致。《公约》作为评价框架可以从两个方面助力于评价未成年球员保护制度:首先，《公约》概述了贯穿各领域的一般原则，这些一般原则能够用于解释和适用儿童权利。其次,在一般原则的基础上，《公约》列举了儿童在各领域享有的具体权利,这使得它可被用于确定在足球行业招募球员时可能发生的侵犯儿童权利的情况。 2.2《儿童权利公约》概述的一般原则

戴维战略管理(第17版)全套英文教辅指导手册david_sm17_im_09

Chapter 9 - Strategy Evaluation and Governance OverviewChapter 9 describes how to effectively evaluate strategies and make timely changes as needed. In this context, Chapter 9 explains how to develop a Balanced Scorecard and utilize contingency planning. Since boards of directors are generally responsible for the firm’s overall performance, governance issues are discussed in this chapter.Learning ObjectivesThe Chapter 9 Learning Objectives are as follows:9-1. Discuss the strategy-evaluation process.9-2. Discuss three activities that comprise strategy evaluation.9-3. Describe and develop a Balanced Scorecard.9-4. Discuss the role of a board of directors (governance) in strategic planning.9-5. Identify and discuss four challenges in strategic management.9-6. Identify and describe 17 guidelines for effective strategic management. Teaching Tips1. The first issue to emphasize in this chapter is the fact that even successful firms can fail quickly as they are the target of all other firms, so evaluating strategies is essential for all firms.2. Go to the author website at and view the video for Chapter 9.3. Emphasize that strategy evaluation consists of three activities: Review Underlying Bases of Strategy, Measure Performance, and Take Correction Action. Review the tables in this chapter that summarize the narrative quite well.4. Emphasize the Balanced Scorecard. Pull up Google in class, and search by Balanced Scorecard Images and show students the more than 100 corporate Balance Scorecards in use by companies. Encourage students to include a Balanced Scorecard in their case analysis.5. E mphasize the “21st First Century Challenges in Strategic Management.” These issues are important and fun to discuss in class with students because there are variations of opinion and views on art vs. science, visible vs. hidden, and top-down vs. bottom-up.6. The “Guidelines for Effective Strategic Management” are important for actually doing strategic planning.7. Review the governance issues presented in this chapter since shareholders hold boardsof directors accountable for the firm growing 4+ percent annually on both the top line (revenues) and bottom line (net income).8. At the end of Chapter 9, direct student attention to the “Implications for Strategists”and the “Implications f or Students” sections.9. Regarding the end-of-chapter review questions, consider assigning one half of themone day in class giving each student a question, and letting them tell the class the answer,with you commenting on their answers. Do the other half another day. This is a fun dayin class and it goes pretty quickly.10. Several of the end-of-chapter Assurance of Learning Exercises can be used asexcellent homework or classwork assignments to be completed as an individual or as agroup of students. Select one for a class exercise.Answers to End-of-Chapter 9 Review Questions1. Do a Google search using the term balanced scorecard images. Review the many different formats of the balanced scorecard currently being used by organizations.Decide on three formats that you believe are particularly effective.Answer:https:///search?q=balanced+scorecard+images&tbm=isch&tbo=u&source=univ&sa=X&ved=0ahUKEwiPwOOXn7vbAhVPRK0KHdJNBoQQsAQIKA&biw=1358&bih=7432. Do a Google search using the term balanced scorecard adopters. Review the many different organizations currently using the balanced scorecard as part of theirstrategic planning. Select three different companies or organizations. Compare and contrast their use of the Balanced Scorecard technique.Answer:https:///search?biw=1358&bih=743&tbm=isch&sa=1&ei=K9YVW7TKCMGJ5w LhyICgDA&q=balanced+scorecard+adopters&oq=balanced+scorecard+adopters&gs_l=img.1.0.0.2 3267.26352.0.30720.14.11.0.3.3.0.138.1204.0j10.10.0....0...1c.1.64.img..1.13.1282...0i67k1j0i8i30k1 j35i39k1j0i24k1.0.m-4aenhTdNU3. Give several hypothetical situations whereby a company should establish contingency plans.Answer: a. If a major competitor withdraws from particular markets as intelligence reports indicate, what actions should our firm take?b. If our sales objectives are not reached, what actions should our firm take toavoid profit losses?c. If demand for our new product exceeds plans, what actions should our firmtake to meet the higher demand?d.If certain disasters occur—such as loss of computer capabilities; a hostiletakeover attempt; loss of patent protection; or destruction of manufacturing facilities because of earthquakes, tornadoes, or hurricanes—what actions should our firm take?e. If a new technological advancement makes our new product obsolete soonerthan expected, what actions should our firm take?4. Explain why companies continually evaluate their strategies, rather than waiting for the end of the quarter or fiscal year to engage in the three core strategy-evaluation activities discussed in this chapter.Answer: Strategy evaluation should be engaged in continuously because organizations face dynamic environments in which key external and internal factors often change quickly and dramatically. Success today is no guarantee of success tomorrow! Joseph Stalin was a ruthless leader (from 1928 on) and premier (from 1941 on) of the Soviet Union until his death in 1953. A famous quote from Stalin was: “H istory shows that there are no invincible armies.” This quote reveals that even the mightiest, most successful firms must continually evaluate their strategies and be wary of rival firms.An organization should never be lulled into complacency with success. Countless firms have thrived one year only to struggle for survival the following year. Peter Drucker said: “Unless strategy evaluation is performed seriously and systematically, and unless strategists are willing to act on the results, energy will be used up defending yesterday.”5. Which of the three core strategy-evaluation activities do you think is most critical to be performed well? Why?Answer: Taking corrective actions is usually the recommended answer to this question, because sometimes needed actions are accompanied by tradeoffs, benefits, risks,drawbacks, and individuals being promoted, demoted, hired, fired,complemented, reprimanded, rewarded, encouraged, and discouraged.6. If a firm has two regions and two products, develop a sample framework formeasuring organizational performance.Answer: See Table 9-2 in Chapter 9.7. Compare strategy formulation with strategy implementation in terms of eachbeing an art or a science.Answer: This topic is discussed on page 294. Strategy implementation is more an art; strategy formulation is more a science. However, both formulation and implementation require excellent art (leadership/communication/motivation) and science (analytical tools) skills.8. What is Saudi Arabia doing after evaluating strategies for that country?Answer: After reviewing the nation’s standing in the world and measuring itsperformance across many variables, Saudi Arabia is taking corrective actions under itsnew strategy called “Vision 2030.” Led by Crown Prince Mohammed bin Salman, Saudi Arabia is engaged in massive progressive reforms, anchored by anticorruption actions. A review of the country’s finances in late 2017 revealed that $100+ billion had been misappropriated through systematic corruption and embezzlement over several decades;so 208+ individuals in the country, including 17 princes, were recently arrested and their personal bank accounts closed. Saudi Arabia is moving to diversify its economy beyondoil by relaxing restrictions against women and spurring tourism and trade. Women cannow drive cars and attend sporting events. Automobile companies are eyeing about150,000 new Saudi women driving each year and many of them wanting their ownvehicle.9.How does an organization know if it is pursuing “optimal” strategies?Answer: It is impossible to demonstrate conclusively that a particular strategy is optimal or even to guarantee that it will work. One can, however, evaluate it for critical flaws using four criteria: consistency, consonance, feasibility, and advantage. Consonance and advantage are mostly based on a firm’s external assessment, whereas consistency and feasibility are largely based on an internal assessment.10.Discuss the nature and implications of the upcoming accounting switch from GAAP to IFRS in the United States.Answer: The accounting switch from GAAP to IFRS in the USA is going to cost businesses millions of dollars in fees and upgraded software systems and training. CPAs need to study global accounting principles, and business schools should go ahead and begin teaching students the new accounting principles. Movement from GAAP to IFRS encompasses a company’s entire operations, not just auditing. The USA is the only country that still uses GAAP and this makes global business cumbersome. The switch is coming likely in the next three years. The switch is already optional and being phased in, so the only question is when it will become mandatory.11. Ask an accounting professor at your college or university the following question and report back to class: “To what extent would my learning the IFRS standards on my own give me competitive advantage in the job market?”Answer: Learning the IFRS standards would boost a student’s competitive advantage for several reasons. First, it would demonstrate that the student is aware of current global issues. Second, it would benefit prospective employers, who may soon undergo IFRS training for employees if theyhave not already done so. Perhaps most importantly, this would show initiative and motivation from the student.12. Evaluating strategies on a continuous rather than a periodic basis is desired. Discuss the pros and cons of this statement.Answer: Strategy evaluation should be performed on a continuous basis, rather than at the end of specified periods of time or after problems occur. An advantage of evaluating strategies on a continuous rather than on a periodic basis is that it allows benchmarks of progress to be established and more effectively monitored, and corrective actions to be taken in a timely manner. An advantage of evaluating strategies on a periodic basis is that it is easier and less expensive to evaluate strategies annually or only after problems occur.13. Why has strategy evaluation become so important in business today?Answer: Strategy evaluation is critically important today because internal and external factors often change quickly and dramatically. Key factors need to be monitored during strategy-evaluation activities. For example, technology is shortening the product life cycle in nearly all industries. Smartphones are rapidly connecting the world, creating available consumers/customers in countries the firm never previously even considered. Another reason strategy evaluation is so important today is that corrective actions to re-steer a strategy or strategic plan must be made in a timely manner, before it is too late for the firm to recover.14. What types of quantitative and qualitative criteria do you think Ellen Kullman, CEO of DuPont, uses to evaluate the company’s strategy?Answer: Ms. Kullman uses financial ratios as quantitative criteria to evaluate DuPont’s market development strategy. She also used Rumelt’s qualitative criteria for evaluating strategies. She continually monitors internal and external factors as part of DuPont’s str ategy-evaluation process, because significant changes in underlying factors can necessitate a change in corporate strategy before those factors negatively impact earnings and revenues.15. As owner of a local, independent supermarket, explain how you wou ld evaluate the firm’s strategy.Answer: For small businesses such as a local supermarket, strategy evaluation is less formal than in large organizations. However, both qualitative and quantitative criteria should be used to evaluate the small supermarket’s strategies, because large supermarket stores offer one-stop shopping for virtually everything. I would follow the three basic activities presented in the chapter: 1) Review the underlying bases of strategy, 2) measure performance, and 3) take corrections.16. Under what conditions are corrective actions not required in the strategy-evaluation process?Answer: The only time corrective actions would not be required in strategy evaluation is when major changes have not occurred in the firm’s internal or external strategic position, and the firm is progressing satisfactorily towards achieving its stated objectives.17. Identify the types of organizations that may need to evaluate strategy more frequently than others. Justify your choices.Answer: Organizations that compete in more turbulent industries may need to evaluate strategies more often than others. Examples include the telecommunications, aerospace, software, smartphone, and media industries.18. As executive director of the state forestry commission, in what way and how frequently would you evaluate the organization’s strategies?Answer: Strategy evaluation should be an ongoing, continuous process rather than conducted at the end of a specified period of time, such as at the end of each year or at the end of every three years. The need exists to continually re-evaluate the forestry commissio n’s strategies as legislative actions evolve and as constituency groups align for or against important issues facing the state. I would follow the three basic activities presented in the chapter: 1) Review the underlying bases of strategy, 2) measure performance, and 3) take corrections.19. Identify some key financial ratios that would be important in evaluating a bank’s strategy.Answer: In a bank, two key financial items are demand deposits (checking accounts) and time deposits (savings accounts). Other important items are commercial loans and consumer loans. The ratio of these items to total bank assets and total bank profits could be particularly important in evaluating the strategies of a bank. Even ratios such as # of customers by square footage of branch, or the ratio of consumer loans to commercial loans, are the type of unique ratios important to a bank.20. Strategy evaluation allows an organization to take a proactive stance toward shaping its own future. Discuss the meaning of this statement.Answer: Proactive means the firm tries to anticipate, initiate, and influence. Reactive means the firm just reacts to events and trends. Strategy evaluation enhances a proactive approach to management.21. Diagram and discuss the Balanced Scorecard.Answer: The Balanced Scorecard is a strategy evaluation tool that allows a firm to evaluate strategies from four perspectives: financial performance, customer knowledge, internal business processes, and learning and growth. It includes examination of customer loyalty, manager and employee morale, operations and processes, business ethics, sustainability, social responsibility, community involvement, and financial issues. The word “balanced” derives from the balance of quantitative with qualitative objectives and measures. Too many firms rely only on quantitative ratios and such measures. An example Balanced Scorecard for a local movie cinema complex is provided in the Answer to Question 22 below.22. Develop a Balanced Scorecard for a local movie cinema complex.Answer: Answers to this question will vary, but should follow the Balanced Scorecard template shown below.23. Do you believe strategic management is more an art or science? Explain.Answer: The textbook supports a scientific view based on objective analysis of relevant factors. However, others like Mintzberg recognize that there can be a “craft” to d eveloping strategies and some strategies do emerge based on situations. The bottom line however is that too much is at stake, and the variables are too many and too interrelated, to rely on an artistic approach. The author contends that strategic management is 70% science and 30% art. Judgment and intuition always come into play, even in assigning weights and ratings in analytical tools, but gathering, assimilating, and prioritizing information is essential in strategic planning.24. Regarding the strategic planning process, give four “should be” guidelines and four “should not be” guidelines.Answer: The answer is given in Table 9-7.1. It should be a people process more than a paper process.2. It should be a learning process for all managers and employees.3. It should be words supported by numbers rather than numbers supported by words.4. It should be simple and non-routine.5. It should vary assignments, team memberships, meeting formats, and even the planning calendar.6. It should challenge the assumptions underlying the current corporate strategy.7. It should welcome bad news.8. It should welcome open-mindedness and a spirit of inquiry and learning.9. It should not be a bureaucratic mechanism.10. It should not become ritualistic, stilted, or orchestrated.11. It should not be too formal, predictable, or rigid.12. It should not contain jargon or arcane planning language.13. It should not be a formal system for control.14. It should not disregard qualitative information.15. It should not be controlled by “technicians.”16. Do not pursue too many strategies at once.17. Continually strengthen the “good ethics is good business” policy.25. Researchers say contingency planning is a five-step process. Identify and discussthe five steps.Answer: Linneman and Chandran suggest that effective contingency planning involves a five-step process, as follows:a. Identify both good and bad events that could jeopardize strategies.b. Determine when the good and bad events are likely to occur.c. Determine the expected pros and cons of each contingency event.d. Develop contingency plans for key contingency events.e. Determine early warning trigger points and key contingency events.26. Identify and discuss five characteristics of effective strategy evaluation. Answer: Strategy evaluation must meet several basic requirements to be effective. First, strategy-evaluation activities must be economical; too much information can be just as bad as too little information, and too many controls can do more harm than good.Second, strategy-evaluation activities also should be meaningful; they should specifically relate to a firm’s objectives. They should provide managers with useful information about tasks over which they have control and influence.Third, strategy-evaluation activities should provide timely information; on occasion and in some areas, managers may daily need information. Approximate information that is timely is generally more desirable as a basis for strategy evaluation than accurate information that does not depict the present. Frequent measurement and rapid reportingmay frustrate control rather than give better control. The time dimension of control must coincide with the time span of the event being measured.Fourth, strategy evaluation should be designed to provide a true picture of what is happening. For example, in a severe economic downturn, productivity and profitability ratios may drop alarmingly, although employees and managers are actually working harder. Strategy evaluations should fairly portray this type of situation. Information derived from the strategy-evaluation process should facilitate action and should be directed to those individuals in the organization who need to take action based on it. Managers commonly ignore evaluative reports that are provided only for informational purposes; not all managers need to receive all reports. Controls need to be action-oriented rather than information-oriented.Fifth, the strategy-evaluation process should not dominate decisions; it should foster mutual understanding, trust, and common sense. No department should fail to cooperate with another in evaluating strategies. Strategy evaluations should be simple, not too cumbersome, and not too restrictive. Complex strategy-evaluation systems often confuse people and accomplish little. The test of an effective evaluation system is its usefulness, not its complexity.27. Identify and discuss four reasons to be open (visible) in regards to the strategic-planning process and outcomes.Answer: Four reasons to be completely open with the strategy process and resultant decisions are these:a. Managers, employees, and other stakeholders can readily contribute to the process.They often have excellent ideas. Secrecy would forgo many excellent ideas.b. Investors, creditors, and other stakeholders have greater basis for supporting a firmwhen they know what the firm is doing and where the firm is going.c. Visibility promotes democracy, whereas secrecy promotes autocracy. Domestic firmsand most foreign firms prefer democracy over autocracy as a management style.d. Participation and openness enhance understanding, commitment, and communicationwithin the firm.28. Identify and discuss four reasons to be closed (secret) in regards to thestrategic-planning process and outcomes.Answer: Four reasons why some firms prefer to conduct strategic planning in secret and keep strategies hidden from all but the highest-level executives are as follows:a. Free dissemination of a firm’s strategies may easily translate into competitiveintelligence for rival firms who could exploit the firm given that information.b. Secrecy limits criticism, second guessing, and hindsight.c. Participants in a visible strategy process become more attractive to rival firms whomay lure them away.d. Secrecy limits rival firms from imitating or duplicating the firm’s strategies andundermining the firm.MyLab Management29. Why is the Balanced Scorecard an important topic both in devising objectives and in evaluating strategies?Answer: The Scorecard is often used to evaluate strategies. The Balanced Scorecard is a strategy evaluation tool that allows a firm to evaluate strategies from four perspectives: financial performance, customer knowledge, internal business processes, and learning and growth. It includes examinationof customer loyalty, manager and employee morale, operations and processes, business ethics, sustainability, social responsibility, community involvement, and financial issues. The word “balanced” derives from the balance of quantitative with qualitative objectives and measures. Too many firms rely only on quantitative ratios and such measures.30. Do you believe strategic management should be more visible or hidden as a process in a firm? Explain.Answer: Most students will agree that some strategic information should remain confidential to top managers, and that steps should be taken to ensure that such information is not disseminated beyond the inner circle. Visibility and openness may not be best for all strategists and all firms. However, there are some important benefits of visibility, as indicated below:Reasons for Visibility•All stakeholders can readily contribute to the process, which results in many excellent ideas. •Investors and creditors have a greater basis for supporting a firm.•Visibility promotes democracy and secrecy promotes autocracy.•Participation and openness enhance understanding, commitment, and communication within the firm.Reasons for Secrecy•Without secrecy, competitive intelligence can learn and exploit information.•Secrecy limits criticism, second-guessing, and hindsight.•Participants in a visible strategy become more attractive to rival firms who may lure them away.•Secrecy limits r ival firms from imitating or duplicating the firm’s strategies and undermining the firm.Answers to the End-of-Chapter 9 Assurance of Learning ExercisesSet 1: Strategic Planning for Coca-ColaEXERCISE 9ADevelop a Balanced Scorecard for Coca-ColaAnswer:The term “balanced” comes from the need to balance quantitative with qualitative objectives in managing a business operation. Just Google “balanced scorecard images” and you come to the URL below that provides over 100 different visually appealing balanced scorecard images:/search?q=balanced+scorecard+images&hl=en&tbm=isch&tbo=u&so urce=univ&sa=X&ei=MDqFUfm0NpHK9QSpxoDQCA&ved=0CC0QsAQ&biw=1440&bih =713A sample balanced scorecard that students may wish to reference in this activity.Set 2: Strategic Planning for My UniversityEXERCISE 9BPrepare a Strategy Evaluation Report for Your UniversityAnswer: Students should seek to complete a table similar to the one given below: Ratios Monitored by Universities Actual Value Expected Value Variance1. $ tuition monies received per # students2. # students per # faculty3. # faculty per $ grant monies received4. $ contributions per # contributors5. # male students per total # of students6. # female students per total # of students7. # of minority students per total # of students8. # of international students per total # of students9. % increase/decrease in # of students10. % increase/decrease in # of out-of-state students11. % increase/decrease in # of international students12. % increase/decrease in # of minority students13. $ long-term debt to $ total assets14. $ current assets to $ current liabilities15. # of business students per total # of students16. # of out-of-state students per total # of students17. % growth/decline in # of MBA students18. % growth/decline in # of BBA students19. # accounting majors per # of BBA students20. # management majors per # of BBA students21. # finance majors per # of BBA students22. # marketing majors per # BBA studentsSet 3: Strategic Planning to Enhance My EmployabilityEXERCISE 9CA Balanced Scorecard to Evaluate My Professional versus Personal Objectives Answer: Students should seek to develop something similar to the table given below: Table 9-7 – A Balanced Scorecard for Individual AssessmentArea of Objectives Expected Target Actual Target Variance Action NeededProfessionalA. Current Employer1. Pay2. Benefits3. Potential for GrowthB. Potential Future Employer1. Pay2. Benefits3. Potential for GrowthPersonalA. Social1. Marital status2. Friend status3. Online activity4. Offline activityB. Health1. Body weight2. Nutrition intake3. Exercise quotient4. Stress levelInstructionsStep 1 In Table 9-7, reveal your professional and personal objectives, and your progress to date on achieving those objectives.Step 2 In Table 9-7, in the variance column, indicate Very Favorable (VF), Favorable (F), Unfavorable (U), or Very Unfavorable (VU) to reveal your status on each item measured.Step 3 In Table 9-7, reveal corrective actions that you plan going forward on each item measured.Set 4: Individual vs. Group Strategic PlanningEXERCISE 9DHow Important Are Various Guidelines For Effective Strategic Management? Answer: The Expert RankingStrategic-Planning Guidelines Authors’ Ranking(1 = most important to 10 = least important)1. It should be a people process more than a paper process. 12. It should be a learning process for everyone. 23. It should be words supported by numbers rather 7than numbers supported by words.4. It should vary assignments, team memberships, 5meeting formats, and even the planning calendar.5. It should challenge the assumptions underlying 6the current corporate strategy and welcome bad news.6. It should welcome open-mindedness and a spirit 3of inquiry and learning.7. It should not become ritualistic, stilted, or rigid. 108. It should not be a formal system for control 89. It should not be controlled by “technicians.” 410. Do not pursue too many strategies at once. 9Rationale:The expert rankings are based on the authors’ extensive experience in developing strategic plans for case companies, rather than being based on findings from empirical research. The authors’ view is that the most important guideline is that the strategi c-planning process should be a people process more than a paper process. Really close to being the most important is the guideline that strategic planning should be a learning process for everyone. The third most important guideline, as indicated above, is that the strategic-planning process should welcome open-mindedness and a spirit of inquiry and learning. Fourth, the strategic-planning process should not be controlled by technicians because of understanding/involvement/commitment/communication among managers. The fifth through the tenth most important guidelines for the strategic-planning process are given above. Even the tenth guideline that the process should not become ritualistic, stilted or rigid is indeed important for overall effectiveness in decision-making.Answers to the End-of-Chapter 9 Mini-Case Questions1.What are the advantages and disadvantages of keeping the strategic-planning process secret vs. placing the firm’s strategic plan on the corporate website and discussing strategies and planning publically?。

FSB-Thematic Reivew On Compensation

2. Industry progress to date...............................................................14 3. Recommended next steps...................................................................................................17 Annexes A. Status of national implementation .....................................................................................23 B. Thematic review on compensation: review template.........................................................25 C. FSF Principles for Sound Compensation Practices ...........................................................32 D. FSB Principles for Sound Compensation Practices: Implementation Standards...............34
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A note describing the framework is at /publications/r_100109a.pdf.
1
Executive summary
Significant changes in regulatory and supervisory frameworks to implement the FSF Principles for Sound Compensation Practices and their Implementation Standards have taken place across the FSB membership over the past year and are expected to continue into 2010 and beyond. Notwithstanding different starting points in terms of pre-existing national frameworks addressing compensation issues and the degree of misalignment with prudent risk-taking, there has been, on the whole, material progress and a movement towards convergence across jurisdictions. However, it is relatively early in the process; some key issues are yet to be resolved and effective implementation is far from complete. There are differences in the approach to and pace of implementation and a sustained and cooperative effort will be required from supervisors and financial institutions to implement fully the Principles and Standards by the end of 2010. Greater progress has been achieved in the areas of governance, establishing supervisory oversight and promoting disclosure of compensation. Further work needs to be done to raise standards of risk adjustment of pay structures across the industry. Hence, this review recommends additional measures in areas where they are necessary to support the emergence of sound practice and further convergence. In addition to continuing to roll out national policies, such measures include enhanced supervisory cooperation on compensation with regard to cross-border firms, especially across the major financial centres; support in the development of sound industry practices, notably in the area of risk-adjustment of compensation (both ex-ante adjustments of bonus pools and ex-post deferral and malus mechanisms); and increased coverage of significant nonbank financial institutions. This work needs to be progressed on a rapid timetable so that the results can be reflected in the outcomes of the compensation reviews that most firms will be undertaking at the end of 2010. This review is a point-in-time assessment of a process in motion, and pressure will need to be maintained to ensure that the Principles and Standards, and the respective national rules and supervisory oversight, are fully effective at delivering change in industry practices. For this reason, the FSB will conduct a follow-up review on compensation in one year, by which time more information will have become available from which to judge the change in the industry and the impact of national implementation. To support the next review, the FSB will also develop criteria to assess implementation progress. This thematic review spans all FSB members and their significant financial institutions. Compensation issues, however, vary across firms and jurisdictions. The degree of change required to effectively align a firm’s compensation practices with prudent risk taking will be a function of their initial misalignment. In drawing its recommendations, this review acknowledges these differences, while reaffirming the need for authorities to ensure coordination of approaches and consistency of outcomes across jurisdictions.

戴维战略管理(第17版)全套英文教辅案例david_sm17_case_im_05

Case 5 - Dick’s Sporting Goods (DKS) – 2018 –Teachers’ Note by Forest R. DavidCase AbstractHeadquartered in Pittsburgh, Pennsylvania, Dick’s Sporting Goods (Dick’s) is a large chain of brick-and-mortar retail stores that offers a wide selection of sporting equipment, footwear, apparel, and accessories such as tennis rackets, weights, outdoor cooking equipment, bicycles, sports clothing, and much more. By some accounts, Dick’s is the largest sporting goods store in the US based on 2017 revenues, larger than Bass Pro Shops, Academy Sports, and Big 5 Sporting Goods. Dick’s also operates Golf Galaxy, Field & Stream, and Dick's Team Sports HQ. Dick’s Team Sports HQ is targeted at youth sports and provides league management services free of charge including scorekeeping, scheduling, and custom uniform designs.Competition is intense in the retail business, especially in the brick-and-mortar sporting goods retail business. In 2017, for example, Gander Mountain filed for bankruptcy and closed most of their st ores. Dick’s is counting on its 1) updated website, 2) store-in-a-store concept, 3) talented salespeople, 4) in-store demonstrations, and 5) a wide range of products at different price points. However, brick-and-mortar retailers are struggling, so Dick’s f aces a precarious future and needs a clear strategic plan.Vision Statement AnalysisEffective vision statements exhibit five characteristics that can be used as guidelines for writing or evaluating vision statements. Any vision statement that scores a 5 out of 5 on these characteristics is exemplary. In Chapter 2, this vision statement assessment technique is referredto as “The 5 out of 5 Test.”1.Clear: reveals type of industry and what firm strives to become2.Futuristic: reveals what the firm strives to become or accomplish within 5 years3.Concise: one sentence in length4.Unique: reveals the firm’s competitive advantage5.Inspiring: motivates readers to support the firmDick’s does not have a formal vision statement, but the company strives to serve customers in a manner that they will recognize Dick’s as the number-one sports and fitness retailer that serves a wide array of athletes and outdoor enthusiasts. Thus, a proposed vision statement that meets the 5 by 5 test could read something like this:“We strive to remain the number-one sports and fitness retailer, serving a wide array of athletes and outdoor enthusiasts, today and tomorrow.”Mission Statement AnalysisThe 10 desired characteristics of an effective mission statement are as follows:1. Broad in scope; does not include monetary amounts, numbers, percentages, ratios, or objectives2. Concise; fewer than one hundred words in length3. Inspiring4. Identifies the utility of a firm’s products5. Reveals that the firm is socially responsible6. Reveals that the firm is environmentally responsible7. Includes nine components: customers, products or services, markets, technology, concern forsurvival/growth/profits, philosophy, distinctive competence, concern for public image,concern for employees8. Reconciliatory; resolves divergent views among stakeholders9. Enduring but never cast in stone10. Attracts customers; is written from a customer perspectiveThe 9 desired components of an effective mission statement are as follows:1. Customers—Who are the firm’s present and potential customers?2. Products or services—What are the firm’s major products or services?3. Markets—Geographically, where does the firm compete?4. Technology—Is the firm technologically current?5. Concern for survival, growth, and profitability—Is the firm committed to growth and financialsoundness?6. Philosophy—What are the basic beliefs, values, aspirations, and ethical priorities of the firm?7. Distinctive competence—What is the firm’s major competiti ve advantage?8. Concern for public image—Is the firm responsive to social, community, and environmentalconcerns?9. C oncern for employees—Are employees a valuable asset of the firm?As indicated in the case, Dick’s provides the following mission stateme nt on the corporate website (paraphrased), and the authors critique it as shown with the numbers in parentheses: “We strive to be the #1 sports and fitness specialty omnichannel retailer (2) that serves and inspires athletes and outdoor enthusiasts (1) to achieve their personal best. Basically Dick’s is on a mission to exceed the expectations of athletes and outdoorsmen around the world by providing quality name brand products, an excellent selection, fair prices and a knowledgeable and helpful staff of em ployees (7, 9).”As indicated in the critique, the existing mission statement lacks components # 3, 4, 5, 6, and 8. The statement, however, can be tweaked to include the nine components and the ten characteristics, in less than 100 words, as follows:“W e strive to be the #1 sports and fitness specialty omnichannel retailer (2) that serves and inspires athletes and outdoor enthusiasts (1) to achieve their personal best by using the latest technologically advanced sportswear (4). Dick’s is on a mission to exceed the expectations of customers around the world (3) by providing an excellent selection, fair prices, and a knowledgeable and helpful staff of employees (7, 9). Achieving this mission with the highestintegrity (6, 8) assur es financial soundness and excellent returns for our shareholders (5).” (76 words)External Factor Evaluation (EFE) MatrixCompetitive Profile MatrixFinancial Ratio AnalysisInternal Factor Evaluation (IFE) MatrixStrength-Weakness-Opportunity-Threat (SWOT) MatrixSO Strategies1.Devote an additional 20% of new store space to store branded merchandise (S1, O1).2.Hire 1 additional area expert per store in the department of most demand (S2, O8).3.Invest in a national advertising program to promote Dick’s as the go-to place for sportingequipment (S2, S5, S7, O2, O3, O4, O7, O8).4.Add an additional 50 Field & Stream stores inside Dick’s stores in the South (S7, O7,O8).WO Strategies1.Build an additional 30 stores in the western region of the USA (W1, W4, O2, O3, O8).2.Devote an additional 20% of new store space to store branded merchandise (W2, W6,O1).3.Continue with plans for store expansion, adding an additional 20 stores in the Midwesternregion of the USA (W4, O2, O3, O8).4.Add 2 stores in Canada and 2 in Mexico (W8, O10).ST Strategies1.Invest an additional $100 million on ecommerce development (S1, S4, T1, T2, T3, T9).2.Build an additional 30 stores in the western region of the USA (S1, S3, S6, T5, T7, T8).3.Sponsor 1 extra MLS team in 2020 (S8, T4, T6).4.Invest $250 million in a national advertising program tailored at promoting Dick’s as thego-to place for sporting goods advice (S1, S2, S6, T1, T2, T3).WT Strategies1.Build an additional 30 stores in the western region of the USA (W1, W4, T1, T4, T6, T7).2.Develop a formal vision and mission statement that provides direction moving forward(W3, T4, T6, T9).3.Add 2 stores in Canada and 2 in Mexico (W8, T8).4.Invest $150 million in the creation of private label brands (W2, W6, T1, T2, T3). Strategic Position and Action Evaluation (SPACE) AnalysisBoston Consulting Group (BCG) Matrix Analysis1.Hardlines2.Apparel3.FootwearFor the BCG analysis, Dick’s is considered the market leader for all 3 segments.Internal-External (IE) Matrix Analysis1.Hardlines2.Apparel3.FootwearGrand Strategy Matrix AnalysisQuantitative Strategic Planning Matrix (QSPM) Analysis Strategy 1: Invest $100 million on ecommerce development.Strategy 2: Build 50 new stores across the western and Midwestern USA.Recommendations with Associated Costs1.Hire 1 additional area expert per store in the department of most demand for 1000 storesx $40,000 = $40 million.2.Invest in a national advertising program to promote Dick’s as the go-to place for sportingequipment for $100 million.3.Build an additional 30 stores in the western region of the USA for $60 million.4.Continue with plans for store expansion, adding an additional 20 stores in the Midwesternregion of the USA for $40 million.5.Add 2 stores in Canada and 2 in Mexico for $8 million.6.Invest an additional $100 million in ecommerce development.7.Invest $150 million in the creation of private label brands.Total Cost = Rounded to $500 million.Organizational Chart AnalysisChapter 7 presents 15 guidelines for developing an effective organizational chart, as follows:1.Instead of chairman of the board, make it chairperson of the board.2.Make sure the board of directors reveals diversity in race, ethnicity, gender, and age.3.Make sure the chair of the board is not also the CEO or president of the company.4.Make sure the CEO of the firm does not also carry the title president.5.Reserve the title president for the division heads of the firm.6.Include a COO if divisions are large or geographically dispersed.7.Make sure only presidents of divisions report to the COO.8.Make sure functional executives such as CFO, CIO, CMO, CSO, R&D, CLO, CTO, andHRM report to the CEO, not the COO.9.Make sure every executive has one boss, so lines in the chart should be drawn accordingly,assuring unity of command.10.Make sure span of control is reasonable, probably no more than 10 persons reporting to anyother person.11.Make sure diversity in race, ethnicity, gender, and age is well represented among corporateexecutives.12.Avoid a functional type structure for all but the smallest firms.13.Decentralize, using some form of divisional structure, whenever possible.e an SBU type structure for large firms with more than 10 divisions.15.Make sure executive titles match product names as best possible in division-by-product andSBU-designated firms.Exhibit 1 - Dick’s Top Executives and Organizational Structure1.Ed Stack, CEO, Chairman of the Boarduren Hobart, President Dick’s Sporting Goods3.Lee Belitsky, EVP—CFO4.Paul Gaffney, EVP—Chief Technology Officer5.Holly Tyson, SVP—Chief Human Resources Officer6.Nina Barjesteh, SVP—Product Development7.Dave Barnes, SVP—Real Estate8.Donald Germano, SVP—Operations9.George Giacobble, SVP—Supply Chain10.Navdeep Gupta, SVP—Finance and Chief Accounting Officer11.John Hayes III, SVP—General Counsel and Secretary12.Scott Hudler, SVP—Chief Marketing Officer13.Joseph Oliver, SVP—Organizational Productivity14.Daniel Ostrowski, SVP—Store Environment15.Kurt Schnieders, SVP—IT and CIO16.Will Swisher, SVP—Merchandise Planning and Allocation17.Liz Haesler, SVP—GMM – Softlines18.Wendy Fritz, SVP—GMM – Hardlines19.Ed Plummer, SVP—Dick’s Team Sports HQ12 3 4 5 6 7 8 9 10 11 12 13 14 15 1617 18 19Author Suggestions to Improve the Organizational Chart Presented in the Case Dick Stack’s (founder) son, Ed Stack has served as chairman and chief executive officer of Dick’s Sporting Goods since 1984, having started with the company full-time in 1977. Based on executive titles, it appears that Dick’s operates from a divisio nal-by-product type structure composed of three segments: softlines, hardlines, and team sports. Hardlines are basically anything except footwear and apparel.Suggestions from the authors include the following:1.Switch to a divisional-by-region type organizational structure and correspondingly beginreporting in this manner in the Form 10K. Continue reporting by softlines, hardlines, andteam sports too in order to facilitate efficiency, but executive titles should be based onregion.2.For #17, #18, and #19, make these persons President of Northeast USA, Southeast USA,Western USA, with each having responsibility over softlines, hardlines, and team sports.There is need to monitor and maximize each store as a separate profit center, headed by a store manager.3.Ed Stack should be either CEO or Chair of the Board, not both, so appoint a replacementfor the position he relinquishes. We suggest that he be Chair of the Board and let #2(Lauren Hobart) be CEO of the company.4.Change Chairman to Chair or Chairperson.5.Change #8 position to be a Chief Operations Officer (COO).6.The new organizational chart could look very similar to the old chart with just the newtitles reflected in the positions.Perceptual Map AnalysisCorporate Valuation Analysis (in thousands)EPS/EBIT Analysis (in thousands)Projected Financial Statements (in thousands)1.$75 million invested in PP&E in 2020 and 2021, none in 2022.2.$250 million added to long-term debt in 2020 and 2021, none in 2022.Retained Earnings Table (in thousands)Dividends kept constant at $73 million per year.Projected Financial Ratio AnalysisEpilogueOn August 29, 2018, when Dick’s reported quarterly earnings, the company’sstock price plunged 14 percent in pre-market trading as a slowdown in Under Armour sales reduced Dick’s revenues. Dick’s earned $1.20 a share during Q2 2018 and recorded sales of $2.18 billion, missing the $2.23 billion that was anticipated. Comparable sales fell 1.9 percent, worse than the 0.8 percent drop that was expected.97Copyright © 2020 Pearson Education, Inc.。

解决方案英文

解决方案英文SolutionIn order to address the issue at hand effectively, the following solution is proposed:1. Education and awareness campaigns: Launching a comprehensive education and awareness campaign about the importance of waste management and its impact on the environment is crucial. This can be done through various means, such as workshops, seminars, and public service announcements. The campaign should focus on educating individuals about the different types of waste, their proper disposal methods, and the potential consequences of improper waste management.2. Infrastructure improvement: Upgrading and expanding the waste management infrastructure is essential. This includes increasing the number and accessibility of waste collection points, ensuring their proper maintenance, and enhancing the transportation and disposal systems. Additionally, establishing recycling centers and composting facilities should be a priority to encourage the separation and reutilization of waste materials.3. Legislation and enforcement: Strengthening waste management regulations and implementing strict enforcement measures are necessary to ensure compliance. This includes imposing fines and penalties for illegal dumping and improper waste disposal. Moreover, introducing incentives and tax breaks for businesses and individuals who adopt more sustainable waste management practices can help promote responsible and eco-friendly behavior.4. Community engagement: Engaging the community in waste management initiatives is vital for long-term sustainable solutions. Encouraging active participation through programs like community clean-ups and waste reduction campaigns fosters a sense of responsibility and ownership. Additionally, involving local schools and organizations in waste management projects can educate younger generations on the importance of waste reduction and recycling.5. Collaboration with stakeholders: Establishing partnerships and collaborations with various stakeholders is essential for the success of waste management efforts. This includes working closely with local government agencies, waste management companies, NGOs, and community leaders. By involving all relevant parties, a coordinated and comprehensive approach can be developed to address the waste management issue more effectively.6. Research and innovation: Investing in research and innovation can help identify and develop new waste management technologies and practices. This includes exploring advanced recycling methods, waste-to-energy technologies, and eco-friendly packaging alternatives. Additionally, conducting studies on the social and economic impacts of waste management can provide valuable insights for better policy-making.7. Continuous monitoring and evaluation: Implementing a system for monitoring and evaluating waste management efforts is crucial to assess the effectiveness and identify areas for improvement. Regular reporting, data collection, and analysis are necessary totrack progress, pinpoint challenges, and make informed decisions. Implementing these solutions requires a coordinated effort from various stakeholders, sustained commitment, and financial support. However, with the right approach and dedication, it is possible to significantly improve waste management practices and mitigate the negative impacts on the environment.。

Clean Energy Solutions

Clean Energy SolutionsClean energy solutions have become a pressing issue in today's world, as the negative impacts of traditional energy sources on the environment and human health have become increasingly apparent. The need for alternative, sustainable energy sources has never been more urgent. In this response, we will explore the importance of clean energy solutions from multiple perspectives, including environmental, economic, and social aspects. From an environmental perspective, the significance of clean energy solutions cannot be overstated. The burning of fossil fuels for energy production releases harmful pollutants into the air, leading to air and water pollution, as well as contributing to climate change. The use of renewable energy sources such as solar, wind, and hydroelectric power can significantly reduce these negative impacts by producing energy without emitting greenhouse gases or other pollutants. By embracing clean energy solutions, we can help mitigate the effects of climate change, protect ecosystems, and safeguard the health of both humans and wildlife. Moreover, clean energy solutions also offer significant economic benefits. The renewable energy sector has seen substantial growth in recent years, creating numerous job opportunities and driving economic development. Investing in clean energy technologies can stimulate innovation and entrepreneurship, leading to the creation of new industries and markets. Additionally, transitioning to clean energy can reduce dependence on imported fossil fuels, thereby enhancing energy security and reducing the vulnerability of economies to volatile global energy markets. By embracing clean energy solutions, countries can foster sustainable economic growth and enhance their competitiveness in the global market. From a social perspective, clean energy solutions have the potential to bring about positive changes in communities around the world. Access to clean and affordable energy is essential for improving living standards, particularly in developing regions. By deploying renewable energy technologies, communities can gain access to reliable electricity, which is crucial for powering homes, schools, and healthcare facilities. Furthermore, clean energy solutions can help address energy poverty by providing off-grid solutions to remote and underserved areas, empowering communities and improving their quality of life. Additionally, the deployment of clean energy projects can lead to communityengagement and participation, fostering a sense of ownership and pride among local residents. Despite the numerous benefits of clean energy solutions, there are challenges that need to be addressed in order to accelerate their adoption. One of the primary obstacles is the upfront cost of deploying clean energy technologies. While the long-term operational costs of renewable energy systems are often lower than those of traditional energy sources, the initial investment required for infrastructure and technology can be a barrier for many governments and businesses. In order to overcome this challenge, it is crucial to implement supportivepolicies and financial incentives that encourage investment in clean energy. Governments can play a key role in providing subsidies, tax credits, and other forms of financial support to make clean energy more accessible and affordable. Another challenge is the intermittency of certain renewable energy sources, suchas solar and wind power. Unlike traditional power plants, which can generate electricity around the clock, renewable energy sources are dependent on weather conditions and natural fluctuations. This intermittency can pose challenges forgrid stability and reliability. To address this issue, it is essential to investin energy storage technologies and grid modernization efforts that can help integrate renewable energy into existing power systems. By improving gridflexibility and resilience, we can ensure a smooth transition to a clean energy future. In conclusion, clean energy solutions are crucial for addressing the environmental, economic, and social challenges of our time. By embracing renewable energy sources and investing in clean energy technologies, we can mitigate climate change, create new economic opportunities, and improve the quality of life for communities around the world. While there are challenges that need to be overcome, the benefits of clean energy solutions far outweigh the costs. It is imperativefor governments, businesses, and individuals to work together in accelerating the transition to a sustainable energy future. By doing so, we can create a cleaner, healthier, and more prosperous world for future generations.。

绩效考核表(中英文)

Performance Management Form绩效管理表式Values / 标准•Seek solutions, not problems / 找解决问题的方法。

而不是找茬•Keep it simple / 尽量简单•Take ownership / 要有主人翁态度•Think new - act fast / 思维创新–马上行动This form is to be used for the performance review and personal development exercise. It is highly recommended that employee could conduct a self-appraisal of his/her performance against the performance objectives in advance. The form needs to be completed & agreed by the line manager and employee during an open discussion.此表格用作雇员绩效评估和个人发展讨论，建议在评估和讨论之前，雇员可根据考核目标先行自我评估。

此表格需要主管经理和雇员面对面讨论后达成一致共识后来完成填写。

PART I: Performance Review / 第一部分：绩效评估PART II: Personal Training and Development第二部分：培训和发展Appraisee’s signature Date 被考核人签字：日期：Appraiser’s signature Date 考核人签字：日期：Manager’s signature: Date 主观经理签字：日期：。

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Solutions for Chapter 17Payout Policy1. a. May 7: Declaration dateJune 6: Last with-dividend dateJune 7: Ex-dividend dateJune 11: Record dateJuly 2: Payment dateb.The stock price will fall on the ex-dividend date, June 7. The price falls onthis day because, as the stock goes ex-dividend, the shareholders are no longerentitled to receive the dividend.c.The annual dividend is: $0.075 ⨯ 4 = $0.30The dividend yield is: $0.30/$27 = 0.0111 = 1.11%d.The percentage payout rate was: $0.30/$1.90 = 0.1579 = 15.79%e. A 10 percent stock dividend is equivalent to a 1.10 for 1 stock split. The numberof shares outstanding increases by 10%, while the firm’s assets are unchanged.The stock dividend therefore will reduce the stock price to: $27/1.10 = $24.552. a. The stock price will fall to: $80 ⨯ 4/5 = $64b.The stock price will fall by a factor of 1.25 to: $80/1.25 = $64c. A share repurchase will have no effect on price per share.3. a. True.b.False. Investors realize the special dividends pro bably won’t be repeated.c.True. The effective rate can be less than the stated rate because the realization ofgains can be deferred, which reduces the present value of the tax obligation.d.False. Firms have long-run target payout ratios. The payout may vary from year toyear.e. True.f. False. The repurchase program announcement may signal managers have nogood use for the funds.4. Your dividend income will increase from $1,500 to $3,000. If you view the dividendas excessive, you can invest the extra $1,500 in the firm. When the stock goes ex-dividend, the share price will fall by $1.50 instead of $.75, but you will increase thenumber of shares you hold, and thereby offset the impact of the higher payout policy. 5. Mr. Donoso shou ld cut this year’s dividend as forecasted earnings are expected to declinesuch the dividend payout is greater than target. Given a target payout ratio of 50% and earnings are expected to remain at the current level of $5.00 per share, the firm should increase dividends from $2.20 to $2.50 ($5.00 x 0.50). However, if future earnings are forecasted at only $4.00 per share, the dividend should be cut to $2.00. If expectedearnings are $3.00 per share, dividends should again be cut to ($3.00 x 0.50 = $1.50). If earnings are expected to average $7.00 per share, dividends should be gradually increased to $3.50.6. Dividend increases are typically good news for investors as they signal manager’sconfidence in the future cash flow from operations of the firm. A dividend cut conveys a lack of confidence on the part of managers and is therefore typically bad news forinvestors.7. If dividends are taxes more heavily than capital gains the firms should not pay generouscash dividends.8. The manager cannot be correct. If all shareholders have the right to buy additional sharesat the deep discount, then none of them individually can benefit. As the additional shares are sold at below-market prices, the share price will gradually fall, precisely offsetting the value of the discount. This is analogous to the firm issuing rights to existing shareholders to buy additional shares at a discount. The value of the right is offset by the fall in the share price. The firm cannot create value by selling discounted shares.One benefit of the program that the manager does not mention is that, if the DRIPelicits a significant cash inflow, then the firm may not need to issue equity in the future, thereby saving the costs of a future equity issue.9. a. P = $1,000,000/20,000 = $50b. The price tomorrow will be $0.50 per share lower, or $49.50.10. a. After the repurchase, the market value of equity falls to $990,000, and the numberof shares outstanding falls by: $10,000/$50 = 200 sharesThere are 19,800 shares outstanding, so price per share is: $990,000/19,800 = $50Price per share is unchanged. An investor who starts with 100 shares and sellsone share to the company ends up with $4,950 in stock and $50 in cash, for a totalof $5,000.b. If the firm pays a dividend, the investor would have 100 shares worth $49.50 eachand $50 cash, for a total of $5,000. This is identical to the investor's position afterthe stock repurchase.11. A one percent stock dividend has no cash implications. The total market value ofequity remains $1,000,000, and shares outstanding increase to: 20,000 ⨯ 1.01 =20,200Price per share falls to: $1,000,000/20,200 = $49.50The investor will end up with 101 shares worth: 101 ⨯ $49.50 = $5,000The value of the position is the same as under the cash dividend or repurchase, but the allocation between shares and cash differs.12. Compare a $10 dividend to a share repurchase. After the first $10 cash dividend ispaid (at the end of the year), the shareholders can look forward to a perpetuity offurther $10 dividends. The share price in one year (just after the firm goes ex-dividend) will be $100, and the investors will have just received a $10 cash dividend.If instead the firm does a share repurchase in year 1 (just before the stock would have gone ex-dividend), the share price will be $110 (representing the value of a perpetuity due, with the first payment to be received immediately). For $10 million, the firmcould repurchase 90,909 shares. After the repurchase, the total value of outstandingshares will be $100 million, exactly the same as if the firm had paid out the $10 million in a cash dividend. With only 909,091 shares now outstanding, each share will sell for: $100 million/909,091 shares = $110Thus, instead of receiving a $10 dividend, shareholders see the value of each shareincrease by $10. In the absence of taxes, shareholders are indifferent between thetwo outcomes.13. The announcement of an increase in Growler Corporation’s regular dividend wouldhave the greatest impact on stock price. Dividend increases are typically good news for investors as they signal manager’s confidence in the future cash flow from operations of the firm. A share repurchase will have no effect on price per share and investors realize that these pro grams and special dividends probably won’t be repeated.14. a. 1,000 ⨯ 1.25 = 1,250 sharesPrice per share will fall to: $100/1.25 = $80Initial value of equity is: 1,000 ⨯ $100 = $100,000The value of the equity position remains at: 1,250 ⨯ $80 = $100,000b. A 5-for-4 split will have precisely the same effect on price per share, sharesheld, and the value of your equity position as the 25% stock dividend. In bothcases, the number of shares held increases by 25%.15. If Arborio Farms paid cash dividends at 1/3 of earnings each the dividend per sharewould vary significantly over the next six years.2008 2009 2010 2011 2012 2013 2014 Earnings $3.60 $3.30 $3.60 $4.00 $4.68 $4.00 $4.05 TargetPayout 0.33333 0.33333 0.33333 0.33333 0.33333 0.33333 0.33333 Dividend $1.20 $1.10 $1.20 $1.33 $1.56 $1.33 $1.35 The average earnings over the next six years are $3.94 per share suggesting a cashdividend of $1.31. However, earnings are forecasted to decline next year. Arboriomaintain the current dividend next year and gradually increase its dividend to $1.31per share.16. a. After the dividend is paid, total market value of the firm will be $90,000,representing $45 per share. In addition, the investor will receive $5 per share.So the value of the share today is $50.b.If the dividend is taxed at 30 percent, then the investor will receive an after-taxcash flow of: $5 ⨯ (1 – 0.30 ) = $3.50The price today will be: $45 + $3.50 = $48.50This is less than the value in part (a) by the amount of taxes investors pay onthe dividend.17. a. The repurchase will have no tax implications. Because the repurchase does notcreate a tax obligation for the shareholders, the value of the firm today is the valueof the firm’s assets ($100,000) divided by 2,000 shares, or $50 per share. Thefirm will repurchase 200 shares for $10,000. After the repurchase, the stock willsell at a price of: $90,000/1800 = $50 per shareThe price is the same as before the repurchase.b.An investor who owns 200 shares and sells 20 shares to the firm will receive:20 ⨯ $50 = $1,000 in cashThis investor will be left with 180 shares worth $9,000, so the total value of theinvestor’s position is $10,000. In the absence of taxes, this is precisely the cashand share value that would result if the firm paid a $5 per share cash dividend. Ifthe firm had paid the dividend, the investor would have received a cash paymentof: 200 ⨯ $5 = $1,000Each of the 200 shares would be worth $45, as we found in Problem 14.a.c.We compute the value of the shares once the firm announces its intention to repurchase shares or to pay a dividend.If the firm repurchases shares, then today’s share price is $50, and the value of the firm is: $50 ⨯ 2000 = $100,000If instead the firm pays a dividend, then the with-dividend stock price is $48.50 (see Problem 14.b) so the value of the firm is only $97,000. This is $3,000 less than the value that would result if the firm repurchased shares. The $3,000 difference represents the taxes on the $10,000 in dividends ($5 ⨯ 2000 shares).18. a. Price = PV(after-tax dividend plus final share price)45.19$10.120$)]30.01(2[$=+-⨯= b. Before tax rate of return %11.131311.045.19$)45.19$20($2$ice Pr gain Capital Dividend ==-+=+= c. Price = PV(after-tax dividend plus final share price) = 09.20$10.120$)]30.01(3[$=+-⨯ d. Before-tax rate of return %48.141448.009.20$)09.20$20($3$ice Pr gain Capital Dividend ==-+=+=The before-tax return is higher because the larger dividend creates a greater tax burden. The before-tax return must increase in order to provide the same after-tax return of 10%.19. a.The pension fund pays no taxes. The corporation pays taxes equal to 35 percent of capital gains income and: 35% ⨯ (1 – 0.70) = 10.5% of dividend income.The individual pays 15% taxes on dividends and 10% taxes on capital gains.Therefore, the after-tax rate of return for each investor equals:price rate) gains capital (1gains capital tax)dividend (1dividend -⨯+-⨯We can use this formula to construct the following table of after-tax returns:Investor Stock Pension Corporation Individual A 10.00% 6.500% 9.00% B 10.00% 7.725% 8.75% C 10.00% 8.950% 8.50% b.The after-tax proceeds equal: [dividend ⨯ (1 – 0.5)] + [capital gain ⨯ (1 – 0.2)] If these proceeds are to provide an 8% after-tax return, then: 0.08 ⨯ P 0 = (dividend ⨯ 0.5) + (capital gain ⨯ 0.8)08.0)8.0gain capital ()5.0dividend (P 0⨯+⨯=Using this formula for each stock, we find: Stock A: 100$08.0)8.010($)5.00($P 0=⨯+⨯= Stock B: 25.81$08.0)8.05($)5.05($P 0=⨯+⨯= Stock C: 50.62$08.0)8.00($)5.010($P 0=⨯+⨯= Notice that a larger proportion of before-tax returns paid in the form ofdividends results in a lower stock price.20. The increase in stock prices reflects the positive information contained in thedividend increase. The stock price increase can be interpreted as a reflection of a new assessment of the firm’s prospects, not as a reflection of investors’ preferences for high dividend payout ratios.21. a. The risk in the firm is determined by the variability in cash flows, not payout policy.Managers can stabilize dividends and cannot control stock prices so dividends are stable and capital gains less predictable. However, the risks of the firm are unchanged by its payout policy. As long as investment policy and borrowing are held constant, a firm’s overall cash flows are the same regardless of payouts as dividends orrepurchases.b. The causation in this statement is reversed - safer companies pay more generous dividends because their forecasted cash flows are more predictable. Again, the risks of the firm are unchanged by its payout policy. A firm cannot change the outcomes of its investment policy by changing its payout policy.22. Prowler should reduce its equity through share a special dividend or share repurchase.First, as a capital gain, the tax effect to shareholders is lower. Capital gains have a tax advantage for investors as the investor pays no tax until he or she actually sells shares. The longer he or she waits before the sale, the lower the present value of the tax.Second, since there is no change to operations or investment policy of the firm there is no expected change in cash flow. Without an expected increase in cash flowmanagement has no incentive to increase the regular dividend.23. a. If the firm pays a dividend, the stock price will fall to $19 per share. If the firmrepurchases stock, the market value of equity will fall to $19,000 and thenumber of shares will fall by: $1,000/$20 = 50 sharesThe stock price will remain at: $19,000/950 = $20 per shareb. If the firm pays a dividend, earnings per share will be: $2,000/1,000 = $2If the firm repurchases stock, then: EPS = $2,000/950 = $2.105c. If the dividend is paid, the price-earnings ratio will be: $19/$2 = 9.50If the stock is repurchased, the price-earnings ratio will be: $20/$2.105 = 9.50The price-earnings ratio is the same whether the dividend is paid or the stock isrepurchased.d. We have just shown that dividends per se do not have an effect on the price-earnings ratio. The stock sells at the same P/E multiple regardless of whetherthe firm pays a dividend or repurchases shares.The most likely reason that firms with high dividend payout ratios have highprice-earnings ratios is that both ratios are computed using current earningsrather than trend or long-run earnings. If earnings are temporarily low, the ratioof price to current earnings will be temporarily high. The ratio of dividends tocurrent earnings will also be temporarily high because firms set dividend levelsbased on long-run earnings prospects. Therefore, we observe a correlationbetween P/E ratios and payout ratios.Another reason firms with high dividend payout ratios sell at higher price-earnings multiples is that these firms tend to be in more mature industries withlower risk. If investors thus demand a lower risk premium, they will value thestock at a higher multiple of current dividends and earnings.24. a. If the entire return on the shares is in the form of dividends the investor earns 8.5%after-tax each year (10% x (1 – 15%)) regardless of the holding period.b.If all of the pre-tax return of 10% is in the form of capital gains, the annualizedafter-tax return is dependent on the holding period.c.Capital gains may be preferred to dividends even when the tax rates are equalbecause taxes on gains can be deferred. As shown in the table below, after-taxreturns rise with longer holding periods as the gain, and corresponding tax, isdeferred.PeriodTotalReturnAnnualizedReturn %AnnualizedAfter-TaxReturn %1 110.00 10.00% 8.50% 5 161.05 12.21% 10.38% 10 259.37 15.94% 13.55% 20 672.75 28.64% 24.34%Solution to Minicase for Chapter 17You will find an Excel spreadsheet solution for this minicase at the Online Learning Center (/bmm6e).The statement of cash flows indicates that, in spite of substantial capital expenditures in 2008 ($2.063 billion), Penn Schumann’s cash balance increased by $1.510 billion in 2008. This increase in cash led to substantial increases in liquidity ratios and decreases in leverage, as shown in the Excel spreadsheet. Dividend payout fell from 42% of net income in 2007 to 35% in 2008 despite a $328 million increase in dividends. If the entire $1.510 billion increase in cash had been instead paid out as dividends, then liquidity would still have increased and leverage would still have decreased (as shown in the spreadsheet), although the changes would of course have been less substantial. The dividend payout ratio would have increased to over 66%.Ms. Rodriquez is probably correct when she states: “I don’t think we should commit to paying out high dividends, but perhaps we could use some of our cash to repurchase stock.” A payout ratio of 66.5% is likely too high to be maintained in the future, but a share repurchase might send a positive signal to the markets without creating the expectation of continued high dividend payout. Should other opportunities arise in the future (i.e., a drug for treatment of liver diseases or an acquisition in the biotech field), Penn Schumann would have the option to retain a larger portion of income without reducing the payout ratio. In addition, since debt ratios would improve even with a share repurchase (as shown in the spreadsheet), Penn Schumann may also have additional borrowing capacity to finance such ventures. A payout in the form of a share repurchase would also serve to alleviate the impression that “we fritter away cash on easy living.”。