Internal equity

Another characteristic of international equity markets, especially for chemical companies, is that valuations on US markets are high in by comparison with those on European markets (Fig. 31.3). US enterprise valuations are at least 1.7... 

As an example of the extrapolation faUacy, consider portfolio performance over the last two decades. If one constructed an efficient portfoUo in 1990 bas on the 1980s history, laige allocations would have been made to international equities. This is primarily due to the fact that lapanese stocks produced the best returns in the woild up to 1989. Yet in the 1990s, Japanese equities feU by more than 50% from their 1989 peak, and the best asset allocation would have been to U.S. equities. Using the 1980s history to construct MV portfoUos would have produced dismal portfoUo returns (Table 3). 

For example, consider a simple portfolio of U.S. equities and bonds. Normally managers with the best forecasts wiU achieve better performance than other managers investing in the same assets. But another manager, who may not forecast U.S. equity and bond returns extremely well, can outperform by allocating funds to assets such as international equities and bonds. These assets possess different returns, risks, and correlations with each other and U.S. assets. Their inclusion shifts the efficient frontier upward beyond that resulting when only U.S. stocks and bonds are considered. 

Longin F, Solnik B (2001) Extreme correlation of international equity markets. J Finance... 

Co-payment is an instrument that should not be used on its own. Neither efficiency in drag use nor equity nor the control of pharmaceutical expenditure can rest solely on co-payment. Its effectiveness is reinforced when it is combined with other instruments and incentives. In fact, all European countries combine, in different doses and proportions, multiple instruments that influence the behaviour of the industry, prescribes and patients. It is sufficient to recall that pharmaceutical expenditure is the product of price by quantity, and to consider the enormous international variability of drag prices,35 in order to understand the limitations of co-payment regulation in comparison with other policies that influence prices. Policies aimed at price control can be as effective as co-payment - or more so - for purposes of cost containment. 

In Honduras an energy-efficient power plant used all the wastes of a large lumber mill. It sold power to the grid, produced an internal rate of return on equity investment of 75%, and paid back the initial investment in about three years. 

Capital market inefficiencies exacerbate the problems caused by adverse selection. Because corporate income is doubly taxed, earnings are retained during good times rather than dispersed to shareholders. When the supply of insurance is tight and profits are high, external capital does not enter the industry in optimal amounts because, once it is in the corporate sector, capital is not easily transferred back to individuals without dividend taxation. Also, external and internal capital are not perfect substitutes because of the asymmetry of information. If investors believe the best financial opportunities are reserved for insiders, any attempt to raise public equity is a signal that few profits are available. 

Henderson, E., Mandelbaum, R., Mendieta, O.and Sligh, M. 2003. Towards Social Justice and Economic Equity in the Food System-A Call for Social Stewardship Standards in Sustainable and Organic Agriculture. Rural Advancement Foundation International, Pittsboro. 

Here we propose the additional concepts under which analysts can formally substantiate and record their traceability link. A chain of such links should lead from the value of a quantity in a sample or reference material (RM) up to the value of a relevant unit in the International System of Units (SI) [5] or - where this is not possible - up to internationally agreed measurement scales. A protocol records specific details of scientifically reliable measurement procedures for the benefit of equity in trade and commerce, as well as for legal interpretations of scientific realities. Some ideas in this article go beyond established international understandings these are presented for debate and possible refinement. 

To determine the required selling price of hydrogen, a cash flow analysis was performed using an after-tax internal rate of return (IRR) of 15%. Other major assumptions used in the analysis were equity financing for a 20 year plant life including two years of construction time, a 90% on-stream factor with 50% plant capacity in first year of production, 30% of capital investment is spent in the first year and 70% in the second year, a tax rate of 37%, and ten year straight-line depreciation. 

Leading large specialty chemical companies wiU be those which put in place a lean, investor-type corporate center and act on levers similar to those used by the leveraged buyout fund managers or private equity players such as KKR, Cinven or Investcorp. We could compare this to a multi-internal LBO approach across businesses. Key levers are ... 

International Institute for Labour Studies Established in 1960, the ILO International Institute for Labour Studies in Geneva promotes a wider study and public discussion of policy issues of concern to the ILO and its constituents, through systematic interaction between the Organization and the international academic community, and other policymakers. The central theme of its activities is the interaction between labor institutions, economic growth, and equity. The Institute s means of action include research networks, social policy forums, courses and seminars, visiting scholar and internship programs, and publications. 

G. L. Copley and H. I. Ahmed, (/..S. Chemicals. The End of the Good Old Days, Bernstein Equity Research Analysis presented at the International Petrochemical Conference of the National Petroleum Refiners Association, San Antonio, March 25, 2002. 

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