Small business valuation — financial and management implications for new industry entrants

This paper examines the characteristics of purchasers of hospitality businesses and the financial implications of three differing methods of financing such purchases. It finds that whilst the 50% debt-equity combination achieved the highest rate of return, the all equity alternative provided the least cash flow difficulty. Comparing income from the investment with income forgone, the purchaser is worse off during the first year of investment. It is therefore submitted that the purchase is undertaken in the belief that the business can be improved and generate a capital return over time.     

Size and Administration Costs in the Voluntary Sector: A Note

Despite the recent major changes to regulation of the voluntary sector as a result of the Charities Acts 1992 and 1993 the independent Commission on the Future of the Voluntary Sector has now suggested further major changes in the definition and control of the sector. This paper looks at the growth of registered charities during this decade compared with the decline in the number of registered companies and examines evidence on economies of scale in the charities. Possibly charities should be encouraged to promote mergers and acquisitions as a means to greater efficiencies in charitable activity.     

International Equity and Differentiation in Global Warming Policy

ne of the major obstacles to reaching a comprehensive agreement on global warming is the setting of greenhouse gas emission reduction targets for individual countries. Long-standing tensions between industrialized and developing countries have raised the issue of equity in burden-sharing. Moreover, individual industrialized nations have pleaded special circumstances and have sought differentiation in their obligations. This paper analyzes alternative rules for distributing tradable carbon dioxide emissions permits. A non-linear programming model, which distinguishes between allocation-based and outcome-based rules, is used to analyze the relative welfare outcomes. The model is applied to the world body of nations and yields several important policy implications.     

Childcare Policy to Promote Child Wellbeing

This article reviews current evidence on the impact of childcare on child development and discusses the implications for current and future childcare policy in Australia.     

Diversification and generalized tracking errors for correlated non‐normal returns

Abstract

The probability distribution for the relative return of a portfolio constructed from a subset n of the assets from a benchmark, consisting of N assets whose returns are multivariate normal, is completely characterized by its tracking error. However, if the benchmark asset returns are not multivariate normal then higher moments of the probability distribution for the portfolio's relative return are not related to its tracking error. We discuss the convergence of generalized tracking error measures as the size of the subset of benchmark assets increases. Assuming that the joint probability distribution for the returns of the assets is symmetric under their permutations we show that increasing n makes these generalized tracking errors small (even though n « N). For n » 1 the probability distribution for the portfolio's relative return is approximately symmetric and strongly peaked about the origin. The results of this paper generalize the conclusions of Dynkin et al (Dynkin L, Hyman J and Konstantinovsky V 2002 Sufficient Diversification in Credit Portfolios (Lehman Brothers Fixed Income Research)) to more general underlying asset distributions.     

Four Examination Answers for Schools: Accounting

We Iicive selected four Yew Twelve e.˜miiin˜ition questions, from the I YO/ papers set by examiner in Queensland, Tasmania. Victoria arid Western Australia. As the solutions to a range of practicle problems haw been provided in a prevoius issue of this publication, we have chosen questions which examine the students knoweledge of accounting principles mid theoretical issues.     

Beyond the exchange--the future of B2B

Using the Internet to facilitate business-to-business commerce promises many benefits, such as dramatic cost reductions and greater access to buyers and sellers. Yet little is known about how B2B e-commerce will evolve. The authors argue that changes in the financial services industry over the past two decades provide important clues. Exchanges, they say, are not the primary source of value in information-intensive markets; value tends to accumulate among a diverse group of specialists that focus on such tasks as packaging, standard setting, arbitrage, and information management. Because scale and liquidity are vitally important to efficient trading, today's exchanges will consolidate into a relatively small set of mega-exchanges. Originators will handle the origination and aggregation of complex transactions before sending them on to mega-exchanges for execution. E-speculators, seeking to capitalize on an abundance of market information, will tend to concentrate where relatively standardized products can be transferred easily among a large group of buyers. In many markets, a handful of independent solution providers with well-known brand names and solid reputations will thrive alongside mega-exchanges. Sell-side asset exchanges will create the networks and provide the tools to allow suppliers to trade orders among themselves, sometimes after initial transactions with customers are made on the mega-exchanges. For many companies, traditional skills in such areas as product development, manufacturing, and marketing may become relatively less important, while the ability to understand and capitalize on market dynamics may become considerably more important.     

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