The present paper considers a retiree of a certain age with an initial endowment of investable wealth facing the following alternative investment opportunities. One possibility is to buy a single premium immediate annuity-contract. This insurance contract pays a life-long constant pension payment of a certain amount, depending e.g. on the age of the retiree, the operating cost of the insurance ...

Investment in inventory absorbs a large portion of the working capital of a company and often it represents a large portion of the total assets of a business. By improving return on investment by increasing the rate of inventory turnover, management often wants to ensure economic efficiency. Effective inventory management enables a firm to provide lower costs, rapid response and flexibility for...

The semiconductor industry has gone through significant changes in the last decade. Competition has increased dramatically. Customers focus on product quality, product delivery time and cost of product. Because of these, a company should introduce a quality system to improve and increase both quality and productivity continuously. Total productive maintenance (TPM) is a methodology that aims to...

UML has become the de-facto standard for graphical modelling of software. One source of resistance to model-based development in software organizations is the perception that the use of UML is not cost-effective. It is important to study what costs and benefits are experienced in industrial use, and in what context. In this paper we pay special attention to the maintenance phase, because mainte...

Corporate finance textbooks (e.g., Webster 2003, Chapter 12) recommend that a company invest in a project if and only if the project’s internal rate of return exceeds the cost of capital. If companies operated this way, their investment decisions would be independent across projects within the company, conditional on the projects’ cash flows being independent. In practice, such conditional inde...

We introduce a new class of bankruptcy problems in which the value of the estate is endogenous and depends on agents’ investment decisions. There are two investment alternatives: investing in a company (risky asset) and depositing money into a savings account (risk-free asset). Bankruptcy is possible only for the risky asset. We define a game between agents each of which aims to maximize his ex...

This paper focuses on the determinants of aggregate investment spending in the UK for the industrial and commercial company (ICC) sector. It complements recent work by Cuthbertson and Gasparro (1995), who study an augmented Tobin’s q model of investment in the manufacturing sector. Important focal points of our analysis are a role for real profits (internal funds), which allow firms to combat l...

This paper reassesses the burden of the current U.S. international tax regime and reconsiders well-known welfare benchmarks used to guide international tax reform. Reinventing corporate tax policy requires that international considerations be placed front and center in the debate on how to tax corporate income. A simple framework for assessing current rules suggests a U.S. tax burden on foreign...

network marketing phenomenon in which mendacious mediators are eliminated, basically is a useful matter. but the companies so-called pyramidal schemes misuse this title. in this companies there isn’t any production, consumable goods and useful work and they just constitute the pyramids in which the money belongs to persons in lower level go into the pocket of company and few people who are in t...