Documentation The documentation required to implement an investment will normally comprise: a subscription and shareholders agreement; articles of association (the by-laws or rules setting out how the company is operated); share option schemes (allocating a pool of shares to reward employees and management team mem­ bers); assignments and licences of intellectual property (if not already entere...

OBJECTIVES This study analyzes the influence of the financial structure of pharmaceutical companies on R&D investment to create a next-generation profit source or develop relatively cost-effective drugs to maximize enterprise value. METHODS The period of the empirical analysis is from 2000 to 2012. Financial statements and comments in general and internal transactions were extracted from TS-2...

We consider an optimal investment problem when a firm such as an electric power company has the operational flexibility to expand and contract capacity with fixed cost. This problem is formulated as an impulse control problem combined with optimal stopping. Consequently, we obtain optimal investment timing, optimal capacity expansion and contraction timing, and the investment value. We also sho...

Modifying the methods of Z. Adamowicz’s paper Herbrand consistency and bounded arithmetic (Fund. Math. 171 (2002)), we show that there exists a number n such that ⋃ m Sm (the union of the bounded arithmetic theories Sm) does not prove the Herbrand consistency of the finitely axiomatizable theory Sn 3 . From the point of view of bounded arithmetic, the concept of consistency based on Herbrand’s ...

the corporate income tax rate plays a worthwhile role in developing fiscal and tax policies for companies, lawmakers and analysts. so, one of the most important issues in tax field, is to determine effective tax rates. the study and scientific calculations of the effective tax rates provide an enhanced tax justice and a careful study of tax pressure on taxpayers would be possible. the objective...

Field Editor: G. Cassar Wedocument the role of entrepreneurial founder and venture capital (VC) partner co-ethnicity in shaping investment relationships. Co-ethnicity increases the likelihood that a VC firm invests in a company. Conditional on investment, co-ethnicity strengthens the degree of involvement by raising the likelihood of VC board of director involvement and increasing the size and ...

Oil and gas exploration and production is the most important and key segment in the whole business chain of the petroleum industry. Therefore, oil companies always put much emphasis on making scientifi c and reasonable decisions about investment scale and structure in the upstream sector, so that they can minimise business risks and obtain high returns. According to the system dynamics theories...