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  • 1
    Electronic Resource
    Electronic Resource
    The Firm's Cost of Capital, Its Effective Marginal Tax Rate, and the Value of the Government's Tax Claim (2006)
    Berkeley, Calif. : Berkeley Electronic Press (now: De Gruyter)
    Topics in economic analysis & policy 6.2006, 1, art3 
    Details
    ISSN: 1538-0653
    Source: Berkeley Electronic Press Academic Journals
    Topics: Economics
    Notes: This paper develops a theory of the firm's weighted average cost of capital (WACC) and the marginal tax rate with risky debt and potentially redundant depreciation and interest tax shields. The tax shields' risks, the firm's borrowing interest rate and its marginal tax rate are intertwined, and they must therefore be determined simultaneously. We capture these interdependencies by determining the borrowing interest rate endogenously, using the single-factor approximate arbitrage pricing theory. This research strategy: a) yields the correct discount rate for valuing the tax shields and shows how better WACC and marginal tax rate estimates can be generated, b) identifies the determinants of the firm's debt capacity in terms of asset characteristics and exogenous economic variables and c) specifies, numerically, how policy variables (corporate tax rate, tax rules, the risk-free rate) affect the market values of claims on the firm's output that are both private (debt, equity) and public (the tax claim).
    Type of Medium: Electronic Resource
    URL: http://www.bepress.com/bejeap/topics/vol6/iss1/art3
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  • 2
    Electronic Resource
    Electronic Resource
    Learning during developing and implementing new bank offerings (2005)
    Bingley : Emerald
    International journal of bank marketing 23 (2005), S. 54-72 
    Details
    ISSN: 0265-2323
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Purpose - Knowledge of the management issues for developing new bank offerings efficiently is limited. Furthermore, recent research suggests that organisational learning can contribute greatly to the success of innovation projects. The aims of this paper are to provide a detailed description of the development process of a new financial product and to identify learning actions that may contribute to its effectiveness. Design/methodology/approach - Reports findings from a qualitative, longitudinal case study of a well-known French bank. Findings - The results revealed an informal development process consisting of a sequence of issues to solve and decisions to make. Research limitations/implications - Though observations fit with the theoretical model, the findings cannot be generalized due to the use of a qualitative methodology. Thus, selecting a development project that brings variance to the scope and degree of innovativeness could enrich the observed learning mechanisms. Second, as services are very heterogeneous, further research should be done on the development processes of different new services, for example standardised versus customised. Third, mechanisms of adoption or avoidance of learning procedures remain to be explored extensively. Understanding the reasons of choice and adoption of learning strategies according to the environment and nature of the project could lead to further managerial recommendations. Practical implications - Implications for banks to encourage learning during innovation are discussed and several opportunities for further research are suggested. Originality/value - An informal development process is revealed, consisting of a sequence of issues to solve and decisions to make. Multiple learning actions and strategies are identified that enhance process effectiveness and efficiency.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/02652320510577366
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  • 3
    Electronic Resource
    Electronic Resource
    Managing the new service development process: towards a systemic model (2005)
    Bradford : Emerald
    European journal of marketing 39 (2005), S. 175-198 
    Details
    ISSN: 0309-0566
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Purpose - When compared with the field of new product development, research on new services has seen fewer developments and offers less comprehensive insights. This paper tries to fill this gap by providing empirical findings from two qualitative longitudinal case studies of new service development. Knowledge on the management issues for developing new bank offerings efficiently is limited. Furthermore, recent research suggests that organisational learning can contribute greatly to the success of innovation projects. The aims of this paper are to provide a detailed description of the development process of a new financial product and to identify learning actions that may contribute to its effectiveness. Design/methodology/approach - The paper reports findings from a qualitative, longitudinal case study of a well-known French bank, and of a retailer. The research focuses on the description of the process, the organisational issues involved and the decision making during the development process. Findings - The findings lead to the proposition of a model of new service development comprising a strong organisational learning component. Research and managerial implications are discussed for ways to better understand the new service development process and to enhance its effectiveness. The results reveal an informal development process consisting of a sequence of issues to solve and decisions to make. Multiple learning actions and strategies are identified that enhance the process's effectiveness and efficiency. Research limitations/implications - Generalisation of the proposed NSD model will require further qualitative and quantitative investigations. For the qualitative part, observations of the development of standardised offers are necessary to enrich the initial framework. Furthermore, non-standardised offers would constitute a specific research field, given the dimensions of complexity and divergence of the delivery processes. For the quantitative part, the impact of learning process on results of the development may be assessed on the basis of measurements used in similar contexts, such as the impact of learning on the success of joint ventures. Originality/value - Findings suggest that learning during innovation should be supported for banks and retailers. Several opportunities for further research are therefore suggested.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1108/03090560510572070
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  • 4
    Electronic Resource
    Electronic Resource
    Plasma proteins in human cortical bone: Enrichment ofα 2 HS-glycoprotein,α 1 acid-glycoprotein, and IgE (1982)
    Springer
    Calcified tissue international 34 (1982), S. 229-231 
    Details
    ISSN: 1432-0827
    Keywords: Plasma proteins ; IgE ; IgD ; α 1Acid-glycoprotein ; Bone
    Source: Springer Online Journal Archives 1860-2000
    Topics: Biology , Medicine , Physics
    Notes: Summary Human cortical bones were extracted with EDTA, and the residue after EDTA extraction was digested with bacterial collagenase. Ten plasma proteins were identified and quantitated in the EDTA extracts. Three of them—IgE, IgD, andα 1acid-glycoprotein—had not previously been described in bone or dentine. Five plasma proteins identified in collagenase digests are albumin, IgG, IgA, IgE, andα 1acid-glycoprotein. IgE,α 1acid-glycoprotein, andα 2HS-glycoprotein were found to be concentrated in the bone more than other plasma proteins by factors between 11 and 525. The identification of plasma proteins was facilitated by the addition of polyethylene glycol in agarose gel. The presence of plasma proteins both in EDTA extracts and in collagenase digests suggests their structural role in bone.
    Type of Medium: Electronic Resource
    URL: http://dx.doi.org/10.1007/BF02411242
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    Paper (German National Licenses)
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