This paper seeks to draw attention to a flaw in the firm’s Free Cash Flow model and related statement widely accepted in Corporate Finance. We argue that the common offset of any Current Liabilities against Current Assets distorts the FCF size, composition, and volatility, thereby misstating...

American modelling of competitive balance in professional team sports leagues is unsuited to analyse European football. It objects pro-competitive balance regulation as being non Walrasian when teams are profit maximising. Testing the model comes out with mitigated results. Such approach has...

This article contends that a new research avenue is open to comparative economics which is the economic comparison between American (closed) and European (open) professional team sports leagues. It starts with sketching the major institutional differences between the two leagues systems. Then it...

Wie wird in KMU, die eine Reform ihrer betrieblichen Partizipationsstrukturen als Antwort auf die wirtschaftliche Strukturkrise planen, waehrend einer Akutkrise mit Blick auf diese Reform und auf die betriebliche Partizipation reagiert? Der vorliegende Beitrag untersucht diese Frage anhand von...

The increasing investments in communication put in evidence the need for innovation to fulfil and improve identity, positioning (brand and products), reputation, goodwill, networking. This paper aims to analyze – following the literature on brand management and marketing communication - the...

De plus en plus d'entreprises vendent leurs murs, estimant que la propriété des bâtiments immobilise des capitaux nécessaires à leur développement.

The philosophy of globalism is neoliberalism. It has become prevalent due to the financialisation of the economy. During the twenty-five years of the so-called Fordist growth regime the interests of the real sector were served by the financial sector. This situation has changed in the last few...

To fully understand governance and authority in the large corporation, one must attend to politics. Because basic dimensions of corporate organization can affect the interests of voters, because powerful concentrated interest groups seek particular outcomes that deeply affect large corporations,...

Business corporations seek profit. That is, after subtracting cost, they maximize net revenue. Spillovers (both costs and benefits) involve trade-offs governing boards should make. Spillovers, especially when coupled with clumsy applications of discounted present value, distort a business'...

This article analyzes the manifold situations in which the efficient-market hypothesis (EMH) has influenced—or has failed to influence—federal securities regulation and state corporate law, and the prospective roles for the EMH in these contexts. In federal securities regulation, the EMH has...