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Indicators: Helpers or Hindrances?
Ibáñez, Raúl A.; Rosanas Martí, Josep MariaArticle ART-1790-EAccounting and Control"If you can't measure it, you can't manage it." Many companies have turned this axiom into a dogma and forsaken the principles that should underlie good management planning and control systems. Using a company case study, the authors offer insights into who should get involved and they propose a four-stage process for how to go about "selecting," "designing," "measuring, implementing and deploying" and finally, "using" a system of indicators. The...Starting at €8.20
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Dual-Class Shares: Risks and Advantages
W. Glenn Rowe; Andrew SweeneyArticle IVEY-W29979-EAccounting and ControlDual-class share structures offer stakeholders real advantages, but more firms need to follow best practices in deployment to mitigate the risk of abuse. This article highlights four different ways that Canadian firms, including Rogers and Shaw, implement dual-class share structures. It also discusses the related advantages and risks. Advantages include how dual-class shares facilitate the execution of strategy; encourage founders to publicly lis...Starting at €8.20
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Why "Fair Value" is the Rule
Ramanna, KarthikArticle HBS-R1303H-EAccounting and ControlFor the past two decades, fair value accounting--the practice of measuring assets and liabilities at estimates of their current value--has been on the ascent, marking a major departure from the centuries-old tradition of keeping books at historical cost. Why has this happened? The author, an associate professor of business administration at Harvard Business School, offers one answer: The membership of the Financial Accounting Standards Board, whi...Starting at €8.20
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Standard & Poor’s 500 Shades of Grey
Thomas WatsonArticle IVEY-9B16TC03-EAccounting and ControlAndrew Fastow, chief financial officer at Enron during one of the largest corporate frauds in U.S. history, knows how easy it is for businesses to misbehave when faced with grey-area decision-making. He sees principle-breaking everywhere today — in business deals, political fundraising, and tax avoidance. There can be a contradiction between “doing what’s right” and “doing what the rules permit.” It is important for managers to understand where j...Starting at €8.20
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Why We Should Thank Enron’s Former CFO
Gerard SeijtsArticle IVEY-9B16TC02-EAccounting and ControlToo many people fall into the trap of accepting that it is appropriate to use technicalities and loopholes to break the principles behind rules when they think they can get away with it. According to Andrew Fastow, this is a problem approaching endemic proportions as seen in business deals, political fundraising, and tax avoidance. And as the former chief financial officer of Enron, he knows what he’s talking about. In 1999, Fastow’s unique finan...Starting at €8.20
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A Cheaper Way to Do IPOs
Jones, Howard; Stucke, RudigerArticle HBS-F1311B-EAccounting and ControlInitial public offerings are expensive, and many owners turn to M&A instead. But a little-understood mechanism known as a tax receivable agreement can offset the high costs of an IPO offering. Investment banks and private equity firms are already using this tool; other companies should, too.Starting at €8.20
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Beware of Economists Bearing Greek Symbols (Spanish version)
Derman, EmanuelArticle HBS-F0510AAccounting and ControlUnderneath every economic model involving math lies a substrate of great simplification and imagination, says Columbia University's Emanuel Derman.Starting at €8.20
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Real Problem with Pensions (Spanish version)
Merton, Robert C.Article HBS-F0412HAccounting and ControlNobel laureate Robert C. Merton explains that companies sometimes misvalue capital investment opportunities because they fail to adjust their cost-of-capital calculations to reflect pension risks.Starting at €8.20
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Making Pro Formas Perform (Spanish version)
Bryan, Stephen; Lilien, StevenArticle HBS-F0310DAccounting and ControlRegulators are trying to clear up the muddle created by earnings-report adjustments called "pro formas" that companies issue. Constraining such reporting, as the regulators seem bent on doing, isn't the solution. Firms should increase alternative reporting--and fully account for their accounting.Starting at €8.20
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What's Your Project's Real Price Tag (Spanish version)
Fleming, Quentin W; Koppelman, Joel MArticle HBS-F0309CAccounting and ControlWith companies' financial statements being scrutinized as never before, executives are under pressure to forecast the cost of major projects accurately. Earned-value management lets you do just that, alerting you if you're headed for an overrun.Starting at €8.20