Showing papers on "Individual capital published in 1987"

Human Capital Concepts

Abstract: Publisher Summary The concept of human capital refers to the fact that human beings invest in themselves, by the means of education, training, or other activities, which raises their future income by increasing their lifetime earnings. The term investment refers to expenditure on assets that will produce income in the future and contrast investment expenditure with consumption, which produces immediate satisfaction or benefits but does not create future income. It is possible to measure the profitability of investment in human capital using the same techniques of cost benefit analysis and investment appraisal that have been traditionally applied to physical capital. The profitability, or rate of return on investment, is a measure of the expected yield of the investment, in terms of the future benefits or income stream generated by the capital compared with the cost of acquiring the capital asset. Explanations of the concept of human capital suggest that education or training raised the productivity of workers. Migration, as well as health care, can all increase earning capacity, and can therefore be regarded as investment in human capital.

The Capital Budgeting Process: Theory and Practice

Abstract: Survey evidence in a four-stage framework for the capital budgeting process reveals that many capital budgeting practices differ from what the relevant theory prescribes. Much of the gap, however, can be explained by deficiencies in the theory itself, suggesting new directions for ongoing capital budgeting research.

Cultural Capital and the Liberal Political Attitudes of Professionals: Comment on Brint

Abstract: To conserve space for the publication of original contributions to scholarship, the comments in this section must be limited to brief critiques. They are expected to address specific errors or flaws in articles and reviews published in the AJS. Comments on articles are not to exceed 1,500 words, those on reviews 750 words. Longer or less narrowly focused critiques should be submitted as articles. Authors of articles and reviews are invited to reply to comments, keeping their replies to the length of the specific omment. The AJS does not publish commenters' rebuttals to authors' replies. We reserve the right to reject inappropriate or excessively minor comments.

Money capital in the theory of the firm : a preliminary analysis

Abstract: Preface Part I. Theoretical Issues and Analytic Motivation: 1. The firm in a monetary economy 2. Assets, capital, and capitalization 3. The concept and relevance of economic value Part II. The Neoclassical Tradition: 4. Production, pricing, investment, and financing interdependence in the firm 5. Probability, risk, and economic decisions 6. Utility, uncertainty, and the theory of choice 7. Financial asset markets and the cost of money capital 8. The cost of money capital: further analysis and controversy 9. The investment expenditure project Part III. Postclassical Perspectives: 10. Neoclassicism and an alternative perspective 11. Production and the place of money capital 12. Uncertainty and decisions in the firm References Index.

Moral theory and capital punishment

Abstract: Selected problems - how philosophy can help a selected controversy capital punishment in philosophical context utilitarian arguments for and against capital punishment just desert.

Financial management: Text and cases

Abstract: Time preference and risk basic statements and financial forecasting working capital management capital structure decisions capital expenditure management special topics case studies.

Cattle as capital

Abstract: Livestock have been seen either as a source of subsistence or as commodities in a process of capital accumulation. Is the association of cattle with capital just a poetic metaphor or the grounds for a serious analysis of third world herding communities? Economists are divided between an orthodox notion of capital as physical equipment and a Marxist emphasis on social relations dominated by money. Nevertheless, some anthropologists assert that herders should be conceptualised as capitalists. The key elements in the Western folk concept of capital are: increase, money, physical stock and preoccupation with future time. Despite the plausible link between herding and some of these ideas, we conclude that, as an analytical category, ‘capital’ is too loaded and diffuse for fruitful application to the analysis of pastoralist production.

The Cost of Capital in the U.S. and Japan: A Comparison

Abstract: This paper uses financial statement data for large samples of US and Japanese nonfinancial corporations to estimate the return to capital in each country for the period 1967-83 Interpreting these as measures of the cost of capital, we find that the before-tax cost of corporate capital was higher for US firms than for their Japanese counterparts, with the average gap potentially as high as 58 percentage points The use of alternative measurement techniques alters the gap slightly but does not alter the basic finding However, market returns in the two countries were much closer during the same period Certain potential explanations for the gap in returns are rejected by empirical evidence, including differences in corporate taxation, differences in borrowing and differences in asset mix This leaves three potential explanations: differences in risk, differences in the tax treatment of individual capital income and imperfections in the international flow of capital

Finance capital markets and corporate decision-making processes: The case of W. T. Grant Company's bankruptcy

Abstract: The effect of capital markets on corporate decision making has been a focus of scholarly attention for more than a century. The existing literature has remained sparse, however, in detailed analyses of the processes and effects of organized finance capital markets on managerial discretion. The case of W. T. Grant Company's bankruptcy illustrates the mechanisms by which the banking community's organized control of the finance capital markets posed a constraining influence on the firm's decision-making processes. This influence extended to the decision to throw the company into involuntary bankruptcy. The case also illustrates finance capital to be both a unique resource (having no alternatives) and a special relationship that, unlike material capital supplier relationships, has long-term consequences for the borrowing firm.

On-the-job Training

Abstract: Publisher Summary This chapter discusses on-the-job training programs organized during work. The term on-the-job training is used in several overlapping ways, all of which are usually focused on post school learning. Studies of schooling as an investment as they were conducted in earlier years and are often conducted today constitute only one element in human capital theory. The firm and the individual both have a stake in the accumulation of specific human capital, and the result spelled out in human capital theory is a sharing of the costs of and returns to the formation of such capabilities. The relative importance of firm-specific human capital depends in part on the size of an economy. Stability in attachments between firms and their employees and the formation of firm-specific human capital are mutually supportive features of labor markets, both external and internal but most obviously and directly of internal labor markets. Line of work runs counter to human capital theories. On-the-job training is of crucial importance not only for economic growth but also for the sustained viability of an economy in the modern world.

The Cost of Capital in the U.S. and Japan: A Comparison

Abstract: This paper uses financial statement data for large samples of U.S. and Japanese nonfinancial corporations to estimate the return to capital in each country for the period 1967-83. Interpreting these as measures of the cost of capital, we find that the before-tax cost of corporate capital was higher for U.S. firms than for their Japanese counterparts, with the average gap potentially as high as 5.8 percentage points. The use of alternative measurement techniques alters the gap slightly but does not alter the basic finding. However, market returns in the two countries were much closer during the same period. Certain potential explanations for the gap in returns are rejected by empirical evidence, including differences in corporate taxation, differences in borrowing and differences in asset mix. This leaves three potential explanations: differences in risk, differences in the tax treatment of individual capital income and imperfections in the international flow of capital

Taxation of Business Intangible Capital

Abstract: t Associate Professor of Law, University of Miami School of Law. The author would like to thank Thomas Barthold, Patrick Gudridge, Elliott Manning, Jeremy Paul, Joel Rogers, and others too numerous to mention for their help with this Article. Research on this Article was completed as of May 15, 1987. See generally G. BECKER, HUMAN CAPITAL 15-44 (2d ed. 1975); K. CLARKSON, INTANGIBLE CAPITAL AND RATES OF RETURN 20-22 (1977); L. TELSER, COMPETITION, COLLUSION, AND GAME THEORY 356-57 (1972); Ben-Zion, The Investment Aspect of Nonproduction Expenditures: An Empirical Test, J. ECON. & Bus. 224, 227-28 (1978); Brozen, Foreword to K. CLARKSON, supra, at 7-10; Grabowski & Mueller, Industrial Research and Development, Intangible Capital Stocks, and Firm Profit Rates, 9 BELL J. ECON. 328, 328-32 (1978); Hirschey, Intangible Capital Aspects of Advertising and R&D Expenditures, 30 J. INDUS. ECON. 375, 375-79 (1982). 2 The Second Circuit, in often-quoted language, has noted: In the realm of intangibles . . . the rulings and decisions are in a state of hopeless confusion . . . . The taxpayer, who may be exposed to interest and penalties for guessing wrong, is entitled to reasonably clear criteria or standards to let him know what his rights and duties are. As matters stand, the following quotation alluded to by a court of appeals of another circuit, which was wrestling with this general area of federal income tax law, is pertinent, \"This kind can come forth by nothing, but by prayer and fasting.\

Life with a capital L.

Abstract: When reading the PDF, you can see how the author is very reliable in using the words to create sentences. It will be also the ways how the author creates the diction to influence many people. But, it's not nonsense, it is something. Something that will lead you is thought to be better. Something that will make your feel so better. And something that will give you new things. This is it, the life with a capital l.