Free Finance Journal

Jual Jurnal Akuntansi Keuangan Untuk Bahan Skripsi Thesis Akuntansi Manajemen Keuangan Marketing Ekonomi

2013-01-30T19:32:00.002-08:00

Jual Jurnal akuntansi, jurnal keuangan, jurnal manajemen, jurnal marketing, jurnal ekonomi. Jumlah 447 Jurnal dalam bentuk pdf (dibuka dengan program Adobe Reader). Sangat bermanfaat untuk pembuatan skripsi dan thesis jurusan akuntansi, keuangan, management, marketing, SDM dan ekonomi. Jurnal berbahasa Inggris terdiri dari Journal of Finance, Strategic Management Journal, The Academy of Management Review, Journal of Accounting and Economics, The Journal of Industrial Economics, Oxford Economic Papers, Organization Science, Managerial and Decision Economics, Administrative Science Quarterly.

Sumber dari Elsivier, ScienceDirect dan Jstor.

Beberapa judul journal:

Granger Causality
A Comment on Gilbert The Twilight of Corporate Strategy
A Comparison of Centralized and Fragmented Markets with Costly Search
A COMPARISON OF DIVIDEND, CASH FLOW, AND EARNINGS
A Life Cycle Approach to Management by Objectives
A Multinational Perspective on Capital Structure Choice and Internal Capital Markets
A Note on Corporate Strategy and Capital Structure
A Three-Dimensional Conceptual Model of Corporate Performance
Accounting and the reduction of state-owned stock in China
Accounting conservatism and board of director characteristics An empirical analysis
Actual Share Reacquisitions in Open-Market Repurchase Programs
Actual share repurchases, timing and liquidity
Advertising and Economies of Scale Critical Comments on the Evidence
Advertising Expenditure and Consumer Demand
Agency cost and ownership structure
Agency Problems, Equity Ownership, and Corporate Diversification
Agency Relationships in Family Firms Theory and Evidence
Agency Theory and the Influence of Equity Ownership Structure on Corporate
Agency, Corporate Control and Accounting
An Empirical Analysis of the Dynamic Relation between Investment-Grade Bonds and Credit Default Swaps
An Empirical Assessment of Perrow Technology Construct
An Expremintal Examination of Implicit Stress Theory
ANALISIS EFISIENSI INDUSTRI PERBANKAN INDONESIA PENGGUNAAN METODE NONPARAMETRIK DATA ENVELOPMENT ANALYSIS (DEA)
Analysis of Investment Opportunity Set (IOS) Relation with Growth Realization
Antara Saham Likuid dan Tak Likuid di Bursa Efek Jakarta
Appendix to “Complex ownership structures and corporate valuations” by Luc Laeven and Ross Levine
Application of Granger Causality Tests to Revenue and Expenditure of Swiss cantons
Arbitraging Arbitrageurs
Are Firms Underleveraged- An Examination of the Effect of Leverage on Default Probabilities
Are liquidity and corporate control priced by shareholders Empirical evidence from swiss dual class shares
Are share price levels informative Evidence
Assessment of Technology in Organizations Closed versus Open Systems Approaches
Asset liquidity, debt covenants, and managerial discretion in financialdistress the collapse of L.A. Gear
Asset Sales, Investment Opportunities, and the Use of Proceeds
Asymmetric information and liquidity constraints A new test
Asymmetric Price Movements and Borrowing Constraints- A Rational Expectations Equilibrium Model of Crises, Contagion, and Confusion

dan masih banyak lagi

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More Details About Debt Consolidation

2011-02-11T23:01:00.000-08:00

by Zane Hamlin
(from Goarticles.com)

Debt Consolidation is a service that allows you to take a low interest rate loan to pay off your accumulative debt.It is the best option to get rid of your debts.Debt consolidation services helps to relieve the burden of high monthly payments on credit cards and other types of unsecured debt.Most of people discover that higher balances direct to higher interest rates until they can no longer pay for the debt they have mounted up.Debt Consolidation can be said as a credit creation facility that is utilized to pay off earlier debts of the borrower along with interest.In this type of service,borrower indeed borrows a loan,to pay off all previous loans and debts.

The borrower returns the consolidation loan together with interest.Because of multiple loan borrowing like car loan and a home loan,many a times the borrower is in debt to several lenders.The borrower is not obliged and loaded by many loans for a very long time in order that the consolidation loan is used to pay off all these multiple borrowings. The debt consolidation loan can be secured or non secured loan.Borrower has to pledge some precious asset to the lender in case of a secured loan. Usually,many lenders like better to secure debt consolidation loan with an asset.There is very rare case of non secured consolidation loan. If this case occurs,they have to secure source of high income or is supported by a guarantee.It is very tough to come by the debt consolidation loan. Before availing this facility,many strict laws,rules and regulations are followed by the banking and finance organizations.

Very few lenders like to compute the total cost of previous debts and the interests charged on them.After that,the lenders calculate the amount of credit that they are willing to offer and then quote the amount along with the interest to the applicant.The credit history of the applicant is examined by the lenders at the time of the process of sanctioning.They will also keep information about applicant's bank and credit card companies.The first relative's credit history is also taken into consideration,if the applicant is married or has children.In such case,the rate of interest is low and time period will be long,which helps the borrower to repay the loan.

Advertising Sales Ratio

2011-02-11T15:07:00.000-08:00

Definition

1) Total advertising expenditure divided by total sale over some time period. Useful for evaluating how effective the company's advertising campaigns have been at generating sales; all other things being equal, the lower the ratio, the better.

Calculating Return on Sales

2011-02-11T15:04:00.000-08:00

GETTING STARTED

Although return on sales (ROS) is another tool used to analyze profitability, it is perhaps a better indication of efficiency. In some business environments, it is also called margin on sales percentage, or net margin.

What It Measures
A company’s operating profit or loss as a percentage of total sales for a given period, typically a year.

Why It Is Important
ROS shows how efficiently management uses the sales dollar, thus reflecting its ability to manage costs and overhead and operate efficiently. It also indicates a company’s ability to withstand adverse conditions such as falling prices, rising costs, or declining sales. The higher the figure, the better a company is able to endure price wars and falling prices. Return on sales can be useful in assessing the annual performances of cyclical companies that may have no earnings during particular months, and of companies whose business requires a huge capital investment and thus incurs substantial amounts of depreciation.

How It Works in Practice
The calculation is very basic:
operating profit / total sales × 100 = percentage return on sales.

So, if a company earns $30 on sales of $400, its return on sales is:

30 / 400 = 0.075 × 100 = 7.5%

Tricks of the Trade

• While easy to grasp, return on sales has its limits, since it sheds no light on the overall cost of sales or the four factors that contribute to it: materials, labor, production overhead, and administrative and selling overhead.

• Some calculations use operating profit before subtracting interest and taxes; others use after-tax income. Either figure is acceptable as long as ROS comparisons are consistent. Obviously, using income before interest and taxes will produce a higher ratio.

• The ratio’s operating profit figure may also include special allowances and extraordinary non-recurring items, which, in turn, can inflate the percentage and be misleading.

• The ratio varies widely by industry. The supermarket business, for example, is heavily dependent on volume and usually has a low return on sales.

• Return on sales remains of special importance to retail sales organizations, which

can compare their respective ratios with those of competitors and industry norms.

COMMON MISTAKES of SWOT ANALYSIS

2011-02-11T15:02:00.000-08:00

Focusing just on a few issues
Don’t just focus on the large, obvious issues, such as a major competitor encroaching on
your business. You need to consider all issues carefully, such as whether your Internet
system provides everything you need or whether your staffing levels are as they should
be.

Completing your SWOT analysis on your own
Do take advantage of other people’s contribution when you’re completing your SWOT analysis; don’t try and do it alone. Other people’s perspectives can be very useful, particularly as they may not be as close to the business as you are. This distance can often help them see answers to thorny questions more easily, or to be more innovative: we all get stuck in a rut at points.

Using your analysis for the next ten years
Don’t do a SWOT analysis once and then never repeat the exercise. Your business environment will be constantly changing, so use SWOT as an ongoing business analysis practice.

Relying on SWOT to provide all the answersUse SWOT as part of an overall strategy to analyze your business and its potential. It is a useful guide, not a major decision-making tool so don’t base major decisions on this analysis and nothing else.

Analyzing Your Business’s Strengths, Weaknesses, Opportunities, and Threats

2011-02-11T14:55:00.000-08:00

GETTING STARTED

SWOT analysis (Strengths, Weaknesses, Opportunities, and Threats) is a method of assessing a business, its resources, and its environment. Doing an analysis of this type is a good way to better understand a business and its markets, and can also show potential investors that all options open to, or affecting a business at a given time have been thought about thoroughly.

The essence of the SWOT analysis is to discover what you do well; how you could improve; whether you are making the most of the opportunities around you; and whether there are any changes in your market—such as technological developments, mergers of businesses, or unreliability of suppliers—that may require corresponding changes in your business. This actionlist will introduce you to the ideas behind the SWOT analysis, and give suggestions as to how you might carry out one of your own.

FAQS

What is the SWOT process?

The SWOT process focuses on the internal strengths and weaknesses of you, your staff, your products, and your business. At the same time, it looks at the external opportunities and threats that may have an impact on your business, such as market and consumer trends, changes in technology, legislation, and financial issues. What is the best way to complete the analysis?

The traditional approach to completing SWOT is to produce a blank grid of four columns— one each for strengths, weaknesses, opportunities, and weaknesses—and then list relevant factors beneath the appropriate heading. Don’t worry if some factors appear in more than one box and remember that a factor that appears to be a threat could also represent a potential opportunity. A rush of competitors into your area could easily represent a major threat to your business. However, competitors could boost customer numbers in your area, some of whom may well visit your business.

What is the point of completing a SWOT analysis?

Completing a SWOT analysis will enable you to pinpoint your core activities and identify
what you do well, and why. It will also point you towards where your greatest opportunities lie, and highlight areas where changes need to be made to make the most of your business.

MAKING IT HAPPEN

Know Your Strengths

Take some time to consider what you believe are the strengths of your business. These could be seen in terms of your staff, products, customer loyalty, processes, or location. Evaluate what your business does well; it could be your marketing expertise, your environmentally-friendly packaging, or your excellent customer service. It’s important to try to evaluate your strengths in terms of how they compare to those of your competitors. For example, if you and your competitors provide the same prompt delivery time, then this cannot be listed as a strength. However, if your delivery staff is extremely polite and helpful, and your competitor’s staff has very few customer-friendly attributes, then you should consider listing your delivery staff’s attitude as a strength. It is very important to be totally honest and realistic. Try to include some personal strengths and characteristics of your staff as individuals, and the management team as individuals. Whatever you do, you must be totally honest and realistic: there’s no point creating a useless work of fiction!

Recognize Your Weaknesses

Try to take an objective look at every aspect of your business. Ask yourself whether your products and services could be improved. Think about how reliable your customer service is, or whether your supplier always delivers exactly what you want, when you want it. Try to identify any area of expertise that is lacking in the business. as you can then take steps to improve that aspect. For example, you might realize that you need some more sales staff, or financial help and guidance. Don’t forget to think about your business’s location and whether it really does suit your purpose. Is there enough parking, or enough opportunities to attract passing trade?

Your main objective during this exercise is to be as honest as you can in listing weaknesses. Don’t just make a list of mistakes that have been made, such as an occasion when a customer was not called back promptly. Try to see the broader picture instead and learn from what happened. It may be that your systems or processes could be improved so that customers are contacted at the right time, so work on boosting your systems and making that change happen rather than looking about for someone to blame.

It’s a good idea to get an outside viewpoint on what your weaknesses are as your own

perceptions may not always marry up to reality. You may strongly believe that your years

of experience in a sector reflect your business’s thorough grounding and knowledge of all

of your customers’ needs. Your customers, on the other hand, may perceive this wealth of

experience as an old-fashioned approach that shows an unwillingness to change and work

with new ideas. Be prepared to hear things you may not like, but which, ultimately, may

be extremely helpful.

Spot the Opportunities

The next step is to analyze your opportunities, and this can be tackled in several ways. External opportunities can include the misfortune of competitors who are not performing well, providing you with the opportunity to do better. There may be technological developments that you could benefit from, such as broadband arriving in your area, or a new process enhancing your products. There may be some legislative changes affecting your customers, offering you an opportunity to provide advice, support, or added services. Changes in market trends and consumer buying habits may provide the development of a niche market, of which you could take advantage before your competitors, if you are quick enough to take action.

Another good idea is to consider your weaknesses more carefully, and work out ways of addressing the problems, turning them around in order to create an opportunity. For example, the pressing issue of a supplier who continually lets you down could be turned into an opportunity by sourcing another supplier who is more reliable and who may even offer you a better deal. If a member of staff leaves, you have an opportunity to reevaluate duties more efficiently or to recruit a new member of staff who brings additional experience and skills with them.

Watch Out for Threats

Analyzing the threats to your business requires some guesswork, and this is where your analysis can be overly subjective. Some threats are tangible, such as a new competitor moving into your area, but others may be only intuitive guesses that result in nothing. Having said that, it’s much better to be vigilant because if potential threat does become a real one, you’ll be able to react much quicker: you’ll have considered your options already and hopefully also put some contingency planning into place. Think about the worst things that could realistically happen, such as losing your customers to your major competitor, or the development of a new product far superior to your own. Listing your threats in your SWOT analysis will provide ways for you to plan to deal with the threats, if they ever actually start to affect your business.

Use Your Analysis

After completing your SWOT analysis, it’s vital that you learn from the information you

have gathered. You should now plan to build on your strengths, using them to their full

potential, and also plan to reduce your weaknesses, either by minimizing the risk they

represent, or making changes to overcome them. Now that you understand where your

opportunities lie, make the most of them and aim to capitalize on every opportunity in

front of you. Try to turn threats into opportunities. Try to be proactive, and put plans into

place to counter any threats as they arise.

To help you in planning ahead, you could combine some of the areas you have highlighted in the boxes; for example, if you see an external opportunity of a new market growing, you will be able to check whether your internal strengths will be able to make the most of the opportunity. For example, do you have enough trained staff in place, and can your phone system cope with extra customer orders? If you have a weakness that undermines an opportunity, it provides a good insight as to how you might develop your internal strengths and weaknesses to maximize your opportunities and minimize your threats.

The basic SWOT process is to fill in the four boxes, but the real benefit is to take an overview of everything in each box, in relation to all the other boxes. This comparative analysis will then provide an evaluation that links external and internal forces to help your business prosper.

The Long-term Effect of Marketing Strategy on Brand Performance

2011-02-11T14:47:00.000-08:00

M. Berk Ataman, Tilburg University
Harald J. van Heerde, Tilburg University
Carl F. Mela, Duke University1

Abstract

Recently, increased attention has been devoted to the long-term role that advertising and pricing strategy plays in shaping brand performance. The authors supplement this research by considering the entire marketing mix (pricing, promotion, product, and place) over a large number of categories. To do this, the authors combine five years of advertising and weekly storelevel scanner data for 25 product categories and 70 brands in 184 stores in France. Using a multivariate dynamic linear transfer function model, the authors find that most variation in brands’ quantity premiums (a brand’s incremental sales relative to brands that are priced and promoted the same way) can be ascribed to advertising and discounting. In contrast, most variation in brands’ margin premiums (the inverse of the absolute price elasticity) can be apportioned to distribution and product. Overall, they find that discounts are deleterious for brands while product innovation is beneficial. The authors conclude with recommendations regarding long-term strategies for managing brands.

The Detection of Earnings Manipulation

2011-02-11T14:41:00.000-08:00

Messod D. Beneish
(corrected July 2003)

Presented are a profile of a sample of earnings manipulators, their distinguishing characteristics, and a suggested model for detecting manipulation. The model’s variables are designed to capture either the financial statement distortions that can result from manipulation or preconditions that might prompt companies to engage in such activity. The results suggest a systematic relationship between the probability of manipulation and some financial statement variables. This evidence is consistent with the usefulness of accounting data in detecting manipulation and assessing the reliability of reported earnings. The model identifiesapproximately half of the companies involved in earnings manipulation prior to public discovery. Because companies that are discovered manipulating earnings see their stocks plummet in value, the model can be a useful screening device for investment professionals. The screening results, however, require determination of whether the distortions in the financial statement numbers result from earnings manipulation or have another structural root.

The extent to which earnings are manipulated has long been of interest to analysts, regulators, researchers, and other investment professionals. The U.S. SEC’s recent commitment to vigorous investigation of earnings manipulation (see Levitt 1998) has sparked renewed interest in the area, but the academic and professional literature contains little discussion of the detection of earnings manipulation. This article presents a model to distinguish manipulated from nonmanipulated reporting.1 Earnings manipulation is defined as an instance in which a company’s managers violate generally accepted accounting principles (GAAP) to favorably represent the company’s financial performance. To develop the model, I used financial statement data to construct variables that would capture the effects of manipulation and preconditions that might prompt companies to engage in such activity.

Conclusion
Some accounting variables can be used to identify companies that are manipulating their reported earnings. I found that, because manipulation typically consists of an artificial inflation of revenues or deflation of expenses, variables that take into account simultaneous bloating in asset accounts have predictive content. I also found that sales growth has discriminatory power: The primary characteristic of sample manipulators was that they had high growth prior to periods during which manipulation was in force. The evidence presented here was based on a sample of companies whose manipulation of earnings was publicly discovered. Such companies probably represent the upper tail of the distribution of companies that seek to influence their reported earnings—successful and undiscovered manipulators undoubtedly exist—so the evidence should be interpreted in that light. Given this caution, evidence has been presented here of a systematic association between earnings manipulation and financial statement data that is of interest to accounting researchers and investment professionals. The evidence suggests that accounting data not only meet the test of providing useful information, but they also enable an assessment of the reliability of the reporting. The explicit classification model described here requires only two years of data (one annual report) to evaluate the likelihood of manipulation and can be inexpensively applied by the SEC, auditors, and investors to screen a large number of companies and identify potential manipulators for further investigation. Although the model is cost-effective relative to a strategy of treating all companies as nonmanipulators, its large rate of classification errors makes further investigation of the screening results important. The model’s variables exploit distortions in financial statement data that might or might not result from manipulation. For example, the distortions could be the result of a material acquisition during the period examined, a material shift in the company’s value-maximizing strategy, or a significant change in the company’s economic environment.

One limitation of the model was that it is estimated using financial information for publicly traded companies. Therefore, it cannot be reliably used to study privately held companies. Another limitation is that the earnings manipulation in the sample involved earnings overstatement rather than understatement; therefore, the model cannot be reliably used to study companies operating in circumstances that are conducive to decreasing earnings.

Does EVA beat earnings?

2011-02-11T14:33:00.000-08:00

( Evidence on associations with stock returns and Þrm values)
Gary C. Biddle!,", Robert M. Bowen!,*, James S. Wallace#

Abstract
This study tests assertions that Economic Value Added (EVAt) is more highly
associated with stock returns and Þrm values than accrual earnings, and evaluates which
components of EVA, if any, contribute to these associations. Relative information
content tests reveal earnings to be more highly associated with returns and Þrm values
than EVA, residual income, or cash ßow from operations. Incremental tests suggest that
EVA components add only marginally to information content beyond earnings. Considered
together, these results do not support claims that EVA dominates earnings in
relative information content, and suggest rather that earnings generally outperforms
EVA. ( 1997 Elsevier Science B.V. All rights reserved.

1. Introduction and motivation
For centuries, economists have reasoned that for a Þrm to create wealth it
must earn more than its cost of debt and equity capital (Hamilton, 1777; Marshall, 1890). In the twentieth century, this concept has been operationalized
under various labels including residual income.1 Residual income has been
recommended as an internal measure of business-unit performance (Solomons,
1965) and as an external performance measure for Þnancial reporting (Anthony,
1973, 1982a,b). General Motors applied this concept in the 1920s and General
Electric coined the term Ôresidual incomeÕ in the 1950s and used it to assess the
performance of its decentralized divisions (Stern Stewart EVA Roundtable,
1994).

More recently, Stern Stewart & Company has advocated that a trademarked
variant of residual income, economic value added (EVAt), be used instead of
earnings or cash from operations as a measure of both internal and external
performance.2 They argue: ªAbandon earnings per shareº (Stewart, 1991) (p. 2).
ªEarnings, earnings per share, and earnings growth are misleading measures of
corporate performanceº (Stewart, 1991), (p. 66). ªThe best practical periodic
performance measure is economic value added (EVA)º (Stewart, 1991 (p. 66).
ªForget EPS, ROE and ROI. EVA is what drives stock pricesº (Stern Stewart
advertisement in Harvard Business Review, NovemberÐDecember, 1995, p. 20).
Stewart (1994) cites in-house research indicating that ªEVA stands well out from
the crowd as the single best measure of wealth creation on a contemporaneous
basisº and ªEVA is almost 50% better than its closest accounting-based competitor
in explaining changes in shareholder wealthº (p. 75).

This study provides independent empirical evidence on the information
content of EVA, residual income, and two mandated performance measures,
earnings and cash ßow from operations. Our inquiry is motivated by: the claims
cited above, interest in EVA in the business press, increasing use of EVA by
Þrms, increasing interest in EVA among academics, and potential interest in
EVA among accounting policy makers. Citations of EVA in the business press
have grown exponentially, rising from 1 in 1989 to 294 in 1996 (Lexis/Nexis
ÔallnewsÕ library). Fortune has touted EVA as ªThe Real Key to Creating
Wealthº (30 September 1993), ªA New Way to Find Bargainsº (9 December
1996), and has begun augmenting its well-known Ô500Õ ranking with an annual ÔPerformance 1000Õ based on data from Stern Stewart (Tully, 1993, 1994; Fisher,
1995; Lieber, 1996; Teitelbaum, 1997).

How To Clean Your Credit

2009-08-03T16:43:00.000-07:00

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2009-01-28T17:38:00.000-08:00

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Agency Theory

2008-12-15T23:28:00.001-08:00

This one hope you can understand about agency theory:
Merrill's Thain seeking 2008 bonus of $10 million: report
from Reuters

Merrill Lynch & Co Chief Executive John Thain has suggested to directors that he get a 2008 bonus of as much as $10 million, but the battered company's compensation committee is resisting his request, the Wall Street Journal said, citing people familiar with the situation.

The compensation committee has not reached a decision, but is leaning toward denying Thain and other senior executives bonuses for this year, the people told the paper.

Merrill could not be immediately reached for comment.

Shareholders on Friday approved Bank of America Corp's takeover of Merrill, a deal fraught with risk but one that would create a banking giant with a leading position in almost every major area of the financial system.

Merrill was arguably saved from extinction when it agreed to merge on September 15, an hour before Lehman Brothers Holdings Inc filed for bankruptcy. The fear was that Merrill could be next if shareholders and trading partners fled, as many did at Lehman and the former Bear Stearns Cos.

Thain has said he deserves a bonus because he helped avert what could have been a much larger crisis at the firm, people familiar with his thinking told the WSJ.

Members of Merrill's compensation committee agree with Thain that the takeover is in shareholders' best interest, but believe it would be foolish to ignore strong public sentiment against large compensation packages, the paper said, citing people familiar with their thinking.

Committee members are also weighing the fact that other Wall Street firms, including Goldman Sachs Group Inc, which did better than Merrill this year, are not giving out bonuses to top executives, the paper said.

Thain, who became Merrill's chief executive after losses in mortgage-related investments led to the October 2007 ouster of Stanley O'Neal, has also run NYSE Euronext, after a long career at Goldman.

After the Bank of America-Merrill deal is completed, he will run the merged company's global banking, securities and wealth management businesses. Thain will not be joining Bank of America's board.

So the agency theory is : A theory concerning the relationship between a principal (shareholder) and an agent of the principal (company's managers) or essentially it involves the costs of resolving conflicts between the principals and agents and aligning interests of the two groups.

The Acquisitions and the Suspend of Century Bank

2008-11-20T19:16:00.000-08:00

The Accuisition
Bank of Indonesia temporary cancel the acquisition of Century Bank by Sinar mas Multiartha. But Sinar Mas stil process the acquisition plan and now in due dilligence process.PT Century Mega Investindo and First Gulf Asia Holdings Ltd as share holder of PT Bank Century Tbk and Sinar Mas have signed the Letter of Intent (LoI) for accuisiting 70% of share Bank Century share.

The Suspend
Day before, Bank Century was having problems in settling its clearing payments due to a technical problem. Because of that, The Indonesia Stock Exchange (IDX) suspended the trade in Bank Century Thursday, pending clarification from the bank over the question that it could not provide Rp 5 billion to the central bank clearing house.

Century Bank history
Bank Century was formed from a merger between Bank CIC, Bank Pikko and Bank Danpac in late 2004.

Meaning of Suspend(Suspended of Trading)
A stoppage in the trading of a security for an extended period of time that normally occurs when there is a lack of material financial information on the security. Once the security is suspended, shares of that security cannot be traded on the market until the suspension is lifted or lapses. The exact amount of time for the suspension will be determined on on a case-by-case basis.

Meaning of Acquisition
A corporate action in which a company buys most, if not all, of the target company's ownership stakes in order to assume control of the target firm. Acquisitions are often made as part of a company's growth strategy whereby it is more beneficial to take over an existing firm's operations and niche compared to expanding on its own. Acquisitions are often paid in cash, the acquiring company's stock or a combination of both.

Repurchase Agreement

2008-11-19T23:51:00.000-08:00

From the Jakarta Post:

Bakrie & Brothers also announced it had defaulted Rp 134.9 billion to Recapital Securities and Rp 10 billion to PT Aldira as a result of the repo financing scheme. The firm had put up shares in Bumi and PT Bakrie Sumatera Plantations for these two deals.

What is REPO?
A repurchase agreement (or repo) is an agreement between two parties whereby one party sells the other a security at a specified price with a commitment to buy the security back at a later date for another specified price. Most repos are overnight transactions, with the sale taking place one day and being reversed the next day. Long-term repos—called term repos—can extend for a month or more. Usually, repos are for a fixed period of time, but open-ended deals are also possible. Reverse repo is a term used to describe the opposite side of a repo transaction. The party who sells and later repurchases a security is said to perform a repo. The other party—who purchases and later resells the security—is said to perform a reverse repo.

While a repo is legally the sale and subsequent repurchase of a security, its economic effect is that of a secured loan. Economically, the party purchasing the security makes funds available to the seller and holds the security as collateral. If the repoed security pays a dividend, coupon or partial redemptions during the repo, this is returned to the original owner. The difference between the sale and repurchase prices paid for the security represent interest on the loan. Indeed, repos are quoted as interest rates.

Securities dealers use repos to finance their securities inventories. They repo their inventories, rolling the repos from one day to the next. Counterparties may be institutions, such as money market funds, who have short-term funds to invest, or they may be parties who wish to briefly obtain use of a particular security. For example, a party may want to sell the security short, or they may need to deliver the security to settle a trade with another party. Accordingly, there are two possible motives for entering into a reverse repo: short-term investment of funds, or to obtain temporary use of a particular security.

In the latter case, the security is called a special security. In the former case, it is called general collateral or GC.

Interest rates payable on special repos tend to be lower than those payable on GC repos. This is because a party reverse repoing a special security will accept a reduced interest rate on its funds in exchange for receiving the special security it requires. Economically, the transaction is no different from cash collateralized securities lending. Pricing of either type of deal depends upon demand for the desired security.

Because repos are essentially secured loans, their interest rates do not depend upon the respective counterparties' credit qualities. For GC repos, the same rates apply for all counterparties. Accordingly, GC repo rates—or simply repo rates—are benchmark short-term interest rates that are widely quoted in the marketplace. They differ from Libor rates in that they are for secured loans whereas Libor rates are for unsecured loans.

More about Repo:

Barack Obama Economic Strategy

2008-11-19T03:14:00.000-08:00

Barack Obama will provide a tax cut for working families:
Obama and Biden will restore fairness to the tax code and provide 95 percent of working Americans the tax relief they need. They will create a new "Making Work Pay" tax credit of up to $500 per person, or $1,000 per working family.

Provide tax relief for small businesses and startups:
Obama and Biden will eliminate all capital gains taxes on startup and small businesses to encourage innovation and job creation.

Fight for fair trade:
Obama and Biden will fight for a trade policy that opens up foreign markets to support good American jobs. They will use trade agreements to spread good labor and environmental standards around the world.

Buy Barack Obama 2009 Calendar

Pre-Order Barack Obama Unreleased Book

Product Description
Barack Obama's path from Hawaii to Indonesia to the White House represents one of the most unlikely and fascinating journeys in U.S. political history. With this special publication that is sure to become an instant collector's item, "Time" will mark Obama's rise with an illustrated 96-page book. "Time Obama" will contain original "Time" magazine reporting and analysis from the magazine's political experts. The book will showcase the unrivalled, intimate behind-the-scenes photography of campaign photographer Callie Shell, who has been visually documenting Obama's journey since he began his run for President. And it will provide readers with a colourful and concise account of how Obama rose to power - from his early days to his Chicago years to the moment when he became a political phenomenon.

Book Description
Barack Obama’s path from Hawaii to Indonesia to the White House represents one of the most unlikely and fascinating journeys in U.S. political history. With this special publication that is sure to become an instant collector’s item, TIME will mark Obama’s rise with an illustrated 96-page book. TIME Obama will contain original TIME magazine reporting and analysis from the magazine’s political experts. The book will showcase the unrivaled, intimate behind-the-scenes photography of campaign photographer Callie Shell, who has been visually documenting Obama’s journey since he began his run for President. And it will provide readers with a colorful and concise account of how Obama rose to power — from his early days to his Chicago years to the moment when he became a political phenomenon.

Dilbert: The Business Comic

2008-11-19T02:47:00.000-08:00

Businessman familiar with Dilbert. Dilbert (first published April 16, 1989) is an American comic strip written and drawn by Scott Adams. Dilbert is known for its satirical office humor about a white-collar, micromanaged office featuring the engineer Dilbert as the title character. The strip has spawned several books, an animated television series, a computer game, and hundreds of Dilbert-themed merchandise items. Adams has also received the National Cartoonist Society Reuben Award and Newspaper Comic Strip Award in 1997 for his work on the strip. Dilbert appears in 2000 newspapers worldwide in 65 countries and 25 languages.

Love Dilbert? Buy the calendar here:

And the games:

Review: You're Broke Because You Want to Be: How to Stop Getting By and Start Getting Ahead

2008-11-19T02:34:00.000-08:00

You're Broke Because You Want to Be: How to Stop Getting By and Start Getting Ahead

If this describes you, you are not alone. Over 40% of families are feeling the pressure, spending more than they earn, and risking retiring financially dependent on the government, family, or charity. Larry Winget knows—he’s been where you are now. He grew up poor, then made and lost a fortune when a business in which he’d invested went bankrupt. But he worked his way back from rock-bottom to become a multi- millionaire.

Now he gets paid to help people in financial crisis on A&E’s reality series, Big Spender. On the show, he coaches people who have jobs, maybe even high-paying jobs, but are nevertheless in debt or living hand-to-mouth. His blunt take on their situations? They’re broke because they want to be. They all say they want stability, savings, and financial freedom, but their actions too often contradict their words. Larry helps them to see the contradiction, get back on track, and out of debt, step-by-step. He can help you, too.

Whether your aim is to get out of debt, save for a house, or simply stop kidding yourself when it comes to savings (for retirement, for your kids’ college, whatever your goal) this book encourages you, through easy-to-complete worksheets and Larry’s bullying yet wise counsel, to make it happen. Larry’s motivating message: If you want to be rich, you can. But first, you have to stop being broke, and start getting ahead. And he’ll walk you through not only the necessary attitude adjustment, but the practical choices and actions that will get you there.

Get the book here:

Review: Greed and Glory on Wall Street: The Fall of the House of Lehman

2008-11-19T02:23:00.000-08:00

Review: Greed and Glory on Wall Street: The Fall of the House of Lehman

Editorial Reviews
From Publishers Weekly
Based on probing research, this modern morality tale is an expansion of a 1984 New York Times Magazine article on the ruinous behind-the-scenes struggle between two top officers of the 134-year-old private investment banking firm Lehman Brothers Kuhn Loeb. Auletta (The Art of Corporate Success, etc.) recounts in detail the takeover of the traditional and specialized but dissent-ridden and undercapitalized Wall Street company by an outside trader, the recently formed global giant Shearson/American Express. The new conglomerates that emerge from such moves, Auletta maintains, emphasize transactual, service business rather than advisory functions, and short-term gains at the expense of long-range growth plans. Wall Street, he claims, is well on its way to being dominated by a few superpowers that combine all financial services under one roof. Photos not seen by PW. Major ad/promo; Fortune Book Club selection; BOMC alternate; author tour. January
Copyright 1985 Reed Business Information, Inc.

From Library Journal
Auletta chronicles the activity at Lehman Brothers during the months between July 1983 and April 1984, immediately preceding the firm's takeover by Shearson/American Express. During that brief period, Auletta reveals, Wall Street's oldest investment banking partnership was simultaneously buffetted by the ambition and greed of one faction and by the complacency and misplaced self-assurance of another group of partners. Details shared after the fact with Auletta by many of the participants make clear, often with self-serving insight, that blame for the takeover could well be shared by more than just the two principal players. This tension born of petty human motives is all the more striking when set against the sophisticated investment banking environment. Most business collections will want this title. Joseph Barth, U.S. Military Acad. Lib., West Point, N.Y.

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Bank Loan Funds: Investing Beyond T-Bills

2008-11-18T21:59:00.000-08:00

Some risk-averse investors may want a majority of their wealth in non-equity holdings such as Treasury bills, certificates of deposit, and corporate bonds. But returns from these can be anemic. An alternative is an asset class known as bank loans or senior loans.

Bank loans are a multi-class hybrid asset. They are the short-term equivalent of high-yield bonds but with important differences such as shorter maturities, much lower default rates, and variable interest-rate features. Investors generally get
into this asset through a growing number of bank loan funds. The funds have never lost money in any given year, while averaging 2 percent more than T-bills.

Using standard Markowitz portfolio theory, this article studies the return/risk impact of allocating bank loan funds into a predominately bond portfolio. The study assumes an investor initially invested 100 percent in T-bills, with bank loan funds and other assets added to the mix for return requirements ranging from 5 to 10 percent (for years 1990–2005). As return requirements rise, bank loan allocations rise, and standard deviations fall, until allocations begin falling significantly above 8 percent return requirements, giving way to equities.

Bank loan funds should be the first asset class to consider when desiring to increase returns above standard T-bill rates. Otherwise, higher allocations must be given to high-yield bonds in order to attain relevant return levels. A study of future returns reconfirms the ability of bank loans to deliver returns more than commensurate with their risk.

Full journal

Avoid the risk! Don’t lose your hard-earned cash

2008-11-18T21:56:00.000-08:00

By Jean Chatzky

For years, I've been preaching the mantra that boring is better when it comes to your investments. In fact, if you've been reading this column for any length of time, you know that my strategy is to come up with an asset allocation that you can live with and then dollar-cost average into the market on a regular, automatic basis.

Given the state of today's market, you might be thinking that I've changed my tune. But, in fact, this economy has only served to validate my position. If — at the onset — you can't commit to staying in the market despite its ups and downs, you're treading dangerous waters, particularly if you're not an experienced investor. You run the risk of overthinking the situation and making investment decisions that not only aren't rational, but are emotional as well. In other words, you run the risk of losing your hard-earned money. That's why now — more than ever — you need to dial in to your patient side.

Set it and forget it
When I saw "The Gone Fishin' Portfolio," a new book by Alexander Green, I knew I had to talk to him. He's been getting a lot of press these days because the portfolio outlined in his book can be managed in just 20 minutes a year, a strategy that is right up my alley. How did he do it? The key is very careful asset allocation. Green selected a range of asset classes that move independently of each other, so even when part of the portfolio is down, another portion will likely be up. "I tried to put together a blend of assets that will all give a better return than inflation over time, but when mixed together, give you a higher degree of return with less risk," Green explains.

If you have faith in your asset allocation and you're properly diversified, you can rest easy that your portfolio will come out on top without a lot of tinkering on your part. If you're unsure, it's worth seeing a financial adviser for help. These days, there's even a group of advisers that charge by the hour.

Have a plan
It doesn't have to be hugely detailed, but at the very least, you need a few rules in place that govern your reaction to the market. "Most people don't; they invest emotionally," says Green. "But if you're going to have investment discipline, that means sticking with your plan in good times and in bad times. You have to realize that the market has ups and downs."

Here's the deal — if you can't sleep at night, you need to change your asset allocation because you're clearly taking more risk than you can tolerate. I'm not suggesting that you sweat it out to the detriment of your mental health, and neither is Green. But what I am suggesting is that you set your asset allocation to a level of risk you can handle, then decide how much your budget will allow you to save each month. Once you have a figure, whether it's $100 or $1,000, put it on autopilot and continue to invest that amount whether the market is up or down.

Recognize your goal
Ask yourself: Why are you in the market in the first place? For most people, the end goal is a comfortable retirement, and it simply can't be reached without taking a little risk. If you forgo investing and just save in a standard money market account, your money isn't going to keep up with inflation, meaning you'll actually lose money over time. Keeping up with inflation means ceding a little control. "No one likes uncertainty. As a general rule, it's frightening. But what people tend to overlook is that there really is no alternative. The markets are always uncertain," says Jason Zweig, author of "Your Money and Your Brain."

There are, of course, circumstances when a money market is the way to go. If you're saving for a short-term goal — think five years or less; like a down payment on a house or your children's education — you're better off keeping that cash out of the market right now. You don't want to run out of time before you can recover from a big loss.

Don’t forget the basics
Save early, save often is a line you probably hear a lot, and it's an important one. Risk and return aside, the amount you stash away plays a big part in the number you'll have when you hit retirement age. "I tell people that there are only six things that will determine the future value of a portfolio," says Green. "The amount of money you save, the length of time you let it compound, what your asset allocation is, the market's annual return, the expenses you absorb and the taxes you pay." Don't get so caught up in the market's waves that you overlook these important rules of thumb.

Control everything else
You have no say over the stock market. But you can control how you spend your money. You can choose to keep your credit card in your desk drawer at home when you go out. You can decide to put a little extra money away each month so you have an emergency fund at the ready. Having a grasp on the rest of your financial life will help you remain calm if (and when) the market takes another dip.

Credit Union: What and Why

2008-11-18T21:45:00.000-08:00

From: Credit Info Center

Why do I Care About Credit Unions?
One of the most important part of rebuilding your credit is establishing new credit. An excellent source of easy credit is the credit union. They have more lenient credit guidelines on auto loans, credit cards and second mortgages. However, most people don't know which credit unions they are qualified to join. Here are some tips.

How to Find a Credit Union
The good news: If you want to be a member of a credit union, you probably can. The bad news: They rarely advertise, so if you want a credit union, you'll most likely have to do a little legwork on your own... but the rewards will likely be worth the effort!
A credit union is a cooperative financial institution, not-for-profit, owned and controlled by its members. A credit union's charter defines its "field of membership," which could be an employer, a geographic region, school, religious or professional affiliation, or community. Anyone working for an employer that sponsors a credit union, for example, is eligible to join that credit union.

Whether you choose to entrust your hard-earned money to a bank or a credit union, you will want to make sure that it is federally insured. Where a bank might sport the FDIC logo, in a credit union you want to look for the insignia of the National Credit Union Administration (NCUA). The National Credit Union Administration regulates federal credit unions and insures the vast majority of all credit unions in the United States. Its insurance fund guarantees deposits up to $100,000, just like a bank.

What are the Advantages of a Credit Union?
Becoming a member of a credit union is advantageous because credit unions are non-profit, and exist to provide members with a place to save money. Credit unions typically have lower costs associated with all of their products and services.

Credit unions were created to enable people to pool their financial resources to help themselves and each other, working together as a team to create solutions to meet their financial needs. When you compare credit union information to that of a traditional bank, you'll find lower interest rates when borrowing and higher percentage rates in savings as a credit union member.

Because they are not-for-profit institutions, credit unions offer better rates on credit cards, sometimes up to three percentage points lower than the average bank card rate. Typically, they are more forgiving regarding creditand may even allow people with past bankruptcies to qualify for unsecured cards. Credit unions are an especially good option for people who are building credit for the first time or trying to re-establish good credit, as they are typically smaller organizations which offer personalized service and are more willing to consider factors beyond the "black and white".

Financial education is available to all members. Credit unions assist members in becoming better-educated consumers of financial services.

Your credit union can put you in business with a small business loan. And some credit unions have established a relationship with the Small Business Administration (SBA) to expedite loans to credit-worthy small businesses.

Credit unions are governed through an unpaid, volunteer Board of Directors, democratically elected by the credit union membership.

Finding a Credit Union
Governmental regulatory agencies require that credit unions restrict their membership to defined segments of the population, such as people who live, work, worship, or attend school in a well-defined geographic area; employees of specific companies or trades; members of specific non-profit groups (alumni associations, conservation or other advocacy organizations, lodges, churches, or the like); or a particular occupational group (teachers, doctors, etc.)

Inventory Management: How to Control your Inventory

2008-11-18T21:37:00.000-08:00

by. Onvia

Inventory control involves keeping a good balance - you’ll need to get rid of the items that are obsolete or unwanted, and keep your in-demand items in stock. There are plenty of inventory management methods to make sure that you meet your clients’ needs, especially if you’re a small business.

Goals of Inventory Control
The idea behind inventory control is to find out the minimum annual cost possible related to ordering and stocking each of your items.

Inventory Control Methods that Work Well for Small Businesses

Visual Control –Eye ball your inventory to examine the need for additional inventory. Keep in mind that this inventory management method works best if you have a small business.
Tickler Control – Physically count your inventory every day.
Click Sheet Control – Record your inventory items on a sheet of paper for reordering purposes.
Stub Control – This inventory control method is used by retailers and allows a manager to record inventory by taking a portion of the price ticket when the item is sold.
For larger businesses, you will need a more technical and sophisticated form of inventory control. You’re more likely to rely on software and computers for your inventory control and accounting / billing procedures.
Inventory Management for Larger Companies Utilizing Computer-Based Systems
Point-of-sale terminals – After each inventory item is sold, the information is tracked and the manager receives regular inventory management report print outs for review.
Off-line point-of-sale – This inventory control method is much like the point-of-sale terminals, except that the information is tracked by the supplier. Based on the tracked information, the supplier will ship additional items when needed.
Outside Agency – This method takes a lot of responsibility off your shoulders. Instead of tracking/monitoring the inventory managment data yourself, a manufacturer’s representative can visit on a regular basis to track your stock count and write up any reorders. Merchandise that is out of date can also be removed or returned to a manufacturer (if applicable), following a predetermined, authorized procedure.

There are two major control values in place:
1) Order Quantity: frequency and size of orders
2) Minimum Stock Level: the reorder point at which replenishment is needed

You may be familiar with the Economic Order Quantity formula (EOQ). This formula is widely used to figure out the minimum annual cost of stocking and ordering each item. Taken into account with the EOQ is the annual sales rate, the cost of placing any orders, the unit cost, and the cost of carrying inventory.

10 Top Accounting Software in Indonesia by Google Search

2008-11-18T21:01:00.000-08:00

Depending on SEO of the website and popularity of the software in the internet world, here are 10 Top (most popular) Accounting Software in Indonesia.

What is Accounting software

2008-11-18T20:58:00.000-08:00

Accounting software is application software that records and processes accounting transactions within functional modules such as accounts payable, accounts receivable, payroll, and trial balance. It functions as an accounting information system. It may be developed in-house by the company or organization using it, may be purchased from a third party, or may be a combination of a third-party application software package with local modifications. It varies greatly in its complexity and cost.

The market has been undergoing considerable consolidation since the mid 1990s, with many suppliers ceasing to trade or being bought by larger groups.

Accounting software is typically composed of various modules, different sections dealing with particular areas of accounting. Among the most common are:

Core Modules:
* Accounts receivable—where the company enters money received
* Accounts payable—where the company enters its bills and pays money it owes
* General ledger—the company's "books"
* Billing—where the company produces invoices to clients/customers
* Stock/Inventory—where the company keeps control of its inventory
* Purchase Order—where the company orders inventory
* Sales Order—where the company records customer orders for the supply of inventory

Non Core Modules:
* Debt Collection—where the company tracks attempts to collect overdue bills (sometimes part of accounts receivable)
* Electronic payment processing
* Expense—where employee business-related expenses are entered
* Inquiries—where the company looks up information on screen without any edits or additions
* Payroll—where the company tracks salary, wages, and related taxes
* Reports—where the company prints out data
* Timesheet—where professionals (such as attorneys and consultants) record time worked so that it can be billed to clients
* Purchase Requisition—where requests for purchase orders are made, approved and tracked

Implementation and Categories read form source (Wikipedia)

10 credit card tips

2008-11-18T20:52:00.000-08:00

By Jean Chatzky, "Today" Financial Editor

Rewards credit cards: Are they for you?
Whether it's cash back, airline miles or savings for college, reward credit cards have their appeal. After all, who doesn't want to get paid to shop? It's like free money. Unfortunately, reward cards are not for everybody:

Who should avoid reward cards?
If you tend to carry a balance from month to month, reward cards are not all they're cracked up to be. That's because reward cards tend to have higher rates than regular credit cards. The money you pay out in interest will essentially wipe out any of the rewards you earn.

Who should apply for reward cards?
If you pay off your balance each month, reward cards are worth considering.

What’s the difference between a credit card and debit card?
Debit cards and credit cards are not created equal. With a debit card, the money is automatically taken out of your account when you purchase something. In the case of a credit card, you pay at the end of the month. However, the biggest difference is in the legal protection that you have. Unlike with a credit card, you don't have the right to dispute a claim with a debit card. If, though, your debit card is stolen and items are charged to it, most companies will match the $50 credit-card loss limit. However, you may have to wait a while — since the money has already vacated your account, the bank may not be so quick to replace it.

A very expensive student loan?
Most college students have at least one credit card — and the popularity of multiple cards is on the rise. The good news is that the college card-users are fairly responsible with their plastic, but there are still horror stories of undergrads emerging from school with credit-card debt in the high five figures. How can you keep it from happening to your kids? Talk to them about how credit cards work. Chances are, the day they get to campus (if not shortly thereafter), they'll be bombarded by marketers trying to sign them up for a card. Here are a few items to make sure your child understands about credit cards.

* Interest rates: Many student cards now have rates around 15 to 20 percent, which is higher than standard cards. There are bargains out there, but they'll need to hunt around.
* Late fees and penalties: Paying your bill late (even just one time) can result in a much higher permanent interest rate, as well as a $25 to $35 fee.
* Cash advances: Unlike with purchases, the interest on cash advances generally is charged immediately, when the withdrawal is made. In addition, the interest rate may be even higher than that charged on regular purchases.

Consolidating credit-card debt?
One way to lower your credit-card rates is to consolidate your credit card debt into one big home equity loan or home equity line of credit. This can be a very cost-effective way to go. Not only are the rates on home equity products much lower than credit card rates, but they're tax deductible as long as your total mortgage debt doesn't exceed $1.1 million. So what's the difference?

* Home equity loan: A fixed-rate sum you borrow all at once.
* Home equity line of credit: A variable-rate loan that usually floats with the prime rate and you draw upon as needed.

One warning: The home equity approach can also be dangerous. Why? You're putting your home on the line. Default and you could lose it. The other big problem with consolidation is that many people clear the debt off their credit cards only to charge them right back up again. Don’t consolidate in this way if you have even the smallest doubt that a self-imposed moratorium on plastic will work for you.