Corporate Finance in Europe from 1986 to 1996

After publishing its first report in September 1997, the Own Funds Working Group, in agreement with the European Committee of Central Balance Sheet Offices, decided to continue its work in order to gain a better understanding of the differences in financing structures between countries. To this end, the Group decided firstly to broaden the review period from 1986 to 1996. The compilation of figures and ratios over a longer period is advantageous in a number of ways. It not only enables an assessment of trends in financing structures in each country, but also of any changes in the ranking of the different countries involved. Furthermore, it gives an insight into the influence of cyclical and structural factors on this ranking. The Group also set itself the objective of not only taking a closer look at the influence of institutional factors The study was based, as the previous study, on incorporated companies (partnerships and sole proprietorships are therefore excluded) of the manufacturing industry, which is uniformly defined across all the countries. Once again, five size brackets according to turnover expressed in euros are analyzed. The size-based approach is essential because the aggregate values conceal the diversity of the situations in the various countries, especially in Germany where the results are strongly influenced by large firms. The two statistical parameters used are the weighted mean and the median. Moreover, to gain a better understanding of the influence of financing needs, assets have been broken down into their main items. As previously, efforts have been made to align methodologies so that the analyses cover variables that are as homogenous as possible from country to country.corporate finance, capital structure, europe, financial systme, credit, bankrutcy

Equity of European Industriel Corporations from 1991 to 1993

Throughout the Member States of the European Union, economic policy debate has centred on the terms of corporate financing, and in particular on whether the companies of each country have sufficient equity to compete in a single market. Moreover, faced with the risk of corporate insolvency, credit institutions consider a certain equity level to be one of several indicators of creditworthiness. Given this situation and within the framework of the work of the European Committee of Central Balance Sheet Offices, Germany, Austria, Spain, France and Italy and the second General Directorate of the European Commission invited a working group , to compare the f-inancial autonomy of European industriel companies. This study covered the period 1991 to 1993 and examined several issues. Do corporate equity levels vary according to the country ? Do these levels vary according to company size, regardless of the country? Do small companies have a specific position in each country? This study is based on an évaluation of corporate solvency, given that equity is used by companies and their financial partners to control risk exposure. After a brief reminder of the role of equity, the study sums up the research conducted since the publication in 1958 of the paper by Modigliani and Miller and gives a critical analysis of the empirical findings of intenational comparisons. All such research must begin by identifying and solving the financial and statistical methodological problems inherent to comparisons of the financing conditions of different countries. The work conducted gives rise to clear conclusions. - Corporate equity levels vary from country to country. These differences are at least partially related to variations in taxation, bankruptcy regulations, the organization of the banking system, the relationship between banks and companies and the financing practices of each country. - An overall analysis is insufficient and must be complemented by an analysis by company size. - The situation of the companies in each country can not be evaluated without taking into account financial requirements. - In France, regardless of the size of the company, the share of equity in overall financial resources appears larger than in other countries. Moreover, the difference between the equity of small and medium-sized companies and that of large corporations is narrower than in Germany or Austria. It should also be noted that this company classification is relatively recent in France.

Revised Estimates for the Cash-Flow in Austrian Manufacturing

In 1994 earnings in Austrian manufacturing recovered markedly according to the revised methods used by the Austrian Institute of Economic Research to compile cash-flow statistics. Cash-flow rose by 12 percent; the ratio between cash-flow and turnover increased from 9 percent to almost 10 percent. Preliminary estimates for 1995 indicate that this favorable development will continue. A growth rate in the cash-flow of 15 percent and a ratio of cash-flow to turnover exceeding 10 percent are very likely. The revised cash-flow statistics are based on balance sheet data as collected by the Austrian National Bank (OeNB). The OeNB's balance sheet statistics provide the basis for Austria's collaboration with the OECD and the EU Commission in the area of balance sheet analysis for macroeconomic purposes. The main advantage of the new cash-flow concept is that it has been worked out jointly with all important producers and users of balance sheet data, and is compatible with the principles of the EU standard. Thus the new concept ensures a high degree of national as well as international comparability of equity resources in Austria's manufacturing sector at the micro and macro levels. Earnings were high in almost all branches of manufacturing in 1994. The basic goods producing sector benefited the most from the economic recovery. The relation between cash-flow and turnover surged from 6.4 percent to 8.5 percent. Markedly higher earnings were also recorded for the chemical industry (9.5 percent compared to 8 percent in 1993). In the processing and engineering industries the relation between cash-flow and turnover rose from 9 percent in 1993 to 9.8 percent in 1994. In the branches producing building materials this ratio increased from 13.5 percent to 14 percent; thus, these industries had by far the highest potential of financing investment out of equity resources. The opening of the border to the East and structural deficits continued to be the main factors standing in the way of an improvement in earnings in the traditional consumer industries; the relation between cash-flow and turnover stagnated at last year's level of 9.5 percent.Neuberechnung des Cash-flows der österreichischen Industrie; Revised Estimates for the Cash-Flow in Austrian Manufacturing

Central Europe,

"Notes on authorities": at end of chapters.Edited by Mr. H. J. Mackinder; translated from the German by Miss Clementina Black and curtailed by Mr. E. A. Reeves.Mode of access: Internet

An Agile Development Methodology for Knowledge-Based Systems Including a Java Framework for Knowledge Modeling and Appropriate Tool Support

The goal of this thesis is to help make the development of knowledge-based systems more efficient. For that purpose, it proposes a new, agile software and knowledge engineering methodology, called XP.K (eXtreme Programming of Knowledge-based systems). This methodology is based on the four values simplicity, community, feedback, andcourage, and applies object-oriented Round-Trip Engineering to knowledge modeling. The thesis is founded on the observation that for most knowledge-based systems, knowledge must necessarily be modeled evolutionary, in a close collaboration between domain experts and engineers. The author argues that existing “heavy-weight ” development methodologies from object-oriented Software Engineering and Knowledge Engineering are often inefficient, because they make changes in knowledge models too expensive. Furthermore, they provide little support for the transitions between knowledge, knowledge models, and the remaining executable system. The starting point of XP.K is the hypothesis that “lightweight” – or agile – development processes (such as Extreme Programming) are suitable for knowledge modeling, because they are optimized for projects with frequently changin

Clinical trials needed to evaluate compression therapy in breast cancer related lymphedema (BCRL). Proposals from an expert group

Aim. A mainstay of lymphedema management involves the use of compression therapy. Compression therapy application is variable at different levels of disease severity Evidence is scant to direct clinicians in best practice regarding compression therapy use. Further, compression clinical trials are fragmented and poorly extrapolable to the greater population. An ideal construct for conducting clinical trials in regards to compression therapy will promote parallel global initiatives based on a standard research agenda. The purpose of this article is to review current evidence in practice regarding compression therapy for BCRL management and based on this evidence, offer an expert consensus recommendation for a research agenda and prescriptive trials. Recommendations herein focus solely on compression interventions. Methods. This document represents the proceedings of a session organized by the International Compression Club (ICC) in June 2009 in Ponzano (Veneto, Italy). The purpose of the meeting was to enable a group of experts to discuss the existing evidence for compression treatment in breast cancer related lymphedema (BCRL) concentrating on areas where randomized controlled trials (RCTs) are lacking. Results. The current body of research suggests efficacy of compression interventions in the treatment and management of lymphedema. However, studies to date have failed to adequately address various forms of compression therapy and their optimal application in BCRL. We offer recommendations for standardized compression research trials for prophylaxis of arm lymphedema and for the management of chronic BCRL. Suggestions are also made regarding; inclusion and exclusion criteria, measurement methodology and additional variables of interest for researchers to capture. Conclusion. This document should inform future research trials in compression therapy and serve as a guide to clinical researchers, industry researchers and lymphologists regarding the strengths, weaknesses and shortcomings of the current literature. By providing this construct for research trials, the authors aim to support evidence-based therapy interventions, promote a cohesive, standardized and informative body of literature to enhance clinical outcomes, improve the quality of future research trials, inform industry innovation and guide policy related to BCRL. [Int Angiol 2010;29:442-53