12 research outputs found

    Grensvervaging in bedrijfskundig perspectief

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    Performance Management in Insurance Firms by Using Transfer Pricing

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    In this article, we analyze the asset and liability management and market risk systems of insurance companies. We discuss that the current system is not goal congruent and does not satisfy necessary conditions for effective control. It follows that managers are unable to run their business effectively. We develop a transfer pricing system that allows the clear separation of underwriting and investment activities, both on the risk and return aspects. It creates the appropriate incentive schemes. We illustrate this system with an example indicating the differences in incentives between the traditional embedded value measures and the proposed funds transfer pricing system

    Solvency II en Bazel II:Overeenkomsten en verschillen

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    Solvence II , de richtlijn die het toezichtraamwerk voor verzekeraars herziet, krijgt concreet gestalte en komt naderbij. Inmiddels is de tweede Quantitative Impact Study (QIS 2) achter de rug. Een vergelijking met Bazel II ligt voor de hand. In dit artikel worden de belangrijkste overeenkomsten en verschillen tussen Solvency II en Bazel II besproken. De conclusie is dat Solvency II verder reikend is dan Bazel II

    Financiering in het kubische stelsel /

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    Rede uitgesproken bij de aanvaarding van het ambt van gewoon hoogleraar in de financiering aan de Technische hogeschool Twente op 13 maart 198

    Bankruptcy prediction: the influence of the year prior to failure selected for model building and the effects in a period of economic decline

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    Using large amounts of data from small and medium-sized industrial firms, this study examines two aspects of bankruptcy prediction: the influence of the year prior to failure selected for model building and the effects in a period of economic decline. The results show that especially models generated from the final annual report published prior to bankruptcy were less successful in the timely prediction of failure. Furthermore, it was found that economic decline coincided with the deterioration of a model's performance. With respect to the methods used, we found that neural networks had a somewhat better overall performance than multiple discriminant analysis

    The prediction of bankruptcy of small- and medium-sized industrial firms

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    Using large amounts of data from small- and medium-sized industrial firms, this study examines several aspects of bankruptcy prediction. We have tested a hypothesis on the predictive power of different ratio categories during the successive phases before bankruptcy, and one on the relationship between the age of a firm and the predictability of bankruptcy. It was found that virtually every ratio investigated had some predictive power, and that the univariate and multivariate importance of ratio stability were not very high.\u

    Corporate Governance and Capital Structure Decisions of the Chinese Listed Firms

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    This paper studies the relationship between some characteristics of the corporate board and the firm's capital structure in Chinese listed firms. The findings provide some preliminary empirical evidence and seem to suggest that managers tend to pursue lower financial leverage when they face stronger corporate governance from the board. However, the empirical results of the relationships are statistically significant only in the case of the board composition and the CEO tenure. The results are statistically insignificant in the case of the board size and fixed CEO compensation. This may in general suggest that, up to the time period of our investigation, the corporate board structures and processes in Chinese listed firms might not as yet be fully working in the manner, or as well, as might have been so far assumed on the basis of Western theoretical finance literature. Copyright Blackwell Publishers Ltd 2002.

    R&D performance measurement: more than choosing a set of metrics

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    In this article the results are presented of an empirical study focusing on the effectiveness of R&D performance measurement practices in the Netherlands. First, a theoretical examination of the subject ‘R&D performance measurement’ is given within the context of performance control. A distinction is made between feedback and feed forward control and between the R&D function and the R&D organisation. Subsequently, a description is given of the current practices of R&D performance measurement in terms of measurement purposes, metrics, measurement techniques, norms setting, etc. Furthermore, the influence of contingencies on measurement system design is explored. The data for this research were gathered by means of a survey and nine in‐depth interviews. Generally, managers evaluate their measurement systems as being quite valuable, having a positive impact on performance. The findings described in this paper can be used as references for managers to benchmark their R&D measurement procedures: in this respect we distinguish highly and hardly effective measurement procedures. The most important characteristic that seems to distinguish the most effective systems from the less effective ones is customer focus
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