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Autozone, Inc
Pub Date : 2023-06-12 DOI: 10.1108/case.darden.2016.000032
Kenneth M. Eades, Justin Brenner
The case can be taught in an introductory corporate finance course or to more experienced students or executives to spur a discussion about share repurchases and corporate financial strategies in general. If used in an introductory course, the case is most effective if preceded by a traditional dividend class. It follows a portfolio manager of Johnson & Associates, Mark Johnson, who is reviewing his holdings, including his position in AutoZone in early 2012. A prominent shareholder, Edward Lampert, had begun liquidating his position in AutoZone, and Johnson is concerned that Lampert's reduced position could lead the company to stop using share repurchases as a method of distributing cash flows to shareholders. The case lists a number of alternative uses for the cash flows and asks students to assume Johnson's role as an analyst and assess the likely impact of those alternatives on AutoZone's stock price. Excerpt UVA-F-1672 Rev. Jun. 9, 2017 AutoZone, Inc. On February 1, 2012, Mark Johnson, portfolio manager at Johnson & Associates, an asset management company, was in the process of reviewing his largest holdings, which included AutoZone, an aftermarket auto-parts retailer. AutoZone shareholders had enjoyed strong price appreciation since 1997, with an average annual return of 11.5% (Exhibit 1). The stock price stood at $ 348, but Johnson was concerned about the recent news that Edward Lampert, AutoZone's main shareholder, was rapidly liquidating his stake in the company. Since 1998, AutoZone shareholders had received distributions of the company's cash flows in the form of share repurchases. When a company repurchased its own shares, it enhanced earnings per share by reducing the shares outstanding, and it also served to reduce the book value of shareholders' equity (see AutoZone financial statements in Exhibits 2, 3, 4, and 5). Johnson felt that Lampert was likely a driving force behind AutoZone's repurchase strategy because the repurchases started around the time Lampert acquired his stake and accelerated as he built up his position. Now that Lampert was reducing his stake, however, Johnson wondered if AutoZone would continue to repurchase shares or if the company would change its strategy and use its cash flows for initiating a cash dividend or reinvesting the cash in the company to grow its core business. In addition, given its large debt burden (Exhibit 6), AutoZone could choose to repay debt to improve its credit rating and increase its financial flexibility. With AutoZone potentially changing its strategy for the use of its cash flows, Johnson needed to assess the impact of the change on the company's stock price and then decide whether he should alter his position on the stock. . . .
这个案例可以在公司财务入门课程中教授,也可以给更有经验的学生或高管讲授,以激发对股票回购和公司财务战略的讨论。如果在入门课程中使用,如果在传统的股息课之前使用该案例是最有效的。此前,Johnson & Associates的投资组合经理马克•约翰逊(Mark Johnson)正在评估自己持有的股票,包括2012年初在AutoZone持有的股票。知名股东爱德华·兰伯特(Edward Lampert)已经开始清算他在AutoZone的股份,约翰逊担心兰伯特的股份减少可能会导致公司停止使用股票回购作为向股东分配现金流的一种方法。这个案例列出了现金流的一些可供选择的用途,并要求学生们假设约翰逊是一名分析师,并评估这些选择对AutoZone股价的可能影响。摘自UVA-F-1672 Rev. 2017年6月9日2012年2月1日,资产管理公司Johnson & Associates的投资组合经理马克•约翰逊(Mark Johnson)正在评估他持有的最大一批股票,其中包括汽车零部件售后市场零售商AutoZone。自1997年以来,AutoZone的股东一直享受着强劲的股价上涨,平均年回报率为11.5%(见表1)。当时的股价为348美元,但约翰逊担心最近有消息称,AutoZone的主要股东爱德华•兰伯特(Edward Lampert)正在迅速变现所持公司股份。自1998年以来,AutoZone股东以股票回购的形式获得了公司现金流的分配。当一家公司回购自己的股票时,它通过减少已发行股票来提高每股收益,同时也有助于降低股东权益的账面价值(见图2、3、4和5中的AutoZone财务报表)。约翰逊认为,兰伯特可能是AutoZone回购策略背后的推动力量,因为回购始于兰伯特收购股份的时候,并随着他建立头寸而加速。然而,既然兰伯特正在减持股份,约翰逊想知道AutoZone是否会继续回购股票,或者公司是否会改变战略,利用现金流发起现金股息,或者将现金再投资于公司,以发展其核心业务。此外,鉴于其庞大的债务负担(表6),AutoZone可以选择偿还债务以提高其信用评级并增加其财务灵活性。由于AutoZone可能会改变其现金流的使用策略,Johnson需要评估这一变化对公司股价的影响,然后决定是否应该改变他在该股票. . . .的头寸
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引用次数: 0
Development of R&D and innovation infrastructure of China and Belarus 中白两国研发创新基础设施建设
Pub Date : 2021-10-21 DOI: 10.2139/ssrn.3948606
V. Terziev, V. Klimuk
The development of the innovation potential of countries is possible due to the improvement of R&D and innovation infrastructure that enables promising scientific research, innovative developments, their implementation and scaling in similar industry complexes (regions). Innovative products create a foundation for the export growth of products (services) and the development of national brands.
各国创新潜力的发展是由于研发和创新基础设施的改善,使有前景的科学研究、创新开发及其在类似产业综合体(地区)的实施和规模化成为可能。创新产品为产品(服务)的出口增长和民族品牌的发展奠定了基础。
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引用次数: 0
Changing the Way Young People Perceive Innovative Entrepreneurship and Proposals for its Stimulation 改变年轻人对创新创业的看法及鼓励创新创业的建议
Pub Date : 2021-10-01 DOI: 10.2139/ssrn.3939720
V. Terziev, V. Klimuk
This research proposes a developed format of a survey of young people about innovative youth entrepreneurship. It provides mechanisms used for the development of youth start-up movement. Based on the interpretation of the obtained results from the respondents, certain proposals were defined to solve the identified problematic issues and improve measures of stimulating innovative youth entrepreneurship in the country.
本研究提出了一种关于青年创新创业调查的成熟格式。它提供了用于发展青年创业运动的机制。根据对受访者获得的结果的解释,确定了一些建议,以解决已确定的问题,并改进激励该国创新青年创业的措施。
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引用次数: 0
Insurance Pricing Discrimination and Aristotelian Equality: An Application to Minority Annuity Pricing 保险定价歧视与亚里士多德平等:在少数民族年金定价中的应用
Pub Date : 2021-09-10 DOI: 10.2139/ssrn.3923078
David A. Cather
International courts often apply the social justice standard of Aristotelian equality - treating like people alike and unlike people differently - to cases involving insurance pricing discrimination. This article examines whether the use of insurance pricing variables like gender and race results in discriminatory pricing categories consisting of heterogeneous policy owners, in violation of Aristotelian equality. The article applies this discrimination standard to the pricing of annuities, drawing from studies investigating the racial mortality crossover, data that shows that the mortality rate of black Americans falls below the rate of white Americans at advanced ages. Based on the crossover literature, this study demonstrates how race-based annuity pricing would be discriminatory because it results in heterogeneous pricing within racial pricing categories, but that insurers can control for this heterogeneity by using the wider variety of annuity pricing data (e.g., medical history, diseases, and smoking) developed in the enhanced annuity submarket. The article demonstrates how the increased use of data analytics in insurance pricing to control for heterogeneity is consistent with Aristotelian equality.
国际法院经常在涉及保险定价歧视的案件中应用亚里士多德平等的社会正义标准——一视同仁对待同类人,区别对待异类人。本文考察了性别和种族等保险定价变量的使用是否会导致由异质保单所有者组成的歧视性定价类别,这违反了亚里士多德平等理论。这篇文章将这一歧视标准应用于年金定价,从调查种族死亡率交叉的研究中得出数据,这些数据表明,美国黑人的死亡率低于美国白人的老年死亡率。基于交叉文献,本研究证明了基于种族的年金定价将如何具有歧视性,因为它导致种族定价类别内的异质性定价,但保险公司可以通过使用在增强的年金子市场中开发的更广泛的年金定价数据(例如,病史,疾病和吸烟)来控制这种异质性。本文论证了在保险定价中越来越多地使用数据分析来控制异质性是如何与亚里士多德平等相一致的。
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引用次数: 0
Do Academically Struggling Students Benefit from Continued Student Loan Access? Evidence from University and Beyond 学习困难的学生能从持续的学生贷款中受益吗?来自University和Beyond的证据
Pub Date : 2021-09-04 DOI: 10.2139/ssrn.3567487
Y. Chu, Harold E. Cuffe
We estimate the effects of access to student loans on university students’ educational attainment and labor market returns in New Zealand. We exploit the introduction of a policy mandating a minimum pass rate of 50% for student loan renewals using a fuzzy regression discontinuity design and linked administrative records. For students around the threshold, retaining access to student loans increases their likelihood of re-enrollment and bachelor’s degree completion rate. The effects are observed primarily among female students due to a substantial gender difference in compliance with the pass rate criterion. We find that retaining student loans leads to large labor market returns for struggling female students. The additional student loan debt from further borrowing declines quickly due to faster repayment of their student loan debt.
我们估计了获得学生贷款对新西兰大学生教育成就和劳动力市场回报的影响。我们利用模糊回归不连续设计和关联的行政记录引入了一项政策,要求学生贷款续期的最低通过率为50%。对于处于门槛附近的学生,保留获得学生贷款的机会可以增加他们重新入学的可能性和学士学位完成率。由于在通过率标准的依从性方面存在实质性的性别差异,因此主要在女学生中观察到这种影响。我们发现,保留学生贷款为苦苦挣扎的女学生带来了巨大的劳动力市场回报。由于学生贷款债务偿还速度更快,进一步借贷的额外学生贷款债务迅速下降。
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引用次数: 0
The Investment Side of College Savings 大学储蓄的投资方面
Pub Date : 2021-08-26 DOI: 10.2139/ssrn.3912392
A. Vasilenko
This paper studies how households make portfolio allocation decisions to save for children's college, and how these decisions affect children's college enrollment and student debt. I first document that more than 85% of households allocate college savings to risky assets, in particular more than 60% to stocks. I also demonstrate that college savings motives explain approximately one-third of stock market participation probability outside of retirement accounts for households with children. My results show that the allocation of college savings to stocks is associated with higher children's college enrollment rates and lower student loan participation rates after controlling for family and student characteristics. Exploiting exogenous variation in the portfolio allocation of 529 accounts, I find that holding a 10% greater share of 529 accounts in stocks during the school years increases the accumulated amount of college savings up to 20% and leads to a higher probability of enrollment in a selective four-year college and a lower student loan participation for 529 account beneficiaries from middle- and high-income households.
本文研究了家庭如何为子女的大学储蓄而进行投资组合配置决策,以及这些决策如何影响子女的大学入学和学生债务。我首先证明,超过85%的家庭将大学储蓄配置到风险资产中,特别是超过60%的家庭将储蓄配置到股票中。我还证明,大学储蓄动机解释了有孩子的家庭在退休账户之外大约三分之一的股市参与概率。我的研究结果表明,在控制了家庭和学生的特征后,大学储蓄的股票配置与较高的子女大学入学率和较低的学生贷款参与率有关。利用529账户投资组合配置的外生变化,我发现,在上学期间,529账户在股票中持有的份额增加10%,大学储蓄的累计金额增加20%,并导致中高收入家庭的529账户受益人进入选择性四年制大学的可能性更高,学生贷款参与率更低。
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引用次数: 0
Errare Humanum Est: Epistemological Obstacles in Entrepreneurship Education 错误的人文精神:创业教育的认识论障碍
Pub Date : 2021-08-26 DOI: 10.2139/ssrn.3911875
Anh Dinh, A. Liening
The concept of “troublesome knowledge” is a generic term that encapsulates all the difficulties of comprehending or appreciating a discipline-specific learning subject. In this article, we suggest that students’ errors are an indicator for troublesome knowledge. In an empirical study based on in-depth episodic interviews, we explore teachers’ content, pedagogical content, and curricular knowledge on students’ errors in entrepreneurship courses. We find that entrepreneurial errors have multiple characteristics (ambiguity, post-determination, etc.) that impede the diagnosis of errors. Our findings reveal two types of entrepreneurial troublesomeness: troublesome content-related knowledge and troublesome methodology. Furthermore, this article identifies the didactical strategies teachers have employed to cope with students’ errors (correction by co-teacher[s], correction by peer-student[s], etc.) and didactical implications for designing error-based curricula. Finally, we conclude with a discussion on future directions for theoretical and empirical research in entrepreneurship education.
“麻烦知识”的概念是一个通用术语,概括了理解或欣赏特定学科学习主题的所有困难。在这篇文章中,我们认为学生的错误是一个指示的麻烦知识。在基于深度情景访谈的实证研究中,我们探讨了教师内容、教学内容和课程知识对学生创业课程错误的影响。我们发现,创业错误具有多种特征(模糊性、后决定性等),阻碍了错误的诊断。我们的研究结果揭示了两种类型的创业麻烦:麻烦的内容相关知识和麻烦的方法。此外,本文还确定了教师用来应对学生错误的教学策略(由合作教师纠正,由同侪学生纠正等)以及设计基于错误的课程的教学意义。最后,对未来创业教育的理论和实证研究方向进行了探讨。
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引用次数: 0
Reskilling and Upskilling 4IR Leaders in Business Schools through an Innovative Executive Education Ecosystem: An Integrative Literature Review 通过创新的高管教育生态系统,重新培训和提升商学院4IR领导者的技能:综合文献综述
Pub Date : 2021-08-01 DOI: 10.2139/ssrn.3897059
J. Diaz, D. Halkias
Business schools' fundamental problem remains whether they can develop responsible leaders capable of navigating the increasingly complex economy and market society driven by the Fourth Industrial Revolution (4IR) and post-Covid-19 work conditions. The purpose of this integrative literature review is to formulate suggestions for an innovative executive education ecosystem model that reskills and upskills 4IR leaders to manage the future changing workforce successfully. From a theoretical perspective, this integrative literature review was framed by Christensen et al.’s (2015) disruptive innovation theory, which defined disruptive innovation concepts are ‘new to the world products’ or ‘business model innovations,’ not just technical innovations. Content analysis was performed on the selected literature to obtain the most relevant knowledge of how an innovative business school ecosystem can be built to reskill and upskill 4IR leaders and a satisfactory degree of convergence on the key arguments extracted from the literature. This integrative literature review study is significant in advancing professional practice and promoting positive social change in line with the United Nations (UN) Sustainable Development Goals (SDGs) to support sustainable business and community prosperity across regions. This macro-level conceptualization is presented through the findings of this study to answer essential questions and offer recommendations for practice, policy, and future research of how business schools’ mission must become more aligned with global and labor economics. Business Schools need to be identified as important social actors in transforming executive education programs by strategically engaging others in innovative education ecosystems through experimentation, innovation, and industry partnerships.
商学院的根本问题在于,它们能否培养出负责任的领导者,能够驾驭由第四次工业革命(4IR)和新冠疫情后的工作环境驱动的日益复杂的经济和市场社会。本综合文献综述的目的是为创新的高管教育生态系统模型提出建议,该模型旨在培养和提升4IR领导者的技能,以成功管理未来不断变化的劳动力。从理论角度来看,本综合文献综述由Christensen等人(2015)的颠覆性创新理论构成,该理论将颠覆性创新概念定义为“世界新产品”或“商业模式创新”,而不仅仅是技术创新。对选定的文献进行了内容分析,以获得如何建立创新的商学院生态系统以重新培训和提升4IR领导者的技能的最相关知识,以及从文献中提取的关键论点的令人满意的融合程度。这项综合文献综述研究在推进专业实践和促进积极的社会变革方面具有重要意义,符合联合国(UN)可持续发展目标(sdg),以支持跨地区的可持续商业和社区繁荣。这一宏观层面的概念化是通过本研究的结果来呈现的,旨在回答一些基本问题,并为实践、政策和商学院使命如何与全球和劳动经济学更加一致的未来研究提供建议。商学院需要通过实验、创新和行业合作,战略性地让其他机构参与到创新教育生态系统中,从而成为高管教育项目转型的重要社会参与者。
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引用次数: 5
Sampling Dynamics and Stable Mixing in Hawk-Dove Games 鹰鸽游戏中的采样动态和稳定混合
Pub Date : 2021-06-30 DOI: 10.2139/ssrn.3868911
S. Arigapudi, Yuval Heller, Amnon Schreiber
The hawk-dove game admits two types of equilibria: asymmetric pure equilibria in which players in one population play ‘hawk’ and players in the other population play ‘dove’, and a symmetric mixed equilibrium. The existing literature on dynamic evolutionary models show that populations will converge into playing one of the asymmetric pure equilibria from any initial state. By contrast, we show that under plausible sampling dynamics, in which agents occasionally revise their actions by
observing either opponents’ behavior or payoffs in a few past interactions, can induce the opposite result: global convergence to the symmetric mixed equilibrium.
鹰鸽博弈有两种均衡:非对称纯均衡,即一方采取“鹰”策略,另一方采取“鸽”策略;对称混合均衡。现有的动态进化模型文献表明,种群在任何初始状态下都会收敛到非对称纯均衡之一。相比之下,我们表明,在似是而非的抽样动力学下,agent偶尔通过观察对手的行为或过去几次交互中的收益来修改其行为,可以诱导相反的结果:全局收敛到对称混合均衡。
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引用次数: 5
Starzenie się populacji. Aktywizacja, koprodukcja i integracja społeczna osób starszych (Population Ageing: Activation, Co-Production, and Social Integration of Older People)
Pub Date : 2021-06-09 DOI: 10.31261/PN.4035
G. Gawron, Andrzej Klimczuk, Zofia Szweda-Lewandowska
The study is illustrative and theoretical in nature, as it was created on the basis of a review of the available literature on the subject (Polish and foreign). The publication is addressed both to scientists and students dealing with the subject of population aging, old age and the elderly, as well as to a growing group of practitioners interested in these issues, including politicians and decision-makers, representatives of public services, representatives of the media and non-governmental organizations.
这项研究是说明性和理论性的,因为它是在审查有关该主题的现有文献(波兰和外国)的基础上编写的。该出版物的对象是研究人口老龄化、老年和老年人问题的科学家和学生,以及对这些问题感兴趣的越来越多的从业人员,包括政治家和决策者、公共服务代表、媒体代表和非政府组织的代表。
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引用次数: 2
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Social Sciences Education eJournal
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