Governments around the world have regulated multinational enterprises to adopt arm¡¦s length transactions to facilitate identifications and comparisons between non-transfer pricing transactions with independent, non-related enterprises and transactions with related enterprises that are suspected of transfer pricing. Currently, most of the optimal transfer pricing methods for establishing arm¡¦s length principles for multinational enterprises have been addressed in Organization for Economic Cooperation and Development's "Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations". These guidelines emphasize the establishment of a range of arm¡¦s length transactions through the comparability analysis and the economic analysis of transfer pricing transactions; a taxpayer's returns from transactions with related companies are then compared to the range of arm¡¦s length transactions. Currently the academic world is taking the initiative in the development of relevant models to describe corporate transfer pricing decisions or to measure the net income of corporate transfer pricing transactions. This research stems from these purposes and attempts to describe transfer pricing decisions in real practice through stringent modelling; this model is then used to measure the net income of transfer pricing transactions that took place among electronic industry participants who are publicly listed in the TSE or OTC in Taiwan. We further investigated the main factors that affect the levels of net income transferred by enterprises. Based on the empirical results of this research, we discovered that the impact of raw material costs is highly significant to the corporate transfer pricing decisions, and the magnitude of impacts vary depending on the allocation of net income from transfer pricing. We recommend that the tax administration detect corporate transfer pricing decisions by monitoring the weight of raw material costs in a company.

These studies deal with lifetime profit analyses for individual cows, and using these estimates to determine the economic value of genetic changes in traits for which genetic evaluations (predicted transmitting ability, PTA) are currently available. Data were collected from six states processed by Dairy Records Management Systems (DRMS) from herds on continuous test for at least 10 yr. The purpose of the first study was to determine how well estimators of lifetime net income based on 305-d lactation yields and a 10-yr opportunity (RNI305.10) and based on complete lactation data but a 5-yr opportunity (RNIc.5) predict the estimate based on complete lactations and a 10-yr opportunity (RNIc.10). Records for 22,854 cows in Virginia herds born in 1988, 1990, and 1992 from the DRMS in Raleigh, NC were used. Each RNI was calculated using fluid (skim/fat) pricing and milk-fat-protein pricing. Regression analyses including herd and birth year were used in the model to estimate the regression of RNIc.10 on RNIc.5, and RNIc.10 on RNI305.10. The resulting regression coefficients for fluid (skim/fat) pricing were $1.53 and $1.12 explaining 67 and 97% of the variation of RNIc.10, respectively. The corresponding results for milk-fat-protein pricing were $1.52 and $1.14 explaining 68 and 96% of the variation of RNIc.10, respectively. Using RNIc.10 as the measure to estimate lifetime profit is strongly recommended over the two alternatives tested. In the second study, the economic impacts of a unit change in PTA of daughter pregnancy rate (DPR) and other PTA in the merit indexes on lifetime profit estimates of a bull's daughters were estimated to determine an economic weight for the PTADPR and other PTA in economic indexes. Records for 71,094 cows born in 1988, 1990, and 1992 from six states processed at DRMS were used: Florida [10,940 cows], Indiana [8,231 cows], North Carolina [12,280 cows], Texas [4,786 cows], Virginia [20,341 cows], and Vermont [14,516 cows]. The basic RNI function consisted of [total milk, fat, and protein income ?feed cost for production] (yield income, YI) + [net value of calves + net salvage value] (non yield income, NYI) ?rearing cost (RC) ?[(daily cost for labor, maintenance feed, supplies, and fixed expenses) x days in herd] (daily cost, DC). Some of the economic impacts of PTA described for the merit indexes were not included in the basic RNI. These were added to RNI by multiplying the respective sire PTA by the economic impact. These included -165*PTASCS (M); 33*udder composite + 15*feet and legs composite -14.86*body size composite (T); and 8.064*PTA for daughter pregnancy rate -4.80*PTA for daughter calving ease (PRCE). Each ARNI was calculated using all production records initiated prior to the cow's tenth birthday with three milk pricing systems comparable to the prices in USDA three merit indexes: fluid (skim/fat) pricing (FARNI), milk-fat-protein pricing (NMARNI), and cheese pricing (CARNI). Two levels of prices for rearing cost per day and daily cost were used for calculating FARNI, NMARNI, and CARNI. Regression analyses including herd and birth year in the model were used to estimate the simple and partial regressions of ARNI or partitioned ARNI on sire PTA. Partial regression included all PTA in Net Merit, except service sire calving ease. Ignoring other PTA, one unit increase in PTADPR increased 476.25kg of lifetime total milk or 18 days of total DIM. One unit decrease in PTASCS increased 4372.50kg of lifetime total milk. With low daily and rearing costs, each 1% change in PTADPR increased ARNI by $59.31 to $55.82 depending on the milk pricing systems. The corresponding results with high daily and rearing costs were $27.50 to $24.01. Standardized multiple regression enabled the comparison of the economic weights of this study with those of USDA. The PTA for productive life (PL) in all three USDA merit index was emphasized less than the results from this study; however, PTADPR in USDA indexes was emphasized more than this study. In this study, the economic weight of PTADPR was negative within the low daily and rearing costs, but it was positive in the high daily and rearing costs. / Master of Science

This paper examines the information content of net income and cash flows for hotel and tourism industry and department store industry in Taiwan. The National Association of Real Estate Investment Trust (NATEIT) has suggested that Net Income is a misleading measure of operating performance for income-producing real estate operating companies. They assert that historical cost based depreciation is inappropriate for income-producing real estate because it is not correlated with changes in the value of those real estates. Thus, the NAREIT has promoted Funds From Operations (FFO) as a supplemental measure of operating performance. FFO is calculated as net income adding depreciation expense and excluding realized gain or loss from the sale of properties. Like the REITs, the hotel and department stores industry hold and operate income-producing real estate. We test the NAREIT proposal that FFO is a more informative measure for real estate operating companies by doing an empirical analysis for hotel industry and department store industry. The results suggest that although FFO is associated with stock market performance, it is not relatively superior to Net Income or incrementally relevant beyond Net Income. Furthermore, results on testing of individual components in deriving FFO from Net Income show that both depreciation expenses and gain or loss from sale of properties is not associated with stock price performance. This indicates that FFO excludes non-value relevant accounting data. Therefore, the test results show little evidence in supporting NAREIT¡¦s claim that FFO is a more informative measure for real estate operating companies. Although we do not have strong evidence to indicate that FFO is a better performance measure than Net Income, it is still a value relevant information in determining the value of income-producing real estate managing companies. The recent passed Taiwan Real Estate Securitization Act provides investors a new channel to invest in income-producing real estate. While it is not likely that FFO will replace Net Income as the main performance measure of the securities under Taiwan Real Estate Securitization Act, FFO could provide investors helpful information in determining the value of these income-producing real estate securities.

Data for this study were age-adjusted linear scores on all cows scored between 1980 and 1993. Lifetime production information on these cows and their herdmates was used to calculate Relative Net Income adjusted for opportunity cost (RNIOC) for the 2,249,835 cows with an 84 month herdlife opportunity. The effect of inbreeding was analyzed using both a fixed and animal model, with little difference in results. Inbreeding depressed RNIOC by $12.69 in a fluid market and $11.53 in a manufacturing market per 1% increase in inbreeding. Addition of somatic cell information in the profit function had little effect. Heritabilities of profit functions were .16 and .14 for a fluid and manufacturing market, respectively. Animal model estimates of inbreeding depression were +.16 days, -6.7 days and -5.1 days for age at first freshening (AFF), days of productive life (DPL) and days in milk (TDIM), respectively. Inbreeding decreased first lactation mature equivalent milk, fat, and protein by 23.7 kg, .85 kg, and .76 kg, respectively and lifetime milk, fat, and protein production by 176.9 kg, 6.4 kg, 5.6 kg, respectively per 1% increase in inbreeding. Inbreeding had little effect on conformation traits. Effects of inbreeding were cumulative, exacting a larger effect on lifetime profit functions than on individual traits, when expressed as a percent of additive standard deviation. This study gives evidence that though not alarming, inbreeding has a deleterious effect on the lifetime performance of dairy cattle. / Master of Science

There is a shortage of faculty in academic dentistry and orthodontics in particular. The purpose of this study was to quantify real and perceived differences in income, workload, and satisfaction between full-time academic and private practice orthodontists. Surveys were returned by 119 (70%) faculty, 79 (36%) private practitioners, and 160 (59%) orthodontic residents. Average annual income for faculty was less than half that of private practitioners. Faculty also reported working significantly more hours per week and taking less vacation time. Though both faculty and practitioners perceived their own jobs to be more satisfying overall, faculty felt academics was more stressful, involved more bureaucracy, and made it more difficult for them to obtain ABO certification. Residents reported educational debt averaging $132,120 and perceived it would take nearly twice as long to pay off in an academic career. Only residents felt that faculty were more respected than their private practice colleagues.

US economic recession from 2007- 2009, also known as the Great Recession, negatively impacted the financial sector as well as other aspects of society. Researchers have found value-based measures and accounting measures as effective performance measures, but they have found inconclusive results when comparing the strengths of economic value added (EVA) and accounting measures in predicting stock performance. This study used data from the Great Recession to further compare EVA and accounting measures. The purpose of this cross-sectional or correlational study was to determine the relative predictive strength of EVA during the Great Recession to determine whether a model with EVA added to accounting measures did a better job predicting stock returns. Secondary were data collected from a sample of 93 Fortune 500 Companies from 2007-2009 and then analyzed via multivariate regression analysis. The null hypothesis was not rejected. The result showed that EVA was not a useful addition to accounting variables in predicting stock returns during the Great Recession. Although the findings did not support EVA as a better predictor of stock returns during the Great Recession, the study revealed useful information about value-based measures and value-creation, especially how they are impacted by the period of a severe economic downturn. Researchers have indicated that creating value for shareholders enables the funding of positive-net-present-value projects that would result in positive social change. This study revealed that firms are unlikely to create shareholder value through returns on investment for a positive social change in unfavorable economic conditions.

A stochastic, compartmental Model for Adaptive Livestock Management (MALM) was developed for cow-calf enterprise for Rolling Plains of Texas from an existing model, Simple Ecological Sustainability Simulator (SESS). The model simulates forage and animal production. It runs on a monthly time step. Two stocking strategies, flexible and fixed, were evaluated at seven stocking levels for effects on forage and animal production, range condition, and net ranch income. Evaluation data were obtained from published and unpublished data from Texas A&M Agricultural Experimental Station at Vernon for Throckmorton. The model adequately simulated forage and animal production. Light fixed stocking rates and flexible stocking strategies resulted in cows of median body condition score (BCS) 5, compared to low BCS of 4 under moderate fixed stocking rate, and BCS of 3 under heavy fixed stocking. BCS declined from autumn to early spring and peaked in summer. Cows under light fixed stocking rates and under flexible stocking were heavier (460 kg) compared to those under heavy fixed stocking (439 kg). Replacement rates were lower under light stocking (22 %), compared to flexible (37 %) and heavy stocking (56 %). Calf crops were all above the reported 90 % expected for bred heifers because of the replacement policy. Flexible stocking strategy resulted in higher net income ($19.62 ha-1), compared to fixed light ($5.93 ha-1) or fixed heavy ($-17.35 ha-1) stocking strategies. Coefficient of variation (CV) in net income was highest under heavy stocking (90%) compared to light stocking (60%) and flexible stocking (50%). Maximum net income was obtained between 0.05 AUM·ha-1 and 0.13 AUM·ha-1 when fixed stocking strategy was used but when flexible stocking strategy was used maximum net income was obtained between 0.1 AUM·ha-1 and 0.17 AUM·ha-1. Range condition rapidly declined under fixed heavy stocking, increased under fixed and light flexible stocking, and remained constant under moderate flexible stocking. Heavy fixed stocking decreased range condition rapidly over a 20-year period. MALM was an effective tool to demonstrate effects of different management strategies. The model can function as a strategic or a tactical decision aid. It is concluded that there is potential for this model to assist managers in improving the sustainability of agriculture.

A stochastic, compartmental Model for Adaptive Livestock Management (MALM) was developed for cow-calf enterprise for Rolling Plains of Texas from an existing model, Simple Ecological Sustainability Simulator (SESS). The model simulates forage and animal production. It runs on a monthly time step. Two stocking strategies, flexible and fixed, were evaluated at seven stocking levels for effects on forage and animal production, range condition, and net ranch income. Evaluation data were obtained from published and unpublished data from Texas A&M Agricultural Experimental Station at Vernon for Throckmorton. The model adequately simulated forage and animal production. Light fixed stocking rates and flexible stocking strategies resulted in cows of median body condition score (BCS) 5, compared to low BCS of 4 under moderate fixed stocking rate, and BCS of 3 under heavy fixed stocking. BCS declined from autumn to early spring and peaked in summer. Cows under light fixed stocking rates and under flexible stocking were heavier (460 kg) compared to those under heavy fixed stocking (439 kg). Replacement rates were lower under light stocking (22 %), compared to flexible (37 %) and heavy stocking (56 %). Calf crops were all above the reported 90 % expected for bred heifers because of the replacement policy. Flexible stocking strategy resulted in higher net income ($19.62 ha-1), compared to fixed light ($5.93 ha-1) or fixed heavy ($-17.35 ha-1) stocking strategies. Coefficient of variation (CV) in net income was highest under heavy stocking (90%) compared to light stocking (60%) and flexible stocking (50%). Maximum net income was obtained between 0.05 AUM·ha-1 and 0.13 AUM·ha-1 when fixed stocking strategy was used but when flexible stocking strategy was used maximum net income was obtained between 0.1 AUM·ha-1 and 0.17 AUM·ha-1. Range condition rapidly declined under fixed heavy stocking, increased under fixed and light flexible stocking, and remained constant under moderate flexible stocking. Heavy fixed stocking decreased range condition rapidly over a 20-year period. MALM was an effective tool to demonstrate effects of different management strategies. The model can function as a strategic or a tactical decision aid. It is concluded that there is potential for this model to assist managers in improving the sustainability of agriculture.

Made available in DSpace on 2014-06-11T19:27:29Z (GMT). No. of bitstreams: 0 Previous issue date: 2010-06-28Bitstream added on 2014-06-13T18:31:45Z : No. of bitstreams: 1 favero_gc_me_jabo.pdf: 320575 bytes, checksum: b101fb90c73d3dfe4f10753ddddf7229 (MD5) / Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq) / A exigência por produtos de melhor qualidade é cada vez maior por parte dos consumidores. Produzir um alimento sem qualquer resíduo de hormônios como os utilizados na reversão sexual de tilápias e, além disso, conseguir cultivar um peixe capaz de utilizar adequadamente os carboidratos de uma dieta sem deficiências nem excessos, pode significar um maior retorno econômico para o produtor e maior aceitação no mercado, garantindo a compra de um produto mais saudável e seguro ao meio ambiente. O objetivo deste trabalho foi avaliar os aspectos produtivos, econômicos e de composição corporal de juvenis de tilápia-do-nilo, revertidos ou não sexualmente, originados de recria utilizando-se dois tipos de alimentos (alimento natural, através de fertilização orgânica com esterco suíno ou dieta extrusada comercial) e alimentados com dietas extrusadas contendo três teores de extrativo não nitrogenado. Utilizaram-se 432 juvenis, estocados em 36 tanques e que receberam dietas contendo três teores de extrativo não nitrogenado (34, 38 ou 42 %), durante 123 dias de experimento. Foram calculados os principais parâmetros de desempenho, eficiência de utilização de nutrientes, variáveis morfo-somáticas e realizada uma avaliação econômica, utilizando-se a metodologia dos orçamentos parciais, estimando-se os efeitos das alterações nas despesas e receitas entre os tratamentos. O consumo diário de dieta foi significativamente maior para os juvenis que receberam alimento natural. No entanto, os juvenis alimentados com dieta comercial durante a fase de recria apresentaram maior eficiência de retenção de proteína. A inclusão de 42 % de ENN na dieta resultou em valores médios estatisticamente maiores para o ganho em peso e consumo diário de dieta em relação ao nível de 38 %. O teor de 42 % de ENN melhorou o crescimento dos peixes, mas levou a um aumento no índice... / The demand for better quality products is increasing among consumers. Produce a product without any residue of hormones such as those used in the sex reversal of tilapia and, besides, to grow a fish able to properly utilize the carbohydrates from a diet without deficiencies or excesses, may mean a higher economic return for the producer and largest market acceptance, assuring the purchase of a product healthier and safer for the environment. The aim of this study was to evaluate the productive and economic aspects and body composition of juvenile nile tilapia, sex reversed or mixed sex, which was previously produced with two types of food (natural food through organic fertilization with swine manure or extruded commercial diet) and fed with extruded diets containing three levels of non-nitrogenous extract (NNE). It was used 432 juveniles stocked in 36 tanks and fed with diets containing three levels of non-nitrogenous extract (34, 38 or 42 %) during 123 days of experiment. It was calculated the main parameters of performance, efficiency of nutrient use, morphological and somatic variables and performed an economic evaluation, using the methodology of the partial budgets, estimating the effects of changes in costs and revenues among the treatments. The food intake was significantly greater for the juveniles who received natural food. However, fishes fed with commercial diet during the growing phase showed higher efficiency of protein retention. The inclusion of 42% of NNE in the diet resulted in statistically higher mean values for weight gain and food intake in relation to the level of 38%. The content of 42% NNE improved fish growth, but led to an increase in the hepatosomatic index, which may mean fat accumulation in the liver. The diet with 34% of NNE has the lowest production cost, however, any change in the level of NNE in the diet from 42 to 34 or 38 % worse economic... (Complete abstract click electronic access below)

Syfte: Årsredovisningar är ett av de viktigaste informationsdokumenten som börsnoterade företag ger ut till sina aktieägare, läsbarheten i dessa blir således viktig. Det finns incitament för chefer inom företagen att vilja mörka sämre prestationer för egen vinning. Styrelsesammansättning kan även tänkas påverka ä̈sbarhet i finansiella dokument då kvinnor och män kommunicerar olika och oberoende styrelseledamöter antar en mer objektiv roll. Syftet med detta examensarbete är att utifrån årsredovisningars filstorlek undersöka om det finns ett samband mellan rapporternas läsbarhet och företagens lönsamhet, redovisade resultat samt andel oberoende och kvinnliga styrelseledamöter. Metod: Studien har genomförts med en kvantitativ metod. Data har samlats in genom innehållsanalys av årsredovisningar från företag listade på NASDAQ OMX Stockholm Large Cap. Analys av data har skett genom att en korrelationsmatris och två regressionsmodeller har skapats. Resultat & slutsats: En lägre andel oberoende styrelseledamöter samt en sämre lönsamhet visar tendenser till att vara förknippat med sämre läsbarhet i årsredovisningar. Redovisat resultat och andel kvinnliga styrelseledamöter visar inget samband med årsredovisningarnas läsbarhet. Studien visar däremot på samband mellan större företag och årsredovisningar med sämre läsbarhet. Förslag till fortsatt forskning: För fortsatta studier föreslås att flera börslistor inkluderas och även fler redovisningsår. Det skulle vara intressant att undersöka om liknande resultat hittas för olika börslistor och då skulle en jämförelse vara möjlig mellan börslistorna och även över tiden. Uppsatsens bidrag: Denna studie undersöker läsbarheten i svenska företags årsredovisningar vilket breddar tidigare studier som främst undersökt amerikanska företag. Examensarbetet bidrar också genom att relationer mellan årsredovisningars läsbarhet och finansiella prestationer samt styrelsesammansättning studeras ytterligare. / Aim: Annual reports are one of the most important documents for information from public companies to their shareholders, readability in these documents are therefor of importance. There are incentives for managers to withhold information about poorer earnings for their own benefit. The board may also potentially affect the readability of the annual report since men and women communicate in different ways and independent board members act more objective. The aim of this final thesis is to investigate if there is a correlation between readability in annual reports based on file size and earnings, net income and proportion of independent and female board members. Method: This study was conducted by a quantitative method. Data have been collected through content analysis of annual reports from companies listed on NASDAQ OMX Stockholm Large Cap. Analysis of the data was done by a correlation matrix and two multiple regressions. Result & Conclusions: A lower proportion of independent board members and lower earnings tend to be associated with annual reports that have lower readability. Net income and proportion of female board members shows no association with readability of the annual reports. However, this study concludes that larger companies are related to annual reports that have lower readability. Suggestions for future research: For future research we suggest that more stock exchange lists are included and also more different years. It would be interesting to investigate whether similar results are found for different exchange lists and that would make a comparison possible between the exchange lists and also over time. Contribution of the thesis: This study examines the readability of annual reports issued by Swedish companies, which broadens previous studies that have primarily examined US companies. The thesis also contributes since readability in annual reports related to financial performance and board composition is further studied.